text: Defining Momentum for Our Industry 
  
  The gaming industry in America is maturing, and 
  international expansion, while exciting in select markets, 
  remains challenging. As a result, your company has 
  pursued a growth strategy that calls for maximizing the 
  assets we currently own and seeking prudent development 
  opportunities and strategic acquisitions. 
  
  Upon completion of our merger with Mandalay, 
  MGM MIRAGE will be the world’s leading gaming and 
  leisure company. The combination will result in a well- 
  capitalized company uniquely situated to invest in its 
  current portfolio in addition to creating new projects 
  in the United States and around the world. 
  We believe this is an outstanding 
  
  transaction for the shareholders of 
  both companies. With this 
  acquisition, we will own, 
  operate and have investments 
  in 28 properties throughout Nevada, Mississippi, 
  Illinois, Michigan, and New Jersey. 
  
  The combined company will have an asset portfolio 
  which includes some of the most widely recognized brand 
  names in the world. These properties cater to a broad 
  customer base, ranging from value-oriented to the ultra- 
  high end. Each resort provides a unique customer experience 
  through its specific personality and combination of amenities. 