JP Morgan Investor Presentation May 16, 2016 Mohegan Tribal Gaming Authority (MTGA) Overview

• Premier Integrated Resort Operator • Stable Governance, Transparent and Commercial • High Quality “Built to Last” Gaming Assets • Rapidly Diversifying Asset Base • Leading Market/Fair Share & Operating Margins • One of the Strongest Balance Sheets in Regional Gaming • Cost Saving Initiatives & Margin Improvement • Focus on Deleveraging • Diversification Through Capital-Light Growth Pipeline • Connecticut Hotel & Non-Gaming Opportunities • Cowlitz Casino Development in Portland, Oregon • Resorts Atlantic City & Paragon Management • South Korea Development

2 Premier Integrated Resort Operator

The Mohegan Tribe of Indians of Connecticut • Widely considered one of the strongest and most stable tribal governments in the United States • Federally recognized Tribe with experienced leadership • Elected 9-member Tribal Council governs the Tribe and acts as the Management Board of MTGA • Staggered 4 year terms, next elections in August 2017 • SEC filer • Flagship Mohegan Sun Connecticut: • the highest grossing casino facility in the Western Hemisphere, • the highest grossing arena in the world of its size, • the largest casino in terms of slots/tables in the U.S., and • home to the Connecticut Sun WNBA and New England Black Wolves NLL franchises • Well-known “Mohegan Sun” brand with 6 million+ high-value customers in Player Database

3 Premier Integrated Resort Assets

4 Rapidly Diversifying Asset Base

Mohegan Sun Pocono Cowlitz Casino Mohegan Sun Slots: 2,330 Project Inspire Slots: 2,500 Slots: 5,140 Tables: 93 Tables: 317 Slots: 1,500 Tables: 75 Hotel: 238 rooms Hotel: 1,177 rooms(1) Tables: 250 Hotel: N/A Hotel: 1,350 rooms

China

India

Resorts Casino Slots: 1,552 Tables: 74 Hotel: 942 rooms Paragon Casino Slots: 1,600 Tables: 54 Hotel: 534 rooms

(1) New 400-room Earth Hotel is scheduled to open in October 2016

5 Superior Win Efficiency

• Based on the fair share (number of slot machines offered), Mohegan Sun and Mohegan Sun Pocono are in line with the competition • However, both wholly owned properties outperform the competition by ~8% by measure of slot win efficiency

Connecticut Northeastern Pennsylvania

Mohegan Sun Mohegan Sun Pocono

Win Efficiency: 106% Win Efficiency: 94% (Fair Share: 53%) (Fair Share: 47%) Win Efficiency: 109% Win Efficiency: 88% (Fair Share: 55%) (Fair Share: 45%)

Primary Primary Competitor Competitor

Results for LTM period ended March 31, 2016

6 Margin Expansion Due to Proactive Cost Saving Initiatives

Consistent cost discipline, while maintaining superior service and customer experience • ~$100 million in reduced expenses through programs in Connecticut from 2010-2015; YTD 2016 Adjusted EBITDA +~14% y/y • Guest service scores are highest they have been in over a decade Another ~$100 million of cost reduction potential remains • CT EBITDA before slot contribution margin of 43% in FY15 compared to top regional peers at 50%-60% • YTD FY16 Adjusted EBITDA Margin +240bps, Initiatives expected to continue over the next few years

Adjusted EBITDA Margin

Mohegan Sun Pocono Downs Consolidated

Impact of cost saving initiatives Property ramp-up and 29.8% 30.0% 28.6% introduction of table games 27.0% 25.6% 26.0% 24.9% 25.2% 24.7% 25.0% 23.4% 22.3% 22.7% 22.4% 19.6% 19.5% 19.9% 20.6% 20.0% 18.6% 19.0% 17.0% 17.1% 15.4% 15.0%

10.0% 2010 2011 2012 2013 2014 2015 LTM 2010 2011 2012 2013 2014 2015 LTM 2010 2011 2012 2013 2014 2015 LTM 3/31/16 3/31/16 3/31/16

