Company Overview

5/5/2005


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Table of Contents

PPT Slide

Disclaimer

Company Overview

Company Profile

Company Profile (cont.)

Investment Thesis

Investment Thesis (cont.)

Vision and Mission

Vision and Mission

Management Philosophy

2005 Focus

Aggressively Sell Our Brands

Build Brand Equity

Create Opportunities in New Segments

Improve Brand and Hotel Performance

Strategy

Build Strong Brands

Vast Consumer Reach

Vast Consumer Reach (cont.)

Exceptional Services

Size, Scale, and Distribution

Performance

Business Focus

Profitably Grow

Strong Financial Results

Strong Financial Results

Strong Financial Results

Strong Financial Results

Strong Financial Results

Strong Financial Results

Strong Financial Results

1st Quarter Performance

Growth Opportunities Many Markets Remain Available

PPT Slide

Maximize Returns

Create Value

Create Value

Closing Comments

Supplemental

Continuing Cash Flow Potential Multiple Revenue Levers (Unaudited)

Recurring EBITDA (Unaudited)

Calculation of Adjusted Net Income and Adjusted Diluted Earnings Per Share (EPS) (Unaudited)

Calculation of Franchising Revenues and Margins (Unaudited)

Calculation of NOPAT and ROIC (Unaudited)

Calculation of NOPAT and ROIC (cont.) (Unaudited)

Calculation of After-Tax Free Cash Flows (Unaudited)

Non-GAAP Financial Measures

Author: JReiding