Marriott International, Inc. Profile

10400 Fernwood Rd Bethesda, MD 20817 United States Phone : +1-301-380-3000 Fax : +1-301-380-5067 http://www.marriott.com

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Table of Contents

Company Overview 2 Key Information 2 Key Financials 2 Company Rankings 2 Key People 3 Company Description 4 Company History 5 Industry Information 6 People 7 People 8 Board Members 10 Biographies 10 J. W. (Bill) Marriott 11 Arne M. Sorenson 11 Kathleen K. (Leeny) Oberg 13 Bruce Hoffmeister 13 Tricia Primrose Wallace 14 Anthony G. (Tony) Capuano 15 Carolyn B. Handlon 15 Stephanie C. Linnartz 16 David A. Rodriguez 17 Edward A. (Ed) Ryan 17 Don Cleary 18 David J. Grissen 18 Stephen Ho 19 Herve Humler 20 Alex Kyriakidis 20 Amy C. McPherson 20 Tim Sheldon 21 Craig S. Smith 22 Lila L Sarma 22 Brian Welch 22 Daniel Aguirre 22 Hassan Al-kaabi 22 Frank Alderton 22

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Ray Bennett 23 David Camacho 23 Kevin Clarke 23 Keri Day 23 Giuseppe Dragone 23 Dirk Ewy 23 Ruben Gonzales 23 Lynn Hafner 23 Bradley Herron 23 Eric Honahan 24 Stan Hupert 24 Chris Joannides 24 Bryan Keene 24 Kyung Kim 24 Brandon Kirby 24 Eric Klumpp 24 Ken Lamay 24 George Lare 24 Johnathan Lawra 25 Anna Loshkareva 25 Raul Lourido 25 Hoyi Ludington 25 Leslie Lux 25 Mike Mallon 25 Jose Medrano 25 Kevin Nicholson 25 Harrideo Ori 25 Company Financials 25 Financial Summary 25 Annual Income Statement 27 Quarterly Income Statement 28 Annual Balance Sheet 29 Quarterly Balance Sheet 30 Annual Cash Flow 31 Quarterly Cash Flow 32

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Earnings Estimates 33 Financial Market Data 34 Historical Financials 35 Competition 36 Competitors List 36 Competitive Landscape 37

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Company Overview

10400 Fernwood Rd Bethesda, MD 20817 United States Phone : +1-301-380-3000 Fax : +1-301-380-5067 http://www.marriott.com

Marriott International is one of the world's leading hoteliers. The company has some 6,000 operated or franchised properties worldwide. Its hotels include such full-service brands as Renaissance Hotels and its flagship Marriott Hotels & Resorts, as well as select-service and extended-stay brands Courtyard and Fairfield Inn. It also owns the Ritz-Carlton luxury chain and resort, and manages about 80 golf courses. The Marriott family, including J. W. Marriott Jr., owns 30% of Marriott International. The company acquired Starwood Hotels & Resorts Worldwide in 2016. Key Information DUNS Number 013005702 Location Type Headquarters Subsidiary Status No Manufacturer No Company Type Public Plant/Facility Size (sq. ft.) 20,338.00 Owns/Rents Rents Accountant Ernst & Young LLP Total Employees 177,000 1-Year Employee Growth (21.85%) Employees At This Location 3,000 Year of Founding or Change in Control 1927 Primary Industry 1436:Hotels, Motels & Resorts Primary SIC Code 70110300:Hotels Primary NAICS Code 721110:Hotels (except Casino Hotels) and Motels Tradestyle FAIRFIELD INN & SUITES - MARRIOT Latitude/Longitude 39.025402 / -77.137129 Key Financials Fiscal Year-End December 2017 Sales (Actual) $22,894.00M 1-Year Sales Growth 34.10% Net Income $1,372.00M 1-Year Net Income Growth 75.90% Total Assets $23,948.00M Market Value $49,901.76M Prescreen Score Low Risk

Company Rankings 163 in FORTUNE 500 (June 2017) S&P 500 163 in FORTUNE 1000 (June 2017)

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Key People

Name Title

Mr. J. W. (Bill) Marriott Jr. Chairman Mr. Arne M. Sorenson President and CEO Ms. Kathleen K. (Leeny) Oberg EVP and CFO Mr. Bruce Hoffmeister Global CIO Ms. Tricia Primrose Wallace EVP and Global Chief Communications and Public Affairs Officer Mr. Anthony G. (Tony) Capuano EVP and Global Chief Development Officer Ms. Carolyn B. Handlon EVP Finance and Global Treasurer Ms. Stephanie C. Linnartz EVP and Chief Marketing and Commercial Officer Mr. David A. Rodriguez EVP and Chief Human Resources Officer Mr. Edward A. (Ed) Ryan EVP and General Counsel

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Company Description

Operations Marriott International operates through three reportable business segments. Its North American Full-Service is the company's largest segment. It accounts for more than 60% of the company's revenue. The North American Full- Service segment includes Marriott International's Luxury and Premium brands (JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Le Méridien, Autograph Collection Hotels, Delta Hotels, Gaylord Hotels, and Tribute Portfolio) located in the US and Canada. Marriott International's North American Limited-Service segment includes brands such as Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, Four Points, TownePlace Suites, Aloft Hotels, AC Hotels by Marriott, Element Hotels, and Moxy Hotels in the US and Canada. The company's International segment includes all properties located outside the US and Canada. Geographic Reach Following the merger with Starwood, more than 55% of Marriott International's properties are international. The company has operations in more than 120 countries in the Americas, the UK and Ireland, the Middle East and Africa, Asia, Australia, and Continental Europe. Financial Performance Marriott International reported a little more than $17 billion in revenue for fiscal 2016. That was an increase compared to the $14.4 billion the company reported as revenue for fiscal 2015. Marriott International's net income decreased in fiscal 2016 compared to the prior fiscal period. The company reported net income of $780 million in fiscal 2016 after netting about $860 million in fiscal 2015. The company ended fiscal 2016 with $1.5 billion in cash flow from operations. That was a slight increase compared to fiscal 2015. Strategy Marriott International's business model focuses on managing and franchising hotels, rather than owning them. More than 50% of its hotel rooms are operated by franchisees that pay the company fees and royalties, as well as a percentage of their food and beverage revenue. Mergers and Acquisitions In 2016 Marriott International acquired Starwood Hotels & Resorts Worldwide in a $13.3 billion deal. The deal gave Marriott International more hotel properties in Asia, Europe, and Latin America. The two companies have combined their respective customer loyalty programs, but most of the hotels in the portfolio will retain their current branding.

