Presentation to the Special Committee Project Gorilla November 3, 2009 STRICTLY CONFIDENTIAL Exhibit (c)(2) 
[ 1 ] Disclaimer Moelis & Company (“Moelis”) prepared this presentation for the
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[ 2 ] I. Transaction Background II. Valuation Analyses Appendix A. Additional Information Table of Contents 
I. Transaction Background 
[ 4 ] Transaction Background The Special Committee held numerous calls and meetings with its advisors to
review Toucan’s initial proposal and strategic alternatives in
the subsequent weeks Conducted a comprehensive review of strategic
alternatives available to Lion Authorized Moelis to conduct a market check – Moelis has contacted 70 potential buyers to date, with 13 CIMs delivered and an initial bid date in midNovember Determined that the consideration provided to Lion minority shareholders per
Toucan’s initial proposal will not be adequate based on
Toucan’s assumptions Special Committee Initial Review On September 15, the Special Committee received additional detail from Toucan
and Jefferies (his financial advisor) regarding his proposal
Toucan’s initial offer contemplated the following: Spinout of Sabre to all Lion shareholders Minority shareholders would receive 66.1% and Toucan would receive 33.9% of
Sabre (vs. current Lion ownership of 44.9% and 55.1%,
respectively) The proposal offered an implied $15.61 per share
consideration to Lion minority shareholders in the form of new Sabre stock premised on the following assumptions: (i) approximately $30 million of
standalone EBITDA and $10 million of standalone net income; (ii) a
15.5x 2010E P/E trading multiple and (iii) $92 million of funded Sabre debt Toucan Initial Offer On August 14, Lion’s Board of Directors appointed a special committee
comprised solely of independent directors of the Company and authorized the Special Committee to review strategic alternatives for the Company, including a possible sale of the Company The Special Committee retained independent legal counsel and engaged Moelis
& Company as its financial advisor on September 9 On September 9, Lion issued a press release stating the following: A Special Committee of independent directors was formed on August 14 On September 4, the Special Committee received a letter from Toucan, Chairman,
President and CEO of Lion, expressing his desire to enter into
formal discussions with the Special Committee regarding a goingprivate transaction and a related taxfree spinoff of the Company’s
whollyowned subsidiary, Sabre The Special Committee
informed Toucan that it will not be prepared to make a recommendation regarding any transaction with him, if at all, unless and until such time that it has had the opportunity to explore other alternatives As part of the Committee’s review of strategic alternatives, the Committee instructed Moelis to solicit thirdparty indications of interest for a potential acquisition of or a transaction
involving Lion Toucan filed a Schedule 13D on September 9 disclosing
his proposal Lion Press Release and Toucan 13D Filing TRANSACTION BACKGROUND Set forth below is a transaction timeline since the formation of the Special Committee for the
Committee’s reference 
[ 5 ] Transaction Background (cont.) The Special Committee met with its advisors in New York on October 27 to review
Toucan’s revised $13.00 per share cash proposal Special Committee
Review of Toucan Revised Proposal The Special Committee, Moelis and Cadwalader, Wickersham & Taft LLP (the
Committee’s legal counsel, “CWT”) met with Toucan and his advisors on October 27 — Presented preliminary valuation views which highlighted that an appropriate
valuation would be above the $13.00 revised proposal Toucan and his advisors provided revised assumptions and an updated
capitalization table for the transaction on October 28 After
discussions with its advisors, the Special Committee determined that Toucan’s proposal was inadequate The Special Committee, Moelis and CWT met with Toucan and his advisors on
October 28 to review revised draft valuation materials considering
revised assumptions At this meeting, the Special Committee formally
rejected Toucan’s proposal as inadequate At this time, Toucan
submitted a revised proposal of either $13.75 cash consideration or a revised Sabre proposal with lower debt ($80mm vs. $92mm) and lower Toucan ownership (27.5% vs. 33.9%) On October 28, the Special Committee, Toucan and their advisors engaged in
negotiations throughout the day — The Special Committee rejected the $13.75 per share cash proposal as
inadequate — Toucan later submitted an increased proposal of $14.00 per share in cash, which the Committee again rejected as inadequate — Toucan then submitted another increased proposal of $14.25 per share in cash,
which was again rejected by the Committee as inadequate — Toucan submitted a best and final offer of $14.75 per share in cash Negotiation and Agreement with Toucan A Lion board meeting is scheduled for Tuesday, November 3 to consider the
transaction Current Status Toucan submitted a revised proposal as an alternative to the Sabre proposal to
the Special Committee on October 22 The revised proposal offered the
following: — $13.00 per share in cash consideration as an alternative to the Sabre
proposal The Special Committee received a highly confident letter
from Jefferies on October 23 for up to $600 million of debt financing in connection with Toucan’s revised proposal — Subject to market, diligence and approval conditions Toucan Revised Proposal The Special Committee determined that, as offered, the value of Toucan’s
initial proposal would be below the stated $15.61 per share due to
a number of economic and noneconomic issues related to Toucan’s valuation assumptions The Special Committee formally rejected the initial proposal and offered Toucan the opportunity to submit a revised proposal on October 21 Response to Toucan TRANSACTION BACKGROUND 
[ 6 ] Summary of Toucan Proposal SUMMARY OF TOUCAN PROPOSAL Notes: Adj. EBITDA is adjusted for onetime items including discontinued
operations 1 Unaffected references oneday prior to announcement price on September 8,
2009 2 Debt as of December 31, 2009. Adjusted for required working capital
payments of approximately $15mm for the Restaurant Group 3
Cash as of December 31, 2009 of $27.6mm is shown net of minimum cash for
Lion of $13mm (includes $10mm of Goose cage cash) and $13mm of required Goose working capital / construction payments 4 Based on financials provided by management on October 28, 2009 Cash Unaffected ¹ Current Proposal At ($ in millions, except per share data) 9/8/2009 10/30/2009 10/22/09 Offer Implied Premiums At Offer Lion Share Price $10.86 $10.90 $13.00 $14.75 Premium to: Statistic Premium Fully Diluted Shares Outstanding 16.240 16.241 16.288 16.317 Current (10/30/09) $10.90 35.3% Fully Diluted Equity Value $176 $177 $212 $241 1Day Prior to 10/22/09 Proposal 10.50 40.5% Plus : Debt ² 981 981 981 981 1Day Prior  Unaffected Price (9/8/09) $10.86 35.8% Less: Excess Cash ³ (2) (2) (2) (2) 1Week Prior to Unaffected Avg. Price 10.27 43.6% Total Enterprise Value $1,155 $1,156 $1,191 $1,220 30Day Prior to Unaffected Avg. Price 9.54 54.6% 60Day Prior to Unaffected Avg. Price 9.32 58.2% Implied Valuation Multiples 1Week Prior to Current Avg. Price $11.35 30.0% 30Day Prior to Current Avg. Price 10.96 34.6% Statistic Multiples 60Day Prior to Current Avg. Price 10.89 35.4% Public Filings and IBES Estimates: LTM Prior to Current Avg. Price 9.22 60.0% TEV / LTM 6/30/09 Revenues $1,082 1.1x 1.1x 1.1x 1.1x LTM Prior to Current High Price 12.87 14.6% TEV / 2009E Revenues 1,038 1.1x 1.1x 1.1x 1.2x LTM Prior to Current Low Price 3.60 309.7% TEV / 2010E Revenues 1,052 1.1x 1.1x 1.1x 1.2x TEV / LTM 6/30/09 Adj. EBITDA $187 6.2x 6.2x 6.4x 6.5x TEV / 2009E Adj. EBITDA 180 6.4x 6.4x 6.6x 6.8x TEV / 2010E Adj. EBITDA 180 6.4x 6.4x 6.6x 6.8x LTM 6/30/09 P / E $0.77 14.2x 14.2x 17.0x 19.3x 2009E P / E (0.35) nm nm nm nm 2010E P / E nm nm nm nm nm Management Projections: 4 TEV / 2009E Revenues $1,067 1.1x 1.1x 1.1x 1.1x TEV / 2010E Revenues 1,084 1.1x 1.1x 1.1x 1.1x TEV / 2009E Adj. EBITDA $174 6.7x 6.7x 6.9x 7.0x TEV / 2010E Adj. EBITDA 183 6.3x 6.3x 6.5x 6.7x 2009E P / E ($0.60) nm nm nm nm 2010E P / E (1.08) nm nm nm nm 
[ 7 ] The goshop period will end the later of December 17, 2009 or the
consummation of the debt financing GoShop / Solicitation
Breakup fees include the following: Lion pays (a) for Toucan’s expenses up to $3.5mm if the Company breaches
or if the Company does not hold the Special Meeting by May 31,
2010; (b) a $4.8mm termination/breakup fee for a deal identified after the goshop period and a $2.4mm termination fee for an alternative deal identified during
the goshop period Toucan pays a reverse breakup fee of
$20mm if Toucan breaches, if Toucan’s equity commitment is breached or if debt financing is not completed, but not if failure of debt financing due to
an act of God or specified adverse and material change in market
conditions BreakUp Fees $14.75 per share in cash Total consideration to minority shareholders of approximately $108
million Implies a Total Enterprise Value (“TEV”) of
$1,220 million and an Equity Value of $241 million Purchase Price and
Consideration TEV / LTM EBITDA: 6.5x TEV / 2009E EBITDA: 7.0x TEV / 2010E EBITDA: 6.7x LTM P/E: 19.3x; negative projected EPS for 2009E and 2010E periods Implied Purchase Multiples ¹ Debt and equity financing is a condition to closing Equity commitment letter requires Toucan to rollover his equity and provide a
cash equity commitment of $40mm (enforceable by Lion) No committed debt financing Highly Confident debt financing letter and term sheets received from Jefferies
and Wells Fargo Foothill Jefferies was CoLead Arranger and
Wells Fargo Foothill is Administrative Agent on Lion’s current credit facility Letter and term sheets cover debt financing up to $625mm and the debt financing is subject to certain conditions including satisfactory market conditions, due diligence, Jefferies engagement
letter and Jefferies underwriting committee approval Expect to amend existing $210mm credit facility as follows: increase to $235mm
($75mm revolver, increased from $50mm, and $160mm term loan); L+600 bps (unchanged) with a 2.00% LIBOR floor (reduced from 3.50%) and 75bps commitment fee (increased from 50bps); extend maturity to 4 years.
