15. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES:

The $350 Million 5% Senior Notes and the $400 Million 5% Senior Notes were each 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 Credit 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 $350 Million 5% Senior Notes and the $400 Million 5% Senior Notes.

The following condensed consolidating financial information includes certain allocations of 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.

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2016


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	14,894		$	—		$	1,605,596	$	363,545		$	—		$	1,984,035
Cash and cash equivalents - unrestricted		67			353			15		50,297			—			50,732
Cash and cash equivalents - restricted		—			—			—		29,966			—			29,966
Notes receivable		—			—			—		155,357			—			155,357
Trade receivables, less allowance		—			—			—		52,568			—			52,568
Prepaid expenses and other assets		32			92			71,046		84,559			(72,499	)		83,230
Intercompany receivables, net		—			—			1,451,915		—			(1,451,915	)		—
Investments		960,919			2,795,064			531,134		697,380			(4,984,497	)		—

Total assets	$	975,912		$	2,795,509		$	3,659,706	$	1,433,672		$	(6,508,911	)	$	2,355,888

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,492,964		$	—	$	668		$	—		$	1,493,632
Accounts payable and accrued liabilities		42			8,066			1,796		199,265			(72,486	)		136,683
Dividends payable		38,949			—			—		—			—			38,949
Deferred management rights proceeds		—			—			—		181,603			—			181,603
Deferred income tax liabilities, net		1,216			—			544		(1,240	)		—			520
Other liabilities		—			—			87,367		60,182			(13	)		147,536
Intercompany payables, net		578,740			575,301			—		297,874			(1,451,915	)		—
Commitments and contingencies Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		510			1			1		2,387			(2,389	)		510
Additional paid-in-capital		889,085			897,746			2,812,431		1,213,325			(4,923,502	)		889,085
Treasury stock		(10,748	)		—			—		—			—			(10,748	)
Accumulated deficit		(496,883	)		(178,569	)		757,567		(495,393	)		(83,605	)		(496,883	)
Accumulated other comprehensive loss		(24,999	)		—			—		(24,999	)		24,999			(24,999	)

Total stockholders’ equity		356,965			719,178			3,569,999		695,320			(4,984,497	)		356,965

Total liabilities and stockholders’ equity	$	975,912		$	2,795,509		$	3,659,706	$	1,433,672		$	(6,508,911	)	$	2,355,888

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	6,869		$	—		$	1,622,674	$	353,273		$	—		$	1,982,816
Cash and cash equivalents - unrestricted		23			1,578			158		54,532			—			56,291
Cash and cash equivalents - restricted		—			—			—		22,355			—			22,355
Notes receivable		—			—			—		152,560			—			152,560
Trade receivables, less allowance		—			—			—		55,033			—			55,033
Prepaid expenses and other assets		7,111			—			116,218		57,264			(118,214	)		62,379
Intercompany receivables, net		—			—			1,284,587		—			(1,284,587	)		—
Investments		976,809			2,795,064			531,628		697,381			(5,000,882	)		—

Total assets	$	990,812		$	2,796,642		$	3,555,265	$	1,392,398		$	(6,403,683	)	$	2,331,434

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,431,032		$	—	$	678		$	—		$	1,431,710
Accounts payable and accrued liabilities		103			8,153			1,390		262,234			(118,497	)		153,383
Dividends payable		36,868			—			—		—			—			36,868
Deferred management rights proceeds		—			—			—		183,119			—			183,119
Deferred income tax liabilities, net		1,609			—			599		(1,045	)		—			1,163
Other liabilities		—			—			84,746		60,600			283			145,629
Intercompany payables, net		572,670			506,341			—		205,576			(1,284,587	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		513			1			1		2,387			(2,389	)		513
Additional paid-in-capital		887,501			996,425			2,812,431		1,213,324			(5,022,180	)		887,501
Treasury stock		(10,001	)		—			—		—			—			(10,001	)
Accumulated deficit		(473,404	)		(145,310	)		656,098		(509,428	)		(1,360	)		(473,404	)
Accumulated other comprehensive loss		(25,047	)		—			—		(25,047	)		25,047			(25,047	)

