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Project Julii First Lien Creditor Discussion Materials September 12Th, 2014 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70

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Project Julii First Lien Creditor Discussion Materials September 12Th, 2014 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Confidential Prepared at the Direction of Counsel For Settlement Purposes Only D R A F T Project Julii First Lien Creditor Discussion Materials September 12th, 2014 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential Prepared at the Direction of Counsel Disclaimer For Settlement Purposes Only The information and data contained herein is subject to the confidentiality agreements between the recipientsD R Aand F T the Company. The information is confidential and may not be divulged to any person or entity or reproduced, disseminated, or disclosed, in whole or in part, except pursuant to the terms of the confidentiality agreements. Blackstone 1 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential Prepared at the Direction of Counsel Table of Contents For Settlement Purposes Only D R A F T I. Introduction 3 A: Financial Outlook 4 B: Business Overview 8 II. Review of Goals & Proposals 19 III. REIT Analysis & Background Information 35 Blackstone 2 D R A F T I. Introduction D R A F T A: Financial Outlook 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential A: Financial Outlook Prepared at the Direction of Counsel Status Quo Summary For Settlement Purposes Only CEOC’s capital structure is limiting its ability to reinvest in its business. D R A F T CEOC is a best-in-class gaming company with a large geographic footprint across the U.S. • Superior business model driven by integrated multi-channel distribution network and industry- leading loyalty program • Brands that are the most widely recognized in the industry However, while CEOC has outperformed its peers, fundamentals have deteriorated and CEOC’s capital structure is over-levered • Current free cash flow is approximately -$1bn a year • Liquidity challenges in 2016 with debt maturities • 17.9x leverage • 0.5x Fixed Charge ratio This page consists solely of publicly available information Blackstone 5 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential A: Financial Outlook Prepared at the Direction of Counsel Summary Financials For Settlement Purposes Only CEOC is over-levered (17.9x) and its interest burden results in significant cash burn (~-$1bnD aR year). A F T Even if CEOC refinanced debt maturities, the interest burden is too high leaving the company with negative free cash flow Absent a restructuring, CEOC will face significant liquidity challenges in 2016 CEOC Summary Capital Structure Credit Metrics Interest Debt / EBITDA EBITDA / ($ in millions) Face Value % $ EBITDA / Interest (CapEx + Int.) Bank Debt $5,364 7.67% $411 5.2x 2.5x 1.6x First Lien 6,345 9.64% 612 11.4x 1.0x 0.8x Second lien 5,252 10.39% 546 16.5x 0.7x 0.6x Guaranteed Senior Notes 495 10.82% 54 17.0x 0.6x 0.6x Unsecured / Other(1) 969 7.17% 69 17.9x 0.6x 0.5x Total Debt $18,425 $1,692 17.9x 0.6x 0.5x (-) Cash 2,083 Net Debt Free Cash Flow Profile ($ in millions) EBITDA $1,029 CapEx (231) Other & Non-Operating (73) UFCF $725 Interest (1,692) FCF ($968) This page consists solely of publicly available information ________________________________________________ (1) Balance includes $137 million 2016’s and $151 million 2017’s owned by CACQ. Blackstone 6 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential A: Financial Outlook Prepared at the Direction of Counsel Detailed Capital Structure For Settlement Purposes Only CEOC Detailed Capital Structure Credit Metrics Interest Debt / EBITDAD R EBITDAA F / T ($ in millions) Face Value Maturity % $ EBITDA / Interest (CapEx + Int.) Term Loan B-4 $377 10/31/16 L+8.50% $40 Term Loan B-5 938 01/28/18 L+5.75% 60 Term Loan B-6 2,299 01/28/18 L+6.75% 170 Term Loan B-7 1,750 01/28/18 L+7.50% 142 Total Bank Debt $5,364 $411 5.2x 2.5x 1.6x First Lien Notes 2,095 06/01/17 11.25% 236 First Lien Notes 1,250 02/15/20 8.50% 106 First Lien Notes (Aug. & Dec. 2012) 1,500 02/15/20 9.00% 135 First Lien Notes (Feb. 2013) 1,500 02/15/20 9.00% 135 Total Senior Secured Debt $11,709 $1,023 11.4x 1.0x 0.8x Second Priority Notes – 12/15/15 10.00% – Second Priority Notes 4,502 12/15/18 10.00% 450 Second Priority Notes 750 04/15/18 12.75% 96 Total Secured Debt $16,961 $1,569 16.5x 0.7x 0.6x Guaranteed Senior Notes (Cash) 479 02/01/16 10.75% 52 Guaranteed Senior Notes (Toggle) 16 02/01/18 11.50% 2 Total Contractually Senior Debt $17,456 $1,623 17.0x 0.6x 0.6x Senior Notes(1) 297 06/01/16 6.50% 19 Senior Notes(1) 234 10/01/17 5.75% 13 Clark County Bonds 47 06/01/37 5.30% 2 Capital Lease / Other Misc 62 12/31/16 6.00% 4 Chester Downs Notes 330 02/01/20 9.25% 31 Total CEOC Debt $18,425 $1,692 17.9x 0.6x 0.5x (-) CEOC Total Cash (1,588) Net CEOC Debt $16,837 16.4x This page consists solely of publicly available information ________________________________________________ (1) Balance includes $137 million 2016’s and $151 million 2017’s owned by CACQ. Blackstone 7 D R A F T B: Business Overview 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential B: Business Overview Prepared at the Direction of Counsel Gaming Market Overview For Settlement Purposes Only The US gaming industry witnessed unprecedented liberalization in new jurisdictions betweenD R 2008 A F T and 2012, significantly impacting Caesars’ incumbent markets (particularly Atlantic City). State Casino Gaming Liberalization Legislation since 2007 . Illinois Gaming expansion bills (2010, 2011, and 2012) . Louisiana 2011 award of new gaming license . Maryland 2008 constitutional amendment to allow casinos; 2012 referendum to expand gaming . Massachusetts 2011 legislation to allow destination casinos in the state . Missouri 2010 award of new gaming license . New York 2013 referendum approving expansion of casino gambling in the state, including Aqueduct and Yonkers . Ohio 2009 referendum to allow four new casinos in the state (two of which are managed by Caesars) . Pennsylvania 2010 legalization of table games . Rhode Island 2012 referendum allowing table games . Kansas 2012 expansion and property openings Legend Caesars’ existing markets as of 2007 R States with significantly liberalized I gaming legislation since 2007 This page consists solely of publicly available information Blackstone 9 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential B: Business Overview Prepared at the Direction of Counsel Gaming Market Overview (Cont’d) For Settlement Purposes Only In addition, unprecedented new supply in existing jurisdictions, particularly in Las Vegas, D R A F T presented further challenges to Caesars’ operations. Five largest additions to existing markets since 2007: Property Market Construction cost City Center Las Vegas $9.2 billion Cosmopolitan Las Vegas $3.9 billion Revel Atlantic City $2.4 billion Encore Las Vegas $2.3 billion Palazzo Las Vegas $1.8 billion Total construction cost = ~$20 billion This page consists solely of publicly available information Blackstone 10 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential B: Business Overview Prepared at the Direction of Counsel New Competitive Impacts in Last Five Years For Settlement Purposes Only Along with these five largest openings, numerous casinos have been opened across the US.D R A F T Market Property Opening Date Operator / Owner 2008 Openings Pennsylvania Penn National 2/12/2008 PENN Southern Indiana/Illinois Indiana Grand Casino 6/1/2008 Private Southern Indiana/Illinois Hoosier Park 6/2/2008 Private Las Vegas Strip Encore 12/22/2008 WYNN 2009 Openings Pennsylvania Sands Bethlehem 5/22/2009 LVS Pennsylvania Rivers (downtown Pitt.) 8/9/2009 Private Las Vegas Strip Aria 12/16/2009 MGM 2010 Openings St Louis River City 3/4/2010 PNK Pennsylvania Sugarhouse 9/23/2010 Private Las Vegas Strip Cosmopolitan 12/15/2010 Private 2011 Openings Chicago Land (ALL) Rivers 7/18/2011 Private Atlantic City Resorts World Aqueduct Casino 10/28/2011 Genting 2012 Openings North Kansas City Hollywood - Kansas Speedway 2/12/2012 PENN Pennsylvania Valley Forge Casino 3/31/2012 Private Atlantic City Revel 4/2/2012 Private Ohio Horseshoe - Cleveland 5/14/2012 CEOC Gulf Coast Margaritaville Biloxi 5/22/2012 Margaritaville Ohio Hollywood - Toledo 5/29/2012 PENN Ohio Scioto Downs 6/1/2012 MTR Gaming Maryland Maryland Live! 6/6/2012 Cordish (Future CEOC market) New Orleans L"Auberge BR 9/1/2012 PNK Ohio Hollywood - Columbus 10/8/2012 PENN Missouri Isle of Capri - Cape Girardeau 10/30/2012 ISLE 2013 Openings Ohio Horseshoe - Cincinnati 3/4/2013 CEOC Ohio Thistledown Racino 4/8/2013 CEOC NWLA Margaritaville Bossier 6/15/2013 Margaritaville Ohio Miami Valley Gaming - Lebanon 12/12/2013 MVG Ohio Hard Rock Rocksino - Northfield Park 12/18/2013 Hard Rock 2014 H1 Openings Ohio Belterra Park 5/1/2014 PNK This page consists solely of publicly available information Blackstone 11 0 152 195 0 103 120 99 206 202 201 221 3 184 0 92 102 0 70 Project Julii Confidential B: Business Overview Prepared at the Direction of Counsel CEOC Net Revenue and EBITDA Trends For Settlement Purposes Only This difficult competitive landscape along with an economic downturn have caused CEOC Dnet R A F T revenue and EBITDA to trend downwards with Atlantic City driving much of the decline.
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