Pro Forma Comparison Page 1 of 15 HVS CSE

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Jun 3, 2009 - Available Suites. 14. 14. 14. 14. 14. Percentage Sold per Game. 86%. 86%. 86%. 86%. 86%. Suites Leased. 12
Pro Forma Comparison

Page 1 of 15

Original Ballpark Proforma 2011

2012

2013

2014

2015

Type of Event AAA Baseball Exhibition Baseball Games Concerts

72.0 0.5 3.0

72.0 0.5 3.0

72.0 0.5 3.0

72.0 0.5 3.0

72.0 0.5 3.0

Total

75.5

75.5

75.5

75.5

75.5

Average Attendance AAA Baseball

4,500

4,134

3,805

3,805

3,775

Exhibition Baseball Games (Estimated) Concerts (Estimated)

9,000 5,000

9,000 5,000

9,000 5,000

9,000 5,000

9,000 5,000

324,000 4,500 15,000 343,500

297,648 4,500 15,000 317,148

273,960 4,500 15,000 293,460

273,960 4,500 15,000 293,460

271,800 4,500 15,000 291,300

2011

2012

2013

2014

2015

3,660 72

3,294 72

2,965 72

2,965 72

2,965 72

263,520

237,168

213,451

213,451

213,451

850 71% 600 72

850 71% 600 72

850 71% 600 72

850 71% 600 72

850 67% 570 72

Baseball Season

43,200

43,200

43,200

43,200

41,040

Suites Inventory Percentage of Inventory Sold Ticket Sales per Game Games

280 85.7% 240 72

280 85.7% 240 72

280 85.7% 240 72

280 85.7% 240 72

280 85.7% 240 72

Total Attendance Baseball Regular Season Exhibition Baseball Games Concerts Total

Ticket Sales General Admission Ticket Sales per Game Games Baseball Season Club Seats Inventory per Game Club Seats Percentage of Inventory Sold Ticket Sales per Game Games

Baseball Season Total Ticket Sales AAA Baseball

17,280

17,280

17,280

17,280

17,280

324,000

297,648

273,931

273,931

271,771

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Pro Forma Comparison

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Original Ballpark Proforma

Ticket Pricing

2011

2012

2013

2014

2015

$12.91

$13.30 $24.76 $34.39

$13.70 $25.50 $35.42

$14.11 $26.27 $36.49

$14.53 $27.06 $37.58

Annual Price Increase General Admission Club Seats

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

3.00% 3.00%

Suites

3.00%

3.00%

3.00%

3.00%

General Admission Club Seats Suites

Ticket Revenues Subject to Major League Baseball Revenue Sharing Agreement

$24.04 $33.39

2011

2012

2013

2014

2015

263,520 $12.91

237,168 $13.30

213,451 $13.70

213,451 $14.11

213,451 $14.53

General Admission Revenues

$3,402,043

$3,153,694

$2,923,472

$3,011,176

$3,101,511

Annual Club Seat Ticket Sales Club Seat Ticket Price Club Seat Revenues

43,200 $24.04 $1,038,462

43,200 $24.76 $1,069,616

43,200 $25.50 $1,101,704

43,200 $26.27 $1,134,755

41,040 $27.06 $1,110,358

General & Club Seat Revenues Less Admission Tax Less National Association Ticket Tax (1) Net General and Club Seat Ticket Revenues

$4,440,505 (251,349) (255,676) $3,933,480

$4,223,310 (239,055) (243,170) $3,741,084

$4,025,176 (227,840) (231,762) $3,565,574

$4,145,931 (234,675) (238,715) $3,672,541

$4,211,869 (238,408) (242,512) $3,730,950

General Ticket Sales General Admission Ticket Price

1 Only the general and club tickets are subject to revenue sharing agreement with Major League Baseball

Suite Seats (Excluded from Major League Baseball revenue sharing agreement) Available Suites Percentage Sold per Game Suites Leased Seats per Suite Seats Sold per Game Games in Baseball Season Suite Seat Sales per Year Annual Price Increase Ticket Price Gross Suite Income Less Admission Tax Net Suite Income

2011

2012

2013

2014

2015

14 86% 12.00 20 240 72.0 17,280 $33.39 $576,923

14 86% 12.00 20 240 72.0 17,280 3.0% $34.39 $594,231

14 86% 12.00 20 240 72.0 17,280 3.0% $35.42 $612,058

14 86% 12.00 20 240 72.0 17,280 3.0% $36.48 $630,419

14 86% 12.00 20 240 72.0 17,280 3.0% $37.58 $649,332

(32,656) $544,267

(33,636) $560,595

(34,645) $577,413

(35,684) $594,735

(36,755) $612,577

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Pro Forma Comparison

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Original Ballpark Proforma

Concessions General and Club Seat Ticket Sales Attending Event Turnstile Per Cap Gross General and Club Concessions

Suite Ticket Sales Attending Event Turnstile Per Cap for Suites Gross Suite Concessions

Total Gross Concessions Cost, Team and Loan Expenses/Other Concession Income to team/loan Net Commission Blended Commission Rate

Merchandise Ticket Sales Attending Event Turnstile Per Cap Gross Merchandise Cost Percentage Merchandise Sales Expense Net Commission