Total stockholders’ equity		379,562			851,116			3,468,530		681,236			(5,000,882	)		379,562

Total liabilities and stockholders’ equity	$	990,812		$	2,796,642		$	3,555,265	$	1,392,398		$	(6,403,683	)	$	2,331,434

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	111,331		$	—		$	111,331
Food and beverage		—			—			—			127,217			—			127,217
Other hotel revenue		—			—			77,689			27,745			(81,653	)		23,781
Entertainment		59			—			—			33,873			(46	)		33,886

Total revenues		59			—			77,689			300,166			(81,699	)		296,215
Operating expenses:
Rooms		—			—			—			28,140			—			28,140
Food and beverage		—			—			—			67,998			—			67,998
Other hotel expenses		—			—			10,944			140,127			(77,580	)		73,491
Management fees		—			—			—			5,501			—			5,501

Total hotel operating expenses		—			—			10,944			241,766			(77,580	)		175,130
Entertainment		—			—			—			20,880			(46	)		20,834
Corporate		111			433			1			6,352			—			6,897
Corporate overhead allocation		2,303			—			1,770			—			(4,073	)		—
Depreciation and amortization		48			—			14,755			11,606			—			26,409

Total operating expenses		2,462			433			27,470			280,604			(81,699	)		229,270

Operating income (loss)		(2,403	)		(433	)		50,219			19,562			—			66,945

Interest expense		—			(16,339	)		94			229			—			(16,016	)
Interest income		—			—			—			3,008			—			3,008
Loss from joint ventures		—			—			—			(1,058	)		—			(1,058	)
Other gains and (losses), net		—			—			(87	)		(46	)		—			(133	)

Income (loss) before income taxes		(2,403	)		(16,772	)		50,226			21,695			—			52,746
Provision for income taxes		—			—			(97	)		(1,318	)		—			(1,415	)
Equity in subsidiaries’ earnings, net		53,734			—			—			—			(53,734	)		—

Net income (loss)	$	51,331		$	(16,772	)	$	50,129		$	20,377		$	(53,734	)	$	51,331

Comprehensive income (loss)	$	51,334		$	(16,772	)	$	50,129		$	20,380		$	(53,737	)	$	51,334

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2015


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	104,540		$	—		$	104,540
Food and beverage		—			—			—			119,042			—			119,042
Other hotel revenue		—			—			74,776			26,685			(79,208	)		22,253
Entertainment		58			—			—			28,190			(47	)		28,201

Total revenues		58			—			74,776			278,457			(79,255	)		274,036
Operating expenses:
Rooms		—			—			—			26,802			—			26,802
Food and beverage		—			—			—			64,789			—			64,789
Other hotel expenses		—			—			10,900			133,878			(74,669	)		70,109
Management fees		—			—			—			3,791			—			3,791

Total hotel operating expenses		—			—			10,900			229,260			(74,669	)		165,491
Entertainment		—			—			—			16,705			(46	)		16,659
Corporate		121			333			2			5,817			—			6,273
Corporate overhead allocation		2,534			—			2,006			—			(4,540	)		—
Preopening costs		—			—			—			199			—			199
Depreciation and amortization		31			—			14,729			13,639			—			28,399

Total operating expenses		2,686			333			27,637			265,620			(79,255	)		217,021

Operating income (loss)		(2,628	)		(333	)		47,139			12,837			—			57,015
Interest expense		—			(17,912	)		2			96			—			(17,814	)
Interest income		—			—			—			3,393			—			3,393
Other gains and (losses), net		(60	)		—			—			(279	)		—			(339	)