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Company History

The company began in 1927 as a Washington, DC, root beer stand operated by John and Alice Marriott. Later they added hot food and named their business the Hot Shoppe. In 1929 the couple incorporated and began building a regional chain. Hot Shoppes opened its first hotel, the Twin Bridges Marriott Motor Hotel, in Arlington, Virginia, in 1957. When the Marriotts' son Bill became president in 1964 (CEO in 1972, chairman in 1985), he focused on expanding the hotel business. The company changed its name to Marriott Corp. in 1967. With the rise in airline travel, Marriott built several airport hotels during the 1970s. By 1977 sales had topped $1 billion. Marriott became the #1 operator of airport food, beverage, and merchandise facilities in the US with its 1982 acquisition of Host International, and it introduced moderately priced Courtyard hotels in 1983. Acquisitions in the 1980s included a time-share business, foodservice companies, and competitor Howard Johnson. (Marriott later sold the hotels but kept the restaurants and turnpike units.) The company entered three new market segments in 1987: Marriott Suites (full-service suites), Residence Inn (moderately priced suites), and Fairfield Inn (economy hotels). It also began developing "life-care" communities, which provide apartments, meals, and limited nursing care to the elderly, in 1988. Marriott split its operations into two companies in 1993: Host Marriott to own hotels, and Marriott International primarily to manage them. However, Marriott International still owned some of the properties, and in 1995 it bought 49% of the Ritz-Carlton luxury hotel group. In 1996 Marriott purchased the Forum Group (assisted living communities and health care services) and merged it into Marriott Senior Living Services. Marriott introduced its Marriott Executive Residences in 1997. Also that year the firm expanded overseas operations with its purchase of the 150-unit Hong Kong-based Renaissance Hotel Group, a deal that included branding rights to the Ramada chain. In 1998, after the division of its lodging and food distribution services, the new Marriott International then began trading as a separate company. That year Marriott also acquired the rest of Ritz-Carlton and established SpringHill Suites by Marriott. Marriott entered the corporate housing business in 1999 through its acquisition of ExecuStay Corporation (renamed ExecuStay by Marriott), which provided fully furnished and accessorized apartments for stays of 30 days or more. The following year it joined Italy's Bulgari, the world's #3 jeweler, in a $140 million venture of luxury hotels sporting the Bulgari name. Marriott refocused its operations on the lodging market in 2003 when it exited both the senior living and distribution services businesses. It sold Marriott Distribution Services (food and beverage distribution) to Services Group of America, and sold Marriott Senior Living Services to Sunrise Assisted Living (the management business) and CNL Retirement Properties (nine communities). The following year Marriott sold the international branding rights to the Ramada and Days Inn chains to Cendant (now Avis Budget Group) for about $200 million. In 2005 Marriott acquired about 30 properties from CTF Holdings (an affiliate of Hong Kong-based New World Development) for nearly $1.5 billion. It sold 14 properties immediately to Sunstone Hotel Investors and Walton Street Capital. The deal put an end to an ongoing legal battle between Marriott and CTF Holdings, which had alleged that the hotelier had pocketed kickbacks and fees from outside vendors. Marriott invested about $200 million in 2005 to upgrade its hotel beds with higher thread-count sheets and triple- sheeted tops, and it renovated and upgraded many of its Courtyard and Residence Inn locations during 2006. A difficult 2009 called for the elimination of more than 1,000 jobs. Also that year the company cut costs by modifying menus and restaurant hours, adjusting room amenities, and relaxing some brand standards. In 2010 Marriott introduced two new hotel brands into the market: Edtion (a boutique luxury chain) and Autograph Collection (independent luxury properties that each have their own unique identity). The firm spun off its time-share business, Marriott Vacations Worldwide, in 2011.

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Industry Information

Hoover's Industries > Lodging > Hotels, Motels & Resorts ( primary )

Primary SIC Code 70110300 : Hotels Primary NAICS Code 721110 : Hotels (except Casino Hotels) and Motels

Denotes In-depth Industry Insight by Hoover's Editorial Staff

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People Employees

Title Name Age Salary Bonus

Chairman Mr. J. W. (Bill) Marriott Jr. 85 $3,000,000.00 -- President and CEO Mr. Arne M. Sorenson 59 $1,236,000.00 -- EVP and CFO Ms. Kathleen K. (Leeny) 57 $650,000.00 -- Oberg Global CIO Mr. Bruce Hoffmeister -- -- EVP and Global Chief Ms. Tricia Primrose Wallace -- -- Communications and Public Affairs Officer EVP and Global Chief Development Mr. Anthony G. (Tony) 52 $750,000.00 -- Officer Capuano EVP Finance and Global Treasurer Ms. Carolyn B. Handlon -- -- EVP and Chief Marketing and Ms. Stephanie C. Linnartz 49 $700,000.00 -- Commercial Officer EVP and Chief Human Resources Mr. David A. Rodriguez 59 -- -- Officer EVP and General Counsel Mr. Edward A. (Ed) Ryan 64 -- -- President, Marriott Hotels of Canada Don Cleary -- -- Group President Mr. David J. Grissen 60 $725,000.00 -- CEO, Greater China Mr. Stephen Ho -- -- President and COO, The Ritz-Carlton, Mr. Herve Humler -- -- Bulgari Hotels and Resorts and St. Regis Hotels and Resorts President and Managing Director, Mr. Alex Kyriakidis 65 -- -- Middle East and Africa President and Managing Director, Ms. Amy C. McPherson 56 -- -- Europe President, Caribbean and Latin Mr. Tim Sheldon -- -- America (CALA) President and Managing Director, Craig S. Smith 55 -- -- Asia Pacific Managing Director Ms Lila L Sarma -- -- Managing Director Mr Brian Welch -- -- Chief Engineer Mr Daniel Aguirre -- -- Assistant Chief Engineer Hassan Al-kaabi -- -- Chief Engineer Mr Frank Alderton -- -- Chief Lodging Services Officer Mr Ray Bennett -- -- Chief Engineer Mr David Camacho -- -- Assistant Chief Engineer Mr Kevin Clarke -- --

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Title Name Age Salary Bonus

Chief Audit Executive Ms Keri Day -- -- Assistant Chief Engineer Mr Giuseppe Dragone -- -- Chief Engineer Mr Dirk Ewy -- -- Chief Engineer Mr Ruben Gonzales -- -- Chief Operating Officerrd data Ms Lynn Hafner -- -- Admin Chief Engineer Mr Bradley Herron -- -- Chief Engineer Mr Eric Honahan -- -- Chief Engineer Mr Stan Hupert -- -- Chief Engmeer Mr Chris Joannides -- -- Chief Engineer Mr Bryan Keene -- -- Chief Engineer Kyung Kim -- -- Chief Engineer Mr Brandon Kirby -- -- Chief Engineer Mr Eric Klumpp -- -- Chief Engineer Mr Ken Lamay -- -- Chief Engineer Mr George Lare -- -- CHIEF ENGINEER Mr Johnathan Lawra -- -- Director Information Technology Ms Anna Loshkareva -- -- Security Chief Engineer Mr Raul Lourido -- -- Bistro Attendant and Chief Hoyi Ludington -- -- Chief Engineer And Information Ms Leslie Lux -- -- Technology Manager Chief Engineer Mr Mike Mallon -- -- Assistant Chief Engineer Mr Jose Medrano -- -- Chief Engineer Mr Kevin Nicholson -- -- Assistant Chief Engineer Harrideo Ori -- --

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Board Members

Title Name Age Chairman Mr. J. W. (Bill) Marriott Jr. 85

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Biographies

J. W. (Bill) Marriott, Age 85 Title held since 2012 : Chairman Current Company Titles 2012 - Present : Chairman 1997 - 2012 : Chairman and CEO Current Company Compensation History Salary Bonus Total 2016 : $3,000,000.00 -- $3,657,616.00 2015 : $3,000,000.00 -- $3,628,299.00 2014 : $3,000,000.00 -- $3,522,566.00 2013 : $3,000,000.00 -- $3,644,384.00 2012 : $2,576,319.00 -- $3,284,036.00 2011 : $1,304,876.00 -- $10,094,513.00 2010 : $1,253,063.00 -- $9,758,116.00 2009 : $1,182,692.00 -- $1,579,599.00 2008 : $1,253,654.00 -- $8,314,136.00 2007 : $1,175,500.00 -- -- 2006 : $1,119,506.00 -- -- 2005 : $1,076,454.00 $1,295,943.00 -- 2004 : $1,040,000.00 $1,225,536.00 -- 2003 : $1,000,000.00 $1,118,000.00 -- 2002 : $1,019,231.00 $1,202,285.00 -- 2001 : $760,969.00 -- -- Biography Mr. Marriott was elected Executive Chairman effective March 31, 2012, having relinquished his position as Chief Executive Officer. He served as Chief Executive Officer of the Company and its predecessors since 1972. He continues to serve as Chairman of the Board, a position he has held since 1985. He joined Marriott Corporation in 1956, became President in 1964, Chief Executive Officer in 1972 and Chairman of the Board in 1985. He serves on the board of trustees of The J. Willard & Alice S. Marriott Foundation and is a member of the Executive Committee of the World Travel & Tourism Council. He is the father of Deborah M. Harrison, a member of the Companys Board of Directors. Mr. Marriott has been a director of the Company and its predecessors since 1964. As a result of his service as CEO of the Company for over 40 years, Mr. Marriott brings to the Board extensive leadership experience with, and knowledge of, the Companys business and strategy as well as a historical perspective on the Companys growth and operations. Mr. Marriotts iconic status in the hospitality industry provides a unique advantage to the Company. Source : Company Web Site, 2015