Rate must not exceed L+750bps or the agreement can be terminated
by Toucan $390mm of new Senior Secured Notes – rate must not exceed 13.5% or the agreement can be terminated by Toucan Financing Must be approved by a majority of minority of shareholders HSR Approvals Outside date of May 31, 2010 Key Dates DRAFT MERGER AGREEMENT SUMMARY Draft Merger Agreement Summary The following summarizes transaction provisions of the draft merger
agreement Note: 1 Projections per management 
[ 8 ] Transaction Sources and Uses Set forth below are sources and uses of funds for the transaction as provided by
Toucan SOURCES ($ in millions) Amount % New Revolver ¹ $37 2.9% New Term Loan 160 12.7% New Senior Secured Notes 390 31.0% Existing 7.5% / 9.5% Notes 2 0.1% Rollover Holiday Inn Debt 10 0.8% Rollover Goose Debt 488 38.8% Rollover Equity 131 10.4% Toucan New Equity 40 3.2% Total Sources ² $1,258 100.0% USES ($ in millions) Amount % Accrued Interest $16 1.2% Refinance Existing Revolver ³ 27 2.1% Refinance Existing Term Loan 158 12.6% Refinance Existing Senior Secured Notes 296 23.5% Existing 7.5% / 9.5% Notes 2 0.1% Rollover Holiday Inn Debt 10 0.8% Rollover Goose Debt 488 38.8% Rollover Equity 131 10.4% Purchase of Common Equity 107 8.5% Options 3 0.2% Fees & Expenses 21 1.7% Total Uses ² $1,258 100.0% Notes: 1 Revolver capacity of $75 million 2 Corresponds to transaction value shown previously; difference is accrued interest, fees and expenses and excess cash 3 Adjusted for required working capital payments of approximately $15mm RECONCILIATION TO TOTAL DEBT Amount Existing Revolver ³ $27 Existing Term Loan 158 Existing Senior Secured Notes 296 Existing 7.5% / 9.5% Notes 2 Holiday Inn Debt 10 Goose Debt 488 Reconciliation to Total Debt $981 Based on information provided by Toucan on October 30 assuming a $14.75 per
share purchase price 
[ 9 ] Lion Pro Forma Capitalization Set forth below is a pro forma capitalization for the transaction 12/31/09E PRO FORMA CAPITALIZATION Notes: 1 $27.6mm cash balance net of $13mm of required Goose working capital /
construction payments 2 Existing restaurant revolver capacity of $50 million 3 New revolver capacity of $75 million Adjustments PF ($ in millions) 12/31/09E Debits Credits 12/31/09E Cash ¹ $15 $15 Restaurant Group Existing Restaurant Revolver ² $27 $27 $0 Existing WFF Term Loan 158 158 0 Existing Senior Secured Notes 296 296 0 New Revolver ³ 0 37 37 New Term Loan 0 160 160 New Senior Secured Notes 0 390 390 7.50% Senior Notes 1 1 9.50% Senior Notes 1 1 Holiday Inn 10 10 Total Restaurant Group Debt $492 $598 Restaurant Group Debt / 2009E EBITDA 3.6x 4.3x Adj. Restaurant Group Debt / 2009E EBITDAR 4.7x 5.3x Goose Revolver $27 $27 First Lien Term Loan 209 209 Delayed Draw Term Loan 117 117 Second Lien Term Loan 132 132 LGE / Kronberg Land Note 4 4 Total Goose Debt $488 $488 Goose Debt / 2009E EBITDA 13.8x 13.8x Total Debt $981 $1,087 Toucan Equity $131 37 40 $135 Minority Equity 107 107 0 Options 3 3 0 Total Equity $241 $135 Total Debt / 2009E EBITDA 5.6x 6.3x 
[ 10 ] At the direction of the Special Committee, Moelis has contacted 70 parties to date
as part of the strategic alternatives process ThirdParty Process Summary THIRDPARTY PROCESS SUMMARY This week, Moelis will reach out to parties that have signed CAs to inform them of the “goshop” process Initial indications will be due in midNovember 54 24 13 16 4 70 28 13 0 10 20 30 40 50 60 70 80 Contacted CAs Delivered CAs Signed / CIMs Delivered Financial Parties Strategic Parties 
[ 11 ] Recent Share Price Performance Share price performance over the last two years SHARE PRICE PERFORMANCE—LAST TWO YEARS Source: Capital IQ 9/9/09 – Announces Toucan’s intention to negotiate a transaction 9/4/09 – Toucan submits letter regarding goprivate transaction (undisclosed) 8/14/09 – Special Committee is formed to explore strategic alternatives (undisclosed) 2/13/09 – Closes on $296 million of senior secured notes and a $216 million senior secured credit facility 1/12/09 – Terminates previously announced goprivate transaction with Toucan 10/18/08 – Board approves amendment to merger agreement to be acquired for $13.50 / share 8/8/08 – “Goshop” period ends 6/18/08 – Enters into definitive agreement to be acquired by Toucan for $21.00 / share 4/4/08 – Board receives letter from Toucan with offer to acquire the Company for $21.00 / share 1/28/08 – Board receives letter from Toucan with offer to acquire Company for $23.50 / share Lion’s share price has declined ~60% over the past two years Offer: $14.75 $0 $5 $10 $15 $20 $25 $30 $35 10/30/2007 2/29/2008 6/30/2008 10/30/2008 2/28/2009 6/30/2009 10/30/2009 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Volume Price Offer ($14.75) 
[ 12 ] Indexed Share Price Performance Relative share price performance over the last two years RELATIVE SHARE PRICE PERFORMANCE—LAST TWO YEARS Source: Capital IQ Notes: 1 Gaming index includes Ameristar Casinos, Boyd Gaming, Isle of Capri, Monarch
Casino & Resort, Penn National Gaming and Pinnacle Entertainment 2 Restaurants index includes Brinker International, Darden Restaurants,
O’Charley’s, Red Robin Gourmet Burgers, Ruby Tuesday, Texas Roadhouse, BJ’s Restaurants, California Pizza Kitchen, Cheesecake Factory, PF Chang’s China Bistro, McCormick & Schmick’s,
Morton’s Restaurant Group and Ruth’s Hospitality Group 0 20 40 60 80 100 120 10/30/07 2/29/08 6/30/08 10/30/08 2/28/09 6/30/09 10/30/09 Lion Gaming ¹ Restaurants ² S&P 500 Lion: (61%) Gaming: (66%) Restaurants: (34%) S&P 500: (32%) Lion traded approximately in line with the restaurant peer group until 2008, when it began to track the gaming index more closely 
[ 13 ] LongTerm Share Price Performance Share price performance since Initial Public Offering SHARE PRICE PERFORMANCE—SINCE IPO Source: Capital IQ Offer: $14.75 $0 $5 $10 $15 $20 $25 $30 $35 $40 1993 1995 1997 1999 2001 2003 2005 2007 2009 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Volume Price Offer ($14.75) 
[ 14 ] Trailing Total Enterprise Value / EBITDA Multiple 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TEV / LTM EBITDA MULTIPLE ¹—SINCE 2000 Source: Capital IQ Note: 1 LTM EBITDA is not adjusted for discontinued operations that became discontinued
after the respective periods shown; therefore figures shown do not tie to other multiples shown Current: 5.4x Offer: 6.3x 1Year Average: 5.2x 3Year Average: 6.5x 5Year Average: 6.9x 10Year Average: 6.6x Offer: 6.3x 
II. Valuation Analyses 
[ 16 ] Valuation Framework Key Metrics Methodology Comparable public trading multiples establish baseline valuation parameters TEV / EBITDA, P/E and PEG multiples are relevant metrics for restaurant
companies based on 2010E EBITDA and EPS 2010E TEV / EBITDA multiples are most relevant for the Restaurant Group given
Lion’s negative / nominal projected EPS TEV / EBITDA multiples are relevant metrics for gaming companies based on 2010E EBITDA Need to assess both restaurant and gaming multiples separately Comparable Public Trading Multiples Leveraged Buyout Analysis Traditional Discounted Cash Flow Analysis Precedent Transaction Multiples Based on capital structure and purchase value combination that produces a 25%+
