15.

INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES:

The 5% senior notes were issued by the Operating Partnership and Finco and are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s $1 billion credit facility and the $400 million term loan facility (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the Company’s 5% senior notes.

The following condensed consolidating financial information includes certain allocations of revenues and expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis. Certain prior year amounts have been reclassified to conform to the current year presentation.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2014


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated

ASSETS:
Property and equipment, net of accumulated depreciation	$	6,598		$	2,890		$	1,706,833	$	312,201		$	—		$	2,028,522
Cash and cash equivalents - unrestricted		123			237,783			41		41,586			—			279,533
Cash and cash equivalents - restricted		—			—			—		14,233			—			14,233
Notes receivable		—			—			—		146,614			—			146,614
Trade receivables, less allowance		—			—			—		59,419			—			59,419
Deferred financing costs		—			23,073			—		—			—			23,073
Prepaid expenses and other assets		77			87			80,880		58,305			(82,108	)		57,241
Intercompany receivables, net		—			—			1,006,028		—			(1,006,028	)		—
Investments		1,565,447			2,767,166			526,644		695,895			(5,555,152	)		—

Total assets	$	1,572,245		$	3,030,999		$	3,320,426	$	1,328,253		$	(6,643,288	)	$	2,608,635


LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	232,168		$	1,276,000		$	—	$	511		$	—		$	1,508,679
Accounts payable and accrued liabilities		25			14,372			1,054		224,881			(82,391	)		157,941
Deferred income tax liabilities, net		6,463			(15	)		433		14,276			—			21,157
Deferred management rights proceeds		—			—			—		184,154			—			184,154
Dividends payable		28,804			—			—		—			—			28,804
Other liabilities		—			—			78,013		42,214			283			120,510
Intercompany payables, net		717,395			65,291			—		223,342			(1,006,028	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		510			1			1		2,387			(2,389	)		510
Additional paid-in-capital		1,084,746			1,741,704			2,803,623		1,184,038			(5,729,365	)		1,084,746
Treasury stock		(8,002	)		—			—		—			—			(8,002	)
Accumulated deficit		(480,594	)		(66,354	)		437,302		(538,280	)		167,332			(480,594	)
Accumulated other comprehensive loss		(9,270	)		—			—		(9,270	)		9,270			(9,270	)

Total stockholders’ equity		587,390			1,675,351			3,240,926		638,875			(5,555,152	)		587,390

Total liabilities and stockholders’ equity	$	1,572,245		$	3,030,999		$	3,320,426	$	1,328,253		$	(6,643,288	)	$	2,608,635

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated

ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,751,479	$	316,518		$	—		$	2,067,997
Cash and cash equivalents - unrestricted		—			714			—		60,865			—			61,579
Cash and cash equivalents - restricted		—			—			—		20,169			—			20,169
Notes receivable		—			—			—		148,350			—			148,350
Trade receivables, less allowance		—			—			—		51,796			(14	)		51,782
Deferred financing costs		—			19,306			—		—			—			19,306
Prepaid expenses and other assets		—			3			227,608		58,267			(230,432	)		55,446
Intercompany receivables, net		90,184			—			697,908		172,064			(960,156	)		—
Investments		1,727,143			2,767,163			526,644		436,828			(5,457,778	)		—

Total assets	$	1,817,327		$	2,787,186		$	3,203,639	$	1,264,857		$	(6,648,380	)	$	2,424,629


LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	293,962		$	859,500		$	—	$	958		$	—		$	1,154,420
Accounts payable and accrued liabilities		(14	)		8,164			1,470		378,448			(230,729	)		157,339
Deferred income tax liabilities, net		6,528			(15	)		654		15,950			—			23,117
Deferred management rights proceeds		—			—			—		186,346			—			186,346
Dividends payable		25,780			—			—		—			—			25,780
Other liabilities		—			—			73,673		45,976			283			119,932
Intercompany payables, net		733,376			211,925			14,855		—			(960,156	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		505			1			1		2,387			(2,389	)		505
Additional paid-in-capital		1,228,845			1,741,704			2,803,623		1,184,038			(5,729,365	)		1,228,845
Treasury stock		(7,766	)		—			—		—			—			(7,766	)
Accumulated deficit		(454,770	)		(34,093	)		309,363		(540,127	)		264,857			(454,770	)
Accumulated other comprehensive loss		(9,119	)		—			—		(9,119	)		9,119			(9,119	)

Total stockholders’ equity		757,695			1,707,612			3,112,987		637,179			(5,457,778	)		757,695