Arne M. Sorenson, Age 59

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Title held since 2012 : President and CEO Current Company Titles 2012 - Present : President and CEO 2011 - 2012 : President, COO, and Director 2009 - 2011 : President and COO 2003 - 2009 : EVP and CFO; President, Continental European Lodging 2001 - 2003 : EVP and CFO; President, European Lodging Current Company Compensation History Salary Bonus Total 2016 : $1,236,000.00 -- $12,298,378.00 2015 : $1,236,000.00 -- $10,975,417.00 2014 : $1,236,000.00 -- $14,892,836.00 2013 : $1,200,000.00 -- $9,158,620.00 2012 : $1,151,958.00 -- $8,636,401.00 2011 : $1,007,831.00 -- $6,328,041.00 2010 : $967,813.00 -- $5,461,660.00 2009 : $859,538.00 -- $4,280,311.00 2008 : $682,885.00 -- $2,902,950.00 2007 : $640,000.00 -- -- 2006 : $609,000.00 -- -- 2005 : $580,000.00 $499,496.00 -- 2004 : $557,000.00 $467,379.00 -- 2003 : $535,000.00 $424,790.00 -- 2002 : $524,904.00 $444,489.00 -- 2001 : $515,000.00 $149,608.00 -- Biography Arne M. Sorenson is President and Chief Executive Officer of Marriott International, Inc. Previously, Mr. Sorenson was Marriotts president and chief operating officer. Earlier, he served as Executive Vice President, Chief Financial Officer, and President of Continental European Lodging, with responsibility for lodging operations and development in the continental European region, as well as the companys overall financial functions. Prior to joining Marriott in 1996, Mr. Sorenson was a partner with the law firm Latham & Watkins in Washington, D.C., where he specialized in mergers and acquisitions litigation. Mr. Sorenson is chairman of Marriotts Global Diversity and Inclusion Council, which complements the efforts of the Marriott Board of Directors Committee for Excellence to monitor and evaluate the progress of our companys strategy to promote an increasingly diverse workforce, as well as ownership, customer and vendor communities around the world. Mr. Sorenson also serves on the Committee for Excellence. He co-founded Marriotts Global Sustainability Council in 2007, and in 2008, he launched Marriotts rainforest preservation partnership with the Amazonas Sustainable Foundation in Brazil. Mr. Sorenson was elected to Marriott Internationals board of directors in 2011. He also serves on the boards of directors of WalMart Stores, Inc., the Corporation for Travel Promotion and Luther College. Mr. Sorenson is a graduate of the University of Minnesota Law School and of Luther College in Decorah, Iowa.

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Source : Company Web Site, 2015

Kathleen K. (Leeny) Oberg, Age 57 Title held since 2016 : EVP and CFO Current Company Titles 2016 - Present : EVP and CFO Current Company Compensation History Salary Bonus Total 2016 : $650,000.00 -- $5,000,951.00 Other Company Affiliations CFO, The Ritz-Carlton Hotel Company LLC Biography Kathleen Oberg was appointed as Marriotts Chief Financial Officer effective January 1, 2016. Most recently, Ms. Oberg was the Chief Financial Officer for Ritz-Carlton since 2013, where she contributed significantly to the brands performance, growth and organizational effectiveness. Previously, Ms. Oberg served in a range of financial leadership positions with Marriott. From 2008 to 2013, she was the companys Senior Vice President, Corporate and Development Finance, where she led a team which valued new hotel development projects, evaluated merger and acquisition opportunities, prepared the companys long range plans and annual budgets, and made recommendations for the companys financial and capital allocation strategy. Ms. Oberg was a key member of the team that executed the spin-off of Marriott's timeshare business in 2011. From 2006 to 2008, Ms. Oberg served in London as Senior Vice President, International Project Finance and Asset Management for Europe, the Middle East and Africa, and also as the region's senior finance executive. Ms. Oberg first joined Marriott as part of its Investor Relations group in 1999. Prior to joining Marriott, Ms. Oberg held a variety of financial leadership positions with such organizations as Sodexo (previously Sodexo Marriott Services), Sallie Mae, Goldman Sachs and Chase Manhattan Bank. She earned her Bachelor of Science in Finance/Management Information Systems from the University of Virginia, McIntyre School of Business and received her MBA from Stanford University Graduate School of Business. Source : Company Web Site, 2016

Bruce Hoffmeister Title held since 2011 : Global CIO Current Company Titles 2011 - Present : Global CIO 2011 - 2011 : SVP IR Shared and Application Services Biography Bruce Hoffmeister is Marriott Internationals Global Chief Information Officer, with global accountability for all business information technology resources. Prior to that role, Mr.

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Hoffmeister served as Senior Vice President, IR Shared and Application Services, where he lead the effort to drive sustainable efficiencies within the technical infrastructure that supports the computing resources for Marriotts worldwide operations. In addition, he directed the development efforts to replace and update the Sales and Marketing, Event Management and Revenue Management systems in order to optimize profits across the total hotel, increase the efficiency of the selling process and enable the delivery of superior events. He joined Marriott in 1989 as a Senior Financial Analyst for Development Finance. Since then, Mr. Hoffmeister has held various finance and accounting roles within the Development, Information Resources, and Lodging functions. He also has held the position of Senior Vice President, Global Revenue Management where he was responsible for developing and leading the companys worldwide pricing, inventory management and selling strategies. Mr. Hoffmeister holds bachelor degrees in mathematics and biology, with a minor in computer science, from Thomas More College. He also earned an MBA from Vanderbilt Universitys Owen Graduate School of Management, with concentrations in finance and accounting. Source : Company Web Site, 2017

Tricia Primrose Wallace

Current Company Titles Unknown - Present : EVP and Global Chief Communications and Public Affairs Officer Biography Tricia Primrose is Global Chief Communications & Public Affairs Officer for Marriott International. She is responsible for the companys global brand public relations, corporate and internal communications, global citizenship, and government affairs. Prior to joining Marriott, Tricia had her own public relations business, Impression Partners, which then merged with Rational 360. Prior to this role, Tricia was the Executive Vice President, Global Communications and Public Affairs, at AOL from 2007 to 2011 and a Vice President at the company beginning in 1999. At AOL, Tricia led a fifty-person team and had accountability for Global Corporate Communications, Public Affairs, Publicity, Internal Communications, Event Marketing and Philanthropy. She was the external communications liaison for the board of directors and executive leadership, developed all communications strategies for more than $2.5 billion in mergers and acquisitions, and led the communications strategy for AOLs successful public offering. Prior to her role at AOL, Tricia was an Executive Vice President at Robinson Lerer & Montgomery, a leading corporate and financial communications firm based in New York. Earlier in her career, Primrose held leadership positions with the Democratic Congressional Campaign Committee and served as Communications Director for U.S. Senator Richard Shelby. At Marriott, Primrose will have responsibility for protecting and promoting the image and reputation of the company in partnership with the organizations leadership, having accountability for Corporate Relations, Government Affairs, Corporate Communications Planning and Operations, and Corporate Social Responsibility, and sharing accountability for Corporate Culture. Primrose is a graduate of Georgetown University and lives in the D.C. area with her family. Source : Company Web Site, 2016