IRR to investors Financial sponsor returns expectations are
increasing given the changes in the capital markets and economic
outlook Based on management’s financial projections through
2014 (five year projections) Highly sensitive to assumptions on
terminal cash flow, growth and discount rates Need to assess both
restaurant and gaming operations separately TEV / LTM EBITDA
multiples were considered for restaurant precedent transactions TEV
/ Forward EBITDA multiples were considered for gaming precedent transactions Standard valuation practices for each industry Financial projections provided by management on September 29 and updated on October 28 th form the basis for Moelis’ valuation analysis Moelis employed four principal methodologies in its valuation analysis for
Lion th 
[ 17 ] Summary of Historical and Projected Financials Fiscal Year Ended December 31, ($ in millions) 2006A 2007A 2008A 2009E 2010E 2011E 2012E 2013E 2014E Units 164 173 174 174 174 177 180 183 186 Same Store Sales 4.6% 0.6% (2.3%) (7.4%) 1.0% 1.0% 1.0% 1.0% 1.0% Revenues $1,102 $1,160 $1,144 $1,067 $1,084 $1,115 $1,152 $1,180 $1,208 Revenue Growth % 5.3% (1.4%) (6.7%) 1.6% 2.8% 3.3% 2.5% 2.4% COGS 250 256 245 217 220 225 231 236 240 Gross Profit $852 $904 $899 $850 $864 $889 $921 $944 $967 Gross Margin 77.4% 77.9% 78.5% 79.6% 79.7% 79.8% 80.0% 80.0% 80.1% Labor 358 375 366 346 352 362 373 382 391 Other Operating Expenses 278 292 288 269 282 286 292 297 301 Unit Level Profit $216 $237 $244 $235 $230 $241 $256 $266 $276 Unit Level Profit Margin 19.6% 20.4% 21.3% 22.0% 21.2% 21.6% 22.2% 22.5% 22.8% Adj. EBITDA ¹ $158 $182 $192 $174 $183 $194 $208 $218 $228 EBITDA Margin 14.4% 15.7% 16.8% 16.3% 16.9% 17.4% 18.1% 18.5% 18.9% EBITDA Growth % 14.7% 5.7% (9.6%) 5.2% 5.9% 7.7% 4.7% 4.6% Depreciation & Amortization 56 65 70 73 83 85 86 88 89 Adj. EBIT ¹ $103 $116 $122 $101 $100 $109 $122 $131 $139 EBIT Margin 9.3% 10.0% 10.7% 9.4% 9.2% 9.8% 10.6% 11.1% 11.5% EBIT Growth % 13.6% 4.6% (17.4%) (0.8%) 9.1% 12.3% 6.9% 6.3% Adj. Net Income ² $36 $29 $26 ($10) ($17) $1 $26 $34 $41 Net Income Margin 3.3% 2.5% 2.3% nm nm 0.1% 2.2% 2.9% 3.4% Net Income Growth % (19.3%) (9.9%) nm nm nm 3932.1% 32.5% 21.2% Maintenance Capital Expenditures 20 29 25 25 21 21 21 21 21 Growth Capital Expenditures ³ 160 91 79 102 9 9 9 9 9 Total Capital Expenditures $180 $120 $104 $127 $30 $30 $30 $30 $30 The following sets forth historical and projected financials for the consolidated company received from management on October 28 th SUMMARY OF HISTORICAL AND PROJECTED FINANCIALS Notes: 1 2009E Adjusted EBITDA is adjusted for the following onetime items:
transaction costs of $1.7mm (related to historical transactions), debt retirement expenses of $4.0mm, nonrecurring gains of $32.7mm and swap adjustment income of $4.9mm. The $32.7mm of nonrecurring
gains include the following: lease termination of $7.5mm, excess insurance proceeds of $4.5mm, gain on asset sales of $1.3mm and gain on Goose debt buyback of $19.4mm 2 20062009E adjusted net income per Moelis estimates using a tax rate of
32.0% (per management) 3 Significant growth capex in 2009E is related to the new Goose tower

[ 18 ] th Summary of Historical and Projected Financials—Restaurant Group Fiscal Year Ended December 31, ($ in millions) 2006A 2007A 2008A 2009E 2010E 2011E 2012E 2013E 2014E Units 164 173 174 174 174 177 180 183 186 Same Store Sales 4.6% 0.6% (2.3%) (7.4%) 1.0% 1.0% 1.0% 1.0% 1.0% Revenues $871 $894 $891 $841 $852 $869 $887 $905 $923 Revenue Growth % 2.7% (0.4%) (5.5%) 1.2% 2.1% 2.0% 2.0% 2.0% COGS 237 242 231 204 206 210 215 219 223 Gross Profit $634 $653 $660 $637 $646 $659 $672 $686 $699 Gross Margin 72.8% 73.0% 74.1% 75.8% 75.8% 75.8% 75.8% 75.8% 75.8% Labor 256 259 258 244 249 255 260 265 270 Other Restaurant Operating Expenses 209 220 220 201 210 213 217 220 224 Restaurant Level Profit $168 $173 $181 $192 $186 $191 $196 $201 $206 Restaurant Level Profit Margin 19.3% 19.3% 20.3% 22.8% 21.9% 22.0% 22.1% 22.2% 22.3% Adj. EBITDA ¹ $110 $119 $130 $138 $140 $144 $149 $154 $159 EBITDA Margin 12.7% 13.3% 14.6% 16.4% 16.4% 16.6% 16.8% 17.0% 17.2% EBITDA Growth % 7.4% 9.7% 6.2% 1.0% 3.4% 3.3% 3.3% 3.2% Depreciation & Amortization 44 47 49 50 50 51 51 52 52 Adj. EBIT ¹ $67 $71 $81 $88 $90 $94 $98 $103 $107 EBIT Margin 7.7% 8.0% 9.1% 10.5% 10.5% 10.8% 11.1% 11.3% 11.6% EBIT Growth % 6.8% 13.6% 9.0% 1.5% 4.7% 4.6% 4.4% 4.3% Adj. Net Income ² $22 $16 $22 $9 $4 $18 $36 $41 $45 Adj. Net Income Margin 2.5% 1.8% 2.5% 1.0% 0.4% 2.1% 4.1% 4.6% 4.9% Adj. Net Income Growth % (28.5%) 39.5% (60.2%) (57.5%) 386.5% 102.3% 13.4% 8.7% Maintenance Capital Expenditures 10 12 14 15 13 13 13 13 13 Growth Capital Expenditures 77 43 29 5 9 9 9 9 9 Total Capital Expenditures $87 $56 $43 $20 $22 $22 $22 $22 $22 SUMMARY OF RESTAURANT GROUP FINANCIALS The following sets forth histori cal and projected financials for the Restaurant Group received from management on October 28 Notes: 1 2009E Adjusted EBITDA is adjusted for the following onetime items:
transaction costs of $1.7mm, debt retirement expenses of $4.0mm and nonrecurring gains of $32.7mm. The $32.7mm of non recurring gains include the following: lease termination of $7.5mm, excess
insurance proceeds of $4.5mm, gain on asset sales of $1.3mm and gain on Goose debt buyback of $19.4mm 2 20062009E adjusted net income per Moelis estimates using a tax rate of
32.0% (per management) 
[ 19 ] SUMMARY OF GOOSE FINANCIALS Summary of Historical and Projected Financials—Goose Fiscal
Year Ended December 31, ($ in millions) 2006A 2007A 2008A 2009E 2010E 2011E 2012E 2013E 2014E Revenues $231 $266 $253 $225 $233 $246 $265 $275 $285 Revenue Growth % 3.1% 5.6% 7.9% 3.9% 3.6% Adj. EBITDA ¹ $48 $63 $62 $35 $43 $49 $59 $64 $69 EBITDA Margin 20.7% 23.7% 24.5% 15.7% 18.5% 20.0% 22.3% 23.3% 24.2% EBITDA Growth % 31.7% (1.9%) (42.8%) 21.8% 13.9% 20.4% 8.5% 7.8% Depreciation & Amortization 12 18 21 23 33 34 35 36 37 Adj. EBIT ¹ $36 $45 $41 $12 $10 $15 $24 $28 $32 EBIT Margin 15.4% 17.0% 16.1% 5.5% 4.4% 6.1% 9.1% 10.2% 11.2% EBIT Growth % 26.3% (9.6%) (69.8%) (17.6%) 47.9% 60.8% 16.7% 13.6% Adj. Net Income ² $14 $14 $4 ($18) ($21) ($17) ($11) ($7) ($3) Adj. Net Income Margin 6.2% 5.1% 1.8% nm nm nm nm nm nm Adj. Net Income Growth % (5.0%) (67.1%) nm nm nm nm nm nm Maintenance Capital Expenditures $10 $17 $11 $10 $8 $8 $8 $8 $8 Growth Capital Expenditures 83 48 50 97 0 0 0 0 0 Total Capital Expenditures $93 $64 $61 $106 $8 $8 $8 $8 $8 Las Vegas Operating Statistics ADR $72.24 $73.92 $77.43 $83.67 $88.65 $93.61 Occupancy % 89.6% 79.8% 81.8% 85.8% 86.8% 88.7% RevPAR $64.74 $59.01 $63.35 $71.77 $76.91 $83.05 Laughlin Operating Statistics ADR $40.74 $42.00 $43.00 $43.74 $43.74 $43.74 Occupancy % 87.0% 87.0% 88.0% 88.9% 88.9% 88.9% RevPAR $35.44 $36.53 $37.83 $38.91 $38.91 $38.91 The following sets forth historical and projected financials for Goose received from management on October 28 th Notes: 1 2009E Adjusted EBITDA is adjusted for the following onetime item: swap
adjustment income of $4.9mm 2 20062009E adjusted net income per Moelis estimates using a tax rate of
32.0% (per management) 
[ 20 ] Key Projections Assumptions The following are management’s key assumptions for the financial
