MOHEGAN TRIBAL GAMING AUTHORITY

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MOHEGAN TRIBAL GAMING AUTHORITY
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MOHEGAN TRIBAL GAMING AUTHORITY Lehman
Brothers 2007 High Yield Bond Syndicated Loan
Conference March 27, 2007 Scottsdale,
Arizona Presented by Leo M. Chupaska, Chief
Financial Officer of MTGA Peter Roberti, Vice
President of Finance of MTGA William Quidgeon
Jr., Treasurer of the Mohegan Tribe
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Disclosure Regarding Forward-Looking Statements

• Some information included in this presentation
  are not strictly historical in nature and involve
  important risks and uncertainties that could
  significantly affect anticipated results in the
  future. Such statements are forward-looking
  statements, within the meaning of Section 27A of
  the Securities Act of 1933 and Section 21E of the
  Securities Exchange Act of 1934. These
  forward-looking statements are only predictions
  and actual events or results may differ
  materially from any forward-looking statements
  made during this presentation.
• Factors that could cause actual results to vary
  from these forward-looking statements are more
  fully described in our Annual Report on Form
  10-K, as filed with the Securities and Exchange
  Commission, for the fiscal year ended September
  30, 2006, under the heading Risk Factors.
  Forward-looking statements made during this
  presentation represent the Authoritys current
  outlook only as of todays date. The Authority
  does not undertake any obligation to update or
  supplement any forward-looking statements to
  reflect subsequent events or circumstances. The
  Authority cannot assure you that projected
  results will be achieved or that predicted events
  will occur.

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Disclosure Regarding Non-GAAP Measures

• The following presentation includes certain
  financial measures of performance that are not
  calculated in accordance with accounting
  principles generally accepted in the United
  States of America, or GAAP. In accordance with
  the rules of the Securities and Exchange
  Commission, we have reconciled these non-GAAP
  measures to the most directly comparable GAAP
  measure in the Appendix section of this
  presentation. A copy of other relevant slides
  pertaining to the use of non-GAAP measures is
  available on our website, www.mtga.com, at
  Investor Relations/Online Presentations/2007
  Presentations, titled Disclosure Regarding
  Non-GAAP Measures.

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Agenda

• 10-Year Anniversary Video
• Mohegan Tribe Overview
• Mohegan Tribal Gaming Authority Overview
• Financial Overview
• Mohegan Sun at Pocono Downs
• Other Diversification Efforts
• Project Horizon
• MTGA Capital Structure Liquidity and Capital
  Expenditures
• Investment Considerations
• Questions
• Appendix

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10-Year Anniversary Video
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Mohegan Tribe Overview
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Mohegan Tribe Overview

• The Mohegan Tribe received federal recognition in
  1994
• Approximately 1,700 members
• Strongly committed to tribal culture and history
• Mohegan Sun is situated on 240 of the Mohegan
  Tribes 507-acre reservation in southeastern CT
• Nine member Tribal Council serves as governing
  body

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Mohegan Tribe Overview (Cont.)

• On August 28, 2005, the Tribe held an election
  wherein all nine seats on the Mohegan Tribal
  Council were chosen
• Effective October 3, 2005, the following
  individuals were elected to office
• Bruce S. Bozsum Chairman (reelected) 4 year
  term
• Marilynn R. Malerba Vice Chairwoman 4 year
  term
• Roberta J. Harris-Payne Corresponding Secretary
  2 year term
• Allison D. Johnson Recording Secretary 2 year
  term
• William Quidgeon, Jr. Treasurer 4 year term
• Ralph James Gessner, Jr. 4 year term
• Mark W. Hamilton 4 year term
• Mark F. Brown (reelected) 2 year term
• Roland J. Harris (reelected) 2 year term
  resigned in December 2006 for MTGA officer
  position Cheryl Todd was elected to replace Mr.
  Harris, effective March 5, 2007 Ms. Todd will
  serve out the remainder of Mr. Harriss term
• Next election will be held in August 2007 for
  those seats expiring after 2 year term

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Mohegan Tribe Overview (Cont.)

• Mohegan Tribe Distribution Policy
• Approved by the Bureau of Indian Affairs (BIA)
• Distributions are made on a quarterly basis to
  members - 38.4 million in FY 2006
• Tribal Council determines level of tribal
  dividends that will be distributed to members
• Distributions to members under 18 years of age
  are deposited to a trust created by the Tribe
• FY 2006 distributions by the Authority to the
  Tribe were 88.9 million 18.6 million for the
  quarter ended December 31, 2006

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Mohegan Tribal Gaming Authority Overview
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Mohegan Tribal Gaming Authority Overview
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Mohegan Tribal Gaming Authority Management
Bruce S. Bozsum Chairman Management Board
Mitchell Grossinger Etess President and CEO
MTGA and Mohegan Sun
Jeffrey E. Hartmann Executive VP and COO MTGA
and Mohegan Sun
Robert J. Soper President and CEO Mohegan Sun
at Pocono Downs
Leo M. Chupaska CFO MTGA and Mohegan Sun
Michael Ciaccio VP General Counsel
Roland Harris Sr. VP Project Management
Peter J. Roberti VP Finance MTGA
Paul Brody VP Development MTGA
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Financial Overview
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First Quarter Fiscal 2007 Operating Highlights

