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

March 31, 2017


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,601,866	$	405,907		$	—		$	2,007,773
Cash and cash equivalents - unrestricted		60			738			1,172		32,009			—			33,979
Cash and cash equivalents - restricted		—			—			—		19,204			—			19,204
Notes receivable		—			—			—		152,604			—			152,604
Investment in Gaylord Rockies joint venture		—			—			—		87,235			—			87,235
Trade receivables, less allowance		—			—			—		66,834			—			66,834
Prepaid expenses and other assets		461			17			6,339		57,250			(7,888	)		56,179
Intercompany receivables, net		—			—			1,685,638		—			(1,685,638	)		—
Investments		984,288			2,886,114			545,812		803,616			(5,219,830	)		—

Total assets	$	984,809		$	2,886,869		$	3,840,827	$	1,624,659		$	(6,913,356	)	$	2,423,808

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,536,158		$	—	$	654		$	—		$	1,536,812
Accounts payable and accrued liabilities		202			17,594			13,961		130,848			(7,875	)		154,730
Dividends payable		41,511			—			—		—			—			41,511
Deferred management rights proceeds		—			—			—		179,330			—			179,330
Deferred income tax liabilities, net		621			—			482		179			—			1,282
Other liabilities		—			—			91,239		61,436			(13	)		152,662
Intercompany payables, net		584,994			764,136			—		336,508			(1,685,638	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		511			1			1		2,387			(2,389	)		511
Additional paid-in-capital		891,191			796,048			2,827,692		1,410,610			(5,034,350	)		891,191
Treasury stock		(11,542	)		—			—		—			—			(11,542	)
Accumulated deficit		(500,422	)		(227,068	)		907,452		(475,036	)		(205,348	)		(500,422	)
Accumulated other comprehensive loss		(22,257	)		—			—		(22,257	)		22,257			(22,257	)

Total stockholders’ equity		357,481			568,981			3,735,145		915,704			(5,219,830	)		357,481

Total liabilities and stockholders’ equity	$	984,809		$	2,886,869		$	3,840,827	$	1,624,659		$	(6,913,356	)	$	2,423,808

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2016


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,600,288	$	397,724		$	—		$	1,998,012
Cash and cash equivalents - unrestricted		28			1,234			23		57,843			—			59,128
Cash and cash equivalents - restricted		—			—			—		22,062			—			22,062
Notes receivable		—			—			—		152,882			—			152,882
Investment in Gaylord Rockies joint venture		—			—			—		70,440			—			70,440
Trade receivables, less allowance		—			—			—		47,818			—			47,818
Prepaid expenses and other assets		460			42			5		55,407			(503	)		55,411
Intercompany receivables, net		—			—			1,640,220		—			(1,640,220	)		—
Investments		988,467			2,886,113			546,007		803,618			(5,224,205	)		—

Total assets	$	988,955		$	2,887,389		$	3,786,543	$	1,607,794		$	(6,864,928	)	$	2,405,753

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,501,895		$	—	$	659		$	—		$	1,502,554
Accounts payable and accrued liabilities		740			8,152			11,863		142,940			(490	)		163,205
Dividends payable		39,404			—			—		—			—			39,404
Deferred management rights proceeds		—			—			—		180,088			—			180,088
Deferred income tax liabilities, net		828			—			573		68			—			1,469
Other liabilities		—			—			89,989		61,060			(13	)		151,036
Intercompany payables, net		579,986			752,852			—		307,382			(1,640,220	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		510			1			1		2,387			(2,389	)		510
Additional paid-in-capital		893,102			835,294			2,827,692		1,410,611			(5,073,597	)		893,102
Treasury stock		(11,542	)		—			—		—			—			(11,542	)
Accumulated deficit		(491,805	)		(210,805	)		856,425		(475,133	)		(170,487	)		(491,805	)
Accumulated other comprehensive loss		(22,268	)		—			—		(22,268	)		22,268			(22,268	)

Total stockholders’ equity		367,997			624,490			3,684,118		915,597			(5,224,205	)		367,997

Total liabilities and stockholders’ equity	$	988,955		$	2,887,389		$	3,786,543	$	1,607,794		$	(6,864,928	)	$	2,405,753

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2017


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	103,369		$	—		$	103,369
Food and beverage		—			—			—		126,169			—			126,169
Other hotel revenue		—			—			79,494		28,433			(83,311	)		24,616
Entertainment					—			—		21,912			(24	)		21,888

Total revenues		—			—			79,494		279,883			(83,335	)		276,042
Operating expenses:
Rooms		—			—			—		28,028			—			28,028
Food and beverage		—			—			—		69,157			—			69,157
Other hotel expenses		—			—			11,947		141,511			(79,385	)		74,073
Management fees, net		—			—			—		5,531			—			5,531

Total hotel operating expenses		—			—			11,947		244,227			(79,385	)		176,789
Entertainment		—			—			—		16,849			(24	)		16,825
Corporate		45			406			1		7,063			—			7,515
Preopening costs		—			—			—		216			—			216
Corporate overhead allocation		2,196			—			1,730		—			(3,926	)		—
Depreciation and amortization		—			—			14,807		12,830			—			27,637

Total operating expenses		2,241			406			28,485		281,185			(83,335	)		228,982

Operating income (loss)		(2,241	)		(406	)		51,009		(1,302	)		—			47,060

Interest expense		—			(15,857	)		—		(7	)		—			(15,864	)
Interest income		—			—			—		2,948			—			2,948
Loss from joint ventures		—			—			—		(774	)		—			(774	)
Other gains and (losses), net		—			—			—		(157	)		—			(157	)