projections KEY PROJECTIONS ASSUMPTIONS Construction of the Las Vegas new tower is completed in Q4 2009 EBITDA is projected to be $35mm in 2009 (15.7% margin), increasing to $43mm in
2010 (18.5% margin) and $69mm by 2014 (24.2% margin) The property’s room rates have been under pressure due to the recession
and new supply coming to the Las Vegas market (CityCenter)
Goose Financials For presentation purposes, Adjusted EBITDA is shown which excludes certain
nonrecurring items and represents the continuing operations
of the business Projections exclude discontinued / closed restaurant operations; assumed to be sold by 12/31/09 with no net cash proceeds Yearend cash is projected to be $27.6mm Management estimates minimum cash for the Company to be $13mm ($3mm for the
Restaurant Group and $10mm Goose cage cash) Cash and debt are pro forma for certain onetime payments (totaling $28mm)
that are expected to be made in the next two quarters Other Restaurant Group: 20102014: Total capex of $22mm per year consisting of maintenance capex
of $13mm and growth capex of $9mm ($3mm per new unit) Preopening expense of approximately $250,000 per new unit Steady state capex for calculating the discounted cash flow terminal value:
$31mm total, consisting of $12mm maintenance, $9mm replacement for
normal course store closings, $1$2mm corporate / general and $8$9mm growth consistent with a 2% perpetuity cash flow growth rate Goose: Maintenance capex of $7.5mm through 2014, with an additional $6.0mm of growth
capex projected into perpetuity per management Capital Expenditures 20102014 projections based on positive 1% samestore sales at
existing restaurants and restaurant level profit (“RLP”) flowthrough on incremental sales of 40% (2009 baseline) Two new units in 2009 including one Rabbit and one Sabre Three new units per year from 2010 to 2014 (all Sabre) New units generate approximately $3.0 million of revenue and $450,000 of
restaurant level profit per year (midyear convention
used) 2009 financials include actuals through September;
OctoberDecember '09 5% SSS and Flat RLP for Sabre, 7% SSS and 15% RLP “flowthrough” all other concepts Restaurant Group Financials 
[ 21 ] Summary Valuation Analysis SUMMARY VALUATION ANALYSIS—TOTAL ENTERPRISE VALUE RESTAURANT GROUP GOOSE COMBINED (6.5x) (8.0x) (6.5x) (9.0x) (6.0x) (9.5x) (4.5x) (6.5x) (6.0x) (7.5x) (5.0x) (7.0x) Implied TEV / 2010E EBITDA Implied Share Price TEV (5.5x) (6.0x) (6.9x) (5.0x) (5.7x) (5.3x) (7.6x) (7.5x)  1.6x 3.3x 4.9x 6.6x 8.2x     $14.37 $32.03 OneDay Prior to Announcement of Toucan’s Intention to Negotiate a Transaction (9/8/09): $10.86 (6.3x) Offer: $14.75 (6.7x) Note: Multiple of 2010E EBITDA shown in parentheses except restaurant precedent
transactions which are LTM 1 Precedent transactions shown net of estimated $45mm of change of control payments to Toucan Total Enterprise Value (5.7x) (6.5x) ($ in millions, except per share data) Relevant Metrics 2010E EBITDA: $140mm LTM Adj. EBITDA: $136mm 0.0%3.0% Free Cash Flow Perpetuity Growth Rate 11.0%12.0% WACC 2010E EBITDA: $43mm 2010E EBITDA: $43mm 0.0%3.0% Free Cash Flow Perpetuity Growth Rate 11.0%13.5% WACC Implied Multiples of 2010E EBITDA: $183mm $960 $1,050 $910 $1,005 $1,035 $260 $280 $280 $700 $815 $630 $1,390 $1,365 $1,255 $1,095 $1,185 $410 $390 $345 $980 $1,020 $910 $0 $300 $600 $900 $1,200 $1,500 Discounted Cash Flow Analysis Precedent Transactions ¹
Comparable Companies Leveraged Buyout Analysis Last Twelve Months Discounted Cash Flow Analysis Precedent Transactions Comparable Companies Discounted Cash Flow Analysis Precedent Transactions Comparable Companies 
[ 22 ] Goose Separation Considerations Goose debt is nonrecourse to the Restaurant Group However, management noted the following negative consequences to the Restaurant Group if the Restaurant Group does not honor the debt at Goose, including but not limited to the following: Vendors withdrawing / cancelling services Employee retention and ability to hire going forward Negative media impact – particularly in Texas where the media would focus on Lion, not Goose, and where Lion has a significant portion of its restaurant
locations Reduction of Restaurant Group revenue and EBITDA
Challenges in accessing the capital markets • Higher cost of debt and equity expected due to credibility issues • Lender overlap across the Restaurant Group and Goose Impact on ability to sign new leases Disruption to the business and management distraction Legal costs and litigation risk Management noted that each of these consequences would be severe in the shortterm, less dramatic in the longterm, but both were to difficult to quantify GOOSE SEPARATION CONSIDERATIONS 
[ 23 ] Summary Valuation Analysis (cont.) SUMMARY VALUATION ANALYSIS—EQUITY VALUE RESTAURANT GROUP GOOSE COMBINED Equity Value Equity Value – assumes Goose debt is treated as consolidated debt for equity valuation purposes Price Per Share     $6.19 $12.29 $18.32 $24.22 $30.05 $35.80 $41.55  ($ in millions, except per share data) OneDay Prior to Announcement of Toucan’s Intention to Negotiate a Transaction (9/8/09): $10.86 Offer: $14.75 Note: Implied share prices shown next to equity value for the combined company. Comparable companies and precedent transactions are shown net of
$28mm of required working capital payments ($15mm allocated to the
Restaurant Group and $13mm to Goose) 1 Precedent transactions
shown net of estimated $45mm of change of control payments to Toucan 1 $235 $335 $150 $515 $430 ($155) ($115) ($80) $60 / $3.60 $25 / $1.50 ($70) / ($4.75) $70 / $4.25 $5 / $0.25 ($230) ($220) ($220) $540 $210 / $12.87 $120 / $7.50 $275 / $16.75 $380 / $23.00 $435 / $26.25 ($400) ($300) ($200) ($100) $0 $100 $200 $300 $400 $500 $600 $700 Discounted Cash Flow Analysis Precedent Transactions Comparable Companies Leveraged Buyout Analysis Last Twelve Months Discounted Cash Flow Analysis Precedent Transactions Comparable Companies Discounted Cash Flow Analysis Precedent Transactions Comparable Companies 
[ 24 ] Summary Valuation Analysis (cont.) SUMMARY VALUATION ANALYSIS—EQUITY VALUE RESTAURANT GROUP GOOSE Equity Value COMBINED ($ in millions, except per share data) OneDay Prior to Announcement of Toucan’s Intention to Negotiate a Transaction (9/8/09): $10.86 Offer: $14.75 Price Per Share     $6.19 $12.29 $18.32 $24.22 $30.05 $35.80 $41.55  Moelis has not deducted any breakage costs, penalties or other negative
financial impacts to the Restaurant Group if Goose debt is not
honored. Though management has indicated that Lion would incur such costs, they have not been able to quantify them 1 $0 $235 $335 $150 $515 $430 $235 / $14.50 $290 / $17.75 $150 / $9.25 $25 / $1.50 $60 / $3.60 $0 $0 $515 / $31.00 $495 / $29.75 $430 / $26.00 $120 / $7.50 $210 / $12.87 $540 ($400) ($300) ($200) ($100) $0 $100 $200 $300 $400 $500 $600 $700 Discounted Cash Flow Analysis Precedent Transactions Comparable Companies Leveraged Buyout Analysis Last Twelve Months Discounted Cash Flow Analysis Precedent Transactions Comparable Companies Discounted Cash Flow Analysis Precedent Transactions Comparable Companies Note: Implied share prices shown next to equity value for the combined company.
