1. PRESENTATION INDEX
OVERVIEW MACAU
FUTURE OUTLOOK ATTRACTIVE MARKET QUALITATIVE
BUSINESS MODEL FULL ATTRACTIVE MARKET STATISTICS
BUSINESS MODEL MAP DEAL STRUCTURE
WYNN MACAU PARTNERSHIP
ISSUES WYNN MACAU MARKETING
NEW MARKET ENTRY FINANCIAL GAIN
CURRENT STRATEGY
IMPLEMENTATION
ALEGRIA TIMELINE
BUSINESS MODEL SHIFT SUMMARY
TOUR LOCATIONS DATES
TOUR LOCATIONS MAP
FINANCIAL GAINS
FRANCE
ATTRACTIVE MARKET DISNEY
ATTRACTIVE MARKET QUOTES
ATTRACTIVE MARKET ATTENDANCE
DEAL STRUCTURE
DISNEYLAND MARKETING
FINANCIAL GAIN

2. THE TRAPEZE STRATEGY

3. CIRQUE DU SOLEIL
Diversifying Show Production & Geographic Expansion
Dark Horse Consulting
Fahad | Miata | Sascha | Derek
Team 7 – Simon Fraser University

4. STRATEGIC PATHWAY
“The TRAPEZE
Strategy”
Overview Issues Implementation

5. STRATEGIC PATHWAY
“The TRAPEZE
Strategy”
Alegria
Overview Issues France Implementation
Macau

6. FUTURE OUTLOOK
NPV OF INCREMENTAL PROFIT UNTIL 2022
$
$167 M
MACAU $114 M
FRANCE $26 M
ALEGRIA $27 M
STATIC
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
FUTURE OUTLOOK BUSINESS MODEL

7. BUSINESS MODEL 2008
CIRQUE DU SOLEIL
7 RESIDENTS 2 ARENA 6 BIG-TOP
MYSTERE LOVE SALTIMBANCO KOOZA DRALION
O LA NOUBA DELIRIUM CORTEO QURDAM
ZUMANITY WINTUK VAREKAI ALEGRIA
KA
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
FUTURE OUTLOOK BUSINESS MODEL

8. BUSINESS MODEL 2010
CIRQUE DU SOLEIL
13 RESIDENTS 1 ARENA 8 BIG-TOP
MYSTERE LOVE SALTIMBANCO KOOZA DRALION
O LA NOUBA CORTEO QURDAM
ZUMANITY WINTUK VAREKAI ALEGRIA
KA ELVIS 2009 2010
CHRIS ANGEL DUBAI
MACAO #1 MACAO #2 TOKYO
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
FUTURE OUTLOOK BUSINESS MODEL

9. BUSINESS MODEL 2010
CIRQUE DU SOLEIL
RESIDENTS ARENA BIG-TOP
MYSTERE LOVE SALTIMBANCO KOOZA DRALION
O LA NOUBA CORTEO QURDAM
ZUMANITY WINTUK VAREKAI ALEGRIA
KA ELVIS 2009 2010
CHRIS ANGEL DUBAI
MACAO #1 MACAO #2 TOKYO
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
FUTURE OUTLOOK BUSINESS MODEL

10. BUSINESS MODEL 2010
CIRQUE DU SOLEIL
RESIDENCE ARENA BIG-TOP
MYSTERE LOVE SALTIMBANCO KOOZA DRALION
O
1
LA NOUBA CORTEO QURDAM
7 1 1
ZUMANITY WINTUK
1
VAREKAI
2 ALEGRIA
KA ELVIS 2009 2010
CHRIS ANGEL DUBAI
= Resident shows
MACAO #1 MACAO #2 TOKYO
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
FUTURE OUTLOOK BUSINESS MODEL

11. BUSINESS MODEL 2010
CIRQUE DU SOLEIL
RESIDENCE ARENA Berlin BIG-TOP
New York London
MYSTERE LOVE SALTIMBANCO Paris KOOZA DRALION
O
1
LA NOUBA CORTEO QURDAM
7 1 1
ZUMANITY WINTUK
1
VAREKAI
2 ALEGRIA
KA ELVIS 2009 Sydney
2010
CHRIS ANGEL DUBAI
MACAO #1 MACAO #2 TOKYO
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
FUTURE OUTLOOK BUSINESS MODEL

