1. enjoy!Whitbread Successful brand management in the leisure industry

2. enjoy!Whitbread John Banham, chairman

3. enjoy!Whitbread Highlights Strong trading performance Improving returns Winning brands Organic growth Healthy outlook

4. enjoy!Whitbread Successful brand management in the leisure industry

5. enjoy!Whitbread David Richardson, finance director

6. enjoy!Whitbread Keynotes Double digit profit growth Strong cash management Better returns

7. enjoy!Whitbread Profit and loss account £m 2003/42002/3 Divisional sales 923910+1.4% (less Pelican)-(23) Sales continuing businesses923887+4.1% Operating profit (before amortisation)165155+6.4% Interest(26)(30) PBTA139125+10.7% Goodwill amortisation(4)(4) PBT (as reported)135121+11.0% BEFORE EXCEPTIONAL ITEMS

8. enjoy!Whitbread Dividends 2003/42002/3 Interim dividend per share6.15p5.57p+10.4% Interim adjusted basic EPS31.9928.91+10.6%

9. enjoy!Whitbread Divisional results % TotalLike-for-likeProfit Year-on-year growth salessales Marriott/Swallow(1.2)(1.3)(12.0) Travel Inn+9.9+3.5+7.9 Pub restaurants+1.7+3.3+13.9 High Street restaurants+6.1+2.7+31.1 David Lloyd Leisure+12.7+6.6+11.7

10. enjoy!Whitbread Divisional results (continued) % Margins MAT ROCE 2003/42002/32003/42002/3 Marriott (pre-amortisation)18.720.76.55.9 Travel Inn33.534.212.812.8 Pub restaurants17.415.511.09.3 High Street restaurants3.93.119.416.7 David Lloyd Leisure23.523.39.28.1

11. enjoy!Whitbread Cash flow £m 2003/42002/3 Cash flow operations182160+13% Dividends from JVs and associates46 Interest(27)(27) Tax(15)(23) Capex (net)(66)(67) Dividends paid(42)(38) Net cash inflow3611

12. enjoy!Whitbread Exceptionals £m 2003/42002/3 Property/business disposals: Beefeater(4)- Swallow(6)- Other15 Curzons -(8) Financing costs(3)- Tax23- Exceptionals after tax11(3)

13. enjoy!Whitbread Financial disciplines Disclosure of key numbers Focus on returns Getting more from the assets Higher returning assets

14. enjoy!Whitbread High Street restaurants - progress £mFull years Half years 2000/12001/22002/32002/32003/4 Sales467398418196208 Profit10172168 Assets162112112118118 MAT ROCE6.415.219.116.719.4

15. enjoy!Whitbread Things to watch for Full year, not first half x 2 Beefeater and Swallow disposals New ERP system Year end 4th March 2004

16. enjoy!Whitbread Capital expenditure £m ActualEstimate half yearfull yearFull year capexcapex2002 Marriott2435-4027 Travel Inn1845-5565 Pub restaurants3455-60 High Street restaurants815-20 David Lloyd Leisure1540-4554 Other920-2510 108225-245218 62

17. enjoy!Whitbread Summary Profit growth Strong cash flow Improving returns

18. enjoy!Whitbread David Thomas, chief executive

19. enjoy!Whitbread Total shareholder return – October 2000 * to August 2003 Source: Datastream * Announcement of restructuring

20. enjoy!Whitbread Highlights Strong trading performance Improving returns Winning brands Organic growth Healthy outlook

21. enjoy!Whitbread Marriott - relative outperformance Sales £194m(1.2%) Like-for-like sales (1.3%) Operating profit £32.2m(12%) MAT ROCE 6.5% Occupancy 72%

22. enjoy!Whitbread Marriott - profit per room Marriott H1 Peer group, 6 months (M&C. De Vere, Hilton) 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 20022003 £k 6 MONTHS

