Epstein Secrets

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

Within MODEST YIELD WITH SAFETY, we recommend CCM Merger International Game Technology Gaming & Leisure Properties, MGM Resorts International. and MGM Growth Properties. Exhibit 2: Modest Yield With Safety Recommendations Security Rating MYSZIP Necked Price MN STW MOTOR 6.0%Sr Unsec Notes 2022 Buy Gas I/8-

0 million of dividends to shareholders, 8100 million of share repurchases, and $354 million of distributions from MGM Growth Properties, we project Deutsche Bank Securities Inc. Page 85 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086644 CONFIDENTIAL SDNY_GM_00232828 EFTA01385360

rchases of $328 million, $250 million of dividends to shareholders, $5 million of investments in affiliates, and $294 million of distributions from MGM Growth Properties, we project total cash burn of 5697 million in 2017. Using our projected total debt of $11.25 billion and cash interest of $629 million, we estimat

perceived lack of independence given MGM's ownership. Upside risks: MGP reducing its leverage with the proceeds from an equity offering. Page 86 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086645 CONFIDENTIAL SDNY_GM_00232829 EFTA01385361

risks to our call include lower-than-expected convention volumes, unfavorable table hold in Macau may lead to EBITDA coming in below expectations. MGM Growth Properties. We continue to believe that MGP will continue to utilize its premium valuation, ample liquidity, and low-cost debt to complete leverage neutral ac