12. BUSINESS MODEL 2010
CIRQUE DU SOLEIL
RESIDENCE ARENA Berlin BIG-TOP
London
MYSTERE LOVE SALTIMBANCO FranceKOOZA DRALION
O
FUTURE UNCERTAINTY
1 LA NOUBA
1
CORTEO QURDAM
ZUMANITY
7 1
WINTUK VAREKAI
2 ALEGRIA
KA ELVIS
1 2009 Australia
2010
CHRIS ANGEL DUBAI
MACAO #1 MACAO #2 TOKYO
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
FUTURE OUTLOOK BUSINESS MODEL

13. ISSUES
Today Future
FUTURE UNCERTAINTY
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
NEW MARKET ENTRY CURRENT STRATEGY

14. NEW MARKET ENTRY
Today Future
Successful Partnership Duplication
with New Projects in Correct
Markets
Successful Partner
MGM Casino Market
Resident Shows
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
NEW MARKET ENTRY CURRENT STRATEGY

15. CURRENT STRATEGY
Today Future
Under-utilization of Arena
Segment to Display Successful
Strategy
Creativity
Strategy Theatricality
Experience
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
NEW MARKET ENTRY CURRENT STRATEGY

16. BUSINESS MODEL SHIFT
1 ARENA 8 BIG-TOP
SALTIMBANCO KOOZA DRALION
-Set to retires Big Top tour in 2008 CORTEO QURDAM
-Delirium retired April 18th 2008 VAREKAI ALEGRIA
-Transition Alegria into arena tour 2009 2010
immediately
-Begin tour in Europe
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
BUSINESS MODEL SHIFT TOUR LOCATIONS FINANCIAL GAIN

17. BUSINESS MODEL SHIFT
2 ARENA 7 BIG-TOP
SALTIMBANCO KOOZA DRALION
-Set to retires Big Top tour in 2008 ALEGRIA CORTEO QURDAM
-Delirium retired April 18th 2008 VAREKAI
-Transition Alegria into arena tour 2009 2010
immediately
-Begin tour in Europe
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
BUSINESS MODEL SHIFT TOUR LOCATIONS FINANCIAL GAIN

18. TOUR LOCATIONS
Paris, FR - From 15 March 2010 to 17 April 2010
Birmingham, UK - From 24 February 2010 to 13 March 2010
Manchester, UK - From 6 January 2010 to 27 January 2010
Lille, FR - From 25 November 2010 to 26 December 2010
Rome, IT - From 7 October 2010 to 31 October 2010
Frankfurt, DE - From 20 August 2010 to 25 September 2010
Gijon, ES - From 25 June 2010 to 31 July 2010
Milan, IT - From 29 April 2010 to 6 June 2010
Lyon, FR - From 5 March 2010 to 18 April 2010
Seville, ES - From 16 January 2010 to 22 February 2010
Valencia, ES - From 28 November 2009 to 21 December 2009
Zurich, CH - From 19 September 2009 to 26 October 2009
Oostende, CH - From 24 July 2009 to 17 August 2009
Cologne, DE - From 5 June 2009 to 29 June 2009
Geneva, CH - From 18 April 2009 to 25 May 2009
Bilbao, ES - From 26 February 2009 to 6 April 2009
London, UK - From 7 January 2009 to 6 February 2009
Madrid, ES - From 31 October 2009 to 26 December 2009
Brussels, BE - From 4 September 2009 to 19 October 2009
Vienna, AT - From 10 July 2009 to 4 August 2009
Barcelona, ES - From 26 April 2009 to 26 May 2009
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
BUSINESS MODEL SHIFT TOUR LOCATIONS FINANCIAL GAIN

19. TOUR LOCATIONS
Paris, FR - From 15 March 2010 to 17 April 2010
Birmingham, UK - From 24 February 2010 to 13 March 2010
Manchester, UK - From 6 January 2010 to 27 January 2010
Lille, FR - From 25 November 2010 to 26 December 2010
Rome, IT - From 7 October 2010 to 31 October 2010
Frankfurt, DE - From 20 August 2010 to 25 September 2010
Gijon, ES - From 25 June 2010 to 31 July 2010
Milan, IT - From 29 April 2010 to 6 June 2010
Lyon, FR - From 5 March 2010 to 18 April 2010
Seville, ES - From 16 January 2010 to 22 February 2010
Valencia, ES - From 28 November 2009 to 21 December 2009
Zurich, CH - From 19 September 2009 to 26 October 2009
Oostende, CH - From 24 July 2009 to 17 August 2009
Cologne, DE - From 5 June 2009 to 29 June 2009
Geneva, CH - From 18 April 2009 to 25 May 2009
Bilbao, ES - From 26 February 2009 to 6 April 2009
London, UK - From 7 January 2009 to 6 February 2009
Madrid, ES - From 31 October 2009 to 26 December 2009
Brussels, BE - From 4 September 2009 to 19 October 2009
Vienna, AT - From 10 July 2009 to 4 August 2009
Barcelona, ES - From 26 April 2009 to 26 May 2009
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
BUSINESS MODEL SHIFT TOUR LOCATIONS FINANCIAL GAIN

