CORPORATE Presentation July 2010 About Us A Portfolio Of More Than - PDF document

Hotel Owners & Developers  Win-win contract solutions   Experienced development team Experienced development team  Innovative and flexible approach  Quick response time  Increasingly homogenous portfolio  Strong market recognition  “Fi “First mover” – asset light, multi-brand, responsible business, etc. t ” t li ht lti b d ibl b i t — 14 —

Investors  Ranked Number 1 on HVS Corporate Governance Ranking for European li t d listed companies i  Solid company with strong growth prospects  Robust and credible expansion plan  A strong multi-brand portfolio  Emerging market exposure – opportunity to participate in growth  Competent management team  A well-planned and dynamic response to 2009 global recession – launched one of the industry’s most ambitious cost saving plan — 15 —

Guests  A culture of innovative hospitality and pioneering initiatives  Individuality … no cookie cutter Contract flexibility  Local adaptation of international brands   Strategic design and service concepts Strategic design and service concepts  Priced to sell, not to discount Experienced development  Sell them what they want to buy team Strong market recognition — 16 —

Communication & Public Relations Media Analysts Partners & Employees Media, Analysts, Partners & Employees  Ranked at Top 2 position for Best Corporate Website in Europe on H ll Hallvarsson & Halvarsson Ranking & H l R ki  Industry-leading group-wide magazine called Hotline with a readership of Contract flexibility 20,000 in 75 countries  Live webcasts of Annual Capital Market Days  Experienced Annual Business Conference to address top issues and long-term strategies development team   Dedicated Financial Centre and Media Room to ensure transparency and Dedicated Financial Centre and Media Room to ensure transparency and accuracy, and timely flow of strategic information  Advanced internal communication tools to involve, inform and engage employees across 60+ countries employees across 60+ countries  Strong market Helping build a positive image of the company and its brands recognition — 17 —

Community & Environment  Award winning Responsible Business programme that walks the talk  Seven years in existence with environmental programme in place since mid Seven years in existence with environmental programme in place since mid 1990s  Taking responsibility for well-being of employees and guests  R Respecting the social and ethical issues in the company, as well as in the ti th i l d thi l i i th ll i th community  Reducing the company’s negative impact on the environment  World Childhood Foundation as global charity organisation  Ranked World’s Most Ethical Hotel Company in 2010 by Ethisphere Institute, US — 18 —

Employer Of Choice  A team of 35,000+  140 nationalities  Hire attitude and train for skills  Promote from within : 95% of our General Managers are “home grown”  Highest Employee Satisfaction score in 2009 despite the economic crisis Highest Employee Satisfaction score in 2009, despite the economic crisis  Training & Development – Rezidor Business School – Mentor Mentee Programme – Centres of Excellence – Management Development Programme M t D l t P – Rezidor Learning Network — 19 — — 19 —

The INDUSTRY

World Travel & Tourism Economic Impact and Forecasts p  International tourist arrivals increased by 7% in the first 4 months of 2010 marked by uneven recovery – Europe +0.3% – Middle East +33% – Africa +7% – Asia Pacific +12% – Americas +6%   International air passenger traffic grew 6% from Jan-Apr 2010 vs drop of 25% in 2009 International air passenger traffic grew 6% from Jan-Apr 2010 vs drop of 25% in 2009  IMF’s April 2010 World Economic Outlook highlights stronger than expected recovery – Emerging economies to grow by over 6% (vs +2.4% in 2009) – Advanced economies to expand by 2% to 3% in 2010 and 2011 (vs -3% in 2009)  Consumer trend is to book late, book online, travel closer and shorter, and demand value for money SOURCE: UNWTO Barometer June 2010 — 21 —

World Travel & Tourism International Tourist Arrivals (Jan – Apr %Change) ( p g ) SOURCE: UNWTO Barometer June 2010 — 22 —

SOURCE: UNWTO Barometer June 2010 World’s Top Tourism Destinations 2009 — 23 —

Market Development  RevPAR performance is strongly linked to economic development  Continued positive RevPAR trend, driven by higher occupancy  Rates growing again  Significant rebound in Germany, Benelux, UK and France  Absolute RevPAR still at a low level  European industry pipelines continue to contract Radisson Blu Hotel, Milan — 24 —

Green Shoots RevPAR % change YOY USD Lehman Brothers crash – economic Iraq war / SARS rebound 80 downturn 60 60 40 20 0 -20 -40 40 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Asia Pacific Europe € Europe Middle East Africa North America SOURCE: STR Global — 25 —