Note: Fiscal year 2014 results reflect unusually low table hold

7 Fiscal Second Quarter 2016 Financial Performance

• Mohegan Sun: Qtr Ended Qtr Ended • EBITDA +13%, revenues +6.6% y/y 3/31/2016 3/31/2015 y/y chg • Highest F2Q revenues since 2012 Mohegan Sun Net Revenues $ 256,186 $ 240,285 6.6% • Highest F2Q EBITDA since 2009 Adjusted EBITDA 77,837 68,686 13.3% • 180bp increase in margin; highest EBITDA Margin 30.4% 28.6% 1.8% F2Q margin since 2001 Pocono Downs • Pocono: Net Revenues 73,686 70,128 5.1% • EBITDA +4%, revenues +5% Adjusted EBITDA 13,696 13,166 4.0% EBITDA Margin 18.6% 18.8% -0.2%

• Corporate EBITDA +54%: Corporate • Resorts EBITDA +$830K y/y, +245% Net Revenues $ 1,917 $ 10 19070.0% • Cowlitz development fees $1.3m Adjusted EBITDA (3,274) (7,158) 54.3% EBITDA Margin NM NM NM Overall MTGA: • Total MTGA • EBITDA ~18% y/y Net Revenues $ 331,789 $ 310,423 6.9% • Revenues ~7% y/y Adjusted EBITDA 88,259 74,694 18.2% • EBITDA Margins +250bp y/y EBITDA Margin 26.6% 24.1% 2.5%

8 MTGA Balance Sheet: Capital Structure & Liquidity

• Ample liquidity with $85.6 million at 3/31/16, not including approximately $100 million of excess cash earmarked for South Korea • Significant potential for additional interest expense savings embedded in Senior and Subordinated Notes As of Cumulative ($ in millions) 3/31/2016 Leverage (3) Cash and Cash Equivalents $185.9

Revolving Credit Facility due 2018 (1) (2) 42.0 Senior Sec. Credit Facility (TLA) due 2018 (2) 103.1 Senior Sec. Credit Facility (TLB) due 2019 (2) 780.2 Total Secured Debt $925.3 2.6x

2015 Floating Rate Senior Notes due 2017 100.0 2013 9.750% Senior Unsecured Notes due 2021 585.0 Total Senior Debt $1,610.3 4.5x

2012 11.000% Senior Subordinated Notes due 2018 100.2 Capital Leases 7.7 Other 2.2 Total Recourse Debt $1,720.4 4.8x

Non-Recourse Debt 19.1 Due to Mohegan Tribe 29.9 Total Debt $1,769.4 4.9x (1) Revolver borrowing capacity was $55.5mm as of 3/31/16 (2) Due dates assume 2012 Senior Sub Notes have been extended, repaid, redeemed, defeased or refinanced (3) Based on Covenant EBITDA of $358.5mm for the LTM 3/31/16 period 9 MTGA Total Leverage Ratio

• MTGA’s Total Leverage Ratio was 4.80x at 3/31/16 • Total Leverage Ratio is much lower than the US industry average of ~5.8x

6.50x

6.00x 6.00x 5.82x

5.54x

5.50x 5.37x

5.11x 5.06x 5.00x 4.93x 4.80x

4.50x

(1) Restricted Group leverage, based on 2013 Credit Facility definition of Total Recourse Debt / Covenant Adjusted EBITDA (2) Includes Caesars Entertainment, Las Vegas Sands, Wynn Resorts, Penn National Gaming, Boyd Gaming, Golden Nugget, MGM Resorts, Pinnacle Entertainment, Affinity Gaming, Eldorado Resorts, MTGA, Station Casinos, Isle of Capri, Golden Entertainment, American Casino, Churchill Downs, and Tropicana Entertainment; with ratios as of their most recent public filing with adjustments made where applicable Source: Company financials and public filings.