20. FINANCIAL GAIN
$ $27 M
2009 2010 2011-2022
$114 M Upfront Production Costs - 4,000,000
Scenic and Transport Equip. - 6,000,000
Ticket Sales 88,290,000 88,290,000
Additional Merchandise 2,648,700 2,648,700
Operating costs 76,518,000 76,518,000
$26 M Royalty
Net Income - 10,000,000
8,829,000
5,591,700
8,829,000
5,591,700
$27 M NPV $27,018,033.53
Investment $9,090,909.09 Annual ROI 6.55%
Return $36,108,942.62
STATIC NPV ROI 297.20%
Payback period 3 years
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
BUSINESS MODEL SHIFT TOUR LOCATIONS FINANCIAL GAIN

21. ATTRACTIVE MARKET
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

22. ATTRACTIVE MARKET
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

23. ATTRACTIVE MARKET
Cirque du Soleil at Disneyland Paris
“In 2008, Disneyland Paris was the
most visited attraction in Europe,
receiving more visitors than the
Louvre and the Eiffel Tower
combined”
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

24. ATTRACTIVE MARKET
Cirque du Soleil at Disneyland Paris
“From the moment I saw the show
in LA until I finally made a deal with
Guy Laliberte, I was obsessed by
Cirque du Soleil”
-Michael Eisner,
President & CEO of Disney
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

25. ATTRACTIVE MARKET
Cirque du Soleil at Disneyland Paris
“The French Institute Alliance
Française (FIAF) in New York city will
award the Trophée des arts to
Cirque du Soleil at a gala awarded
each year since 1992 to group
beloved by the French”
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

26. ATTRACTIVE MARKET
Cirque du Soleil at Disneyland Paris
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

27. ATTRACTIVE MARKET
Cirque du Soleil at Disneyland Paris
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

28. ATTRACTIVE MARKET
Cirque du Soleil at Disneyland Paris
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

29. ATTRACTIVE MARKET
Cirque du Soleil at Disneyland Paris
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

30. DEAL STRUCTURE
-Structured after MGM partnership
Investment $43,342,154.83
Return $50,589,127.77
-Disney to build theatre
NPV ROI 14.33%
Payback Period 5 years
-Split initial production costs (50/50)
-MGM has experienced average
-Split operating profits (50/50) entertainment revenue increase of 23.37%
over last five years
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

31. DISNEYLAND
Resident Theatre: Florida
Tokyo Paris
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

32. DISNEYLAND
Resident Theatre: Florida
Capacity utilized to
model financial gain
Tokyo Paris
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

33. FINANCIAL GAIN
$ $26 M
2009 2010 2011-2022
Upfront Production Costs - 15,000,000 - 15,000,000
$114 M Ticket Sales 59,892,000
Creative Royalty 7,785,960
Rent 7,187,040
Operating costs 26,951,400
Operating Profit - 100% - 15,000,000 - 15,000,000 17,967,600
$26 M Operating Profit - 50%
Add: Merchandise Income
- 7,500,000 - 7,500,000
-
8,983,800
1,796,760
Less: Costume Salary 3,000,000 3,000,000 3,000,000
Net Income - 10,500,000 - 10,500,000 7,780,560
$27 M
NPV $25,590,362.02
STATIC Investment $18,223,140.50 Annual ROI 32.47%
Return $43,813,502.52
NPV ROI 140.43%
Payback period 5 years
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE DISNEYLAND FINANCIAL GAIN

34. ATTRACTIVE MARKET
Increasing Gaming Vegas of the East Established Presence
Concessions (6)
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE WYNN MACAU FINANCIAL GAIN

35. ATTRACTIVE MARKET
Projected Annual Macau Tourists
400,000,000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000 Annual Macau
Increasing Gaming Vegas of the East Established Presence
Tourists
100,000,000
Concessions (6)
50,000,000
-
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE WYNN MACAU FINANCIAL GAIN