Income (loss) before income taxes		(2,688	)		(18,245	)		47,141			16,047			—			42,255
(Provision) benefit for income taxes		—			22			(123	)		(765	)		—			(866	)
Equity in subsidiaries’ earnings, net		44,077			—			—			—			(44,077	)		—

Net income (loss)	$	41,389		$	(18,223	)	$	47,018		$	15,282		$	(44,077	)	$	41,389

Comprehensive income (loss)	$	41,426		$	(18,223	)	$	47,018		$	15,319		$	(44,114	)	$	41,426

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	208,300		$	—		$	208,300
Food and beverage		—			—			—			249,450			—			249,450
Other hotel revenue		—			—			156,336			56,459			(164,025	)		48,770
Entertainment		148			—			—			51,166			(122	)		51,192

Total revenues		148			—			156,336			565,375			(164,147	)		557,712
Operating expenses:
Rooms		—			—			—			54,121			—			54,121
Food and beverage		—			—			—			136,255			—			136,255
Other hotel expenses		—			—			21,889			280,409			(156,119	)		146,179
Management fees		—			—			—			10,838			—			10,838

Total hotel operating expenses		—			—			21,889			481,623			(156,119	)		347,393
Entertainment		—			—			—			35,652			(122	)		35,530
Corporate		194			807			2			12,865			—			13,868
Corporate overhead allocation		4,470			—			3,436			—			(7,906	)		—
Depreciation and amortization		80			—			29,498			25,604			—			55,182

Total operating expenses		4,744			807			54,825			555,744			(164,147	)		451,973

Operating income (loss)		(4,596	)		(807	)		101,511			9,631			—			105,739

Interest expense		—			(32,452	)		135			262			—			(32,055	)
Interest income		28			—			—			6,123			—			6,151
Loss from joint ventures		—			—			—			(1,448	)		—			(1,448	)
Other gains and (losses), net		—			—			(87	)		(93	)		—			(180	)

Income (loss) before income taxes		(4,568	)		(33,259	)		101,559			14,475			—			78,207
Provision for income taxes		—			—			(90	)		(440	)		—			(530	)
Equity in subsidiaries’ earnings, net		82,245			—			—			—			(82,245	)		—

Net income (loss)	$	77,677		$	(33,259	)	$	101,469		$	14,035		$	(82,245	)	$	77,677

Comprehensive income (loss)	$	77,725		$	(33,259	)	$	101,469		$	14,083		$	(82,293	)	$	77,725

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2015


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	199,261		$	—		$	199,261
Food and beverage		—			—			—			237,373			—			237,373
Other hotel revenue		—			—			150,336			54,353			(159,034	)		45,655
Entertainment		115			—			—			44,897			(117	)		44,895

Total revenues		115			—			150,336			535,884			(159,151	)		527,184
Operating expenses:
Rooms		—			—			—			52,869			—			52,869
Food and beverage		—			—			—			129,864			—			129,864
Other hotel expenses		—			—			21,868			268,657			(150,120	)		140,405
Management fees		—			—			—			7,303			—			7,303

Total hotel operating expenses		—			—			21,868			458,693			(150,120	)		330,441
Entertainment		—			—			—			29,938			(117	)		29,821
Corporate		173			649			2			12,543			—			13,367
Corporate overhead allocation		4,999			—			3,915			—			(8,914	)		—
Preopening costs		—			—			—			791			—			791
Impairment and other charges		—			—			—			2,890			—			2,890
Depreciation and amortization		63			—			29,515			27,391			—			56,969

Total operating expenses		5,235			649			55,300			532,246			(159,151	)		434,279

Operating income (loss)		(5,120	)		(649	)		95,036			3,638			—			92,905
Interest expense		—			(31,763	)		2			134			—			(31,627	)
Interest income		—			—			—			6,401			—			6,401
Other gains and (losses), net		(20,246	)		—			—			(325	)		—			(20,571	)