• Record first quarter gaming revenues of 346.9
  million, an increase of 10.0 over the prior year
• Gross slot revenues of 250.6 million, an
  increase of 15.9 over the prior year
• Table games revenues of 94.6 million, a decrease
  of 0.8 from the prior year
• Non-gaming revenues of 70.1 million, a decrease
  of 1.8 from the prior year
• Net revenues of 385.3 million, an increase of
  9.1 over the prior year
• Income from operations of 68.2 million, a
  decrease of 0.3 from the prior year
• Record first quarter Adjusted EBITDA of 94.8
  million, an increase of 4.2 over the prior year

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First Quarter Fiscal 2007 and 2006Revenue
Comparison
416.9
386.8
( in millions)
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First Quarter Fiscal 2007 and 2006 Revenue
Comparison Mohegan Sun vs. Mohegan Sun at
Pocono Downs
416.9
386.8
( in millions)
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Operating Results - For the Quarters ended
December 31, 2006 and 2005
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Rated Players by State Mohegan Sun
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Current Slot Operating Results
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Current Slot Operating Results
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Current Slot Operating Results
Mohegan Sun at Pocono Downs Gross Slot WPU
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Fiscal Year 2006 Operating Highlights

• Record gaming revenues of 1.28 billion, a 6.7
  increase over the prior fiscal year
• Gross slot revenues of 905.0 million, a 5.1
  increase over the prior fiscal year
• Table games revenues of 366.2 million, a 9.6
  increase over the prior fiscal year
• Non-gaming revenues of 268.6 million, a 5.5
  increase over the prior fiscal year
• Net revenues of 1.43 billion, a 7.1 increase
  over the prior fiscal year
• Income from operations of 249.4 million, a
  110.0 million increase over the prior fiscal
  year
• Record Adjusted EBITDA of 382.5 million, an 8.5
  increase over the prior fiscal year

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Fiscal Year Operating ResultsRevenue Growth FY
2006 vs. FY 2005
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Operating Results - For the Fiscal Years ended
September 30, 2006 and 2005
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Mohegan Sun Annual Compound Rate
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Mohegan Sun Annual Compound Rate
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MTGA Annual Compound Rate
( in millions)
CAGR13.2
CAGR12.0
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Mohegan Sun at Pocono Downs
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Mohegan Sun at Pocono Downs

• The PGCB granted a conditional slot machine
  license to Pocono Downs on September 27, 2006 and
  a permanent license on December 20, 2006.
• In October 2006, we completed significant
  improvements and additions to the current
  facilities, including a new simulcast facility
  which opened to the public on March 13, 2006, a
  two-story addition to the Grandstand, the
  installation of approximately 1,100 slot machines
  and a new 10,000 sq ft food court. We also
  completed improvements for 1,700 new parking
  spaces.
• The cost for Phase I of Pocono Downs totaled
  72.0 million, including the cost of the slot
  machines. The new slots facility was opened to
  the public on November 14, 2006.
• Development of the 2,500-slot machine Phase II
  facility is expected to commence in spring 2007,
  with a planned opening in summer 2008, and is
  anticipated to cost approximately 180.0 million.

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Competitive Landscape

• Eastern Pennsylvania
• Competitive Outlook
• Mount Airy Resort Casino
• ( Mount Pocono)
• 2. Sands Bethworks Gaming
• (Bethlehem)
• A. Mohegan Sun at Pocono Downs
• B. Penn National
• C. Chester Downs
• D. Philadelphia Park

A
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Other Diversification Efforts
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Cowlitz Project

• Overview
• The Cowlitz Tribe is a federally recognized
  landless tribe, with most members residing in
  southern Washington state
• The Tribe is seeking to build a 510 million
  casino and resort in La Center, WA which is
  located near Portland, Oregon
• MTGA has partnered with a local businessman
  (Cowlitz Tribal Member) to develop and manage the
  property
• Progress to Report
• Land for planned casino site has been acquired
• Cowlitz received a restored lands opinion in late
  2005 from NIGC
• Final EIS is expected to be delivered to the
  Central BIA office in Washington D.C. by
  April/May 2007
• Washington state gaming regulators and the
  Washington Tribes have agreed on new gaming
  compacts. Final approval is expected later this
  year
• Market based property design and development has
  begun

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Menominee Project

• Overview
• Menominee Tribes reservation is located in
  Keshena, WI
• Currently projecting an 808 million casino in
  Kenosha, WI at the Dairyland Greyhound track
• Site is 50 miles north of Chicago and 30 miles
  south of Milwaukee
• MTGA will develop and manage the property
• Progress to Report
• Land into Trust Application submitted in July
  2004. The BIAs Midwest Regional Office issued a
  two part recommendation recommending the land be
  taken into Trust for the project
• Two referendums were passed, one in the city of
  Kenosha and one in the county of Kenosha
• The Menominee Tribe and the city and county of
  Kenosha have entered into intergovernmental
  agreements
• Final EIS has been moved to the Central BIA
  office in Washington D.C. for review
• Awaiting a Record of Decision from the BIA

