Epstein Secrets

Properties scuini orinieweini Page 72 Candidates CityCenter Cosmopolitan Pinnacle Entertainment Sands Bethlehem Tropicana Wild Rose Casinos Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086631 CONFIDENTIAL SDNY_GM_00232815 EFTA01385347

ND ND 5/1/17 Eldorado Resorts Isle of Capri Casino 1,700 8.8x 5/1/17 Gaming & Leisure Prop Bally's & Resorts Tunica (RE) 83 9.2x 5/1/17 Penn National Bally's & Resorts Tunica (OPI 44 3.7x 3/31/17 Seminole Hard Rock' Trump Taj Mahal 65x 6.6x 3/13/17 Casino Queen Lady Luck Marquette 40 7

clude the price negotiation given high valuations for regional assets and forced dispositions related to ownership limitations in certain markets. Deutsche Bank Securities Inc. Page 71 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086630 CONFIDENTIAL SDNY_GM_00232814 EFTA01385346

otentially benefit from scale and multi- asset corporations and REITs expressing willingness to grow via acquisitions. We believe that the merger of Penn National and Pinnacle Entertainment could be the first big transaction to be announced next year. In our view, a combination of both entities has the potent

5.3% 292bps San* Sktmewir &mewl DauticA• Ay* Each of these credits and our rationale for investment are detailed on page 18- 30 of this report. Deutsche Bank Securities Inc. Page 81 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086640 CONFIDENTIAL SDNY_GM_00232824 EFTA01385356

ane &IS In the HIGHER YIELD FOR HIGHER leverage category, we recommend Bova Gamina. Eldorado Resorts. Eyed Holdinas Golden Nuaaet, Mohegan Gaming, Penn National. Red Rock Resorts (Station Casinos) and Wynn Resorts. Exhibit 3: Higher Yield For Higher t. evelage Recommenciatione Security Rating MYSIS&P Princ

cific measures, we do believe that the targets of the plan are achievable, especially if the company is able to drive incremental revenue of 2-3%. Deutsche Bank Securities Inc. Page 91 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086650 CONFIDENTIAL SDNY_GM_00232834 EFTA01385366

tion from the expansion of gaming at Massachusetts. Penn National Gaming Adjusting for cash settled stock costs and one-time acquisition expenses; Penn National was able to report a modest EBITDA beat (-$1 million) against our expectations owing to higher than expected revenues, partially offset by slightly