Income (loss) before income taxes		(25,366	)		(32,412	)		95,038			9,848			—			47,108
(Provision) benefit for income taxes		—			22			(124	)		(1,085	)		—			(1,187	)
Equity in subsidiaries’ earnings, net		71,287			—			—			—			(71,287	)		—

Net income (loss)	$	45,921		$	(32,390	)	$	94,914		$	8,763		$	(71,287	)	$	45,921

Comprehensive income (loss)	$	46,017		$	(32,390	)	$	94,914		$	8,859		$	(71,383	)	$	46,017

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	102,768		$	(60,725	)	$	12,326		$	72,533		$	—	$	126,902

Purchases of property and equipment		(8,105	)		—			(12,497	)		(35,276	)		—		(55,878	)
Proceeds from sale of Peterson LOI		6,785			—			—			—			—		6,785
Investment in Gaylord Rockies joint venture		—			—			—			(31,944	)		—		(31,944	)
Increase in restricted cash and cash equivalents		—			—			—			(7,611	)		—		(7,611	)
Other investing activities		—			—			28			(1,928	)		—		(1,900	)

Net cash used in investing activities		(1,320	)		—			(12,469	)		(76,759	)		—		(90,548	)

Net borrowings under credit facility		—			67,500			—			—			—		67,500
Repayments under term loan B		—			(2,000	)		—			—			—		(2,000	)
Repayment of note payable related to purchase of AC Hotel		—			(6,000	)		—			—			—		(6,000	)
Repurchase of Company stock for retirement		(24,811	)		—			—			—			—		(24,811	)
Payment of dividend		(74,648	)		—			—			—			—		(74,648	)
Proceeds from exercise of stock options		1,142			—			—			—			—		1,142
Payment of tax withholdings for share-based compensation		(3,087	)		—			—			—			—		(3,087	)
Other financing activities		—			—			—			(9	)		—		(9	)

Net cash provided by (used in) financing activities		(101,404	)		59,500			—			(9	)		—		(41,913	)

Net change in cash and cash equivalents		44			(1,225	)		(143	)		(4,235	)		—		(5,559	)
Cash and cash equivalents at beginning of period		23			1,578			158			54,532			—		56,291

Cash and cash equivalents at end of period	$	67		$	353		$	15		$	50,297		$	—	$	50,732

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2015


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	208,725		$	(140,988	)	$	398		$	11,121		$	—	$	79,256

Purchases of property and equipment		(53	)		—			(387	)		(38,378	)		—		(38,818	)
Proceeds from sale of Peterson LOI		10,000			—			—			—			—		10,000
Increase in restricted cash and cash equivalents		—			—			—			(7,860	)		—		(7,860	)
Other investing activities		—			—			—			340			—		340

Net cash provide by (used in) investing activities		9,947			—			(387	)		(45,898	)		—		(36,338	)

Net repayments under credit facility		—			(246,000	)		—			—			—		(246,000	)
Repayments under term loan B		—			(2,000	)		—			—			—		(2,000	)
Issuance of senior notes		—			400,000			—			—			—		400,000
Repurchase of common stock warrants		(154,681	)		—			—			—			—		(154,681	)
Deferred financing costs paid		—			(10,723	)		—			—			—		(10,723	)
Payment of dividend		(62,070	)		—			—			—			—		(62,070	)
Proceeds from exercise of stock option and purchase plans		1,430			—			—			—			—		1,430
Payment of tax withholdings for share-based compensation		(3,646	)		—			—			—			—		(3,646	)
Other financing activities		—			—			—			(317	)		—		(317	)

Net cash provided by (used in) financing activities		(218,967	)		141,277			—			(317	)		—		(78,007	)

Net change in cash and cash equivalents		(295	)		289			11			(35,094	)		—		(35,089	)
Cash and cash equivalents at beginning of period		392			1,001			36			74,979			—		76,408

Cash and cash equivalents at end of period	$	97		$	1,290		$	47		$	39,885		$	—	$	41,319