Comparable companies and precedent transactions are shown net of $28mm of required working capital payments ($15mm allocated to the Restaurant Group and $13mm to Goose)
1 Precedent transactions shown net of estimated $45mm of change of
control payments to Toucan Equity Value – assumes Goose debt is
nonrecourse to the Company 
[ 25 ] Market Data on Selected Restaurant Companies Trading statistics as of October 30, 2009 SELECTED RESTAURANT TRADING COMPARABLES Source: Capital IQ, Public filings. Management estimates Notes: 1 Market value of equity plus net debt 2 Represents Adj. EV / EBITDAR. EV + (8*LTM Rent Expense) / EBITDAR 3 Forward multiples based on management projections Lion’s restaurant operations comprise bar & grill, casual dining and
upscale and fine dining concepts The selected comparable companies
below capture each of these subsectors within the restaurant industry as well as multiconcept operators Share Price 52 Week Equity Enterprise Enterprise Value/LTM Forward EV/EBITDA Forward P/E PEG Ratio Growth Adj. Debt / Debt / ($ in millions, except per share data) 10/30/2009 High Low Value Value 1 EBITDAR ² EBITDA EBIT 2009E 2010E 2009E 2010E 2009E 2010E Rate LTM EBITDAR LTM EBITDA Casual Dining Brinker International Inc. $12.64 $20.09 $3.88 $1,291.1 $1,925.8 5.7x 5.0x 8.4x 5.0x 5.1x 9.3x 9.2x 92.2% 91.4% 10.1% 3.4x 1.9x Darden Restaurants, Inc. 30.31 41.21 13.21 4,234.5 5,960.6 6.6x 6.4x 9.2x 6.5x 6.2x 11.6x 10.5x 94.1% 84.9% 12.3% 2.7x 1.9x O'Charley's Inc. 7.01 11.41 1.19 145.6 260.3 5.2x 3.9x 14.8x 3.5x 3.5x 21.9x 21.7x 175.3% 173.6% 12.5% 3.9x 2.0x Red Robin Gourmet Burgers Inc. 16.71 26.44 7.49 259.9 458.4 5.8x 4.8x 11.8x 4.7x 4.6x 10.5x 10.0x 75.0% 71.2% 14.0% 3.9x 2.2x Ruby Tuesday, Inc. 6.66 9.38 0.85 429.5 810.1 6.4x 5.8x 12.1x 6.1x 6.1x 10.0x 9.7x 95.4% 92.5% 10.5% 4.0x 2.8x Texas Roadhouse Inc. 9.47 12.75 4.09 664.4 768.6 6.9x 6.9x 11.1x 6.8x 6.3x 15.6x 14.4x 92.1% 85.0% 16.9% 2.1x 1.1x Mean $1,170.9 $1,697.3 6.1x 5.5x 11.2x 5.4x 5.3x 13.2x 12.6x 104.0% 99.8% 12.7% 3.3x 2.0x Median 547.0 789.3 6.1x 5.4x 11.4x 5.5x 5.6x 11.0x 10.2x 93.1% 88.2% 12.4% 3.7x 2.0x Upscale Casual Dining BJ's Restaurants Inc. $15.96 $18.14 $6.63 $428.9 $423.2 9.3x 9.9x 21.5x 9.6x 8.2x 31.1x 26.0x 126.0% 105.1% 24.7% 2.5x 0.2x California Pizza Kitchen Inc. 12.99 17.44 5.24 313.7 350.0 6.5x 5.6x 13.8x 5.3x 5.0x 16.4x 15.2x 109.3% 101.3% 15.0% 3.5x 0.8x The Cheesecake Factory Incorporated 18.18 21.01 4.96 1,093.6 1,161.3 7.4x 7.0x 13.8x 6.8x 6.7x 18.4x 16.6x 128.5% 116.2% 14.3% 3.6x 0.9x PF Chang's China Bistro Inc. 29.19 36.98 14.51 683.0 820.5 6.7x 6.3x 14.4x 6.0x 5.9x 16.8x 15.5x 115.2% 106.5% 14.5% 2.9x 1.2x Mean $629.8 $688.8 7.5x 7.2x 15.9x 6.9x 6.4x 20.7x 18.3x 119.8% 107.3% 17.1% 3.1x 0.8x Median 555.9 621.8 7.0x 6.6x 14.1x 6.4x 6.3x 17.6x 16.1x 120.6% 105.8% 14.8% 3.2x 0.8x Fine Dining McCormick & Schmick'sSeafood Restaurants, Inc. $6.02 $9.45 $1.46 $89.3 $106.6 6.6x 4.8x 17.6x 4.6x 4.3x 22.2x 16.6x 153.2% 114.4% 14.5% 5.0x 1.1x Morton's Restaurant Group Inc. 3.74 4.97 1.42 62.0 138.2 8.6x 9.7x nm 7.6x 6.5x 24.9x 14.6x 178.1% 103.9% 14.0% 7.1x 5.4x Ruth's Hospitality Group Inc. 3.11 4.74 0.70 75.2 221.0 7.0x 6.3x 12.4x 6.2x 6.3x 8.9x 8.8x 72.5% 71.6% 12.3% 5.8x 4.3x Mean $75.5 $155.2 7.4x 6.9x 15.0x 6.1x 5.7x 18.7x 13.3x 134.6% 96.7% 13.6% 6.0x 3.6x Median 75.2 138.2 7.0x 6.3x 15.0x 6.2x 6.3x 22.2x 14.6x 153.2% 103.9% 14.0% 5.8x 4.3x Overall Mean $751.6 $1,031.1 6.8x 6.3x 13.4x 6.0x 5.7x 16.7x 14.5x 115.9% 101.4% 14.3% 3.9x 2.0x Overall Median 428.9 458.4 6.6x 6.3x 13.1x 6.1x 6.1x 16.4x 14.6x 109.3% 101.3% 14.0% 3.6x 1.9x Lion ³ $10.90 $12.87 $3.60 $177.0 $1,156.0 6.5x 6.2x 9.2x 6.7x 6.3x na na na na 12.0% 5.7x 5.2x Lion at Offer ³ 14.75 12.87 3.60 240.7 1,219.7 6.8x 6.5x 9.7x 7.0x 6.7x na na na na 12.0% na na 
[ 26 ] Selected Restaurant Precedent Transactions SELECTED RESTAURANT PRECEDENT TRANSACTIONS Source: Company Filings, Capital IQ, Wall Street Research Note: Statistics are based on publicly disclosed information Date TEV TEV / Announced Target Acquirer ($mm) LTM EBITDA 8/16/07 RARE Hospitality Darden $1,368 11.5x 7/16/07 Applebee's IHOP Corp. 2,040 9.9x 6/17/07 Friendly’s Sun Capital 339 8.1x 5/7/07 Smith & Wollensky Bunker Hill Capital 99 10.4x 11/6/06 Outback Bain & Catterton 3,430 10.3x 10/30/06 Logan's BRS, Black Canyon 461 9.5x 10/9/06 Joe’s Crab Shack JH Whitney 192 na 8/28/06 Cheddar’s Oak & Catterton na na 8/18/06 Lone Star Lone Star Funds 565 11.4x 8/10/06 Real Mex Sun Capital 359 6.3x 7/25/06 Ryan's Buffets 861 8.8x 6/5/06 Bravo BRS & Castle Harlan na na 1/10/06 Uno Restaurant Centre Partners na na 12/12/05 Fox & Hound Newcastle Partners 171 7.7x 12/9/05 Dave & Buster's Wellspring Capital 375 6.2x 9/16/05 Claim Jumper Leonard Green na na 1/20/05 Charlie Brown’s Trimaran 140 na 6/14/04 Mimi's Cafe Bob Evan's 182 9.9x Overall Mean $756 9.2x Overall Median 367 9.7x Most Comparable Mean $274 6.7x Most Comparable Median 276 6.3x Lion @ Offer ($14.75) Toucan $1,220 6.5x For Reference: 9/30/02 Saltgrass Steak House Landry's Restaurants $75 5.6x 2/19/02 C.A. Muer Landry's Restaurants 28 na 9/26/00 Rainforest Cafe Landry's Restaurants 58 2.4x Moelis considered the following in determining the most comparable restaurant
transactions Focus on casual dining transaction over the past five
years Dismissed transactions with significant real estate
holdings Highlighted regional casual diners or mixed
entertainment/restaurant businesses 
[ 27 ] Market Data on Selected Gaming Companies Net Debt / Share¹ 52 Week Equity Enterprise TEV / EBITDA Price / Earnings LT Growth 2009E ($US millions, except per share data) Price High Low Value Value CY09E CY10E CY11E CY09E CY10E CY11E Rate EBITDA MidCap (Major Markets²) Boyd Gaming Corp $7.36 $12.86 $2.81 $635 $3,313 8.4x 8.2x 8.0x 17.8x 14.5x 12.1x 16.0% 6.8x Mean 8.4x 8.2x 8.0x 17.8x 14.5x 12.1x 16.0% 6.8x MidCap (Other Markets) Penn National Gaming $25.13 $35.18 $13.68 $1,992 $4,274 7.4x 6.7x 6.5x 20.9x 17.7x 15.9x na 2.8x Ameristar Casinos Inc. 14.72 23.00 4.64 862 2,440 7.1x 6.7x 6.7x 11.7x 12.5x 10.8x 10.0% 4.6x Isle of Capri Casinos Inc. 7.75 14.48 2.04 246 1,436 7.3x 7.2x 7.0x 42.6x 14.4x 16.0x na 6.1x Pinnacle Entertainment Inc. 8.45 13.99 2.74 508 1,379 7.2x 6.4x 5.6x nm nm 22.2x na 4.5x Mean 7.3x 6.7x 6.5x 25.1x 14.9x 16.2x 10.0% 4.5x Median 7.3x 6.7x 6.6x 20.9x 14.4x 15.9x 10.0% 4.6x Single Asset Monarch Casino & Resort Inc. $6.94 $12.20 $3.80 $112 $153 6.8x 6.4x 5.7x 20.2x 15.8x 11.1x na 1.8x Mean 6.8x 6.4x 5.7x 20.2x 15.8x 11.1x na 1.8x Overall Mean 7.4x 6.9x 6.6x 22.6x 15.0x 14.7x 13.0% 4.4x Overall Median 7.3x 6.7x 6.6x 20.2x 14.5x 14.0x 13.0% 4.6x Lion ³ $10.90 $12.87 $3.60 $177 $1,156 6.7x 6.3x na na na na 12.0% 5.4x Lion at Offer ³ 14.75 12.87 3.60 241 1,220 7.0x 6.7x na na na na 12.0% na Trading statistics as of October 30, 2009 SELECTED GAMING TRADING COMPARABLES Source: Capital IQ, Public filings, Management estimates Notes: 1 Share prices as of October 30, 2009 2 Major markets defined as companies receiving a majority of property EBITDA in
Atlantic City, NJ and Las Vegas, NV 3 Forward multiples based on management projections Goose consists of two assets both in Nevada – one in Downtown Las Vegas and the other in Laughlin As such, Moelis considered small / mid cap publicly traded operators as well as