Total liabilities and stockholders’ equity	$	1,817,327		$	2,787,186		$	3,203,639	$	1,264,857		$	(6,648,380	)	$	2,424,629

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2014


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated

Revenues:
Rooms	$	—		$	—		$	—		$	92,378		$	—		$	92,378
Food and beverage		—			—			—			98,232			—			98,232
Other hotel revenue		—			—			71,800			34,655			(77,963	)		28,492
Opry and Attractions		132			—			—			25,826			(45	)		25,913

Total revenues		132			—			71,800			251,091			(78,008	)		245,015
Operating expenses:
Rooms		—			—			—			29,455			—			29,455
Food and beverage		—			—			—			60,508			—			60,508
Other hotel expenses		—			—			11,201			131,283			(71,679	)		70,805
Management fees		—			—			—			3,622			—			3,622

Total hotel operating expenses		—			—			11,201			224,868			(71,679	)		164,390
Opry and Attractions		—			—			—			16,602			(45	)		16,557
Corporate		47			276			—			6,629			—			6,952
Corporate overhead allocation		3,327			—			2,957			—			(6,284	)		—
Depreciation and amortization		32			—			14,837			13,164			—			28,033

Total operating expenses		3,406			276			28,995			261,263			(78,008	)		215,932

Operating income (loss)		(3,274	)		(276	)		42,805			(10,172	)		—			29,083

Interest expense		(5,021	)		(12,123	)		—			9			—			(17,135	)
Interest income		—			—			—			3,001			—			3,001
Other gains and (losses), net		(1,569	)		—			—			1,274			—			(295	)


Income (loss) before income taxes and discontinued operations		(9,864	)		(12,399	)		42,805			(5,888	)		—			14,654
(Provision) benefit for income taxes		6			—			(89	)		546			—			463
Equity in subsidiaries’ earnings, net		24,988			—			—			—			(24,988	)		—

Income (loss) from continuing operations		15,130			(12,399	)		42,716			(5,342	)		(24,988	)		15,117
Income from discontinued operations, net of taxes		—			—			—			13			—			13

Net income (loss)	$	15,130		$	(12,399	)	$	42,716		$	(5,329	)	$	(24,988	)	$	15,130

Comprehensive income (loss)	$	15,079		$	(12,399	)	$	42,716		$	(5,380	)	$	(24,937	)	$	15,079

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2013


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated

Revenues:
Rooms	$	—		$	—		$	—		$	83,804		$	—		$	83,804
Food and beverage		—			—			—			88,193			—			88,193
Other hotel revenue		—			—			64,147			28,723			(65,563	)		27,307
Opry and Attractions		—			—			—			21,892			—			21,892

Total revenues		—			—			64,147			222,612			(65,563	)		221,196
Operating expenses:
Rooms		—			—			—			26,369			—			26,369
Food and beverage		—			—			—			55,920			—			55,920
Other hotel expenses		—			—			10,891			117,488			(62,661	)		65,718
Management fees		—			—			—			3,253			—			3,253

Total hotel operating expenses		—			—			10,891			203,030			(62,661	)		151,260
Opry and Attractions		—			—			—			15,411			—			15,411
Corporate		—			201			—			5,498			—			5,699
Corporate overhead allocation		(12	)		—			2,914			—			(2,902	)		—
REIT conversion costs		—			—			—			971			—			971
Casualty loss		—			—			—			26			—			26
Impairment and other charges		—			—			—			110			—			110
Depreciation and amortization		—			—			14,936			12,980			—			27,916

Total operating expenses		(12	)		201			28,741			238,026			(65,563	)		201,393

Operating income (loss)		12			(201	)		35,406			(15,414	)		—			19,803
Interest expense		(6,402	)		(8,774	)		—			(11	)		—			(15,187	)
Interest income		—			—			—			3,020			—			3,020
Income from unconsolidated companies		—			—			—			10			—			10
Loss on extinguishment of debt		(4,181	)		—			—			—			—			(4,181	)
Other gains and (losses), net		—			—			—			2,318			—			2,318


Income (loss) before income taxes and discontinued operations		(10,571	)		(8,975	)		35,406			(10,077	)		—			5,783
(Provision) benefit for income taxes		2,732			4,720			(8,821	)		13,819			—			12,450
Equity in subsidiaries’ earnings, net		25,870			—			—			—			(25,870	)		—

Income (loss) from continuing operations		18,031			(4,255	)		26,585			3,742			(25,870	)		18,233
Loss from discontinued operations, net of taxes		—			—			—			(202	)		—			(202	)