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Anthony G. (Tony) Capuano, Age 52

Current Company Titles Unknown - Present : EVP and Global Chief Development Officer Current Company Compensation History Salary Bonus Total 2016 : $750,000.00 -- $6,638,315.00 2015 : $725,000.00 -- $4,563,034.00 2014 : $663,062.00 -- $4,090,542.00 2013 : $643,750.00 -- $4,028,211.00 2012 : $625,000.00 -- $3,963,530.00 2011 : $583,481.00 -- $3,470,128.00 Biography Anthony Capuano is Marriotts Executive Vice President and Global Chief Development Officer. He is responsible for the global development of all Marriott lodging brands and supervises offices in Bangkok, Barcelona, Beijing, Cape Town, Delhi, Dubai, Ho Chi Minh City, Hong Kong, Istanbul, Jakarta, London, Mexico City, Moscow, Paris, Rome, São Paulo, Shanghai, Tokyo, Zagreb, Zurich and multiple offices across North America. Mr. Capuano began his Marriott International career in 1995 as part of the Market Planning and Feasibility team. Between 1997 and 2005, he led Marriotts full service development efforts in the Western U.S. and Canada. In early 2008, his responsibilities expanded to include North America, the Caribbean and Latin America. In 2009, he assumed global Development responsibility for the Company. Mr. Capuano began his professional career in Laventhol and Horwaths Boston-based Leisure Time Advisory Group. He then joined Kenneth Leventhal and Companys hospitality consulting group in Los Angeles, CA. Mr. Capuano earned his bachelors degree in Hotel Administration from Cornell University. He is an active member of the Cornell Society of Hotelmen and a member of The Cornell School of Hotel Administration Deans Advisory Board. Mr. Capuano is also a member of the American Hotel and Lodging Associations IREFAC Council. In addition, Mr. Capuano is an active member of The Urban Land Institute and Marriotts Committee for Excellence, Global Diversity and Inclusion Council and Green Council. Source : Company Web Site, 2015

Carolyn B. Handlon

Current Company Titles Unknown - Present : EVP Finance and Global Treasurer Biography Carolyn Handlon is Executive Vice President Finance & Global Treasurer of Marriott International. She leads Marriotts corporate finance organization, overseeing the financial health and strategy of this $14 billion market cap lodging company. Areas of responsibility include: financial strategy and analysis, financial risk management, global capital sourcing and

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transaction evaluation. Marriott International is a global operator and franchisor; a trail-blazing asset light lodging organization. Leveraging her extensive network of global relationships, Ms. Handlon has helped fuel the companys more than five-fold unit growth by leading and closing multi-billion dollar financial transactions for the company and owners of its more than 4,100 open or under-development hotels around the world. She is one of the key leaders in the structuring of business combinations, spin-offs and joint ventures. Carolyn has a stellar record of navigating turbulent economic recessions and capital market crises, preserving liquidity and financial stability for the company. She is highly respected by global financial institutions, rating agencies, owners, and developers. Ms. Handlon leads a dynamic and cutting-edge finance organization. She excels in collaboration across all disciplines, managing financial risks while fueling positive, aggressive growth and shareholder value creation. Key activities include: the companys long range planning effort, managing capital allocation and ensuring the financial integrity of proposed transactions. Ms. Handlon is a leader, or participant, of seven Governance Committees at Marriott including Global Development, Asset Management, Loan, Financial Risk Management, Impairment, and Corporate Growth as well as the Trustee of the companys Profit Sharing Program. She is also a member of Marriotts Global Green Council, promoting sustainable programs and services. In addition to her 26 years of Marriott experience, since 2001, Ms. Handlon has been Chairman of the Finance Committee of Congressional Country Club in Bethesda, Maryland. She is a member of the Standard & Poors Issuers Advisory Council and the International Womens Forum. Prior to Marriott, she worked with the Overseas Private Investment Corporation (OPIC) in international project financing lending in emerging markets and Continental Illinois Bank as a commercial loan officer. She has an MBA in Finance from Indiana University and a BA in Economics from Virginia Tech. Source : Company Web Site, 2015

Stephanie C. Linnartz, Age 49 Title held since 2013 : EVP and Chief Marketing and Commercial Officer Current Company Titles 2013 - Present : EVP and Chief Marketing and Commercial Officer 2008 - 2013 : SVP Global Sales Unknown - 2008 : SVP Sales and Marketing Planning and Support Current Company Compensation History Salary Bonus Total 2016 : $700,000.00 -- $5,183,745.00 Biography Stephanie Linnartz is executive vice president and chief marketing and commercial officer for Marriott International, Inc. She is responsible for providing strategic leadership to the Brand Management, Marketing, eCommerce, Sales, Reservations, Revenue Management, and Consumer Insight functions for Ritz-Carlton Hotels, Marriott Hotels and Resorts, Renaissance Hotels and Resorts, Gaylord Hotels, Autograph Collection Hotels, Courtyard, Residence Inn, SpringHill Suites, TownePlace Suites and Fairfield Inn brands worldwide. Ms. Linnartz joined Marriott in 1997 and most recently served as Global Officer, Sales & Revenue Management. She has held various roles throughout her career with Marriott including: Senior Vice President,

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Global Sales; Senior Vice President, Sales & Marketing Planning and Support; Vice President, Sales & Marketing Channel Strategy & Analysis; Vice President, Revenue Management; Director, Business Transformation and Integration; Director, Development Finance; Manager, Lodging Finance; and Senior Financial Analyst, Lodging Finance and Business Development. Prior to Marriott, Ms. Linnartz worked for the Hilton Hotels Corporation and held various positions in Sales and Operations in Honolulu, Hawaii and Washington, D.C. Ms. Linnartz is a graduate of the College of the Holy Cross in Worcester, Massachusetts, holds a masters of business administration from the College of William & Mary in Williamsburg, Virginia, and has completed additional graduate studies at the Norwegian School of Economics and Business Development in Bergen, Norway. Source : Company Web Site, 2014

David A. Rodriguez, Age 59 Title held since 2006 : EVP and Chief Human Resources Officer Current Company Titles 2006 - Present : EVP and Chief Human Resources Officer Unknown - 2006 : EVP Lodging Human Resources Biography David A. Rodriguez assumed the role of executive vice president global human resources for Marriott International in 2006. Mr. Rodriguez was appointed a corporate officer in 2000, and in 2004, to the board of directors' Committee for Excellence. Mr. Rodriguez joined Marriott International and assumed the role of senior vice president - staffing & development in 1998. In 2003, he was appointed executive vice president human resources for Marriott Lodging. Prior to joining Marriott International, Mr. Rodriguez held various human resources-related positions at Citicorp (now Citigroup) and Avon Products. Mr. Rodriguez graduated from New York University in 1980 with a bachelor of arts in psychology and in 1987 with a Ph.D. in industrial/organizational psychology. He is on the Board of Directors for Human Resources Policy Association, and a member of Cowdrick Group, Personnel Roundtable, Advisory Council on Human Resources Management, Human Capital Leadership Council (Hewitt), Society for Industrial and Organizational Psychology, American Psychological Association, and the Hispanic Association for Corporate Responsibility. Source : Company Web Site, 2014

Edward A. (Ed) Ryan, Age 64 Title held since 2006 : EVP and General Counsel Current Company Titles 2006 - Present : EVP and General Counsel Unknown - 2006 : SVP and Associate General Counsel Biography Edward A. "Ed" Ryan assumed the role of executive vice president and general counsel for

