3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite exception, as the company felt it was appropriate to reinstate marketing programs at a slower pace. That been said, we believe that the impact from these tragic events will be modest in 2018. With this report, we are reaffirming our BUY rating on the 4.625% Senior Unsecured Notes 2026 ($101.3, 4.4% YTVV, 207bps STVV). We continue to believe that these bonds are 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%) 0 299 473 484 551 Less: Wholly-Owned Capox 888 1.291 1,058 990 800 Less: Share of MGM China Capes 156%) 324 544 562 554 168 Lass: Cloth Interest 762 618 567 629 603 Less:Cash taxes 12 68 163 170 175 Less: Acquisitions 0 659 8 0 0 Less: Dividends 0 0 190 250 250 Less: Share Repurchases 0 0 328 328 100 Less: Investments in affiliates 196 4 7 5 0 Plus: Dispositions 100 19 1 0 0 Plus: Dividends from affiliates 231 559 312 314 90 Plus: Distributions from MGM China 304 52 69 69 125 Plus: Distributions from MGP 0 113 289 294 354 Free Cash How 177) 09651 0550 Min MI I Total Debt $12.138 $11.421 $11,047 $1 1.249 $11,250 Cash 1,362 1,161 2.202 2.000 2.000 Leverage tElx 6.5x 4.5x 49x 4.5x Net Leverage 9.1x 4.9x 3.9x 4.0x 9.7x Coverage 2.3x 3.44 4.3x 3.7x 4.1x &vat Cempery Aengs *. basely Bore For 2017. we are projecting MGM Resorts International will generate Adjusted EBITDA of $2.32 billion (+11.5% versus $2.08 billion). Factoring wholly-owned capital expenditures of $990 million, MGM's share of MGM China's capital expenditures of $554 million, cash interest of S629 million, cash taxes of $170 million, dividends from CityCenter and