1. Whitbread PLC David Lloyd Leisure, Europe Acquisition of Cannons Health and Fitness BV December 2003 enjoy!Whitbread

2. On December 31 st 2003 David Lloyd Leisure completed the acquisition of Cannons Health and Fitness BV enjoy!Whitbread

3. The acquisition establishes David Lloyd Leisure as a key player in the Netherlands racquets, health and fitness club market enjoy!Whitbread

4. Cannons BV Fundamentals €31m acquisition €31m acquisition €29.3m NBV €29.3m NBV €15m turnover (estimated) in 2003/4 €15m turnover (estimated) in 2003/4 Five clubs in operation Five clubs in operation Two clubs in development Two clubs in development 20,000 members 20,000 members enjoy!Whitbread

5. Cannons BV Revenue mix €650 revenue per member (mature clubs) €650 revenue per member (mature clubs) Single rate subscription: €75/month Single rate subscription: €75/month Couples rate subscription: €115/month Couples rate subscription: €115/month Joining fees: c. €30 per new member in 2003 Joining fees: c. €30 per new member in 2003

6. enjoy!Whitbread Cannons BV Revenue mix

7. enjoy!Whitbread Cannons BV Membership mix

8. enjoy!Whitbread Membership retention

9. enjoy!Whitbread Group impact Existing clubs ROCE & EPS enhancing by 2005/6* Existing clubs ROCE & EPS enhancing by 2005/6* Existing clubs ROCE >15% by 2005/6* Existing clubs ROCE >15% by 2005/6* * planned

10. The market

11. enjoy!Whitbread Private fitness club market (Netherlands) Source: Deloitte & Touche/Whitbread

12. enjoy!Whitbread The competition Tennis, health & fitness Pelikaaan – 3 clubs Pelikaaan – 3 clubs Jisselque – 2 clubs Jisselque – 2 clubs Health & fitness Tai Jai – 15 clubs Fitness First – 11 clubs

13. enjoy!Whitbread The clubs       Amsterdam Dordrecht Rotterdam Utrecht Eindhoven  Development club  Existing club

14. enjoy!Whitbread Racquets, health & fitness clubs VeldhovenUtrecht Indoor tennis 912 Outdoor tennis 50 Squash44 Indoor pool  Studios22 Gym Creche Restaurant Parking

15. enjoy!Whitbread Health & fitness clubs DordrechtAkragonBlijdorp Indoor pool  Studios222 Spinning Gym Sports hall  Creche Restaurant Parking

16. enjoy!Whitbread Development clubs Capelle ad Ijssel (Rotterdam) Capelle ad Ijssel (Rotterdam)  Racquets, health & fitness  Freehold  Open 2004 Overtoom (Amsterdam) Overtoom (Amsterdam)  Health & fitness  Long lease  Open 2004

17. enjoy!Whitbread Development clubs CapelleOvertoom Indoor tennis 120 Indoor pool  Studios22 Spinning Gym Health & beauty  Creche Restaurant Parking

18. enjoy!Whitbread Club ownership models ClubOwnership Veldhoven Long lease Utrecht Dordrecht Akragon Blijdorp CapelleFreehold Overtoom

19. enjoy!Whitbread David Lloyd Leisure European perspective