2006 Bank of America Gaming Conference

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2006 Bank of America Gaming Conference June 29,
2006 Las Vegas, NV Presented by Peter J.
Roberti, Vice President of Corporate Finance
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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, 2005, 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 Financial Overview 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.

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Agenda

• Mohegan Tribe Overview
• Mohegan Tribal Gaming Authority Overview
• Mohegan Sun at Pocono Downs
• Other Diversification Efforts
• Financial Overview
• MTGA Capital Structure Liquidity and Capital
  Expenditures
• Update on Mohegan Sun
• Summary
• Questions

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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

• 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

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Mohegan Tribe Overview

• Mohegan Tribe Distribution Policy
• Approved by the Bureau of Indian Affairs (BIA)
• Distributions are made on a quarterly basis to
  members - 36.5 million in FY 2005
• 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 anticipated to be 72.5 million

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Mohegan Tribal Gaming Authority Overview
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Mohegan Tribal Gaming Authority Overview

• Mohegan Tribe established MTGA to conduct gaming
  activities for the Tribe
• MTGA governed by nine-member Management Board,
  which is the Mohegan Tribal Council
• Mohegan Tribal Gaming Commission regulates gaming
  on the reservation
• Mohegan Sun gaming and entertainment complex
  opened by MTGA in October 1996
• Major expansion Project Sunburst completed in
  FY 2002
• In January 2005, MTGA acquired Pocono Downs
  harness racing facility and five OTWs in
  Pennsylvania

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Mohegan Tribal Gaming Authority Overview

• Mohegan Basketball Club LLC formed in January
  2003 as a whollyowned restricted subsidiary of
  MTGA to operate WNBA franchise Connecticut Sun
• Mohegan Ventures - Northwest, LLC formed in July
  2004 as a wholly owned unrestricted subsidiary of
  MTGA
• Holds a 54 membership interest in
  Salishan-Mohegan LLC, an entity formed to develop
  and manage a casino to be located in Washington
  and owned by the Cowlitz Indian Tribe
• Mohegan Commercial Ventures PA, LLC formed in
  January 2005 as a wholly owned restricted
  subsidiary of MTGA to acquire the entities owning
  Pocono Downs

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Mohegan Tribal Gaming Authority Overview
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Mohegan Tribal Gaming Authority Overview

• Management Transition
• On April 25, 2006 MTGA announced that its Chief
  Executive Officer, William Velardo, had resigned
  from his position. Mitchell Grossinger Etess,
  who served as the President and CEO of Mohegan
  Sun, assumed additional duties as CEO of the
  Authority effective on May 4, 2006.
• In addition, MTGA also announced that Jeffrey E.
  Hartmann, Executive Vice President and COO of
  Mohegan Sun, would assume additional duties as
  COO of MTGA and Leo Chupaska, CFO of MTGA would
  assume additional duties as CFO of Mohegan Sun, a
  position which has been vacant since December of
  2005.

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Mohegan Tribal Gaming Authority Management
Bruce S. Bozsum Chairman Management Board
Mitchell Grossinger Etess President and CEO
MTGA
Jeffrey E. Hartmann Executive Vice President and
COO MTGA
Robert J. Soper President and CEO Mohegan Sun
at Pocono Downs
Mitchell Grossinger Etess President and CEO
Mohegan Sun
Leo M. Chupaska CFO - MTGA
Michael Ciaccio VP General Counsel
Harry Coldreck VP Construction Management
Peter J. Roberti VP MTGA Finance
Paul Brody VP MTGA Development
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Mohegan Sun at Pocono Downs
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Mohegan Sun at Pocono Downs

• On July 21, 2005, MTGA announced the plans for
  Mohegan Sun at Pocono Downs, a proposed 400,000
  sq. ft. gaming and entertainment facility to be
  constructed on the existing grounds of Pocono
  Downs racetrack.
• Plans provide for approximately 2,000 slot
  machines, 3 full-service restaurants, a 300 seat
  buffet, a 15,000 square foot food court, an
  18,000 square foot nightclub, several bars and
  lounges, 20,000 square feet of retail space, a
  Kids Quest center, 4,000 new parking spaces
  and an enhanced employee services area.
• Construction scheduled to begin immediately upon
  issuance of a conditional slot license by the
  Pennsylvania Gaming Control Board, now
  anticipated this fall.