Income (loss) before income taxes		(2,241	)		(16,263	)		51,009		708			—			33,213
(Provision) benefit for income taxes		—			—			18		(611	)		—			(593	)
Equity in subsidiaries’ earnings, net		34,861			—			—		—			(34,861	)		—

Net income (loss)	$	32,620		$	(16,263	)	$	51,027	$	97		$	(34,861	)	$	32,620

Comprehensive income (loss)	$	32,631		$	(16,263	)	$	51,027	$	108		$	(34,872	)	$	32,631

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2016


	Parent								Non-
(in thousands)	Guarantor			Issuer			Guarantors		Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—	$	96,969		$	—		$	96,969
Food and beverage		—			—			—		122,233			—			122,233
Other hotel revenue		—			—			78,647		28,714			(82,372	)		24,989
Entertainment		89			—			—		17,293			(76	)		17,306

Total revenues		89			—			78,647		265,209			(82,448	)		261,497
Operating expenses:
Rooms		—			—			—		25,981			—			25,981
Food and beverage		—			—			—		68,257			—			68,257
Other hotel expenses		—			—			10,945		140,282			(78,539	)		72,688
Management fees, net		—			—			—		5,337			—			5,337

Total hotel operating expenses		—			—			10,945		239,857			(78,539	)		172,263
Entertainment		—			—			—		14,772			(76	)		14,696
Corporate		83			374			1		6,513			—			6,971
Corporate overhead allocation		2,167			—			1,666		—			(3,833	)		—
Depreciation and amortization		32			—			14,743		13,998			—			28,773

Total operating expenses		2,282			374			27,355		275,140			(82,448	)		222,703

Operating income (loss)		(2,193	)		(374	)		51,292		(9,931	)		—			38,794

Interest expense		—			(16,113	)		41		33			—			(16,039	)
Interest income		28			—			—		3,115			—			3,143
Loss from joint ventures		—			—			—		(390	)		—			(390	)
Other gains and (losses), net		—			—			—		(47	)		—			(47	)

Income (loss) before income taxes		(2,165	)		(16,487	)		51,333		(7,220	)		—			25,461
Benefit for income taxes		—			—			7		878			—			885
Equity in subsidiaries’ earnings, net		28,511			—			—		—			(28,511	)		—

Net income (loss)	$	26,346		$	(16,487	)	$	51,340	$	(6,342	)	$	(28,511	)	$	26,346

Comprehensive income (loss)	$	26,391		$	(16,487	)	$	51,340	$	(6,297	)	$	(28,556	)	$	26,391

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2017


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	42,645		$	(33,496	)	$	14,345		$	14,827		$	—	$	38,321

Purchases of property and equipment		—			—			(13,196	)		(24,514	)		—		(37,710	)
Investment in Gaylord Rockies joint venture		—			—			—			(16,309	)		—		(16,309	)
Increase in restricted cash and cash equivalents		—			—			—			2,858			—		2,858
Other investing activities		—			—			—			(2,691	)		—		(2,691	)

Net cash used in investing activities		—			—			(13,196	)		(40,656	)		—		(53,852	)

Net borrowings under credit facility		—			33,000			—			—			—		33,000
Payment of dividends		(38,900	)		—			—			—			—		(38,900	)
Payment of tax withholdings for share-based compensation		(3,741	)		—			—			—			—		(3,741	)
Other financing activities		28			—			—			(5	)		—		23

Net cash provided by (used in) financing activities		(42,613	)		33,000			—			(5	)		—		(9,618	)

Net change in cash and cash equivalents		32			(496	)		1,149			(25,834	)		—		(25,149	)
Cash and cash equivalents at beginning of period		28			1,234			23			57,843			—		59,128

Cash and cash equivalents at end of period	$	60		$	738		$	1,172		$	32,009		$	—	$	33,979

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2016


	Parent									Non-
(in thousands)	Guarantor			Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	56,533		$	(48,547	)	$	5,677		$	39,610		$	—	$	53,273

Purchases of property and equipment		(12	)		—			(5,175	)		(8,053	)		—		(13,240	)
Investment in Gaylord Rockies joint venture		—			—			—			(21,523	)		—		(21,523	)
Proceeds from sale of Peterson LOI		6,785			—			—			—			—		6,785
Increase in restricted cash and cash equivalents		—			—			—			(7,603	)		—		(7,603	)
Other investing activities		—			—			—			(1,575	)		—		(1,575	)

Net cash provided by (used in) investing activities		6,773			—			(5,175	)		(38,754	)		—		(37,156	)

Net borrowings under credit facility		—			54,000			—			—			—		54,000
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 dividends		(36,433	)		—			—			—			—		(36,433	)
Payment of tax withholdings for share-based compensation		(2,921	)		—			—			—			—		(2,921	)
Other financing activities		913			—			—			(6	)		—		907

Net cash provided by (used in) financing activities		(63,252	)		48,000			—			(6	)		—		(15,258	)

Net change in cash and cash equivalents		54			(547	)		502			850			—		859
Cash and cash equivalents at beginning of period		23			1,578			158			54,532			—		56,291

Cash and cash equivalents at end of period	$	77		$	1,031		$	660		$	55,382		$	—	$	57,150