2003 Annual Report

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CORPORATE INFORMATION



BOARD OF DIRECTORS

Stewart Bainum Jr.
Chairman of the Board
   Sunburst Hospitality Corporation

Barbara Bainum
Vice Chairman
   Commonweal Foundation
Vice Chairman
   Realty Investment Company, Inc.

William L. Jews
President and Chief Executive Officer
   CareFirst BlueCross BlueShield
Director
   Ecolab, Inc.
   MBNA
   Ryland Group, Inc.

Charles A. Ledsinger, Jr.
President and Chief Executive Officer
   Choice Hotels International
Director
   FelCor Lodging Trust, Inc.
   Friendly’s Ice Cream Corporation
   TBC Corporation

Lawrence R. Levitan
IRS Oversight Board
Retired Managing Partner

   Andersen Consulting’s
   Worldwide Communications
      Industry Group

Jerry E. Robertson, Ph.D.
Retired Executive Vice President
   3M Life Sciences Sector and
      Corporate Services
Director
   Coherent Inc.
   Steris Corp.

Raymond E. Schultz
Chairman
   RES Investments, L.L.C.
Director
   Equity Inns, Inc.
   TBC Corporation

Ervin R. Shames
Visiting Lecturer, University of Virginia
   Darden Graduate School of Business
Consultant to consumer goods and
   services companies
Director
   OnLine Resources Corporation
Select Comfort Corporation

CORPORATE EXECUTIVE OFFICERS

Stewart Bainum Jr.
Chairman of the Board

Charles A. Ledsinger, Jr.
President and Chief Executive Officer

Michael J. DeSantis
Senior Vice President,
General Counsel and Secretary


Bruce N. Haase
Senior Vice President, International

Thomas Mirgon
Senior Vice President,
Human Resources and Administration


Janna Morrison
Senior Vice President, Franchise Services

Daniel Rothfeld
Senior Vice President, Partner Services
and Emerging Business Opportunities


Joseph M. Squeri
Senior Vice President, Development
and Chief Financial Officer


Gary Thomson
Senior Vice President and
Chief Information Officer


Wayne W. Wielgus
Senior Vice President, Marketing


CORPORATE OFFICERS

Don Brockway
Vice President, Reservations Operations

David Goldberg
Vice President, Corporate & Brand Strategy
and Treasurer


Kevin M. Rooney
Associate General Counsel and
Assistant Secretary


David L. White
Vice President and Controller


COMPANY INFORMATION

Stock Listing
Choice Hotels International common stock trades on the New York Stock Exchange under the ticker symbol CHH.

Transfer Agent & Registrar
SunTrust Bank
P.O. Box 4625
Atlanta, GA 30302-4625
1-800-568-3476

Independent Auditors
PricewaterhouseCoopers LLP
McLean, Virginia

Annual Meeting Date
Choice Hotels International will hold its Annual Meeting of Stockholders on Tuesday, May 4, 2004, at 9:00 a.m. in The Chesapeake Room of the Learning Center, 10720 Columbia Pike, Silver Spring, Maryland.

Form 10-K
A stockholder may receive without charge a copy of the Form 10-K Annual Report filed with the Securities and Exchange Commission by written request to the Corporate Secretary at the corporate headquarters. The Form 10-K also is available at www.choicehotels.com under the “Choice Hotels Information/About Choice Hotels/Investor Information” links.

Corporate Headquarters
Choice Hotels International
10750 Columbia Pike
Silver Spring, MD 20901
General Inquiries: (301) 592-5000
Franchise Sales: (800) 547-0007
Investor Inquiries: (800) 404-5050,
    ext. 5026or (301) 592-5026
E-mail: investor_relations@choicehotels.com Media Relations: (301) 592-5032
Corporate Web Site: www.choicehotels.com

Copies of the company’s public filings as well as its Corporate Governance Guidelines, Corporate Ethics Policy and charters to the Board Audit Committee and Compensation Committee are available on www.choicehotels.com under the “Choice Hotels Information/About Choice Hotels/Investor Information” links.

©Copyright 2004 Choice Hotels International, Inc.

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