36. DEAL STRUCTURE
-Similar results to MGM partnership, experienced
Investment $68,109,100.45
average revenue increases over last five years of: Return $124,214,376.21
NPV ROI 45.17%
- Casino: 12.92% Payback Period 4 years
- Food & Bev.: 23.03%
- Entertainment: 23.37%
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE WYNN MACAU FINANCIAL GAIN

37. WYNN MACAU
Wynn Macau
-Owns 1/6 national gaming concessions
-Wynn left the newly formed MGM
Mirage in 2000
Wynn Encore
- Strong pre-existing relationship, Wynn
responsible for Cirque du Soleil initial
introduction into Las Vegas
Steve Wynn
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE WYNN MACAU FINANCIAL GAIN

38. WYNN MACAU
Tokyo Macau
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE WYNN MACAU FINANCIAL GAIN

39. FINANCIAL GAIN
$ $114 M
2009 2010 2011 - 2022
Upfront Production Costs - 15,000,000 - 15,000,000
$114 M Ticket Sales 147,056,250
Creative Royalty 19,117,313
Rent 17,646,750
Operating costs 66,175,313
Operating Profit - 100% - 15,000,000 - 15,000,000 44,116,875
$26 M Operating Profit - 50%
Add: Merchandise Income
- 7,500,000 - 7,500,000 22,058,438
- 4,411,688
Less: Costume Salary 3,000,000 3,000,000 3,000,000
Net Income - 10,500,000 - 10,500,000 23,470,125
$27 M
NPV $113,940,660.16
STATIC Investment $18,223,140.50 Annual ROI 43.09%
Return $132,163,800.66
NPV ROI 625.25%
Payback period 3 years
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
ATTRACTIVE MARKET DEAL STRUCTURE WYNN MACAU FINANCIAL GAIN

40. TIMELINE
ALEGRIA
End Big Tent tour: Alegria
Transition Alegria: Big Top  Arena
Alegria Arena Tour: Europe *
Alegria Arena Tour: Australia*
Alegria Arena Tour New Cycle: N.A.
1 2 3 4
Years
*Refer to schedule in presentation
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
TIMELINE SUMMARY

41. TIMELINE
FRANCE
Negotiate deal with Disney Paris
Construct Disney Paris theatre
Production: Amant de Rêve
Disneyland Paris: Amant de Rêve
1 2 3 4
Years
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
TIMELINE SUMMARY

42. TIMELINE
MACAU
Negotiate deal with Wynn Resort Ltd
Construct Wynn Macau Theatre
Production: Rouge
Wynn Macau: Rouge
1 2 3 4
Years
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
TIMELINE SUMMARY

43. SUMMARY
Today Future
FUTURE UNCERTAINTY
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
TIMELINE SUMMARY

44. SUMMARY
Today Future
ALEGRIA
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
TIMELINE SUMMARY

45. SUMMARY
Today Future
ALEGRIA FRANCE
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
TIMELINE SUMMARY

46. SUMMARY
Today Future
ALEGRIA FRANCE MACAU
OVERVIEW ISSUES ALEGRIA FRANCE MACAU IMPLEMENTATION
TIMELINE SUMMARY

47. THE TRAPEZE STRATEGY

48. NPV OF INCREMENTAL PROFIT UNTIL 2022
$
$167 M
MACAU $114 M
FRANCE $26 M
ALEGRIA $27 M
STATIC
Dark Horse Consulting
Fahad | Sascha | Miata | Derek
THANK-YOU! QUESTIONS?

49. SWOT
•Creativity/artistic expression •Creative platform extension failures
•Leveraging creative process •Unwilling to compromise their
•Ability to successfully manage partnerships creativity/vision
•Maintained original vision/values •Untapped market opportunities
•Product differentiation •Underutilization of Arena strategy
•Large number of possible partnerships •Cannibalization of current Las Vegas
•Growth: current markets market
•Growth: Untapped markets •Competitors: Dragone

50. KEY SUCCESS FACTORS

51. NEW BUSINESS MODEL
CIRQUE DU SOLEIL
RESIDENTS ARENA BIG-TOP
MYSTERE LOVE SALTIMBANCO KOOZA DRALION
O LA NOUBA ALEGRIA CORTEO QURDAM
ZUMANITY WINTUK VAREKAI 2010
KA ELVIS 2009
CHRIS ANGEL DUBAI WYNN
MACAO #1 MACAO #2 TOKYO FRANCE

52. BIG TOPS NVP COMPARISON
$ NPV OF INCREMENTAL PROFIT
UNTIL 2022 Two Big Top touring shows
are planned for launch in
the next two years
MACAU
ALEGRIA FRANCE
BIG TOPS
$114 M
$22 M $27 M $26 M

