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 Amended Credit Agreement (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, 2017


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—		$	—		$	1,611,238	$	412,669		$	—		$	2,023,907
Cash and cash equivalents - unrestricted		80			487			27		49,016			—			49,610
Cash and cash equivalents - restricted		—			—			—		15,175			—			15,175
Notes receivable		—			—			—		155,535			—			155,535
Investment in Gaylord Rockies joint venture		—			—			—		87,716			—			87,716
Trade receivables, less allowance		—			—			—		65,576			—			65,576
Prepaid expenses and other assets		411			—			1		57,485			358			58,255
Intercompany receivables, net		—			—			1,639,304		—			(1,639,304	)		—
Investments		992,991			2,886,114			647,452		768,525			(5,295,082	)		—

Total assets	$	993,482		$	2,886,601		$	3,898,022	$	1,611,697		$	(6,934,028	)	$	2,455,774

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,560,018		$	—	$	649		$	—		$	1,560,667
Accounts payable and accrued liabilities		331			11,011			14,368		127,704			371			153,785
Dividends payable		41,712			—			—		—			—			41,712
Deferred management rights proceeds		—			—			—		178,572			—			178,572
Deferred income tax liabilities, net		415			—			460		465			—			1,340
Other liabilities		—			—			92,518		61,863			(13	)		154,368
Intercompany payables, net		585,694			805,242			—		248,368			(1,639,304	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		512			1			1		2,387			(2,389	)		512
Additional paid-in-capital		892,979			754,942			2,831,499		1,473,557			(5,059,998	)		892,979
Treasury stock		(11,542	)		—			—		—			—			(11,542	)
Accumulated deficit		(494,396	)		(244,613	)		959,176		(459,645	)		(254,918	)		(494,396	)
Accumulated other comprehensive loss		(22,223	)		—			—		(22,223	)		22,223			(22,223	)

Total stockholders’ equity		365,330			510,330			3,790,676		994,076			(5,295,082	)		365,330

Total liabilities and stockholders’ equity	$	993,482		$	2,886,601		$	3,898,022	$	1,611,697		$	(6,934,028	)	$	2,455,774

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2016


(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- 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 June 30, 2017


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	110,674		$	—		$	110,674
Food and beverage		—			—			—			128,441			—			128,441
Other hotel revenue		—			—			78,827			28,144			(82,713	)		24,258
Entertainment					—			—			35,405			—			35,405

Total revenues		—			—			78,827			302,664			(82,713	)		298,778
Operating expenses:
Rooms		—			—			—			28,359			—			28,359
Food and beverage		—			—			—			68,285			—			68,285
Other hotel expenses		—			—			10,409			141,699			(78,720	)		73,388
Management fees, net		—			—			—			6,178			—			6,178

Total hotel operating expenses		—			—			10,409			244,521			(78,720	)		176,210
Entertainment		—			—			—			22,112			1			22,113
Corporate		45			396			1			7,147			—			7,589
Preopening costs		—			—			—			494			—			494
Corporate overhead allocation		2,233			—			1,761			—			(3,994	)		—
Depreciation and amortization		—			—			14,877			12,802			—			27,679

Total operating expenses		2,278			396			27,048			287,076			(82,713	)		234,085

Operating income (loss)		(2,278	)		(396	)		51,779			15,588			—			64,693

Interest expense		—			(17,149	)		—			(6	)		—			(17,155	)
Interest income		—			—			—			2,969			—			2,969
Loss from joint ventures		—			—			—			(943	)		—			(943	)
Other gains and (losses), net		—			—			—			(1,373	)		—			(1,373	)

Income (loss) before income taxes		(2,278	)		(17,545	)		51,779			16,235			—			48,191
Provision for income taxes		—			—			(55	)		(844	)		—			(899	)
Equity in subsidiaries’ earnings, net		49,570			—			—			—			(49,570	)		—

Net income (loss)	$	47,292		$	(17,545	)	$	51,724		$	15,391		$	(49,570	)	$	47,292

Comprehensive income (loss)	$	47,326		$	(17,545	)	$	51,724		$	15,425		$	(49,604	)	$	47,326

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2016


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- 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, net		—			—			—			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
Benefit 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 Six Months Ended June 30, 2017