10 MTGA Financial Summary Overview

• Growing Adjusted EBITDA and margins have helped drive strong free cash flow generation • Cash Flow for Financial Debt Service at $241 million is at the highest level ever

FYE September 30, As Adjusted 2011A 2012A 2013A 2014A 2015A (2) ($ in millions) LTM 3/31/16

Net Revenues: Mohegan Sun $1,115 $1,084 $1,042 $995 $994 $1,019 Pocono Downs 303 315 297 297 295 301 Corporate and Other – – 1 1 3 9 Net Revenues $1,418 $1,399 $1,340 $1,293 $1,292 $1,329

Adjusted EBITDA: Mohegan Sun $285 $270 $281 $251 $284 $303 Pocono Downs 52 59 57 51 58 59 Corporate and Other (15) (15) (24) (36) (22) (16) Adjusted EBITDA $322 $314 $313 $266 $320 $346 Adjusted EBITDA % Margin 22.7% 22.4% 23.4% 20.6% 24.8% 26.0%

Maintenance and Development Capex (46) (44) (66) (33) (30) (52) Distributions to the Tribe (47) (53) (50) (50) (50) (53) Relinquishment Payments (55) (54) (51) (49) (25) – Cash Flow for Financial Debt Service (1) $173 $163 $146 $134 $215 $241

(1) Cash flow for Financial Debt Service defined as Adj. EBITDA minus relinquishment payments, maintenance and development capital expenditures and distributions to the Tribe (2) Adjusted for anticipated FY16 increases in maintenance and development capital expenditures and distributions to the Tribe

11 Illustrative FY2018 Credit Profile & Sensitivity

LTM MTGA (1) Corp & Oth 3/31/2016 FYE2016 FYE2017 FYE2018 Analysis Assumes • Financial performance flat to Revenues - 1,326.4 1,326.4 1,326.4 1,326.4 LTM period Core EBITDA - 358.5 358.5 358.5 358.5 • No improvement to Paragon Consulting/Mgmt Fees (2) 1.1 2.4 2.0 operations or capital Earth Hotel Income - - 10.0 10.0 structure Cowlitz Mgmt Fees (3) - - 4.1 16.2 • Earth Hotel & Cowlitz open EBITDA 358.5 359.6 375.0 386.7 as scheduled • Paragon consulting / MGMT Capex (41.0) (52.0) (35.0) (35.0) fees based on current Tribal Distributions (51.2) (53.0) (53.0) (53.0) projections Interest Expense (133.6) (128.4) (123.6) (116.8) • All FCF repays debt Free Cash Flow 132.7 126.2 163.4 181.9 • No impact from Korea Total Debt 1,720.5 1,657.4 1,494.0 1,312.1 management or Total Leverage 4.80x 4.61x 3.98x 3.39x development fees in FCF (however sensitivity analysis EBITDA-Capex-Tribal Dists 266.3 254.6 287.0 298.7 below details this) EBITDA-Capex-Tribal Dists / Interest Expense 1.99x 1.98x 2.32x 2.56x 2018E EBITDA Sensitivity 1.00x 1.20x 1.30x 1.40x 1.50x Key Takeaways • CT EBITDA would have to Pro Forma EBITDA-Capex-Tribal Dists ($) 116.8 140.2 151.8 163.5 175.2 decline ~60% for MTGA to CT EBITDA Decline ($) 181.9 158.5 146.9 135.2 123.5 achieve 1x Interest Coverage CT EBITDA Decline (%) 60% 52% 48% 45% 41% (including Capex and Tribal Distributions) Sensitivity w/ S. Korea Mgmt Fees 1.00x 1.20x 1.30x 1.40x 1.50x • With Korea MGMT Fees, Pro Forma EBITDA-Capex-Tribal Dists ($) 116.8 140.2 151.8 163.5 175.2 EBITDA would have to CT EBITDA Decline ($) (4) 211.9 188.5 176.9 165.2 153.5 decline by 70% CT EBITDA Decline (%) 70% 62% 58% 54% 51% • MTGA is on track to achieve (1) Restricted Group projections goal of Total Leverage ‘in the (2) Assumes $2.7mm consulting fee followed by $2mm annual management fee (3) Assumes 1/4 year of estimated average annual fee income in 2017 3’s” by 2018 (4) Assumes South Korea fees equate to 3% of net revenues, fees commence in 2020