— 26 — Europe: 4 Years To Recover? Rolling-12 RevPAR and Occ, ADR % change €10 €20 €30 €40 €50 €60 €70 €80 €0 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Source: STR Global Occ Apr-04 Jul-04 Oct-04 Jan-05 ADR Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Europe € Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 point of 2003 p Lower than the Low Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 -30 -20 -10 0 10 20 20 30

European City Performance RevPAR % Change YTD-May 2010 Eurozone Change Market Non-Eurozone Change Market MEAO (USD) Change Market Beirut 26% 147 Munich 24% 70 Birmingham 15% 47 Johannesburg 19% 56 Düsseldorf 18% 57 Stockholm 14% 69 Cape Town 16% 83 Frankfurt 18% 78 London 11% 103 Jeddah 9% 123 Vienna 11% 59 Istanbul 10% 91 Cairo 4% 87 Berlin 10% 55 Madrid 8% 59 Riyadh 2% 180 Amsterdam 8% 84 Malmö 5% 53 Dubai -2% 182 Zurich 8% 97 Manchester 5% 54 Muscat -18% 148 Paris 7% 119 Oslo 4% 66 Abu Dhabi -50% 130 Antwerp Antwerp 4% 4% 53 53 Gothenburg Gothenburg 4% 4% 51 51 Cologne 3% 61 Moscow 3% 83 Hamburg 3% 65 Edinburgh 2% 57 Milan 2% 85 Glasgow -0.5% 47 Brussels 2% 69 Budapest -3% 30 Rome 1% 80 Helsinki -3% 56 Dublin -8% 46 Prague -6% 39 Copenhagen -10% 51 — 27 — Source: STR Global

REZIDOR Now

Rezidor Highlights Q2-2010 Q2 2010  All regions reported RevPAR growth  Occupancy was still the main driver  Improving rate trend  Strong recovery in Germany, France, St i G F Benelux, Norway and Switzerland  Increased margins; driven by Western Europe Europe  Strong improvement in cash flow  Continued momentum of openings and signings signings Park Inn Oslo — 29 —

Strategic Moves  Sale of Regent completed – Focus on core brands  Park Inn becomes “Park Inn by Radisson” – Reinforcing brand awareness  Portfolio takeover in the Baltics – Another leading position  Asset-light pipeline – No leases after 2010  Focus on emerging markets – High margin, management contracts The Regent Emirates Pearl, Abu Dhabi — 30 —

Other Achievements  5,400+ rooms opened YTD 2010  5,300+ rooms signed YTD 2010  Europe’s largest upscale brand – Radisson  Europe’s largest upscale and midscale pipeline  Leading hotel operator in Russia, CIS and the Baltics g p ,  Largest Airport hotel operator in Europe  Leading hotel chain in the Nordics for Business Traveller (BDRC)  Winners of Movers & Shakers award in Africa for profound growth  Strong resort portfolio  Highest Employee Satisfaction scores in history of the company Highest Employee Satisfaction scores in history of the company  World’s Most Ethical Hotel Company award by Ethisphere  Best Corporate Governance on HVS Board Masters Ranking for Europe — 31 — — 31 —

Largest Upscale Brand in Europe Number of Hotels Number of Rooms 38,079 37,985 180 170 40,000 160 147 35,000 140 30,000 120 25,000 100 19,580 82 20,000 80 15,000 12,077 10,648 53 60 35 10,000 7,334 , 40 40 24 20 4,036 5,000 20 0 - son lton riott aza aton fitel ntal son lton riott aza aton fitel ntal Crowne Pla InterContinen Radiss Radiss Crowne Pla Marr Marr Sof Shera Hil Shera So Hi InterContine Source: MKG Hospitality Database, March 2010 — 32 — — 32 —

Highest Ranked on J.D. Powers in European Guest Satisfaction Index — 33 — — 33 —

Europe’s Largest Upscale & Mid-scale Pipeline 5,974 6,139 4,209 3,962 3,538 , 3,860 , 1,478 3,034 1,273 2,014 1 051 1,051 1 893 1,893 919 1,638 SOURCE: STR GLOBAL COMPREHENSIVE PIPELINE OUTLOOK (EUROPE) — 34 — — 34 — JUNE 2010

