Ann: FEX: First Supplementary Bidder's Statement, page-2

another reason why directore continue to support fenix is the penality box.
why did directores agree to this, seem a higher would be welcome
WAS HOPING THIS LATE NOTICE WAS A BINDING OFF FROM RIO, WITH A BETTER DEAL

Payment of break fee by CZR
CZR must pay Fenix a break fee of $650,000 (without set-off or withholding) if, during the
Exclusivity Period:
(a) a Competing Proposal is announced or made by a Third Party, and within 12 months
after the end of the Offer Period the Third Party announcing or making the Competing
Proposal:
(i) directly or indirectly acquires Control of CZR or any of its Subsidiaries;
(ii) directly or indirectly acquires or becomes the holder of any interest in all or a
substantial part of the business or assets of CZR or any of its Subsidiaries; or
(iii) otherwise acquires or merges with CZR;
(b) any CZR Director withdraws or adversely modifies his or her support of the Takeover
Bid or his or her recommendation that CZR Shareholders accept the Offer, or makes a
public statement indicating that they no longer support the Takeover Bid;
(c) any CZR Director accepts or supports (including by way of voting for) or publicly states
an intention to accept or support, or recommends that CZR Shareholders accept or
support, a Competing Proposal; or
(d) Fenix is entitled to terminate the BIA if: