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* Exhibit 2 Wilson Family Foundation Analysis of GME Bond Exhibit 1 Wilson Family Foundation Analysis of ALGT Bond 6.75% 104.750 2.0 BB 5.50% 100.875 0.50 BB GME Bond Facts Coupon Price as of December 21, 2018 Approximate years to maturity Current rating Cash Flows and Current Yields Years from pricing date Cash flows IRR (six-month rate) YTM (2 x six-month IRR) 0.5 0.0 -104.750 1.0 3.375 1.3 2.0 3.375 103.375 ALGT Bond Facts Coupon Price as of December 21, 2018 Approximate years to maturity Current rating Cash Flows and Current Yields Years from pricing date Cash flows IRR (six-month rate) YTM (2 x six-month IRR) 3.375 0 -100.875 05 102.75 2.124% 4.248% 1.859% 3.717% Investorent Analysis Alternate rating benchmark Assumed alternate rating Market YTM at assumed rating YTM of bond Difference (bond minus benchmark) Implied price of bond at alternative rating Current price relative to implied price Proportional mispricing (%) BBB 3.620% (six-month bonds) 3.717% 0.097% Investment Analysis Alternate rating benchmark Assumed alterate rating Market YTM at assumed rating YTM of bond Difference (bond minus benchmark) implied price of bond at alternative rating Current price relative to implied price Proportional mispricing (%) BBB 3.840% (two-year bonds) 4.248% 0.408% 100.923 -0.048 -0.05% 105.551 -0.801 -0.759% 2 2 Exhibit 3 Wilson Family Foundation Analysis of WU Bond 4.25% 100.250 5.0 BBB 0.0 -100.250 0.5 2.125 1.0 1.5 2.125 2.125 2.0 2.125 2.5 2.125 3.0 2.123 3.5 2.125 4.0 2.125 4.5 2.125 5.0 102.1 2.097% 4.1949% WU Bond Facts Coupon Price as of December 21, 2018 Approximate years to maturity Current rating Cash Flows and Current Ylelds Years from pricing date Cash flows IRR (six-month rate) YTM (2 * six-month IRR) Investment Analysis Alternate raring benchmark Assumed alternate rating Market YTM at assumed rating YTM of bond Difference (bond minus benchmark) Implied price of bond at alternative rating Current price relative to implied price Proportional mispricing (%) A 4.240% (five-year bonds) 4.1949% -0.046% 100.045 0.203 0.205% Assuming the reported credit ratings are correct and that the market yields for those ratings are appropriate expected returns (benchmarks) for the bonds, quantify the attractiveness of the bonds in two ways: how does the yield compare to the benchmark? How does the current price compare to the benchmark-yield implied price? Janet O'Brian suggests that the bond ratings are incorrect. Assuming that O'Brian's alternative ratings (a full category improvement) are correct and that the market yields for those ratings are appropriate expected returns for the bonds, once again quantify the quantify the attractiveness of the bonds in two ways: how does the yield compare to the benchmark? How does the current price compare to the benchmark-yield implied price? Which bond(s) do you recommend based on the above analysis?