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Marriott International in 2006, and is a senior executive officer of the company. Mr. Ryan joined Marriott in 1996 and has had responsibility for all new management agreements and real estate development worldwide for full service, select service and extended stay hotels. Most recently, Mr. Ryan assumed responsibility for all corporate transactions and corporate governance. Prior to joining Marriott, Mr. Ryan engaged in private practice in Washington, D.C., first with the firm of Crowell & Moring from 1978 to 1984, and then with Hogan & Hartson from 1984 to 1996, where he was made partner in 1989. Mr. Ryan is a graduate of the University of Pennsylvania, receiving his A.B. summa cum laude in 1975 and his J.D. cum laude in 1978. While attending law school, he was associate editor of the Law Review. Mr. Ryan has been a key contributor to Marriott's global growth and is highly respected in the field for his industry leadership. Source : Company Web Site, 2014

Don Cleary Title held since 2017 : President, Marriott Hotels of Canada Current Company Titles 2017 - Present : President, Marriott Hotels of Canada Biography Don Cleary is President of Marriott Hotels of Canada, with responsibility for the development, leadership, operation and financial management of all Marriott International brands in Canada. In this role, Mr. Cleary led the transition of the managed and franchised Delta hotels into the Marriott portfolio. Mr. Cleary, who began his Marriott career more than 25 years ago, previously was Chief Operations Officer, Asia Pacific where he had operating responsibility for the regions 175 hotels and played an integral role in the development of that portfolio. Based in Hong Kong, Mr. Cleary also served as the Chief Financial Officer, Asia Pacific, where he led all continent finance functions. Prior to joining the Asia Pacific team in 2010, Mr. Cleary held multiple leadership positions in North America including Area Vice President for the Western Region, where he was responsible for hotel operations covering mid-western states and Canada. Mr. Cleary also held multiple positions focused on Asset Management and Development, including Senior Vice President, Asset Management, Vice President, International Hotel Development for Central and South America, and Assistant General Council responsible for all development- related legal activities in those regions. Mr. Cleary received his bachelors degree in political science and government from the University of Notre Dame. He also earned his law degree from the University of Notre Dame Law School. Source : Company Web Site, 2017

David J. Grissen, Age 60 Title held since 2014 : Group President Current Company Titles 2014 - Present : Group President

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Current Company Compensation History Salary Bonus Total 2015 : $725,000.00 -- $4,058,916.00 2014 : $700,003.00 -- $3,737,650.00 2013 : $566,566.00 -- $2,909,928.00 2012 : $550,064.00 -- $3,167,064.00 Biography David J. Grissen is Group President for Marriott International, Inc. Mr. Grissens specific responsibilities include the financial management and leadership of all of the Americas Lodging operations comprising more than 4,700 hotels and a work force of 160,000 associates. This includes responsibilities for sales and marketing, revenue management, human resources, engineering, rooms operations, food and beverage, retail, spa, information resources and development. In addition, Mr. Grissen is responsible for The Ritz-Carlton and Global Operations organizations. Prior to his current position, he served as Group President, The Americas; President, The Americas; Executive Vice President of the Eastern Region; Senior Vice President of the Mid-Atlantic Region and Senior Vice President of Finance and Business Development. Mr. Grissen is chair of the Americas Hotel Development Committee and a member of the Lodging Strategy Group and Corporate Growth Committee. He is a member of the Board of Directors of Regis Corporation, an organization that operates and franchises over 9,000 hair and retail product salons. He is also Vice Chairman of the Board of Directors for Back on My Feet, an organization that helps individuals experiencing homelessness. Mr. Grissen holds a bachelors degree from Michigan State University and a masters degree from Loyola University in Chicago.

Source : Company Web Site, 2017

Stephen Ho

Current Company Titles Unknown - Present : CEO, Greater China Biography Stephen Ho is Chief Executive Officer, Greater China. Ho was most recently Starwoods President of Asia Pacific region. Previous to that, Ho was Senior Vice President, Acquisitions and Development for the Greater China region, leading the team for over a decade. Starwoods footprint grew from less than 12 hotels in Greater China to more than 200 operating and pipeline hotels during his tenure. Mr. Hos role spanned Hong Kong, Macau, Taiwan, and Korea. Mr. Ho began his career with Starwood in 1981 as a Pastry Chef in Brunei and quickly rose through the ranks. He served in a variety of roles covering kitchen operations; design and technical services; furniture, fixture and hotel operating equipment procurement; regional purchasing programs; and pre-opening support for new hotels. Mr. Ho has worked in Brunei, Auckland, Tokyo, Hong Kong, Okinawa, Singapore, Dhaka and Beijing, and is currently based in Starwoods Asia Pacific regional office in Singapore. A native of Singapore and a Hong Kong permanent resident, Mr. Ho completed his EMBA degree with the University of Ottawa in Canada. He also earned a technical diploma from the Singapore Hotel and Catering School, and

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won numerous culinary medals and awards. Mr. Ho completed a Masters degree in Buddhism at Hong Kong University in 2012, reflecting his deep interest in Eastern Philosophy. Source : Company Web Site, 2017

Herve Humler Title held since 2015 : President and COO Current Company Titles 2015 - Present : President and COO

Alex Kyriakidis, Age 65 Title held since 2012 : President and Managing Director, Middle East and Africa Current Company Titles 2012 - Present : President and Managing Director, Middle East and Africa Biography Alex Kyriakidis is President and Managing Director, Middle East & Africa, for Marriott International, Inc., with responsibility for all business activities for the Middle East & Africa Region (MEA), including operations, sales and marketing, finance and hotel development. Prior to joining Marriott in January 2012, Mr. Kyriakidis served as Global Managing Director Travel, Hospitality & Leisure for Deloitte LLP. In this role, Mr. Kyriakidis led the Global Travel, Hospitality & Leisure Industry team, where he was responsible for a team of 4,500 professionals that generated $700 million in revenues. Mr. Kyriakidis has 38 years of experience providing strategic, financial, M&A, operational, asset management and integration services to the travel, hospitality and leisure sectors. He has served clients in 25 countries, predominantly in the EMEA and Asia/Pac regions. He is a fellow of the Arab Society of Certified Accountants, the British Association of Hotel Accountants and the Institute of Chartered Accountants in England and Wales. Mr. Kyriakidis holds a bachelor of science degree in computer science and mathematics from Leeds University in the United Kingdom. He is based in Dubai, United Arab Emirates. Source : Company Web Site, 2014

Amy C. McPherson, Age 56 Title held since 2009 : President and Managing Director, Europe Current Company Titles 2009 - Present : President and Managing Director, Europe 2004 - 2009 : EVP Global Sales and Marketing Unknown - 2004 : SVP Global Revenue Management and Reservation Sales Biography Amy C. McPherson is President & Managing Director, Europe. She is responsible for the performance and growth of a new division that combines the United Kingdom, Ireland and

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Continental Europe. Ms. McPherson is also a corporate officer for Marriott International. Ms. McPherson joined Marriott in 1986 and most recently served as Executive Vice President of Global Sales and Marketing. In this role, she was responsible for the company's global and field sales, marketing, revenue management, e-commerce, worldwide reservation sales and customer care, and sales channel strategy and analysis. Other key positions held by Ms. McPherson include Senior Vice President of Business Transformation and Integration, and Vice President of Finance and Business Development. In November 2005, Ms. McPherson was named one of the top "Women Who Mean Business" by the Washington Business Journal, honoring the region's most influential business women. Prior to joining Marriott, she worked for Air Products & Chemicals in Allentown, Pa. Ms. McPherson is a graduate of James Madison University and holds a BBA degree in Business Management and Economics, as well as an MBA degree from the College of William & Mary. Source : Company Web Site, 2012

Tim Sheldon Title held since 2015 : President, Caribbean and Latin America (CALA) Current Company Titles 2015 - 2016 : President, Caribbean and Latin America (CALA) Unknown - 2015 : EVP CFRST Brand Management and Operations Biography Tim Sheldon is president of the Caribbean & Latin America (CALA). He is responsible for the leadership, operations, growth and financial management of hotels in CALA. Currently, CALA has close to one hundred hotels and we anticipate significant growth with over sixty hotel openings across the region. Prior to his current role, Tim was Chief Global Officer for Marriotts Global Operations Group. Under Tims leadership, his organization led the successful global rollout of guestVoice and mobile check-in and check-out. He had responsibilities for the design, development and deployment of products and services for all lodging brands across Marriotts Business Continents. The disciplines include: Food and Beverage, Rooms Experience, Spa and Fitness, Retail and Engineering. Additionally, he has responsibility for brand standards and operational policies, quality assurance, operations procurement and the Lodging Program Management Office. Tim was appointed to this role in August 2009. Prior to that role, he served as the Executive Vice President, Global Brand Management and Lodging Operations (from March 2008 to August 2009) where he was responsible for the strategic leadership of Marriotts Select Service and Extended Stay brands. Additionally, he had responsibility for the management of nearly 500 Courtyard, Fairfield Inn, Residence Inn, SpringHill Suites and TownePlace Suites hotels in North America. From January 2007 to March 2008, he served as Senior Vice President, Lodging Management and Select Service Global Brand Manager. Prior to this position, Tim was the Senior Vice President and Brand Manager for the select service and extended stay portfolio. In this role he led Marriotts entry into the moderate-tier extended-stay space with the development of the TownePlace Suites brand. Tim joined Marriott in 1985 and has worked in a variety of roles including: Brand Director, Regional Operations Director and property General Manager. He is a graduate of Concordia Lutheran College in Ann Arbor, Michigan. Source : Company Web Site, 2017

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Craig S. Smith, Age 55 Title held since 2015 : President and Managing Director, Asia Pacific Current Company Titles 2015 - Present : President and Managing Director, Asia Pacific Biography Craig Smith is President and Managing Director of Asia Pacific for Marriott International. He is responsible for the strategic leadership of all operational and development functions spanning 15 countries and 11 brands. He oversees more than 190 hotels and 49,000 employees. Prior to his current position, Craig served two-and-a-half years as President of Marriotts Caribbean and Latin American region. Before moving to Caribbean and Latin American region in 2011, he was Executive Vice President and Chief Operations Officer for Asia Pacific. Being the son of an American diplomat, Craig has lived in 13 countries, working in North America, the Caribbean, Latin America, Asia-Pacific, and Australia. Craig has earned an MBA from the Rotman School of Management at the University of Toronto, an Executive MBA from the University of St. Gallen in Switzerland, an Executive MBA from Sao Paulo Business School, and a Bachelor of Science from Brigham Young University. An alumnus of Harvard Business School, he graduated with the 188th Advanced Management Program. Source : Company Web Site, 2016

Lila L Sarma

Current Company Titles Unknown - Present : Managing Director

Brian Welch

Current Company Titles Unknown - Present : Managing Director

Daniel Aguirre

Current Company Titles Unknown - Present : Chief Engineer

Hassan Al-kaabi

Current Company Titles Unknown - Present : Assistant Chief Engineer

Frank Alderton

Current Company Titles

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Unknown - Present : Chief Engineer

Ray Bennett

Current Company Titles Unknown - Present : Chief Lodging Services Officer

David Camacho

Current Company Titles Unknown - Present : Chief Engineer

Kevin Clarke

Current Company Titles Unknown - Present : Assistant Chief Engineer

Keri Day

Current Company Titles Unknown - Present : Chief Audit Executive

Giuseppe Dragone

Current Company Titles Unknown - Present : Assistant Chief Engineer

Dirk Ewy

Current Company Titles Unknown - Present : Chief Engineer

Ruben Gonzales

Current Company Titles Unknown - Present : Chief Engineer

Lynn Hafner

Current Company Titles Unknown - Present : Chief Operating Officerrd data Admin

Bradley Herron

Current Company Titles

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Unknown - Present : Chief Engineer

Eric Honahan

Current Company Titles Unknown - Present : Chief Engineer

Stan Hupert

Current Company Titles Unknown - Present : Chief Engineer

Chris Joannides

Current Company Titles Unknown - Present : Chief Engmeer

Bryan Keene

Current Company Titles Unknown - Present : Chief Engineer

Kyung Kim

Current Company Titles Unknown - Present : Chief Engineer

Brandon Kirby

Current Company Titles Unknown - Present : Chief Engineer

Eric Klumpp

Current Company Titles Unknown - Present : Chief Engineer

Ken Lamay

Current Company Titles Unknown - Present : Chief Engineer

George Lare

Current Company Titles

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Unknown - Present : Chief Engineer

Johnathan Lawra

Current Company Titles Unknown - Present : CHIEF ENGINEER

Anna Loshkareva

Current Company Titles Unknown - Present : Director Information Technology Security

Raul Lourido

Current Company Titles Unknown - Present : Chief Engineer

Hoyi Ludington

Current Company Titles Unknown - Present : Bistro Attendant and Chief

Leslie Lux

Current Company Titles Unknown - Present : Chief Engineer And Information Technology Manager

Mike Mallon

Current Company Titles Unknown - Present : Chief Engineer

Jose Medrano

Current Company Titles Unknown - Present : Assistant Chief Engineer

Kevin Nicholson

Current Company Titles Unknown - Present : Chief Engineer

Harrideo Ori

Current Company Titles

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Unknown - Present : Assistant Chief Engineer

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Company Financials

Financial Summary

Company Type Public NASDAQ: MAR Headquarters Fiscal Year-End December 2017 Sales (Actual) $22,894.00M 1-Year Sales Growth 34.10% 2017 Net Income $1,372.00M 1-Year Net Income Growth 75.90% Prescreen Score Low Risk Auditor Ernst & Young LLP

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Annual Income Statement

All amounts in millions of US Dollars except per share amounts.

Dec 2017 Dec 2016 Dec 2015 Dec 2014 Dec 2013 Revenue 22,894.00 17,072.00 14,486.00 13,796.00 12,784.00 Cost of Goods Sold 19,192.00 14,446.00 12,363.00 11,830.00 11,020.00 Gross Profit 3,702.00 2,626.00 2,123.00 1,966.00 1,764.00 Gross Profit Margin 16.17% 15.38% 14.66% 14.25% 13.80% SG&A Expense 894.00 704.00 634.00 659.00 649.00 Depreciation and Amortization 290.00 168.00 139.00 148.00 127.00 Operating Income 2,518.00 1,754.00 1,350.00 1,159.00 988.00 Operating Margin 11.00% 10.27% 9.32% 8.40% 7.73% Nonoperating Income ------Nonoperating Expenses -- Income Before Taxes 2,836.00 1,184.00 1,255.00 1,088.00 897.00 Income Taxes 1,464.00 404.00 396.00 335.00 271.00 Net Income After Taxes 1,372.00 780.00 859.00 753.00 626.00

Continuing Operations 1,372.00 780.00 859.00 753.00 626.00 Discontinued Operations ------Total Operations 1,372.00 780.00 859.00 753.00 626.00 Total Net Income 1,372.00 780.00 859.00 753.00 626.00 Net Profit Margin 5.99% 4.57% 5.93% 5.46% 4.90%

Diluted EPS from Continuing Operations 3.61 2.64 3.15 2.54 2.00 Diluted EPS from Total Operations 3.61 2.64 3.15 2.54 2.00 Diluted EPS from Total Net Income 3.61 2.64 3.15 2.54 2.00 Dividends per Share 1.29 1.15 0.95 0.77 0.64

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Quarterly Income Statement

All amounts in millions of US Dollars except per share amounts.