OPENED Q2 & H1-2010 NEW OPENINGS Q2-2010 H1-2010 H1-2009 Hotels 16 20 20 Rooms 4,000 4,700 3,100 % Rooms Fee Based % Rooms Fee Based 90% 90% 90% 90% 90% 90% % Rooms Emerging Markets 80% 75% 55% Key markets in H1-2010: Moscow (2), Milan, Oslo, Stockholm, Johannesburg — 35 —

SIGNED Q2 & H1-2010 SIGNINGS Q2-2010 H1-2010 H1-2009 Hotels 16 24 25 Rooms 3,500 5,100 5,000 % Rooms Fee Based % R F B d 100% 100% 100% 100% 100% 100% % Rooms Emerging Markets 80% 70% 85% Sustained fee based growth — 36 —

Focus on Emerging Markets The Opportunity   Growing share of global GDP less exposed to financial crisis Growing share of global GDP, less exposed to financial crisis  Supply / demand imbalance in many markets  High operating margins due to asset-light growth Hi h ti i d t t li ht th Emerging Markets Strategy Emerging Markets Strategy  Maintain pole position in Russia/CIS/Baltics   Operate the most innovative contemporary hotel portfolio in Africa Operate the most innovative, contemporary hotel portfolio in Africa  Continue to grow Middle East portfolio following 2009’s record year for openings — 37 — — 37 —

Our Background In Emerging Markets 1980 SAS Hotel Kuwait, first hotel outside Scandinavia 1994 Master agreement with Carlson, takeover of hotels in Riga, Budapest, Russia and Poland 1999 1999 Radisson Waterfront Cape Town first hotel in Africa Radisson Waterfront Cape Town, first hotel in Africa 2001 Radisson Resort Sharm el Sheikh, Egypt, first North Africa resort 2002 Radisson Slavjanskaya, Moscow 2004 Development office in Russia 2005 Afrinord Joint Venture established 2006 2006 IPO on Stockholm Stock Exchange IPO St kh l St k E h Development office in Cape Town Park Inn Pribaltiyskaya & Pulkovskaya in St. Petersburg (2000+ rooms) 2009 Strategic development agreement with RHC in Russia to develop Park Inns across Russia Joint Venture in South Africa 2010 2010 Opening of Radisson Royal Moscow an iconic landmark Opening of Radisson Royal Moscow, an iconic landmark — 38 — — 38 —

Leading Hotel Operator in Russia, CIS & The Baltics — 39 — — 39 —

Second Largest Pipeline In Africa Number of Hotels Number of Hotels 40 35 35 30 25 20 15 10 5 0 — 40 — — 40 — SOURCE: W Hospitality April 2010

Africa Portfolio Largest Pipeline In Sub-Saharan Africa Largest Pipeline In Sub-Saharan Africa 18 16 14 12 10 8 6 4 2 0 0 — 41 — — 41 — SOURCE: W Hospitality April 2010

Key Strategies DEVELOPMENT – KEEP THE PACE Continue Asset-light Growth With Focus On Emerging Markets and Conversions BRANDS – QUALITY, PROFITABLE GROWTH One Of The GLOBAL ALIGNMENT Fastest Fastest Grow Pure, New Breed, Profitable Hotels Grow Pure New Breed Profitable Hotels Growing, Most Dynamic Hotel Companies In Companies In REVENUE – LEAVE NO STONES UNTURNED REVENUE LEAVE NO STONES UNTURNED Grasp Every New Business Opportunity the World Z-FACTOR – FULL THROTTLE Innovation – Work Smarter! — 42 —

43 FINANCIAL PERFORMANCE January – June 2010 y

L/L Occupancy & Rate Trend 10% 5% 8.0% 5.8% -0.6% 0% -1.2% -3.9% -5.6% -8.8% 8 8% -5% -10.8% -9.8% -10% -12.3% -5.1% -15% -13.4% -20% Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 L/L Occupancy p y L/L Rate RevPAR recovery in Q2 driven by occupancy — 44 —

L/L Revpar By Brand & Region L/L REVPAR BY REGION L/L REVPAR BY BRAND % CHANGE YTD 2010 Q2-2010 % CHANGE Q2-2010 YTD 2010 2.4% 2.4% -0.1% 0.1% NO NO 6.0% 2.0% 10.4% 6.2% ROWE 8.4% 2.2% 3.5% 3.5% -3.2% 3.2% EE EE 6.8% 2.4% 6.9% 2.6% MEAO Strong occupancy development in key Park Inn markets NO Nordics ROWE Rest of Western Europe — 45 — EE Eastern Europe MEAO Middle East, Africa and Other