Monarch Casino & Resort, which is a single asset property (in
Reno, Nevada) 
[ 28 ] Selected Gaming Precedent Transactions SELECTED GAMING PRECEDENT TRANSACTIONS Source: Company Filings, Capital IQ, Wall Street Research, Management
estimates Notes: Mean and medians exclude withdrawn
transactions 1 Forward EBITDA estimate for year of transaction if deal took place in first half
of year; forward EBITDA for next calendar year if deal took place in second half of the year. Based on public information 2 Offer withdrawn in July 2008; multiple based on 2009E EBITDA; excluded from mean
and median 3 Full acquisition offer withdrawn in March 2009; instead Crown acquired a 24.5%
stake in Cannery 4 Multiple based on 2006E EBITDA 5 Multiple based on management estimates Moelis focused on recent gaming operator transactions with an emphasis on the following: Golden Nugget purchase multiples Assets in or around the Las Vegas Strip and/or locals markets Small / mid cap gaming operators Moelis focused less on transactions completed during 2006July 2007 Inflated asset values due to financing and real estate environment Recent Treasure Island transaction is a useful recent benchmark Las Vegas Strip asset (vs. downtown location for Goose) Multiple may be inflated due to tax attributes of the transaction Date TEV TEV / Announced Target Acquirer ($mm) EBITDA ¹ August 2007  Present 12/15/08 Treasure Island Ruffin Acquisition $775 8.2x 9/23/08 Tropicana Atlantic City Icahn 200 na 12/11/07 Cannery Casino Resorts ² Crown Limited 1,752 10.2x Mean 8.2x 2006  July 2007 6/15/07 Penn National Gaming ³ Fortress / Centerbridge $8,894 13.0x 4/23/07 American Casino & Ent. Prop. Whitehall Street Fund 1,487 na 4/4/07 Gateway Casinos PBL Ltd. / Macquarie 785 15.1x 4/3/07 Resorts East Chicago Ameristar 675 10.5x 12/19/06 Harrah’s Apollo / TPG 27,812 10.1x 12/4/06 Station Casinos Fertitta Colony Partners 8,676 13.5x 5/19/06 Aztar Corp. Columbia Ent. 2,707 11.8x 3/20/06 Kerzner International Ltd. Investor Group 3,800 15.8x Mean 12.8x Prior to 2006 2/4/05 Golden Nugget Landry’s Restaurants $318 9.1x 11/3/04 Argosy Gaming Penn National Gaming 2,150 7.7x 9/27/04 Harrah’s / Caesars Assets Colony Capital 1,240 8.1x 7/15/04 Caesars Harrah’s 10,224 8.0x 6/4/04 Mandalay Resort MGM MIRAGE 7,692 10.0x 2/9/04 Coast Casinos Boyd Gaming 1,253 7.4x 9/11/03 Horseshoe Gaming Harrah’s 1,388 7.2x 6/26/03 Golden Nugget Poster Financial Group 215 6.7x 2/22/00 Mirage Resorts MGM Grand 6,354 9.9x Mean 8.2x Overall Mean 9.9x Overall Median 9.5x Lion @ Offer ($14.75) Toucan 6.7x 5 4 
[ 29 ] Discounted Cash Flow Analysis—Assumptions Moelis valued the Lion Restaurant Group and Goose separately Separate discount rates were used for each Given the significant leverage on Goose, two methods to calculate the discount
rate were employed to derive the discounted cash flow valuation for
consolidated Lion: Low Discount Rate: Reflects a target capital structure derived from the comparable companies • 11.0% discount rate for the Restaurant Group • 11.0% discount rate for Goose High Discount Rate: Reflects Lion’s current capital structure • 12.0% discount rate for the Restaurant Group • 13.5% discount rate for Goose • The discount rates are higher because the presumed debt to cap and cost of
debt is higher than comparable companies Please see Appendix A for
additional discount rate detail Due to Goose’s leverage, Goose
is estimated to have a negative equity value Though Goose debt is
nonrecourse to Lion, Goose is perceived to have an overhang on the stock as the entity continues to receive cash infusions from Lion Lion’s consolidated valuation is shown two ways: (i) assuming Goose debt
is consolidated and (ii) assuming Goose debt is not consolidated • If Goose’s equity value is negative but is included as zero in the
combined valuation, the debt has been adjusted to match the total
enterprise value The discounted cash flow analysis also assumes the
following: Valuation date as of 12/31/09 2.0% perpetuity growth rate for the Restaurant Group and Goose Assumes depreciation and steady state capital expenditures are equal in perpetuity – steady state capital expenditures were provided by management 39.0% effective tax rate (35.0% Federal + 4.0% State) NOLs and special tax credits / benefits have not been separately valued due to the Company’s projected lack of positive net income in
the next several years ($49mm of NOLs and $36mm of tax credits as
of 9/30/09) The following sets forth assumptions used in the discounted cash flow analysis for Lion DISCOUNTED CASH FLOW ANALYSIS—ASSUMPTIONS 
[ 30 ] Assumes Goose Debt is Consolidated Assumes Goose Debt is Not Consolidated Discount Rate Based on Avg. of Discount Rate Based on Avg. of ($ in millions, except per share data) Statistic Comparables Company High / Low Comparables Company High / Low Restaurant Group 11.0% 12.0% 11.0% 12.0% Total Enterprise Value $912 $827 $870 $912 $827 $870 Less: Debt (477) (477) (477) (477) (477) (477) Plus: Cash 15 15 15 15 15 15 Total Equity Value $450 $364 $407 $450 $364 $407 TEV / 2009E Adj. EBITDA $138 6.6x 6.0x 6.3x 6.6x 6.0x 6.3x TEV / 2010E Adj. EBITDA 140 6.5x 5.9x 6.2x 6.5x 5.9x 6.2x Goose 11.0% 13.5% 11.0% 13.5% Total Enterprise Value $381 $298 $339 $381 $298 $339 Less: Debt (488) (488) (488) (381) (298) (339) Plus: Cash 0 0 0 0 0 0 Total Equity Value ($108) ($190) ($149) $0 $0 $0 TEV / 2009E Adj. EBITDA $35 10.8x 8.4x 9.6x 10.8x 8.4x 9.6x TEV / 2010E Adj. EBITDA 43 8.8x 6.9x 7.9x 8.8x 6.9x 7.9x Total Enterprise Value  Consolidated $1,293 $1,125 $1,209 $1,293 $1,125 $1,209 Less: Debt (966) (966) (966) (858) (775) (817) Plus: Cash 15 15 15 15 15 15 Total Equity Value $342 $174 $258 $450 $364 $407 Implied Value Per Diluted Share $20.80 $10.73 $15.80 $27.15 $22.11 $24.63 TEV / 2009E Adj. EBITDA $174 7.4x 6.5x 7.0x 7.4x 6.5x 7.0x TEV / 2010E Adj. EBITDA 183 7.1x 6.2x 6.6x 7.1x 6.2x 6.6x Discounted Cash Flow Analysis—Summary
The following sets forth a summary of the discounted cash flow analysis for
Lion DISCOUNTED CASH FLOW ANALYSIS—SUMMARY Note: $28mm of required working capital payments are projected to be paid in Q1
2010. Excludes potential additional value from corporate and nonstrategic real estate – additional real estate analysis is shown in the Appendix

[ 31 ] Discounted Cash Flow Analysis—Consolidated The