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Mohegan Sun at Pocono Downs

• Opening date projected to be approximately 14
  months from beginning of construction.
• Estimated cost of construction for the facility
  is approximately 135.0 million. MTGA will also
  pay a one-time 50.0 million fee to the
  Commonwealth of Pennsylvania once the license is
  granted.
• Currently we have completed significant
  improvements and additions to the current
  facilities, including a new simulcast facility
  which opened to the public on March 13th, a
  two-story addition to the Grandstand, getting
  ready for the installation of approximately 1,080
  slot machines and a new 10,000 sq ft food court.
  We have also completed improvements for 1,500 new
  parking spaces.
• These improvements are estimated to cost up to
  70.0 million, including the cost of the slot
  machines.

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Mohegan Sun at Pocono Downs

• Completed Stage One of the Pocono Downs
  development and successfully executing against
  Stage Two plan

Stage One
January 25, 2005 - Closed Pocono Downs
acquisition February 3, 2005 - Notes offerings
to put in place long-term fixed-rate
debt for Pocono Downs while also increasing
liquidity for development efforts Q2 Q3 2005 -
Begin conceptual design and site development Q4
2005 - Begin construction of renovations and
improvements to current facility December
2005 - Applied for a conditional and permanent
slot license March 13, 2006 - Opening of
renovated simulcast facility. April 1, 2006 -
Live racing commenced Summer 2006 - Complete
renovations and improvements to current
facility Fall 2006 - Receive conditional
license and open up interim slot facility at
track Early 2007 - Open interim slot
facility - Begin construction of permanent
facility Early 2008 - Open permanent slot
machine facility
Stage Two
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Ariel View
Phase II Casino Location
Clubhouse Grandstand(Phase I Interim Casino
Location)
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Then
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Then
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Then
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Construction Phase
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Construction Phase
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Construction Phase
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Main and Upper Level Phase I Casino
Food Court
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Mezzanine and Lower Level Phase I Casino
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Enlarged Site Plan
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Site Plan with Patron Entrances
Entry from Future Parking Structure
Entry from Track
Bus Entry
Signature Entry Valet
Entry from Parking Areas
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Schematic Floor Plan
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Conceptual Ariel View
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Integration of Phase I and Phase II Facilities
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Conceptual Front Exterior View
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Mohegan Sun at Pocono Downs

• Licensing Competitive Update
• Supplier /Distributor
• 24 suppliers have submitted applications
• Awaiting ruling from PGCB meeting scheduled on
  June 28, 2006
• The PGCBs ability to promulgate temporary
  regulations expires on July 5, 2006.
• Operators
• 25 operators originally submitted applications,
  of which 3 were found ineligible for
  consideration
• Public hearings for operator licenses commenced
  in April
• Conditional licenses are now expected to be
  issued by the fall of 2006 at the earliest 90
  days after issuances of supplier licenses

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Competitive Landscape

• Eastern Pennsylvania Competitive Outlook
• Mount Airy Lodge Poconos (1)
• Pocono Manor - Poconos (1)
• Includes
• Aztar - Allentown (1)
• Las Vegas Sands - Bethlehem (1)
• 4. Boyd Gaming - Limerick (1)
• 5. Philadelphia (5)
• Mohegan Sun at Pocono Downs
• Penn National
• Chester Downs
• Philadelphia Park

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Other Diversification Efforts
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Menominee Project

• Overview
• Menominee Tribes reservation is located in
  Keshena, WI
• Seeking to build a approximately 810 million
  casino in Kenosha, WI at the Dairyland Greyhound
  track, which will include
• A 116,000-square-foot gaming facility with 3,100
  slot machines and 75 table games
• The existing greyhound track, with pari-mutuel
  betting on live and simulcast racing
• A 400-room, upscale hotel with swimming pool,
  fitness facilities and spa
• A variety of restaurants, including fine dining
  and more casual options
• State-of-the-art conference and meeting
  facilities
• A 5,000-seat, multi-use entertainment center
• Parking facilities for up to 10,000 vehicles
• 50 miles north of Chicago and 30 miles south of
  Milwaukee
• More information available at www.kenoshacasino.co
  m

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Menominee Project

• Progress to Report
• Development Service Agreement late 2003
• Land into Trust Application submitted in July
  2004
• Management Agreement in 2004
• Intergovernmental Agreement with City and County
  have been approved
• Tribe has invested 3.1 million to date in form
  of a loan to developer
• Additional 2.0 million of funding approved of
  which 1.7 million loaned to date
• Two referendums were won, one in the city of
  Kenosha and one in the county of Kenosha
• Ongoing
• EIS Process
• Scoping Report is complete and has been released
  to the public
• Draft EIS Report is complete and had been
  released to the public. Comment period expired in
  March 2006.
• Final EIS to be submitted to the BIA in July of
  2006.
• Dialogue with State officials regarding compact
  is ongoing