23. enjoy!Whitbread Travel Inn Sales£114m+9.9% Like-for-like sales+3.5% Operating profit£38.3m+7.9% MAT ROCE12.8% Occupancy82.5%

24. enjoy!Whitbread Travel Inn - on-line inventory cross-sell H1 2002/3H2 2002/3H1 2003/4 0 200 400 600 800 1,000 1,200 1,400 £k per month

25. enjoy!Whitbread Travel Inn

26. enjoy!Whitbread Travel Inn - sustained rooms growth *projected 5,000 10,000 15,000 20,000 25,000 1996/71997/81998/91999/20002000/12001/22002/32003/42004/52007/8 Rooms ***

27. enjoy!Whitbread Pub restaurants Sales£307m+1.7% Like-for-like sales+3.3% Operating profit£53.4m+13.9% MAT ROCE11.0%

28. enjoy!Whitbread Pub restaurants - operating margin % H1 2003/4H1 2002/3 Beefeater 13.4 10.3 Brewers Fayre 19.7 18.8 Total pub restaurants17.4 15.5

29. enjoy!Whitbread Pub restaurants - profit per outlet 50 55 60 65 70 75 80 85 90 H1 2001/2H1 2002/3H1 2003/4 £k

30. enjoy!Whitbread

31. Beefeater - the next generation Six trial sites operating since February 30% sales uplift 8 more sites in 2003/4 Roll-out complete by 2006/7 Target ROCE: 12% +

32. enjoy!Whitbread High Street restaurants Sales£207.5m+6.1% Like-for-like sales+2.7% Operating profit£8.0m+31.1% MAT ROCE19.4%

33. enjoy!Whitbread High Street restaurants - UK growth agenda Outlets 2003/42008 Pizza Hut * 537800 Costa264500 *Owned and franchised

34. enjoy!Whitbread David Lloyd Leisure Sales£99.6m+12.7% Like-for-like sales+6.6% Operating profit£23.0m+11.7% MAT ROCE9.2% Member retention 75% (MAT)

35. enjoy!Whitbread David Lloyd Leisure - UK club pipeline Oxford (opening February 2004) Worthing Exeter * Southend-on-Sea * Farnham * Aberdeen * Bristol * Norwich * *subject to planning approval

36. enjoy!Whitbread Trading update Week 24Week 33 Marriott(1.2)(0.5) Travel Inn3.43.7 Beefeater5.24.0 Brewers Fayre3.02.2 David Lloyd Leisure6.76.5 LIKE-FOR-LIKE SALES GROWTH (%)

37. enjoy!Whitbread The opportunity - PBIT growth potential Management action Brand distribution NB Figures identify areas of potential. They are not forecasts and exclude impact of inflation.They are incremental to 2002/3 operating profit.

38. enjoy!Whitbread PBIT growth potential - management action * Marriott profit per room£28m — improved sales — Swallow to Marriott conversions — market uplift *By 2007/8

39. enjoy!Whitbread PBIT growth potential - management action * Marriott profit per room£28m — improved sales — Swallow to Marriott conversions — market uplift *By 2007/8 Beefeater ROCE growth£14m — sales per outlet — operating margins

40. enjoy!Whitbread PBIT growth potential - management action * High Street brands£20m — operating margins — brand leverage *By 2007/8

41. enjoy!Whitbread PBIT growth potential - management action * High Street brands£20m — operating margins — brand leverage *By 2007/8 David Lloyd Leisure clubs to maturity £15m — 19 developing clubs

42. enjoy!Whitbread PBIT Capex £34m£290m £30m£210m £20m£200m Travel Inn to 25,000 rooms Brewers Fayre to 550 units David Lloyd Leisure to 75 clubs PBIT growth potential - brand distribution * *By 2007/8

43. enjoy!Whitbread The outlook Growth markets Leading brands Performance management Organic growth Improving returns

44. enjoy!Whitbread Successful brand management in the leisure industry