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st, MLPF&S Buy, PO $33 1Q investment thesis MGM is a levered play to improving/accelerating US economic growth. The US makes up 80% of EBITDA (70% Vegas, 20% Macau, 10% US regional) and the company has 4-5x net debt/EBITDA which is high, but coming down to under 4x by end of 2017 which could allow for

create near-term volatility in topline results; (2) Historically lumpy communications equipment spending trends; (3) Larger than expected slowdown in North America automotive unit production Company Description: Texas Instruments is a broad-based supplier of semiconductor components, ranging from digital signal

rd Largest Hotel |} 4th Largest Hotel The Largest Hotel 4752 Rooms } 4408 Rooms 4,008 Rooms _——a a Located atjacent to 4 of the 5 largest hotels in North America rectfrontage = T50' afb; a ~ TEs. a = HOUSE_OVERSIGHT_018746 --- PAGE BREAK --- Executive Summary The Offering , Cushman & Wakefield, Inc.,

ruary 2015 ages HOUSE_OVERSIGHT_018766 --- PAGE BREAK --- Area Overview The.Las Vegas Experience Developed as an entertainment destination, Las Vegas is driven by a consumer services economy where “the experience” is its primary commodity. Las Vegas is one of the most visited tourist destinations i