12 Capital-Light Growth Strategy

Project / Primary Market Ownership Estimated Location Capital Status Benefit to MTGA Expansion Population (1) Structure Opening Resorts Casino Atlantic City, NJ 1.4 $5M 10% Equity Completed Open • Through MGA(2) Management • Profits after lease 100% Equity, Non- Pocono Hotel Wilkes-Barre, PA 0.9 $5M Completed Open payment recourse Debt • 100% of Equity Internet Gaming Atlantic City, NJ 8.8 $500k 10% Equity Completed Open • Through MGA(2)

Consulting/ • Consulting Fee Paragon Casino Resort Marksville, LA 0.5 - Completed Open Management Contract • Management Fee

Net Lease from Mohegan Sun Earth Under • Profits after lease Uncasville, CT 5.3 $12M Instrumentality of the Fall 2016 Hotel Construction payment Tribe Mohegan Sun Non- • Rental Income Uncasville, CT 5.3 TBD TBD Planning Stage 2017 Gaming Expansion • Ancillary Income • Development Fee Cowlitz Casino Management / Under La Center, WA 2.3 $50M 2Q17 • Management Fee Development Development Contract Construction • Receivable Pending Northern Connecticut TBD, CT TBD TBD 50/50 JV Legislative Fall 2018 • Equity Distributions Development Approval South Korea License • Fee Income Incheon, S. Korea 700 $100M JV with KCC Corp 2019/2020 Development Awarded • Equity Distributions Illustrative 5-year Timeline (Estimated) 2015 2016 2017 2018 - 2020

• Expiration of Relinquishment • Mohegan Sun Earth Hotel • Mohegan Sun Non-Gaming • South Korea Development Payments • Cowlitz Development Fees Expansion • Cowlitz Management Fees • Internet Gaming • Paragon Consulting Fees • Cowlitz Management Fees • North. Connecticut Development • Cowlitz Casino Receivable • Paragon Management Fees (1) In millions. Represents population within 60 minute drive time or MSAs and state population from US Census. Mohegan Sun and Paragon estimates based on 90 minute drive time. Korea market based on 2.5 hour flight time. (2) Mohegan Gaming Advisors, LLC (“MGA”) is an unrestricted subsidiary that is wholly-owned by MTGA. 13 Stylish New Hotel Complements Existing Property

14 Cowlitz Project Update

Recent Project Updates • MTGA is developer/manager of the Cowlitz Casino outside of Portland, Oregon WASHINGTON • Construction began September 2015; Financing early December 2015 ─ 2,500 Class III slot machines ─ 75 table games, including blackjack, craps, roulette and baccarat ─ 9 F&B outlets

─ 2,500 seat entertainment venue 90 • 2.3 mm population within 75 miles, ~2% all-in Site of Cowlitz Indian state revenue share Reservation

Economic Summary • ~$45M invested since 2004 • ~$215M projected returns over the next 4-7

years 84 • Reimbursement of advances: ~$19.4mm received at close, ~$100M+ additional 5 reimbursements over 4 years OREGON • Development Fee: ~$15M over 4 yrs • Management Fee: $100M+ over 7 years

15 Cowlitz Project Renderings

Feature Bar Entry View at Main Porte Cochere

Casino View from Valet Entry High Limit Interior

16 Cowlitz Project Progress

17 South Korea Development • On February 27, 2016, MTGA and its Korean partner KCC were awarded the sole Integrated Resort license in South Korea • The project has the potential to be transformational for MTGA: • Up to $5B invested over 20 years on 800+ acres next to one of the world’s busiest airports • $1.6B investment for Phase 1 Integrated Resort, which will include: casino, 1,350 rooms over 3 towers, a 15,000 seat arena, over 200,000 sq ft of retail & F&B, convention, theme park, and many other amenities, including a first-of-its-kind private air terminal • Expected to open in 2019/2020