Quarter Ending Dec 2017 Sep 2017 Jun 2017 Mar 2017 Dec 2016 Revenue 5,875.00 5,663.00 5,795.00 5,561.00 5,456.00 Cost of Goods Sold 4,915.00 4,736.00 4,843.00 4,698.00 4,574.00 Gross Profit 960.00 927.00 952.00 863.00 882.00 Gross Profit Margin 16.34% 16.37% 16.43% 15.52% 16.17% SG&A Expense 259.00 199.00 226.00 210.00 234.00 Depreciation and Amortization 72.00 68.00 85.00 65.00 71.00 Operating Income 629.00 660.00 641.00 588.00 577.00 Operating Margin 10.71% 11.65% 11.06% 10.57% 10.58% Nonoperating Income ------Nonoperating Expenses -- Income Before Taxes 1,179.00 580.00 592.00 485.00 383.00 Income Taxes 978.00 188.00 178.00 120.00 139.00 Net Income After Taxes 201.00 392.00 414.00 365.00 244.00

Continuing Operations 201.00 392.00 414.00 365.00 244.00 Discontinued Operations ------Total Operations 201.00 392.00 414.00 365.00 244.00 Total Net Income 201.00 392.00 414.00 365.00 244.00 Net Profit Margin 3.42% 6.92% 7.14% 6.56% 4.47%

Diluted EPS from Continuing Operations 0.55 1.04 1.08 0.94 0.60 Diluted EPS from Total Operations 0.55 1.04 1.08 0.94 0.60 Diluted EPS from Total Net Income 0.55 1.04 1.08 0.94 0.60 Dividends per Share 0.33 0.33 0.33 0.30 0.30

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Annual Balance Sheet

All amounts in millions of US Dollars except per share amounts.

Assets Dec 2017 Dec 2016 Dec 2015 Dec 2014 Dec 2013 Current Assets Cash 383.00 858.00 96.00 104.00 126.00 Net Receivables -- Inventories ------Other Current Assets -- 30.00 109.00 27.00 Total Current Assets 2,747.00 3,371.00 1,384.00 1,610.00 1,903.00 Net Fixed Assets 1,793.00 2,335.00 1,029.00 1,460.00 1,543.00 Other Noncurrent 421.00 477.00 223.00 260.00 332.00 Total Assets 23,948.00 24,140.00 6,082.00 6,833.00 6,794.00

Shareholder's Equity Dec 2017 Dec 2016 Dec 2015 Dec 2014 Dec 2013

Preferred Stock Equity ------Common Stock Equity 5.00 Total Equity 3,731.00 5,357.00 -3,590.00 -2,200.00 -1,415.00 Shares Outstanding (M) 359.10 381.00 256.30 276.30 298.00

Liabilities Dec 2017 Dec 2016 Dec 2015 Dec 2014 Dec 2013 Current Liabilities Accounts Payable 780.00 687.00 593.00 605.00 557.00 Short-Term Debt 398.00 309.00 300.00 324.00 6.00 Other Current Liabilities 2,064.00 1,866.00 952.00 677.00 666.00 Total Current Liabilities 6,010.00 5,147.00 3,233.00 3,038.00 2,675.00 Long-Term Debt 7,840.00 8,197.00 3,807.00 3,447.00 3,147.00 Other Noncurrent 5,763.00 4,419.00 2,616.00 2,548.00 2,387.00 Total Liabilities 20,217.00 18,783.00 9,672.00 9,033.00 8,209.00

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Quarterly Balance Sheet

All amounts in millions of US Dollars except per share amounts.

Assets Quarter Ending Dec 2017 Sep 2017 Jun 2017 Mar 2017 Dec 2016 Current Assets Cash 383.00 508.00 498.00 738.00 858.00 Net Receivables -- Inventories ------Other Current Assets -- Total Current Assets 2,747.00 2,944.00 2,830.00 3,121.00 3,371.00 Net Fixed Assets 1,793.00 1,894.00 2,102.00 2,109.00 2,335.00 Other Noncurrent 421.00 400.00 442.00 439.00 477.00 Total Assets 23,948.00 24,236.00 23,881.00 23,925.00 24,140.00

Shareholder's Equity Quarter Ending Dec 2017 Sep 2017 Jun 2017 Mar 2017 Dec 2016

Preferred Stock Equity ------Common Stock Equity 5.00 Total Equity 3,731.00 4,512.00 4,901.00 5,168.00 5,357.00 Shares Outstanding (M) 359.10 366.40 374.00 381.00 381.00

Liabilities Quarter Ending Dec 2017 Sep 2017 Jun 2017 Mar 2017 Dec 2016 Current Liabilities Accounts Payable 780.00 733.00 650.00 661.00 687.00 Short-Term Debt 398.00 402.00 309.00 Other Current Liabilities 2,064.00 1,959.00 1,948.00 1,948.00 1,866.00 Total Current Liabilities 6,010.00 5,608.00 5,363.00 5,223.00 5,147.00 Long-Term Debt 7,840.00 8,271.00 7,911.00 8,161.00 8,197.00 Other Noncurrent 5,763.00 4,918.00 4,712.00 4,482.00 4,419.00 Total Liabilities 20,217.00 19,724.00 18,980.00 18,757.00 18,783.00

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Annual Cash Flow

All amounts in millions of US Dollars except per share amounts.

Dec 2017 Dec 2016 Dec 2015 Dec 2014 Dec 2013 Cash and Cash Equivalents at the Beginning 858.00 96.00 104.00 126.00 88.00 of Year Net Cash Provided in Operating Activities 2,436.00 1,682.00 1,515.00 1,224.00 1,140.00 Net Cash Provided by Investing Activities 1,020.00 (2,409.00) 367.00 (313.00) (519.00) Net Cash Provided by Financing Activities (3,931.00) 1,489.00 (1,890.00) (933.00) (583.00) Net Increase/Decrease in Cash and Cash (475.00) 762.00 (8.00) (22.00) 38.00 Equivalents Cash and Cash Equivalents at the End of 383.00 858.00 96.00 104.00 126.00 Year

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Quarterly Cash Flow

All amounts in millions of US Dollars except per share amounts.

Quarter Ending Dec 2017 Sep 2017 Jun 2017 Mar 2017 Dec 2016 Cash and Cash Equivalents at the Beginning 508.00 498.00 738.00 858.00 -- of Year Net Cash Provided in Operating Activities 520.00 614.00 776.00 526.00 476.00 Net Cash Provided by Investing Activities 830.00 (43.00) 49.00 184.00 78.00 Net Cash Provided by Financing Activities (1,475.00) (561.00) (1,065.00) (830.00) (774.00) Net Increase/Decrease in Cash and Cash (125.00) 10.00 (240.00) (120.00) (220.00) Equivalents Cash and Cash Equivalents at the End of 383.00 508.00 498.00 738.00 858.00 Year

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Earning Estimates

Current Quarter Next Quarter Current Year Next Year Jun 18 Sep 18 Jun 18 Jun 18 Average Estimate $1.36 $1.40 $5.52 $6.33 Number of Analysts 10 9 9 10 High Estimate $1.39 $1.47 $5.62 $6.56 Low Estimate $1.34 $1.36 $5.47 $6.12 Year ago EPS $1.13 $1.10 $4.36 -- Growth Rate 20.35% 27.17% 26.50% 14.73% Consensus Recommendation Hold

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Financial Market Data

Current Information Last Close (31-Dec-2017) $139.82 Price/Sales Ratio 2.33 52-Week High $149.21 Price/Book Ratio 10.80 52-Week Low $96.90 Price/Earnings Ratio 37.08 60-Month Beta 1.36 Price/Cash Flow Ratio 27.35 Market Cap $49,901.76M Return on Assets 5.71% Shares Outstanding 356.90M Return on Equity 30.19% Dividend Rate 1.64 Current Ratio 0.46 Dividend Yield 0.92% Long-Term Debt/Equity 2.21 # of Institutional Holders 999 % Owned by Institutions 0.72% Latest Short Interest Ratio -- Latest Net Insider Transactions 1