Net income (loss)	$	18,031		$	(4,255	)	$	26,585		$	3,540		$	(25,870	)	$	18,031

Comprehensive income (loss)	$	18,196		$	(4,255	)	$	26,585		$	3,705		$	(26,035	)	$	18,196

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2014


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated

Revenues:
Rooms	$	—		$	—		$	—		$	282,836		$	—		$	282,836
Food and beverage		—			—			—			311,660			—			311,660
Other hotel revenue		—			—			214,586			105,123			(229,970	)		89,739
Opry and Attractions		216			—			—			65,004			(76	)		65,144

Total revenues		216			—			214,586			764,623			(230,046	)		749,379
Operating expenses:
Rooms		—			—			—			85,915			—			85,915
Food and beverage		—			—			—			184,748			—			184,748
Other hotel expenses		—			—			34,069			389,906			(214,324	)		209,651
Management fees		—			—			—			11,485			—			11,485

Total hotel operating expenses		—			—			34,069			672,054			(214,324	)		491,799
Opry and Attractions		—			—			—			44,315			(76	)		44,239
Corporate		66			896			1			18,744			—			19,707
Corporate overhead allocation		8,726			—			6,920			—			(15,646	)		—
Depreciation and amortization		53			—			44,654			39,561			—			84,268

Total operating expenses		8,845			896			85,644			774,674			(230,046	)		640,013

Operating income (loss)		(8,629	)		(896	)		128,942			(10,051	)		—			109,366

Interest expense		(16,917	)		(31,360	)		—			—			—			(48,277	)
Interest income		—			—			—			9,070			—			9,070
Loss on extinguishment of debt		(2,148	)		—			—			—			—			(2,148	)
Other gains and (losses), net		(6,065	)		—			—			1,421			—			(4,644	)


Income (loss) before income taxes and discontinued operations		(33,759	)		(32,256	)		128,942			440			—			63,367
(Provision) benefit for income taxes		6			—			(1,000	)		1,365			—			371
Equity in subsidiaries’ earnings, net		97,527			—			—			—			(97,527	)		—

Income (loss) from continuing operations		63,774			(32,256	)		127,942			1,805			(97,527	)		63,738
Income from discontinued operations, net of taxes		—			—			—			36			—			36

Net income (loss)	$	63,774		$	(32,256	)	$	127,942		$	1,841		$	(97,527	)	$	63,774

Comprehensive income (loss)	$	63,623		$	(32,256	)	$	127,942		$	1,690		$	(97,376	)	$	63,623

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2013


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated

Revenues:
Rooms	$	—		$	—		$	—	$	265,386		$	—		$	265,386
Food and beverage		—			—			—		285,690			—			285,690
Other hotel revenue		—			—			200,662		91,040			(211,062	)		80,640
Opry and Attractions		—			—			—		56,776			—			56,776

Total revenues		—			—			200,662		698,892			(211,062	)		688,492
Operating expenses:
Rooms		—			—			—		78,020			—			78,020
Food and beverage		—			—			—		177,574			—			177,574
Other hotel expenses		—			—			33,391		370,913			(200,435	)		203,869
Management fees		—			—			—		10,446			—			10,446

Total hotel operating expenses		—			—			33,391		636,953			(200,435	)		469,909
Opry and Attractions		—			—			—		41,326			—			41,326
Corporate		—			867			1		18,133			—			19,001
Corporate overhead allocation		2,108			—			8,519		—			(10,627	)		—
REIT conversion costs		—			—			—		21,383			—			21,383
Casualty loss		—			—			—		75			—			75
Impairment and other charges		—			—			1,246		111			—			1,357
Depreciation and amortization		—			—			44,823		44,156			—			88,979

Total operating expenses		2,108			867			87,980		762,137			(211,062	)		642,030

Operating income (loss)		(2,108	)		(867	)		112,682		(63,245	)		—			46,462
Interest expense		(22,308	)		(23,587	)		—		(39	)		—			(45,934	)
Interest income		—			—			—		9,123			—			9,123
Income from unconsolidated companies		—			—			—		10			—			10
Loss on extinguishment of debt		(4,181	)		—			—		—			—			(4,181	)
Other gains and (losses), net		—			—			—		2,365			—			2,365


Income (loss) before income taxes and discontinued operations		(28,597	)		(24,454	)		112,682		(51,786	)		—			7,845
(Provision) benefit for income taxes		2,508			2,689			133,396		(58,067	)		—			80,526
Equity in subsidiaries’ earnings, net		114,279			—			—		—			(114,279	)		—

Income (loss) from continuing operations		88,190			(21,765	)		246,078		(109,853	)		(114,279	)		88,371
Loss from discontinued operations, net of taxes		—			—			—		(181	)		—			(181	)