following sets forth discounted cash flow sensitivity analysis for Lion TOTAL ENTERPRISE VALUE IMPLIED TEV / 2010E EBITDA MULTIPLE Rest. Goose Perpetuity Growth Rate WACC WACC 0.0% 1.0% 2.0% 3.0% 4.0% 10.5% 10.5% $1,186 $1,266 $1,365 $1,491 $1,655 11.0% 11.5% 1,120 1,189 1,273 1,378 1,512 11.5% 12.5% 1,061 1,121 1,194 1,283 1,395 12.0% 13.5% 1,009 1,062 1,125 1,202 1,297 12.5% 14.5% 962 1,009 1,065 1,131 1,213 11.0% 11.0% $1,134 $1,206 $1,293 $1,402 $1,542 12.0% 13.5% 1,009 1,062 1,125 1,202 1,297 Rest. Goose Perpetuity Growth Rate WACC WACC 0.0% 1.0% 2.0% 3.0% 4.0% 10.5% 10.5% 6.5x 6.9x 7.5x 8.2x 9.1x 11.0% 11.5% 6.1x 6.5x 7.0x 7.5x 8.3x 11.5% 12.5% 5.8x 6.1x 6.5x 7.0x 7.6x 12.0% 13.5% 5.5x 5.8x 6.2x 6.6x 7.1x 12.5% 14.5% 5.3x 5.5x 5.8x 6.2x 6.6x 11.0% 11.0% 6.2x 6.6x 7.1x 7.7x 8.4x 12.0% 13.5% 5.5x 5.8x 6.2x 6.6x 7.1x ($ in millions, except per share data) ($ in millions, except per share data) PRICE PER SHARE — GOOSE DEBT IS CONSOLIDATED Rest. Goose Perpetuity Growth Rate WACC WACC 0.0% 1.0% 2.0% 3.0% 4.0% 10.5% 10.5% $14.43 $19.23 $25.06 $32.33 $41.76 11.0% 11.5% 10.41 14.58 19.62 25.80 33.57 11.5% 12.5% 6.83 10.50 14.89 20.21 26.82 12.0% 13.5% 3.61 6.88 10.73 15.36 21.02 12.5% 14.5% 0.71 3.61 7.04 11.09 16.02 11.0% 11.0% $11.29 $15.60 $20.80 $27.22 $35.28 12.0% 13.5% 3.61 6.88 10.73 15.36 21.02 PRICE PER SHARE — GOOSE DEBT IS NOT CONSOLIDATED Rest. Goose Perpetuity Growth Rate WACC WACC 0.0% 1.0% 2.0% 3.0% 4.0% 10.5% 10.5% $22.76 $26.05 $30.05 $35.07 $41.76 11.0% 11.5% 20.64 23.57 27.15 31.53 37.15 11.5% 12.5% 18.70 21.33 24.50 28.40 33.25 12.0% 13.5% 16.91 19.29 22.11 25.57 29.83 12.5% 14.5% 15.24 17.41 19.95 23.02 26.80 11.0% 11.0% $20.64 $23.57 $27.15 $31.53 $37.15 12.0% 13.5% 16.91 19.29 22.11 25.57 29.83 ($ in millions, except per share data) ($ in millions, except per share data) IMPLIED TERMINAL VALUE EBITDA MULTIPLE Rest. Goose Perpetuity Growth Rate WACC WACC 0.0% 1.0% 2.0% 3.0% 4.0% 10.5% 10.5% 4.9x 5.4x 6.1x 7.0x 8.2x 11.0% 11.5% 4.6x 5.1x 5.7x 6.5x 7.4x 11.5% 12.5% 4.3x 4.8x 5.3x 6.0x 6.8x 12.0% 13.5% 4.1x 4.5x 5.0x 5.6x 6.3x 12.5% 14.5% 3.9x 4.3x 4.7x 5.3x 5.9x 11.0% 11.0% 4.7x 5.2x 5.8x 6.6x 7.6x 12.0% 13.5% 4.1x 4.5x 5.0x 5.6x 6.3x ($ in millions, except per share data) 
[ 32 ] Discounted Cash Flow Analysis—Consolidated (cont.) TOTAL ENTERPRISE VALUE Rest. Goose WACC WACC 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% 10.5% $1,365 $1,343 $1,323 $1,305 $1,289 $1,274 $1,261 $1,248 $1,237 11.0% 1,315 1,293 1,273 1,255 1,239 1,224 1,211 1,198 1,187 11.5% 1,270 1,248 1,228 1,210 1,194 1,179 1,166 1,153 1,142 12.0% 1,230 1,207 1,188 1,170 1,153 1,139 1,125 1,113 1,101 12.5% 1,193 1,171 1,151 1,133 1,117 1,102 1,088 1,076 1,065 13.0% 1,160 1,138 1,118 1,100 1,083 1,069 1,055 1,043 1,031 13.5% 1,129 1,107 1,087 1,069 1,053 1,038 1,025 1,012 1,001 14.0% 1,101 1,079 1,059 1,041 1,025 1,010 997 984 973 14.5% 1,076 1,053 1,034 1,016 999 985 971 959 947 Assumes 2.0% free cash flow perpetuity growth rate IMPLIED TEV / 2010E EBITDA MULTIPLE Rest. Goose WACC WACC 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% 10.5% 7.5x 7.3x 7.2x 7.1x 7.1x 7.0x 6.9x 6.8x 6.8x 11.0% 7.2x 7.1x 7.0x 6.9x 6.8x 6.7x 6.6x 6.6x 6.5x 11.5% 6.9x 6.8x 6.7x 6.6x 6.5x 6.5x 6.4x 6.3x 6.2x 12.0% 6.7x 6.6x 6.5x 6.4x 6.3x 6.2x 6.2x 6.1x 6.0x 12.5% 6.5x 6.4x 6.3x 6.2x 6.1x 6.0x 6.0x 5.9x 5.8x 13.0% 6.3x 6.2x 6.1x 6.0x 5.9x 5.8x 5.8x 5.7x 5.6x 13.5% 6.2x 6.1x 5.9x 5.8x 5.8x 5.7x 5.6x 5.5x 5.5x 14.0% 6.0x 5.9x 5.8x 5.7x 5.6x 5.5x 5.5x 5.4x 5.3x 14.5% 5.9x 5.8x 5.7x 5.6x 5.5x 5.4x 5.3x 5.2x 5.2x The following sets forth discounted cash flow sensitivity analysis for Lion
($ in millions, except per share data) ($ in millions, except per share data) 
[ 33 ] Discounted Cash Flow Analysis—Consolidated (cont.) PRICE PER SHARE — GOOSE DEBT IS NOT CONSOLIDATED PRICE PER SHARE — GOOSE DEBT IS CONSOLIDATED Rest. Goose WACC WACC 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% 10.5% $25.06 $23.76 $22.58 $21.53 $20.57 $19.70 $18.90 $18.17 $17.48 11.0% 22.10 20.80 19.62 18.57 17.60 16.71 15.89 15.14 14.45 11.5% 19.45 18.14 16.95 15.87 14.89 13.99 13.17 12.42 11.73 12.0% 17.04 15.71 14.50 13.42 12.44 11.54 10.73 9.97 9.28 12.5% 14.83 13.49 12.29 11.20 10.22 9.33 8.51 7.74 7.04 13.0% 12.82 11.48 10.27 9.19 8.20 7.29 6.45 5.68 4.97 13.5% 10.98 9.63 8.43 7.33 6.32 5.41 4.57 3.80 3.09 14.0% 9.29 7.93 6.71 5.60 4.59 3.68 2.84 2.07 1.36 14.5% 7.72 6.35 5.12 4.01 3.00 2.08 1.25 0.48 (0.23) Rest. Goose WACC WACC 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% 10.5% $30.05 $30.05 $30.05 $30.05 $30.05 $30.05 $30.05 $30.05 $30.05 11.0% 27.15 27.15 27.15 27.15 27.15 27.15 27.15 27.15 27.15 11.5% 24.50 24.50 24.50 24.50 24.50 24.50 24.50 24.50 24.50 12.0% 22.11 22.11 22.11 22.11 22.11 22.11 22.11 22.11 22.11 12.5% 19.95 19.95 19.95 19.95 19.95 19.95 19.95 19.95 19.95 13.0% 17.99 17.99 17.99 17.99 17.99 17.99 17.99 17.99 17.99 13.5% 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 16.15 14.0% 14.47 14.47 14.47 14.47 14.47 14.47 14.47 14.47 14.47 14.5% 12.91 12.91 12.91 12.91 12.91 12.91 12.91 12.91 12.91 Assumes 2.0% free cash flow perpetuity growth rate The following sets forth discounted cash flow sensitivity analysis for Lion
($ in millions, except per share data) ($ in millions, except per share data) 
[ 34 ] Discounted Cash Flow Analysis—Consolidated (cont.) IMPLIED TERMINAL VALUE EBITDA MULTIPLE Rest. Goose WACC WACC 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0% 14.5% 10.5% 6.1x 6.0x 5.9x 5.9x 5.8x 5.7x 5.7x 5.6x 5.5x 11.0% 5.9x 5.8x 5.7x 5.6x 5.5x 5.5x 5.4x 5.4x 5.3x 11.5% 5.7x 5.6x 5.5x 5.4x 5.3x 5.3x 5.2x 5.1x 5.1x 12.0% 5.5x 5.4x 5.3x 5.2x 5.1x 5.1x 5.0x 5.0x 4.9x 12.5% 5.3x 5.2x 5.1x 5.0x 5.0x 4.9x 4.8x 4.8x 4.7x 13.0% 5.2x 5.1x 5.0x 4.9x 4.8x 4.7x 4.7x 4.6x 4.6x 13.5% 5.0x 4.9x 4.8x 4.7x 4.7x 4.6x 4.5x 4.5x 4.4x 14.0% 4.9x 4.8x 4.7x 4.6x 4.5x 4.5x 4.4x 4.3x 4.3x 14.5% 4.8x 4.7x 4.6x 4.5x 4.4x 4.3x 4.3x 4.2x 4.2x Assumes 2.0% free cash flow perpetuity growth rate The following sets forth discounted cash flow sensitivity analysis for Lion
($ in millions, except per share data) 
[ 35 ] Target Capital Structure (Low Discount Rate): Discounted Cash Flow Analysis—Restaurant Group Fiscal Year Ended December 31, Terminal ($ in millions, except per share data) 2010E 2011E 2012E 2013E 2014E FCF ¹ Unlevered Free Cash Flow EBITDA $140 $144 $149 $154 $159 $159 Less: Depreciation & Amortization (50) (51) (51) (52) (52) (31) EBIT $90 $94 $98 $103 $107 $128 Less: Cash Taxes (35) (37) (38) (40) (42) (50) EBIAT $55 $57 $60 $63 $65 $78 Plus: Depreciation & Amortization 50 51 51 52 52 31 Plus: Stock Based Compensation 4 4 4 4 4 4 Less: Change in Net Working Capital (6) 0 1 1 1 1 Maintenance Capital Expenditures (13) (13) (13) (13) (13) (22) Growth Capital Expenditures (9) (9) (9) (9) (9) (9) Unlevered Free Cash Flow $80 $90 $94 $97 $100 $83 Terminal Value (11.0% Discount Rate / 2.0% Perpetuity Growth Rate) $941 Discounted Unlevered Free Cash Flow and Terminal Value $75 $77 $72 $67 $63 $558 Total Enterprise Value $912 Less: Debt (477) Plus: Excess Cash 15 Equity Value $450 Statistic Multiple Total Enterprise Value / 2009E EBITDA $138 6.6x Total Enterprise Value / 2010E EBITDA 140 6.5x DISCOUNTED CASH FLOW ANALYSIS—RESTAURANT GROUP The following sets forth discounted cash flow analysis for the Restaurant
Group Note: 1 Terminal free cash flow assumes depreciation and steady state capital
expenditures are equal in perpetuity; steady state capital expenditures were provided by management 