53. BIG TOPS FINANCIALS
NPV CALCULATION
2009 2010 2011 - 2022
Upfront Production Costs - 15,000,000 - 15,000,000
Scenic and Transport Equip. - 3,500,000 - 3,500,000
Big Top - 6,500,000 - 6,500,000
Ticket Sales 30,375,000
Additional Merchandise 911,250
Operating costs 19,743,750
Net Income - 25,000,000 - 25,000,000 11,542,500
NPV $21,609,122.20

54. BIG TOPS
Big Tops Alternative
Conservative Assumptions - Macau
Discount Rate 10.00%
Upfront Production Costs ($ M) 30
Scenic and Transport. Equip. ($ M) 7
Big Top ($ M) 13
Time for production (years) 2
Capacity (people) 2,500
Weekly Performances 9
Weeks 36
Break-even occupancy 65.00%
Occupancy 75.00%
Merchandise 10.00%
Merchandise Margin 30.00%
Ticket Price ($) 50.00

55. WHY NOT BERLIN OR LONDON
Based on these factors
France instead of Berlin or London: the country is
very close in proximity to Berlin and London
Cirque du Soleil always identifies solid partnerships
before entering a market: entering these new
markets without existing relationships could be
difficult

56. WHY NOT LAS VEGAS
Based on these factors
Category size: Large; Category growth;
Low, Category attractiveness; High
Increased number of shows = increased chance of
cannibalization

57. WHY NOT DISNEYLAND LOS ANGELES
Based on these factors
Does not achieve the goal of creating a foothold in
a new foreign market
Already have one Disney Partnership: Walt
Disneyworld Resort, Florida

58. WHY NOT DUBAI (FURTHER)
Lack of gambling makes replication of current
100
Number of Tourists
82 business model difficult
80
60
(Millions)
40 France
27
20 5.5
Macau
0 Dubai
France
Macau
Dubai
No presence of large scale amusement park to
replicate the Disney theme park success
OVERVIEW ISSUES ALEGRIA MACAU FRANCE IMPLEMENTATION
TIMELINE SUCCESS FACTORS

59. WHY NEW YORK IN THE FUTURE
Based on these factors
Success of Zumanity indicator of potential resident
show success
Market Potential: Demographics demonstrates that
proportion of upper middle class individuals and
other s have a long standing appreciation of the arts
OVERVIEW ISSUES ALEGRIA MACAU FRANCE IMPLEMENTATION
TIMELINE SUCCESS FACTORS

60. WHY AUSTRALIA IN THE FUTURE
With touring of Alegria, possibility for market
evaluation for resident show
Partnership opportunity with Sydney Opera House
OVERVIEW ISSUES ALEGRIA MACAU FRANCE IMPLEMENTATION
TIMELINE SUCCESS FACTORS

61. FINANCIAL ASSUMPTIONS
Arena Alegria
Conservative Assumptions - Europe Arena Tour
Discount Rate 10.00%
Upfront Production Costs ($ M) 4
Time for production (years) 1
Scenic and Transport. Equip. ($ M) 6
Capacity (people) 10,000
Weekly Performances 6
Weeks 36
Break-even occupancy 65.00%
Royalty to Arena 10.00%
Occupancy 75.00%
Merchandise 10.00%
Merchandise Margin 30.00%
Ticket Price ($) 54.50

62. ALEGRIA SENSITIVITY I
Sensitivity Analysis - Alegria
40,000,000.00
35,000,000.00
Prod. Costs
Scenic
30,000,000.00
Capacity
Value ($)
Weekly
25,000,000.00 Weeks
Occ. Rate
20,000,000.00 Royalty
Merch. Margin
Ticket Price
15,000,000.00
Worst Conservative Best
Scenario