• Joint venture w/ KCC Corp: MTGA will invest $100M (already raised) for 50%+ of the project’s equity, earn a development fee during construction (~$45M) and a 24-year management fee (3% of all revenues, ~$30M per year) = fee income alone ~$750M • Note: Definitive Management and Development Agreement have not yet been signed, but expectation is to sign directly with MTGA or another Restricted Subsidiary

18 South Korea Development Demographics South Korea, one of the world’s top 10 economies, is an untapped leisure destination for North Asia • 25 mill people within 2 hour drive (significant locals/non-gaming biz) • 700 mill people within 2.5 hour flight; demographics similar to Macau, with less competition • 3 of the 4 largest MSAs in the world <2 hours away • Seoul is the most popular destination for Chinese, ~3x more visitation than Singapore • IIAC: 45.5 mill pax and growing (9th busiest in the world); ranked world’s best airport 10 years • IIAC: 2nd highest grossing duty free shops in the world Anticipated Revenue Mix • More balanced mix of gaming and non-gaming than currently seen in other Asian resorts • Gaming primarily from premium mass segment, helped by airport proximity, only ~20% anticipated from VIP • VIP potential significant: ~1.5mm millionaires w/in 3-hour flight, 2x+ the amount of NYC/Boston combined

19 New Opportunity – Paragon Casino Resort Tunica -Biloxi Tribe Background • Tunica and Biloxi tribes have lived on their reservation near Marksville, Louisiana for over two centuries • With assistance of Grand Casinos, opened first land-based casino in the state in June 1994 • Resort includes: 1,600 slots, 45 tables, 9 poker casino floor; 534 rooms over two towers; 36,000 of meeting space which seats 2,500 for entertainment; 18-hole U.S. Open golf course, spa, 3 movie theatres, retail, multiple F&B options; employs ~1,800 employees • Due to new competition in Baton Rouge/Alexandria in 2012/2013, the resort failed to pay debt service in 2015 & is seeking new management Opportunity • In April 2016, MTGA entered into an agreement with the T-B Tribe to a consulting and management contract: Marksville • 1-year fixed fee consulting agreement for $2.7M, a portion of which can be deferred, followed by a • 5-year management contract for 30% of NIGC defined Net Revenues • Consulting agreement signed in April 2016; management agreement after 1 year subject to licensing, completion of RSA

20 Strong Collateral Relative to Other Native American Casino Operators

• MTGA’s corporate assets are arguably the strongest in Indian Country and approach that of smaller commercial operators • Pro Forma for the Transaction, funded First Lien Debt is covered by MTGA’s collateral package, which has an estimated value of approximately $1.9Bn Pro Forma Collateral Coverage ($ in millions) $2,000 $1,800 $1,600 $720 $1,400 $1,200 $42 $1,000 $116 $18 $76 $800 $193 $983 million $600 $224 (fully-drawn $925 $400 Revolver) $200 $482 – Mohegan Sun CT Sky Hotel CT Mall (2) Golf Course Cowlitz Cowlitz Inspire Inspire First Lien Pocono (1) Receivable & MGMT Fees Development MGMT Fees Debt (1) Calculated assuming a 9.0x EBITDA multiple Dev Fee (3) (4) Fee (5) (6) (2) Calculated assuming a 6% Cap Rate (3) Represents Cowlitz Receivable as of 3/31/2016 (4) Assumes facility generates net revenues / adjusted EBITDA equal to Mohegan Sun Pocono in FY14; and average fee income of $16mm for 7 years (5) Development fees for Phase 1, conservatively does not include future development fees (6) Assumes average management fee income of $30mm per year for 24 year life of management agreement 21 Thank You and Q&A