Company Overview

5/10/2004


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Table of Contents

PPT Slide

Disclaimer

Company Overview

Company Profile

Company Profile (cont.)

Investment Thesis

Investment Thesis (cont.)

Strategy

Vision and Mission

Management Philosophy

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

Significant Upside

PPT Slide

Maximize Returns

Create Value

Create Value

Closing Comments

Supplemental

Non-GAAP Financial Measures

Continuing Cash Flow Potential Multiple Revenue Levers

Recurring EBITDA Analysis (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)

Author: Choice Hotels