63. ALEGRIA SENSITIVITY II
Prod. Costs Scenic Capacity Weekly Weeks Occ. Rate Royalty Merch. Margin Ticket Price
Worst 26,108,942.62 26,108,942.62 19,796,245.00 20,999,876.42 26,015,007.34 - 43,679,475.18 - 1,489,026.43 21,316,621.53 17,411,067.14
Conservative 27,018,033.53 27,018,033.53 27,018,033.53 27,018,033.53 27,018,033.53 27,018,033.53 27,018,033.53 27,018,033.53 27,018,033.53
Best 28,836,215.34 27,927,124.43 34,239,822.05 33,036,190.63 29,024,085.89 97,715,542.23 55,525,093.49 32,719,445.52 30,662,055.26
Production Costs Weekly Shows
$2M 28,836,215.34 Best 5 20,999,876.42 Worst
$3M 27,927,124.43 6 27,018,033.53 Cons
$4M 27,018,033.53 Cons 7 33,036,190.63 Best
$5M 26,108,942.62 Worst
Weeks
Scenic and Transport. 35 26,015,007.34 Worst
$5M 27,927,124.43 Best 36 27,018,033.53 Cons
$6M 27,018,033.53 Cons 37 28,021,059.71
$7M 26,108,942.62 Worst 38 29,024,085.89 Best
Capacity Occupancy
8000 19,796,245.00 Worst 0.65- 43,679,475.18 Worst
9000 23,407,139.26 0.7- 8,330,720.83
10000 27,018,033.53 Cons 0.75 27,018,033.53 Cons
11000 30,628,927.79 0.8 62,366,787.88
12000 34,239,822.05 Best 0.85 97,715,542.23 Best

64. ALEGRIA SENSITIVITY III
Royalty
0.05 55,525,093.49 Best
0.1 27,018,033.53 Cons
0.15- 1,489,026.43 Worst
Merchandise Margin
0.2 21,316,621.53 Worst
0.25 24,167,327.53
0.3 27,018,033.53 Cons.
0.35 29,868,739.52
0.4 32,719,445.52 Best
Ticket Price
40 17,411,067.14 Worst
45 20,723,814.17
50 24,036,561.20
54.5 27,018,033.53 Cons.
60 30,662,055.26 Best

65. FINANCIAL ASSUMPTIONS
Disney France Resident
Conservative Assumptions - Disney
Discount Rate 10.00%
Upfront Production Costs ($ M) 30
Time for production (years) 2
Capacity (people) 1,750
Weekly Performances 10
Weeks 46
Op. Costs 45.00%
Creative Royalty 13.00%
Rent 12.00%
Occupancy 93.00%
Ticket Price 80
Merchandise 10.00%
Merchandise Margin 30.00%
Costume Staff 3,000,000.00

66. FRANCE SENSITIVITY I
Sensitivity Analysis - France
40,000,000.00
35,000,000.00 Time for Prod.
Capacity
30,000,000.00 Weekly Perf.
Weeks
Value ($)
25,000,000.00 Op. Costs
Creative Royalty
20,000,000.00 Rent
Occ.
15,000,000.00
Ticket Price
Merch. Margin
10,000,000.00
Cost. Staff
Worst Conservative Best
Scenario

67. FRANCE SENSITIVITY II
Time for Prod. Capacity Weekly Perf. Weeks Op. Costs Creative Royalty Rent Occ. Ticket Price Merch. Margin Cost. Staff
Worst 18,073,036.7116,917,940.12 13,448,971.36 22,950,929.27 17,158,840.73 22,217,753.51 20,531,449.25 23,632,073.21 10,413,623.69 22,217,753.51 10,856,987.11
Conservative 25,590,362.0225,590,362.02 25,590,362.02 25,590,362.02 25,590,362.02 25,590,362.02 25,590,362.02 25,590,362.02 25,590,362.02 25,590,362.02 25,590,362.02
Best 33,880,081.0334,262,783.93 37,731,752.69 28,229,794.78 34,021,883.32 30,649,274.80 28,962,970.54 26,895,887.90 40,767,100.35 28,647,541.83 40,323,736.94
Weeks
Time for Production
44 22,950,929.27 Worst
1 33,880,081.03 Best
45 24,270,645.65
2 25,590,362.02 Cons 46 25,590,362.02 Cons
3 18,073,036.71 Worst 47 26,910,078.40
48 28,229,794.78 Best
Capacity
1500 16,917,940.12 Worst Op. Costs
1750 25,590,362.02 Cons 0.4 34,021,883.32 Best
0.45 25,590,362.02 Cons
2000 34,262,783.93 Best
0.5 17,158,840.73 Worst
Weekly Performances Creative Royalty
8 13,448,971.36 Worst 0.1 30,649,274.80 Best
9 19,519,666.69 0.11 28,962,970.54
10 25,590,362.02 Cons 0.12 27,276,666.28
11 31,661,057.36 0.13 25,590,362.02 Cons
0.14 23,904,057.77
12 37,731,752.69 Best
0.15 22,217,753.51 Worst