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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 400 million
  casino and resort located near Portland,
  Oregon
• MTGA is a partner in the management and
  development agreements
• MTGA has partnered with local businessman to
  manage the property

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Cowlitz Project

• Progress to Report
• Development Service Agreement in place
• Management Agreement in place
• MTGA has approximately 16.4 million invested in
  project at March 31, 2006
• Land for planned casino site has been acquired
• Cowlitz received restored lands opinion in late
  2005
• Ongoing
• Negotiation for Local community and governmental
  unit agreements continues
• Draft EIS has been released, public hearings held
  on June 14th and June 15th in Vancouver,
  Washington
• A 90 day comment period has been established for
  this project comment period began on April 14,
  2006
• Final EIS to be submitted to BIA in late 2006
• Discussion with state officials regarding gaming
  compact are ongoing
• Public relations and local information campaign
  continues

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Financial Overview
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Second Quarter Fiscal 2006 Operating Results

• Record second quarter gaming revenues of 303.9
  million, an increase of 6.9 over the prior year
• Gross slot revenues of 216.7 million, an
  increase of 7.9 over the prior year
• 5.9 increase in slot handle to 2.5 billion
• Gross slot hold of 8.8 compared to 8.6 the
  prior year
• Increased slot win per unit of 388 compared to
  357 the prior year
• Table games revenues of 84.9 million, increase
  of 4.7
• 12.1 increase in table drop to 566.9 million
• Table games hold of 15.0 compared to 16.0 in
  the prior year
• Increased table win per unit of 3,151 compared
  to 3,110 the prior year
• Non-gaming revenue of 59.5 million, an increase
  of 7.1 over the prior year
• Income from operations of 64.2 million, an
  increase of 10.7 over the prior year
• Record second quarter adjusted EBITDA of 87.7
  million, an increase of 9.1 over the prior year

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Financial Initiatives at Mohegan Sun

• Review major business processes to seek out
  greater efficiencies
• Adjusted EBITDA margin for Mohegan Sun increased
  from 27.0 in Q2 2005 to 27.8 for Q2 2006
• Focus on variable labor to achieve greater
  productivity
• Revenue per FTE has increased to approximately
  42,809 for Q2 2006 from approximately 40,374
  for Q2 2005 for Mohegan Sun
• Continued optimization of hotel occupancy rates
• Roll out of TITO
• Modified health care program to reduce escalating
  medical costs
• Design marketing programs and promotional events
  to increase targeted patron volume

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Second Fiscal Quarter 2006Revenue Comparison
Q206 vs. Q205
363.4
339.9
303.9
284.4
22.7
20.7
25.2
23.3
11.6
11.5
Q2 05
Q2 06
(in millions)
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Second Fiscal Quarter 2006 Operating Results
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Reconciliation of Adjusted EBITDA to Net Income
Second Fiscal Quarter 2006
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Approximate Active Players by State Mohegan Sun
Graph utilizes best available information as of
May 31, 2006.
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Current Slot Operating Results
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Current Slot Operating Results
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LTM Operating ResultsRevenue Growth LTM March
31, 2006 vs. LTM March 31, 2005
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LTM Operating Results March 31, 2006
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Reconciliation of Adjusted EBITDA to Net Income
for LTM March 31, 2006
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MTGA Annual Compound Rate
CAGR 13.0
CAGR 11.6
( in millions)
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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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Capital Spending
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MTGA Tribal Distributions
Actual
Forecast
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Update on Mohegan Sun
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Update on Mohegan Sun

• Overview
• Rollout of TITO
• Updating Mohegan Sun master plan
• Currently working with architects (WATG) to
  develop the master plan for a potential expansion
• Also working with Rockwell Group on internal
  design and theme for the planned expansion
• Tribal Council is in the process of working on
  the overall strategic plan
• Strategic plan will provide guidance for the next
  3-5 years

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Summary
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Summary

• Why invest in MTGA
• Outstanding Tribal Leadership
• Strong Financial Performance
• Experienced Management Team
• Mohegan Sun - Premier East Coast Gaming and
  Resort Destination
• Diversification Efforts through Disciplined
  Approach
• Mohegan Sun at Pocono Downs Plans to be first
  slot facility in the State of Pennsylvania

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Questions