e attractive on a relative value basis. [Exhibit 4: MGM Resorts Free Cash Flow Calculations (SMillions) 2015 (A) 2016 (A) LTM 2017 (E) 2018(E) Consoilsiod E8tT $1,772 $2.079 $2,429 $2,319 $2,481 Less: MGM China 156%) $302 $292 $288 $283 $403 Less: MGM Growth Properties 176%) 0 299 473 484