68. FRANCE SENSITIVITY III
Rent Merchandise Margin
0.1 28,962,970.54 Best 0.2 22,217,753.51 Worst
0.11 27,276,666.28 0.3 25,590,362.02 Cons
0.12 25,590,362.02 Cons 0.4 28,647,541.83 Best
0.13 23,904,057.77
0.14 22,217,753.51 Costume Staff
0.15 20,531,449.25 Worst 1,000,000 40,323,736.94 Best
2,000,000 32,957,049.48
Occupancy 3,000,000 25,590,362.02 Cons
0.9 23,632,073.21 Worst 4,000,000 18,223,674.57
5,000,000 10,856,987.11 Worst
0.91 24,284,836.15
0.92 24,937,599.09
0.93 25,590,362.02 Cons
0.94 26,243,124.96
0.95 26,895,887.90 Best
Ticket Price
60 10,413,623.69 Worst
70 $18,001,992.86
80 25,590,362.02 Cons
90 33,178,731.19
100 40,767,100.35 Best

69. FINANCIAL ASSUMPTIONS
Macau Resident Alternative
Conservative Assumptions - Macau
Discount Rate 10.00%
Upfront Production Costs ($ M) 30
Time for production (years) 2
Capacity (people) 2,750
Weekly Performances 10
Weeks 46
Op. Costs 45.00%
Creative Royalty 13.00%
Rent 12.00%
Occupancy 93.00%
Ticket Price 125
Merchandise 10.00%
Merchandise Margin 30.00%
Costume Staff 3,000,000.00

70. MACAU SENSITIVITY I
Sensitivity Analysis - Macau
160,000,000.00
150,000,000.00
Time for Prod.
140,000,000.00
Capacity
130,000,000.00
Weekly Perf.
120,000,000.00
Weeks
Value ($)
110,000,000.00 Op. Costs
100,000,000.00 Creative Royalty
90,000,000.00 Rent
Occ.
80,000,000.00
Ticket Price
70,000,000.00
Merch. Margin
60,000,000.00 Cost. Staff
Worst Conservative Best
Scenario

71. MACAU SENSITIVITY II
Time for Prod. Capacity Weekly Perf. Weeks Op. Costs Creative Royalty Rent Occ. Ticket Price Merch. Margin Cost. Staff
Worst 94,635,532.44 73,288,682.49 84,129,209.87 107,459,910.10 93,238,264.13 105,659,701.75 101,519,222.54 109,132,361.73 84,129,209.87 105,659,701.75 99,207,285.25
Conservative 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16 113,940,660.16
Best 135,196,961.81 154,592,637.83 143,752,110.45 120,421,410.22 134,643,056.20 126,362,097.78 122,221,618.58 117,146,192.45 143,752,110.45 122,221,618.58 128,674,035.07
Time for Production Weeks
1 135,196,961.81 Best 44 107,459,910.10 Worst
2 113,940,660.16 Cons 45 110,700,285.13
3 94,635,532.44 Worst 46 113,940,660.16 Cons
47 117,181,035.19
Capacity 48 120,421,410.22 Best
2000 73,288,682.49 Worst
2250 86,839,341.71 Op. Costs
2500 100,390,000.94 0.4 134,643,056.20 Best
2750 113,940,660.16 Cons 0.45 113,940,660.16 Cons
3000 127,491,319.38 0.5 93,238,264.13 Worst
3250 141,041,978.61
3500 154,592,637.83 Best Creative Royalty
0.1 126,362,097.78 Best
Weekly Performances 0.11 122,221,618.58
8 84,129,209.87 Worst 0.12 118,081,139.37
9 99,034,935.02 0.13 113,940,660.16 Cons
10 113,940,660.16 Cons 0.14 109,800,180.95
11 128,846,385.31 0.15 105,659,701.75 Worst
12 143,752,110.45 Best

72. MACAU SENSITIVITY III
Rent Merchandise Margin
0.1 122,221,618.58 Best 0.2 105,659,701.75 Worst
0.11 118,081,139.37
0.12 113,940,660.16 Cons 0.3 113,940,660.16 Cons
0.13 109,800,180.95 0.4 122,221,618.58 Best
0.14 105,659,701.75
0.15 101,519,222.54 Worst Costume Staff
Occupancy 1,000,000 128,674,035.07 Best
0.9 109,132,361.73 Worst 2,000,000 121,307,347.62
0.91 110,735,127.87
0.92 112,337,894.02 3,000,000 113,940,660.16 Cons
0.93 113,940,660.16 Cons 4,000,000 106,573,972.70
0.94 115,543,426.31 5,000,000 99,207,285.25 Worst
0.95 117,146,192.45 Best
Ticket Price
100 84,129,209.87 Worst
110 96,053,789.99
120 107,978,370.10
125 113,940,660.16 Cons
130 119,902,950.22
140 131,827,530.34
150 143,752,110.45 Best

