LTM FCF is at $124 MM. Net Leverage at 1.4x has been stable for the past two years after rapidly deleveraging in FY'14 and FY'15. Trinseo provided FY'18 guidance calling for EBITDA of $620-650 MM, which compares to consensus of $642 MM. This guidance is above LTM EBITDA as a result of the continued

en our belief that these notes are attractive to investors, particularly those willing to tolerate higher risk in exchange for a higher yield. For FY'18, we are projecting Mohegan will generate Adjusted EBITDA of $375 million (+7.5% versus $349 million) on revenues of $1.39 billion (+0.5% versus $1.

=with strategics including Salesforce, Oracle, D&B, and LiveRamp<=> • Bookings are expected to grow to -$17-18MM in CY'18/FYQ=9919 (from $13.1MM in FY'18, $8.2MM in FY'17, $4.4MM in FY4*=804*16 and $0 in FY'15), implying a 58%+ 3-year CAGR. 86% of reven=e is generated from recurring SaaS subscription