Net income (loss)	$	88,190		$	(21,765	)	$	246,078	$	(110,034	)	$	(114,279	)	$	88,190

Comprehensive income (loss)	$	97,927		$	(21,765	)	$	246,078	$	(100,297	)	$	(124,016	)	$	97,927

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2014


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated

Net cash provided by (used in) continuing operating activities	$	316,879		$	(168,110	)	$	51		$	8,595		$	—	$	157,415
Net cash used in discontinued operating activities		—			—			—			(201	)		—		(201	)

Net cash provided by (used in) operating activities		316,879			(168,110	)		51			8,394			—		157,214


Purchases of property and equipment		(6,650	)		(2,893	)		(10	)		(41,175	)		—		(50,728	)
Decrease in restricted cash and cash equivalents		—			—			—			5,936			—		5,936
Other investing activities		—			—			—			8,011			—		8,011

Net cash used in investing activities - continuing operations		(6,650	)		(2,893	)		(10	)		(27,228	)		—		(36,781	)
Net cash used in investing activities - discontinued operations		—			—			—			—			—		—

Net cash used in investing activities		(6,650	)		(2,893	)		(10	)		(27,228	)		—		(36,781	)


Net borrowings under credit facility		—			416,500			—			—			—		416,500
Repurchase and conversion of convertible notes		(126,542	)		—			—			—			—		(126,542	)
Repurchase of common stock warrants		(108,331	)		—			—			—			—		(108,331	)
Deferred financing costs paid		—			(8,428	)		—			—			—		(8,428	)
Payment of dividend		(81,352	)		—			—			—			—		(81,352	)
Proceeds from exercise of stock option and purchase plans		6,119			—			—			—			—		6,119
Other financing activities, net		—			—			—			(445	)		—		(445	)

Net cash provided by (used in) financing activities - continuing operations		(310,106	)		408,072			—			(445	)		—		97,521
Net cash used in financing activities - discontinued operations		—			—			—			—			—		—

Net cash provided by (used in) financing activities		(310,106	)		408,072			—			(445	)		—		97,521


Net change in cash and cash equivalents		123			237,069			41			(19,279	)		—		217,954
Cash and cash equivalents at beginning of period		—			714			—			60,865			—		61,579

Cash and cash equivalents at end of period	$	123		$	237,783		$	41		$	41,586		$	—	$	279,533

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2013


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated

Net cash provided by (used in) continuing operating activities	$	397,379		$	(322,427	)	$	37		$	(10,783	)	$	—	$	64,206
Net cash provided by discontinued operating activities		—			—			—			94			—		94

Net cash provided by (used in) operating activities		397,379			(322,427	)		37			(10,689	)		—		64,300


Purchases of property and equipment		—			—			558			(24,142	)		—		(23,584	)
Increase in restricted cash and cash equivalents		—			—			—			(12,347	)		—		(12,347	)
Other investing activities		—			—			—			1,967			—		1,967

Net cash provided by (used in) investing activities - continuing operations		—			—			558			(34,522	)		—		(33,964	)
Net cash used in investing activities - discontinued operations		—			—			—			—			—		—

Net cash provided by (used in) investing activities		—			—			558			(34,522	)		—		(33,964	)


Net repayments under credit facility		—			(12,000	)		—			—			—		(12,000	)
Issuance of senior notes		—			350,000			—			—			—		350,000
Early redemption of senior notes		(152,180	)		—			—			—			—		(152,180	)
Repurchase and conversion of convertible notes		(99,222	)		—			—			—			—		(99,222	)
Deferred financing costs paid		—			(15,516	)		—			—			—		(15,516	)
Repurchase of Company stock for retirement		(100,028	)		—			—			—			—		(100,028	)
Payment of dividend		(51,162	)		—			—			—			—		(51,162	)
Proceeds from exercise of stock option and purchase plans		5,206			—			—			—			—		5,206
Other financing activities, net		7			—			—			(521	)		—		(514	)

Net cash provided by (used in) financing activities - continuing operations		(397,379	)		322,484			—			(521	)		—		(75,416	)
Net cash used in financing activities - discontinued operations		—			—			—			—			—		—

Net cash provided by (used in) financing activities		(397,379	)		322,484			—			(521	)		—		(75,416	)


Net change in cash and cash equivalents		—			57			595			(45,732	)		—		(45,080	)
Cash and cash equivalents at beginning of period		—			—			(595	)		97,765			—		97,170

Cash and cash equivalents at end of period	$	—		$	57		$	—		$	52,033		$	—	$	52,090