73. AUSTRALIA TOUR DATES
Sydney, AU - From 7 January 2011
Perth, AU - From 9 September 2010
Adelaide, AU - From 21 July 2010
Brisbane, AU - From 28 May 2010
Melbourne, AU - From 2 April 2010

74. MGM BENEFITS
2003 2004 2005 2006 2007 Average
Casino 2.13% 32.86% 13.24% 3.47% 12.92%
Food & Bev. 6.63% 57.49% 16.69% 11.31% 23.03%
Entertainment 4.92% 58.67% 7.81% 22.07% 23.37%

75. THEATRE CONSTRUCTION
Name Location Capacity (seats) Construction costs ($M) Year Cost/Person
Kodak LA 3100 95 2001 30,645.16
Colosseum LV 4100 95 2003 23,170.73
Aqua LV 3000 100 2005 33,333.33
Wynn LV 1200 40 2005 33,333.33
Arts (planned) UCONN 800 65 2005 81,250.00
Phantom LV 1800 40 2006 22,222.22
Average 2,333.33 37,325.80
Average (no UCONN) 2,640.00 28,540.96
Production costs included

76. TICKET PRICE CALCULATION
Saltimbanco Tour Plan Spring/Summer 2008
(Assume all prices in USD)
Low High
Level 3-2 40 60
Level 1-0 70 90
Number of Shows 118
Price Breakdown
Level Amount Percent Allocation
0 90 10% 9
1 70 15% 10.5
2 60 25% 15
3 40 50% 20
$ 54.50

77. MACAU TOURIST CALCULATION
Tourism Data
Tourism Projection
Jan - April 2008 Average 3 Year Growth 0.1887
12 mos.
Tourists 9 995 006 29985018 2009 2010 2011 2012
Incr. Over last year 16.28 Tourists 35,642,361 42,367,087 50,360,583 59,862,231
Jan - Dec 2007
2013 2014 2015 2016 2017
71,156,576 84,581,852 100,540,105 119,509,239 142,057,323
Tourists 27 003 370
Incr. Over last year 22.75
2018 2019 2020 2021 2022
168,859,606 200,718,738 238,588,806 283,603,907 337,112,112
Jan - Dec 2006
Tourists 21 998 122
Incr. Over last year 17.57

78. RISK AND MITIGATION
Risk Mitigation
LV Sands partnership -Not an exclusive partnership
problems with LV Sands, still providing
top quality show
Disney refuses to build -Locate new Parisian partner,
exclusive theatre to be determined
Wynn refuses to build -Enter Macau with exclusive
exclusive theatre MGM Grand deal
Alegria cannot transition into -Develop new arena show,
arena format delay timeline as necessary
OVERVIEW ISSUES ALEGRIA MACAU FRANCE IMPLEMENTATION
TIMELINE SUCCESS FACTORS

79. SUCCESS INDICATORS
Success Indicators
Payback period for each project achieved, as indicated
Break-even for each recommendation after April 2009
NPV ROI ≥ 0.00%
OVERVIEW ISSUES ALEGRIA MACAU FRANCE IMPLEMENTATION
TIMELINE SUCCESS FACTORS

80. BACK-UP INDEX
ANALYSIS FRANCE
SWOT FINANCIAL ASSSUMPTIONS
KEY SUCCESS FACTORS SENSITIVITY ANALYSIS
BUSINESS MODEL
MACAU
ALTERNATIVES FINANCIAL ASSUMPTIONS
BIG TOPS NPV COMPARISON SENSITIVITY ANALYSIS
BIG TOPS NPV CALCULATION
BIG TOPS ASSUMPTIONS MISCELLANEOUS
AUSTRALIA TOUR DATES
BERLIN OR LONDON MGM BENEFITS
LAS VEGAS THEATRE CONSTRUCTION
DISNEYLAND LOS ANGELAS TICKET PRICE CALCULATION
DUBAI MACAU TOURIST CALUCLATION
RISK & MITIGATIONS
FUTURE OUTLOOK SUCCESS INDICATORS
NEW YORK
AUSTRALIA
ALEGRIA
FINANCIAL ASSUMPTIONS
SENSITIVITY ANALYSIS