Exhibitions Number of Events Total Revenues Net Other Revenues & Expenses Total

2011

2012

2013

2014

2015

306,720 90% 276,048 $10.27

280,368 90% 252,331 $10.68

256,651 90% 230,986 $11.11

256,651 90% 230,986 $11.55

254,491 90% 229,042 $12.01

$2,834,271

$2,694,394

$2,565,127

$2,667,732

$2,751,092

17,280 90% 15,552 $24.13 $375,257

17,280 90% 15,552 $25.09 $390,267

17,280 90% 15,552 $26.10 $405,878

17,280 90% 15,552 $27.14 $422,113

17,280 90% 15,552 $28.23 $438,998

$3,209,528

$3,084,661

$2,971,005

$3,089,845

$3,190,089

69.86%

70.85%

71.87%

71.72%

71.70%

$2,242,320

$2,185,541

$2,135,132

$2,216,136

$2,287,140

$967,208

$899,120

$835,873

$873,709

$902,949

30.14%

29.15%

28.13%

28.28%

28.30%

2011

2012

2013

2014

2015

324,000 90% 291,600 $1.47

297,648 90% 267,883 $1.53

273,931 90% 246,538 $1.59

273,931 90% 246,538 $1.65

271,771 90% 244,594 $1.72

$428,163 80% $342,530

$409,073 80% $327,258

$391,536 80% $313,229

$407,198 80% $325,758

$420,146 80% $336,117

$85,633

$81,815

$78,307

$81,440

$84,029

2011

2012

2013

2014

2015

0.5 $200,357

0.5 $190,557

0.5 $181,617

0.5 $187,066

0.5 $190,041

(7,420)

(1,487)

$192,937

$189,070

4,155 $185,772

4,775 $191,840

6,517 $196,557

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Pro Forma Comparison

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Original Ballpark Proforma

2011

2012

2013

2014

2015

324,000 90% 291,600 4.00 72,900 $5.55 $404,401 30% ($121,320)

297,648 90% 267,883 4.00 66,971 $5.77 $386,370 30% ($115,911)

273,931 90% 246,538 4.00 61,634 $6.00 $369,807 30% ($110,942)

273,931 90% 246,538 4.00 61,634 $6.24 $384,599 30% ($115,380)

271,771 90% 244,594 4.00 61,148 $6.49 $396,829 30% ($119,049)

Net Parking Revenues

$283,081

$270,459

$258,865

$269,219

$277,780

Net Parking Percentage Average per Game

70% 1,013

70% 930

70% 856

70% 856

70% 849

2011

2012

2013

2014

2015

$1,421,323 650,000

$1,463,963 669,500

$1,507,882 689,585

$1,553,118 710,273

$1,599,712 731,581

$2,071,323

$2,133,463 3.00% 3.00%

$2,197,467 3.00% 3.00%

$2,263,392 3.00% 3.00%

$2,331,293 3.00% 3.00%

2011

2012

2013

2014

2015

$23,472 48,610 $72,082 3.00 $216,246 (20,623) $195,623

$24,300 49,876 $74,176 3.00 $222,528 (21,242) $201,286 3.5% 2.6% 9.5%

$25,166 51,141 $76,307 3.00 $228,921 (21,879) $207,042 3.6% 2.5% 9.6%

$25,921 53,306 $79,227 3.00 $237,681 (22,536) $215,145 3.0% 4.2% 9.5%

$26,542 55,474 $82,016 3.00 $246,048 (23,211) $222,837 2.4% 4.1% 9.4%

$82,615 $283,901

$85,706 $292,748

$88,917 $304,062

$92,247 $315,084

Parking Revenues Ticket Sales Attending Event Turnstile Persons per Car Cars Parking Parking Fee Gross Parking Revenues Expenses Less Expenses

Sponsorships Team Sponsorships Naming Rights Total Advertising Inflation Team Sponsorships Inflation Naming Rights

Concerts Rent Concessions Commission per Event Revenue per Event Events Total Revenue Less Expenses Concerts Net Income Inflation Rent Inflation Concessions Expenses Party and other Income Total Other Income

9.5% $79,635 $275,258

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Pro Forma Comparison

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Original Ballpark Proforma

Revenues General & Club Tickets Suites Concessions Merchandise Pre/Post/Exhibitions Parking Advertising and Sponsorships Naming Rights Other Event Revenues Other Non-Ballpark Revenues Total Revenues Inflation Total Revenues

Team Expenses Team Operations Sales and Advertising G&A Total Team Expenses Ballpark Expenses Ballpark Operations Stadium Rent Total Stadium Operations Total Expenses Inflation Total Expenses

EBITDA

2011

2012

2013

2014

2015

$3,933,480 544,267 967,208 85,633 192,937 283,081 1,421,323 650,000

$3,741,084 560,595 899,120 81,815 189,070 270,459 1,463,963 669,500

$3,565,574 577,413 835,873 78,307 185,772 258,865 1,507,882 689,585

$3,672,541 594,735 873,709 81,440 191,840 269,219 1,553,118 710,273

$3,730,950 612,577 902,949 84,029 196,557 277,780 1,599,712 731,581

275,258 35,086 $8,388,272

283,901 36,489 $8,195,996 -2.3%

292,748 37,949 $8,029,968 -2.0%

304,062 39,467 $8,290,404 3.2%

315,084 41,045 $8,492,265 2.4%

2011

2012

2013

2014

2015

$595,380 3,051,154 864,478 $4,511,012

$613,242 2,514,151 785,177 $3,912,570

$631,639 2,589,575 808,732 $4,029,946

$650,588 2,667,263 832,994 $4,150,845

$670,106 2,747,280 857,984 $4,275,370

$1,988,255 625,000 $2,613,255 $7,124,267

$2,047,903 650,000 $2,697,903 $6,610,473

$2,109,340 675,000 $2,784,340 $6,814,286

$2,172,620 700,000 $2,872,620 $7,023,465

$2,237,797 725,000 $2,962,797 $7,238,167

-7.21%

3.08%

3.07%

3.06%

$1,585,523

$1,215,682

$1,266,939

$1,254,098

$1,264,005

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