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Project Horizon
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PROJECT HORIZON1,000-Room, 43-Story Hotel Tower

• 700 Mohegan Sun owned and operated rooms
• 300 House of Blues-themed rooms
• 7,500 square-foot members-only House of Blues
  Foundation Room
• 20,000 square-foot Mandara Spa
• Mohegan Sun rooms to open spring 2010
• House of Blues rooms to open summer 2010

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PROJECT HORIZONHouse of Blues Establishments

• 1,500 person capacity Music Hall
• 9,600 square-foot, 300-seat casual dining
  restaurant
• 3,000 square-foot special events room
• 800 square-foot retail shop
• Opening in Fall 2009

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PROJECT HORIZONRetail and Restaurant Components

• 115,000 square-feet of retail and restaurant
• 11,500 square-foot, 200-seat Japanese restaurant
• 9,000 square-foot, 175-seat American contemporary
  restaurant
• 10,000 square-foot, 200-seat family-style Italian
  restaurant
• 3,000 square-foot, 90-seat Burger Bar

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PROJECT HORIZONRetail and Restaurant Components

• Three quick-serve food outlets totaling 5,800
  square feet
• 30,000 square-foot recreation lounge featuring
  bowling and billiards
• 39,000 square-foot retail space
• 6,000 square-foot Kids Quest II
• Opening in Fall 2009

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PROJECT HORIZONCasino of the Wind

• 64,000 square-foot addition
• 42,000 square feet of gaming space
• Approximately 950 slot machines
• Approximately 10 table games
• Themed poker room with approx. 45 tables
• A Featured Restaurant

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PROJECT HORIZONCasino of the Wind (Cont.)

• 2,700 square-foot retail outlet
• 4,000 square-foot quick-serve dining venue
• 15,000 square-foot multi-level high-energy
  restaurant/bar
• Opening in Fall 2008

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PROJECT HORIZONAsian Experience

• 5,000 square-foot bus lobby
• 4,000 square-foot Hong Kong-themed street food
  outlet
• 12,000 square-foot gaming floor featuring 46
  table games
• Opening in Summer 2007

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PROJECT HORIZONMohegan Sun 2010

• 7,600 slot machines
• 385 table games
• 2,100 hotel rooms
• More than 75 retail and restaurant outlets
• Four entertainment venues
• 30 bars and lounges

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Project Horizon Project Costs
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Project Horizon Video
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Mohegan Tribal Gaming Authority Capital
Structure Liquidityand Capital Expenditures
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Debt Capitalization
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Debt Maturities
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Distributions and Capital Spending
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MTGA Debt Ratings

• Moodys
  SP
• Corporate Credit Rating Ba1 BB-
• Bank Credit Facility NA NA
• 6.125 Senior Notes due 2013 Baa3 B
• 6.375 Senior Sub Notes due 2009 Ba2 B
• 8 Senior Sub Notes due 2012 Ba2 B
• 7.125 Senior Sub Notes due 2014 Ba2 B
• 6.875 Senior Sub Notes due 2015 Ba2 B
• NA Not available at current time.

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Financing Update

• The Authority closed on its new 1.0 billion
  revolving credit facility on March 9, 2007.
• The Authority plans to finance Project Horizon
  and Phase II at Pocono Downs through the new
  credit facility.
• The new facility replaced the Authority's 450.0
  million credit facility.

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Investment Considerations
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Investment Considerations

• Mohegan Sun Market Location
• Connecticut duopoly with Foxwoods
• High barriers to entry for other Indian gaming
• Centrally located between Boston and New York
  City
• Located approx. one mile from I-395 with easy
  access from highway
• Mohegan Operations
• Proven Tribal Leadership that continues to focus
  on deleveraging the Authoritys debt
• Practical and conservative view of balancing
  distributions and reduction of debt
• Consistent revenue and EBITDA growth
• Improved operating margins
• Experienced and focused management team
• Senior management has over 100 years of
  cumulative experience in the gaming and hotel
  industry

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Investment Considerations (Cont.)

• Project Horizon
• Extension of Mohegan Sun as a lifestyle brand
• Master planned and designed facility
• Will protect against current and potential
  northeastern competition
• Will provide additional cash flow overall for
  further deleveraging
• Peak total leverage of approx. 6.4x in fiscal
  2010 as allowed by our new bank credit facility,
  quickly moving downward to 4.25x in fiscal 2012

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Questions
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Appendix
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Reconciliation of Adjusted EBITDA to Net Income
For the Quarters ended December 31, 2006 and 2005
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Reconciliation of Adjusted EBITDA to Net Income
For the Fiscal Years ending September 30, 2006
and 2005