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	214,043		$	—		$	214,043
Food and beverage		—			—			—			254,610			—			254,610
Other hotel revenue		—			—			158,321			56,577			(166,024	)		48,874
Entertainment		—			—			—			57,317			(24	)		57,293

Total revenues		—			—			158,321			582,547			(166,048	)		574,820
Operating expenses:
Rooms		—			—			—			56,387			—			56,387
Food and beverage		—			—			—			137,442			—			137,442
Other hotel expenses		—			—			22,356			283,210			(158,105	)		147,461
Management fees, net		—			—			—			11,709			—			11,709

Total hotel operating expenses		—			—			22,356			488,748			(158,105	)		352,999
Entertainment		—			—			—			38,961			(23	)		38,938
Corporate		90			802			2			14,210			—			15,104
Preopening costs		—			—			—			710			—			710
Corporate overhead allocation		4,429			—			3,491			—			(7,920	)		—
Depreciation and amortization		—			—			29,684			25,632			—			55,316

Total operating expenses		4,519			802			55,533			568,261			(166,048	)		463,067

Operating income (loss)		(4,519	)		(802	)		102,788			14,286			—			111,753

Interest expense		—			(33,006	)		—			(13	)		—			(33,019	)
Interest income		—			—			—			5,917			—			5,917
Loss from joint ventures		—			—			—			(1,717	)		—			(1,717	)
Other gains and (losses), net		—			—			—			(1,530	)		—			(1,530	)

Income (loss) before income taxes		(4,519	)		(33,808	)		102,788			16,943			—			81,404
Provision for income taxes		—			—			(37	)		(1,455	)		—			(1,492	)
Equity in subsidiaries’ earnings, net		84,431			—			—			—			(84,431	)		—

Net income (loss)	$	79,912		$	(33,808	)	$	102,751		$	15,488		$	(84,431	)	$	79,912

Comprehensive income (loss)	$	79,957		$	(33,808	)	$	102,751		$	15,533		$	(84,476	)	$	79,957

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2016


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- 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, net		—			—			—			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
Benefit 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 CASH FLOWS

For the Six Months Ended June 30, 2017


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	83,581		$	(55,377	)	$	35,875		$	49,829		$	—	$	113,908

Purchases of property and equipment		—			—			(35,871	)		(43,601	)		—		(79,472	)
Investment in Gaylord Rockies joint venture		—			—			—			(16,309	)		—		(16,309	)
Increase in restricted cash and cash equivalents		—			—			—			6,887			—		6,887
Other investing activities		—			—			—			(5,623	)		—		(5,623	)

Net cash used in investing activities		—			—			(35,871	)		(58,646	)		—		(94,517	)

Net repayments under revolving credit facility		—			(241,900	)		—			—			—		(241,900	)
Borrowings under term loan A		—			200,000			—			—			—		200,000
Borrowings under term loan B		—			500,000			—			—			—		500,000
Repayments under term loan B		—			(391,250	)		—			—			—		(391,250	)
Deferred financing costs paid		—			(12,220	)		—			—			—		(12,220	)
Payment of dividends		(79,788	)		—			—			—			—		(79,788	)
Payment of tax withholdings for share-based compensation		(3,769	)		—			—			—			—		(3,769	)
Other financing activities		28			—			—			(10	)		—		18

Net cash provided by (used in) financing activities		(83,529	)		54,630			—			(10	)		—		(28,909	)

Net change in cash and cash equivalents		52			(747	)		4			(8,827	)		—		(9,518	)
Cash and cash equivalents at beginning of period		28			1,234			23			57,843			—		59,128

Cash and cash equivalents at end of period	$	80		$	487		$	27		$	49,016		$	—	$	49,610

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2016


(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- 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	)
Investment in Gaylord Rockies joint venture		—			—			—			(31,944	)		—		(31,944	)
Proceeds from sale of Peterson LOI		6,785			—			—			—			—		6,785
Increase in restricted cash and cash equivalents		—			—			—			(7,611	)		—		(7,611	)
Other investing activities		—			—			28			(1,928	)		—		(1,900	)

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

Net repayments under revolving credit facility		—			67,500			—			—			—		67,500
Net borrowings 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 dividends		(74,648	)		—			—			—			—		(74,648	)
Payment of tax withholdings for share-based compensation		(3,087	)		—			—			—			—		(3,087	)
Other financing activities		1,142			—			—			(9	)		—		1,133

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