Growth 12 Month 36 Month 60 Month

Revenue Growth 34.10% 18.39% 14.15% EPS Growth 36.74% 12.43% 15.98% Dividend Growth 12.17% 18.77% 21.36%

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Historical Financials Income Statement

Year Revenue ($ M) Net Income ($ M) Net Profit Margin Employees Dec 2017 22,894.00 1,372.00 5.99% 177,000 Dec 2016 17,072.00 780.00 4.57% 226,500 Dec 2015 14,486.00 859.00 5.93% 127,500 Dec 2014 13,796.00 753.00 5.46% 123,500 Dec 2013 12,784.00 626.00 4.90% 123,000 Dec 2012 11,814.00 571.00 4.83% 127,000 Dec 2011 12,317.00 198.00 1.61% 120,000 Dec 2010 11,691.00 458.00 3.92% 129,000 Dec 2009 10,908.00 (346.00) -- 137,000 Dec 2008 12,879.00 362.00 2.81% 146,000 2017 Year-End Financials

Debt Ratio 210.13% Return on Equity 30.19% Cash ($ M) 383.00 Current Ratio 0.46 Long-Term Debt ($ M) 7,840.00 Shares Outstanding (M) 359.10 Dividend Yield 0.92% Dividend Payout 0.36 Market Cap ($ M) 48,740.64 Stock History Stock Price ($) P/E Per Share ($) Year FY High FY Low FY Close High Low Earns. Div. Book Value Dec 2017 137.60 124.45 135.73 38.12 34.47 3.61 1.29 0.01 Dec 2016 86.15 78.47 82.68 32.63 29.72 2.64 1.15 0.01 Dec 2015 72.68 64.64 67.04 23.07 20.52 3.15 0.95 0.02 Dec 2014 79.25 75.62 78.03 31.20 29.77 2.54 0.77 0.02 Dec 2013 49.84 45.25 49.35 24.92 22.63 2.00 0.64 0.02 Dec 2012 37.86 35.11 37.27 22.01 20.41 1.72 0.49 0.02 Dec 2011 31.76 27.93 29.17 57.75 50.77 0.55 0.39 0.02 Dec 2010 ------1.21 0.21 0.01 Dec 2009 ------0.97 0.09 0.01 Dec 2008 ------0.98 0.33 0.01

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Competitors List Company Gross Revenue Net Profit Net Operating Cash Flow Margin

Accor $2,320.26M 20.86% $1,184.69M Best Western $370.55M -- -- Carlson Hotels $15.88M -- -- Choice Hotels $1,007.36M 11.33% $257.37M Club Med $1,192.81M -- -- Extended Stay America, Inc. $1,282.73M 6.15% $444.17M Four Seasons Hotels $1,666.29M -- -- FRHI Hotels and Resorts $48.54M -- -- Hilton Worldwide (Top Competitor) $9,140.00M 13.77% $924.00M Hyatt (Top Competitor) $4,685.00M 5.31% $620.00M InterContinental Hotels (Top Competitor) $1,784.00M 33.18% $634.00M Loews Hotels $163.63M -- -- LXR Luxury Resorts $59.47M -- --

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Competitive Landscape

Companies listed are Top Competitors.

Key Numbers Marriott Hilton Worldwide Hyatt Hotels INTERCONTINENTA International, Inc. Holdings Inc. Corporation L HOTELS GROUP PLC Annual Sales ($ M) $22,894.00M $9,140.00M $4,685.00M $1,784.00M Employees 177,000 163,000 45,000 6,658 Market Cap ($ M) $48,740.64M $25,349.24M $8,750.16M $8,965.64M

Profitability Marriott Hilton Worldwide Hyatt Hotels INTERCONTINENTA Industry Market International, Inc. Holdings Inc. Corporation L HOTELS GROUP PLC Gross Profit Margin 16.17% 85.93% 14.54% 65.92% 36.17% 35.26% Pre-Tax Profit 11.00% 15.01% 6.45% 43.61% 0.16% 0.11% Net Profit Margin 5.99% 13.77% 5.31% 33.18% 0.10% 0.07% Return on Equity 30.19% 31.59% 6.70% -- 0.34% 0.12% Return on Assets 5.71% 6.21% 3.23% 19.40% 0.07% 0.04% Return on Invested 11.78% 14.35% 4.53% -- 0.06% 0.08% Capital

Valuation Marriott Hilton Worldwide Hyatt Hotels INTERCONTINENTA Industry Market International, Inc. Holdings Inc. Corporation L HOTELS GROUP PLC Price/Sales Ratio 2.33 2.02 2.06 6.93 2.46 1.78 Price/Earnings Ratio 37.08 67.12 44.04 28.14 25.64 21.39 Price/Book Ratio 10.80 17.52 2.40 -- 10.55 2.74 Price/Cash Flow 27.35 31.57 31.05 31.61 13.77 11.85

Operations Marriott Hilton Worldwide Hyatt Hotels INTERCONTINENTA Industry Market International, Inc. Holdings Inc. Corporation L HOTELS GROUP PLC Days of Sales 29.4 35.0 25.5 83.9 35.0 52.4 Outstanding Inventory Turnover -- -- 190.7 202.7 9.7 6.2 Days Cost of Goods -- -- 1.9 1.8 37.6 42.4 Sold in Inventory Asset Turnover 1.0 0.4 0.6 0.6 0.7 0.6 Net Receivables 12.4 10.4 14.3 4.4 10.4 7.0 Turnover Flow Effective Tax Rate 51.62% -- 56.37% 12.54% 23.43% 22.42%

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Financial Marriott Hilton Worldwide Hyatt Hotels INTERCONTINENTA Industry Market International, Inc. Holdings Inc. Corporation L HOTELS GROUP PLC Current Ratio 0.46 0.90 1.37 0.64 0.89 1.37 Quick Ratio 0.40 0.73 0.93 0.49 0.55 0.89 Leverage Ratio 6.42 6.91 2.18 12.20 -- -- Total Debt/ Equity 2.21 3.19 0.41 5.39 2.48 0.94 Interest Coverage 10.85 3.28 8.16 10.83 6.76 4.82

Per Share Data Marriott Hilton Worldwide Hyatt Hotels INTERCONTINENTA Industry Market International, Inc. Holdings Inc. Corporation L HOTELS GROUP PLC Per Share Data $58.21 $39.51 $35.63 $9.60 $33.15 $23.39 Dividend Per Share $1.29 $0.60 -- $2.82 $0.01 $0.02 Cash Flow Per Share $4.96 $2.53 $2.37 $2.10 $18.55 $19.65 Working Capital Per Share ($7.42) ($0.40) $0.57 ($1.72) -- -- Long-Term Debt Per Share ------Book Value Per Share $12.56 $4.56 $30.68 ($6.09) $7.40 $13.58 Total Assets Per Share $67.49 $44.81 $66.07 $17.24 -- --

Growth Marriott Hilton Worldwide Hyatt Hotels INTERCONTINENTA Industry Market International, Inc. Holdings Inc. Corporation L HOTELS GROUP PLC 12-Month Revenue 34.10% 23.81% 5.78% 4.02% 0.08% 0.06% 12-Month Net Income 75.90% 261.78% 22.06% 43.00% 0.77% 0.02% 12-Month EPS Growth 36.74% 29.77% 29.61% 57.73% -- -- 12-Month Dividend Growth 12.17% (28.57%) -- 6.70% -- -- 36-Month Revenue Growth 18.39% (4.52%) 2.00% (1.35%) 0.07% 0.03% 36-Month Net Income Growth 22.14% 23.22% (10.21%) 14.83% 0.18% 0.05% 36-Month EPS Growth 12.43% 23.38% (4.05%) 23.17% -- -- 36-Month Dividend Growth 18.77% -- -- 5.16% -- --

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