Anqi Guo, Ming Zhu, Hengyi Zhu, Sisi Miteva, Kah Wei Yoong FIVE STARS PRESENT… Anqi Guo, Ming Zhu, Hengyi Zhu, Sisi Miteva, Kah Wei Yoong

What is the lodging industry landscape right now? Industry sequestration after financial crisis Few companies competing for the same customer base Sisi

What do we do? Ming

Typical Projects EXPANSION RENOVATION Zhu Ming

Financing Needs Choice (franchisor): cash on hand (internal finance) & borrow Marriott: (franchisor & management) sales & borrow Wyndham: borrow Hyatt: recycling strategy & borrow Starwood: borrow Angel, Sisi for Hyatt, LOW INTEREST RATES ALLOW FOR CHEAP CAPITAL

Investment Needs… All or nothing investment approach Kah Wei

International Expansion (focus on emerging economies) Exchange rates Disposable income Tourism Emerging infrastructure growth Sisi

Some examples… Latin America– Wyndham (Peru, Brazil), Marriott (Mexico, Brazil), Hyatt (Mexico) China and India- Wyndham, Marriott, Starwood Africa- Hyatt (Tanzania), Marriott (North Africa), Starwood (Algeria, Libya, Senegal) Sisi China - Wyndham (4), Marriott – double hotels in china in next 3 years, Starwood (20) Africa –Marriott just acquired Africa’s largest hotel, Starwood – 3 new Sheraton by 2017

RENOVATION Large-scale projects - Starwood $ 350 million for Sheraton Hotels in major cities internationally over 3 years $ 230 million for 4 Sheraton Hotels in Hawaii Additional Strategies - Choice Comfort Re-Imagined strategy - sets a property improvement plan with which each property must comply Kah Wei and Harry

So, what else makes us a BUY? Demand more than supply Significant growth expected Sisi

Sisi

Analysts agree Angel

Low P/E Ratio Kah Wei

WACC Zhu Ming

Share Repurchase Programs Sisi

Brand Strength Significant presence in top markets Premier and distinctive properties Kah Wei

Choice –Sell or Hold? Harry

You should invest in us! Sisi