[ 36 ] Current Capital Structure (High Discount Rate): Discounted Cash Flow Analysis—Restaurant Group Fiscal Year Ended December 31, Terminal ($ in millions, except per share data) 2010E 2011E 2012E 2013E 2014E FCF ¹ Unlevered Free Cash Flow EBITDA $140 $144 $149 $154 $159 $159 Less: Depreciation & Amortization (50) (51) (51) (52) (52) (31) EBIT $90 $94 $98 $103 $107 $128 Less: Cash Taxes (35) (37) (38) (40) (42) (50) EBIAT $55 $57 $60 $63 $65 $78 Plus: Depreciation & Amortization 50 51 51 52 52 31 Plus: Stock Based Compensation 4 4 4 4 4 4 Less: Change in Net Working Capital (6) 0 1 1 1 1 Maintenance Capital Expenditures (13) (13) (13) (13) (13) (22) Growth Capital Expenditures (9) (9) (9) (9) (9) (9) Unlevered Free Cash Flow $80 $90 $94 $97 $100 $83 Terminal Value (12.0% Discount Rate / 2.0% Perpetuity Growth Rate) $847 Discounted Unlevered Free Cash Flow and Terminal Value $75 $76 $71 $65 $60 $480 Total Enterprise Value $827 Less: Debt (477) Plus: Excess Cash 15 Equity Value $364 Statistic Multiple Total Enterprise Value / 2009E EBITDA $138 6.0x Total Enterprise Value / 2010E EBITDA 140 5.9x DISCOUNTED CASH FLOW ANALYSIS—RESTAURANT GROUP The following sets forth discounted cash flow analysis for the Restaurant
Group Note: 1 Terminal free cash flow assumes depreciation and steady state capital
expenditures are equal in perpetuity; steady state capital expenditures were provided by management 
[ 37 ] Discounted Cash Flow Analysis—Restaurant Group The following sets forth discounted cash flow sensitivity analysis for the
Restaurant Group TOTAL ENTERPRISE VALUE IMPLIED TEV / 2010E EBITDA MULTIPLE Discount Perpetuity Growth Rate Rate 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 10.5% $838 $894 $963 $1,050 $1,164 $1,320 11.0% 802 852 912 988 1,086 1,216 11.5% 769 814 867 934 1,018 1,128 12.0% 739 779 827 886 959 1,053 12.5% 711 747 790 842 906 988 Discount Perpetuity Growth Rate Rate 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 10.5% 6.0x 6.4x 6.9x 7.5x 8.3x 9.4x 11.0% 5.7x 6.1x 6.5x 7.1x 7.8x 8.7x 11.5% 5.5x 5.8x 6.2x 6.7x 7.3x 8.1x 12.0% 5.3x 5.6x 5.9x 6.3x 6.9x 7.5x 12.5% 5.1x 5.4x 5.7x 6.0x 6.5x 7.1x ($ in millions, except per share data) ($ in millions, except per share data) IMPLIED TERMINAL VALUE EBITDA MULTIPLE Discount Perpetuity Growth Rate Rate 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 10.5% 4.9x 5.4x 6.1x 7.0x 8.2x 9.8x 11.0% 4.7x 5.2x 5.8x 6.6x 7.6x 9.0x 11.5% 4.4x 4.9x 5.5x 6.2x 7.1x 8.3x 12.0% 4.3x 4.7x 5.2x 5.9x 6.7x 7.7x 12.5% 4.1x 4.5x 5.0x 5.5x 6.3x 7.2x ($ in millions, except per share data) 
[ 38 ] Target Capital Structure (Low Discount Rate): Discounted Cash Flow Analysis—Goose
DISCOUNTED CASH FLOW ANALYSIS—GOOSE Fiscal Year Ended December 31, Terminal ($ in millions, except per share data) 2010E 2011E 2012E 2013E 2014E FCF ¹ Unlevered Free Cash Flow EBITDA $43 $49 $59 $64 $69 $69 Less: Depreciation & Amortization (33) (34) (35) (36) (37) (14) EBIT $10 $15 $24 $28 $32 $56 Less: Cash Taxes (4) (6) (9) (11) (12) (22) EBIAT $6 $9 $15 $17 $19 $34 Plus: Depreciation & Amortization 33 34 35 36 37 14 Less: Changes in Net Working Capital (16) (0) 3 2 2 2 Maintenance Capital Expenditures (8) (8) (8) (8) (8) (8) Growth Capital Expenditures 0 0 0 0 0 (6) Unlevered Free Cash Flow $16 $35 $45 $48 $51 $36 Terminal Value (11.0% Discount Rate / 2.0% Perpetuity Growth Rate) $409 Discounted Unlevered Free Cash Flow and Terminal Value $14 $29 $33 $32 $30 $243 Total Enterprise Value $381 Less: Debt (488) Plus: Cash 0 Implied Equity Value ($108) Statistic Multiple Total Enterprise Value / 2009E EBITDA $35 10.8x Total Enterprise Value / 2010E EBITDA 43 8.8x The following sets forth discounted cash flow analysis for Goose Note: 1 Terminal free cash flow assumes depreciation and steady state capital
expenditures are equal in perpetuity; steady state capital expenditures were provided by management 
[ 39 ] Current Capital Structure (High Discount Rate): Discounted Cash Flow Analysis—Goose
DISCOUNTED CASH FLOW ANALYSIS—GOOSE Fiscal Year Ended December 31, Terminal ($ in millions, except per share data) 2010E 2011E 2012E 2013E 2014E FCF ¹ Unlevered Free Cash Flow EBITDA $43 $49 $59 $64 $69 $69 Less: Depreciation & Amortization (33) (34) (35) (36) (37) (14) EBIT $10 $15 $24 $28 $32 $56 Less: Cash Taxes (4) (6) (9) (11) (12) (22) EBIAT $6 $9 $15 $17 $19 $34 Plus: Depreciation & Amortization 33 34 35 36 37 14 Less: Changes in Net Working Capital (16) (0) 3 2 2 2 Maintenance Capital Expenditures (8) (8) (8) (8) (8) (8) Growth Capital Expenditures 0 0 0 0 0 (6) Unlevered Free Cash Flow $16 $35 $45 $48 $51 $36 Terminal Value (13.5% Discount Rate / 2.0% Perpetuity Growth Rate) $320 Discounted Unlevered Free Cash Flow and Terminal Value $14 $27 $31 $29 $27 $170 Total Enterprise Value $298 Less: Debt (488) Plus: Cash 0 Implied Equity Value ($190) Statistic Multiple Total Enterprise Value / 2009E EBITDA $35 8.4x Total Enterprise Value / 2010E EBITDA 43 6.9x The following sets forth discounted cash flow analysis for Goose Note: 1 Terminal free cash flow assumes depreciation and steady state capital
expenditures are equal in perpetuity; steady state capital expenditures were provided by management 
[ 40 ] Discounted Cash Flow Analysis—Goose
The following sets forth discounted cash flow sensitivity analysis for
Goose TOTAL ENTERPRISE VALUE IMPLIED TEV / 2010E EBITDA MULTIPLE Discount Perpetuity Growth Rate Rate 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 10.5% $348 $373 $403 $441 $490 $558 11.5% 318 337 361 390 426 474 12.5% 292 308 326 349 377 412 13.5% 270 283 298 316 338 365 14.5% 251 262 274 289 306 327 11.0% 332 354 381 414 456 513 Discount Perpetuity Growth Rate Rate 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 10.5% 8.1x 8.6x 9.3x 10.2x 11.4x 12.9x 11.5% 7.4x 7.8x 8.4x 9.0x 9.9x 11.0x 12.5% 6.8x 7.1x 7.6x 8.1x 8.7x 9.6x 13.5% 6.3x 6.6x 6.9x 7.3x 7.8x 8.5x 14.5% 5.8x 6.1x 6.4x 6.7x 7.1x 7.6x 11.0% 7.7x 8.2x 8.8x 9.6x 10.6x 11.9x ($ in millions, except per share data) ($ in millions, except per share data) IMPLIED TERMINAL VALUE EBITDA MULTIPLE Discount Perpetuity Growth Rate Rate 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 10.5% 4.9x 5.4x 6.1x 7.0x 8.2x 9.8x 11.5% 4.5x 4.9x 5.5x 6.2x 7.1x 8.3x 12.5% 4.1x 4.5x 5.0x 5.5x 6.3x 7.2x 13.5% 3.8x 4.1x 4.5x 5.0x 5.6x 6.3x 14.5% 3.5x 3.8x 4.2x 4.6x 5.1x 5.7x 11.0% 4.7x 5.2x 5.8x 6.6x 7.6x 9.0x ($ in millions, except per share data) 
[ 41 ] Illustrative Leveraged Buyout Analysis Transaction Summary VALUATION PRO FORMA CAPITALIZATION SOURCES USES Notes 1 Debt as of December 31, 2009. Adjusted for required working capital
payments of approximately $15mm for the Restaurant Group 2
Cash as of December 31, 2009 of $27.6mm is shown net of minimum cash for
Lion of $13mm (includes $10mm of Goose cage cash) and $13mm of required Goose working capital / construction payments 3 Assumes 2.0% LIBOR floor on new revolver and new term loan Financing assumptions based on Moelis estimates ($ in millions, except per share data) Share Price 1Day Prior to Announcement (9/8/09) $10.86 Purchase Premium 0.0% Purchase Price Per Share $10.86 Fully Diluted Shares Outstanding 16.240 Purchase Price of Equity $176 Plus: Existing Debt ¹ 981 Less: Excess Cash ² (2) Purchase Total Enterprise Value $1,155 Statistic Multiple Purchase TEV / 2009E Adj. EBITDA $174 6.7x Purchase TEV / 2010E Adj. EBITDA 183 6.3x Current Pro Forma ($ in millions) Amount Leverage Adj. Amount Leverage Cash $28 (2) $26 Restaurant Debt $477 2.7x (477) $0 0.0x Goose Debt 488 5.6x (488) 0 0.0x Total Existing Debt $966 5.6x $0 0.0x New Revolver 0 5.6x 0 0 0.0x New Term Loan 0 5.6x 285 285 1.6x 