Other Financial Highlights TAX  P Positive one-offs from capitalisation of deferred tax assets iti ff f it li ti f d f d t t  A more efficient tax structure going forward will lower the effective tax rate SALE OF REGENT  Positive cash inflow of ca MEUR 10  Capital gain of ca MEUR 4  Positive effect on Depreciation of ca MEUR 2 p  Annual positive effect of ca MEUR 2-3 on EBITDA — 46 —

Income Statement Highlights IN MEUR Q2-2010 Q2-2009 VAR YTD-2010 YTD-2009 VAR REVENUE 203 173 17% 369 326 13% EBITDAR 71 57 24% 116 95 22% % EBITDAR Margin 35% 33% 2pp 31% 29% 2pp EBITDA EBITDA 18 18 7 7 157% 157% 6 6 -8 8 n/m n/m % EBITDA Margin 9% 4% 5pp 2% -2% 4pp CAPITAL GAIN 4 - - 4 - - D&A + FIN ITEMS -7 -8 n/m -16 -14 n/m TAX 2 -2 n/m 5 0 n/m NET RESULT S 17 1 -3 3 n/m / -1 1 -22 22 n/m / Improved margins due to positive market development and tight cost control p g p p g 1) % of F&B Revenue 2) % of Total Revenue 3) % of Leased Hotel Revenue — 47 —

Cost Ratios IN % Q2-2010 Q2-2009 VAR YTD-2010 YTD-2009 VAR COGS 1) 26% 26% 0 pp 25% 26% 1 pp PERSONNEL 2) 35% 34% -1 pp 36% 37% 1 pp OTHER OPERATING 22% 24% 2 pp 23% 25% 2 pp EXPENSES 2) RENT 3) 29% 31% 2 pp 31% 32% 1 pp GUARANTEES 2) 1% 2% 1 pp 3% 4% 1 pp TOTAL COSTS 2) 90% 94% 4 pp 97% 101% 4 pp Effective cost control despite rising occupancy NOTE 1 % of F&B Revenue — 48 — NOTE 2 % of Operating Revenue NOTE 3 % of Leased Hotel revenue 1) % of F&B Revenue 2) % of Total Revenue 3) % of Leased Hotel Revenue

Revenue Segmentation LEASED REVENUE – IN MEUR FEE REVENUE – IN MEUR 94 8 82 8 80 71 7 6 6 Q2 10 4 3 2 Q2 10 Q2 09 Q2 09 Q2 09 Q2 09 NO ROWE NO ROWE EE MEAO 173 15 150 151 13 134 11 11 9 7 4 4 YTD 10 YTD 10 YTD 09 YTD 09 YTD 09 YTD 09 NO ROWE NO ROWE EE MEAO Revenue grew in all regions – positive impact from increase in occupancy and weakening of EUR from increase in occupancy and weakening of EUR NO Nordics ROWE Rest of Western Europe — 49 — EE Eastern Europe MEAO Middle East, Africa and Other

EBITDA Segmentation LEASED EBITDA – IN MEUR FEE EBITDA – IN MEUR 5 5 4 4 11 3 10 3 Q2 10 2 Q2 10 1 Q2 09 Q2 09 -1 -5 NO NO ROWE ROWE EE EE MEAO MEAO NO ROWE 8 7 5 5 5 5 15 15 3 2 1 YTD 10 YTD 10 0 YTD 09 YTD 09 NO ROWE EE MEAO -11 -16 NO ROWE RevPAR recovery and operational gearing NO Nordics ROWE Rest of Western Europe — 50 — EE Eastern Europe MEAO Middle East, Africa and Other

EBITDA Margin Segmentation LEASED EBITDA MARGIN – IN % FEE EBITDA MARGIN – IN % 79 79 77 14 14 72 62 56 44 43 Q2 10 Q2 09 Q2 09 -1 -1 Q2 10 Q2 10 -6 Q2 09 NO ROWE EE MEAO NO ROWE 11 11 10 10 71 72 72 71 66 57 57 53 YTD 10 YTD 09 9 YTD 10 -7 -10 YTD 09 YTD 09 -3 3 NO ROWE NO ROWE EE MEAO Strong margin improvement in ROWE g g p NO Nordics ROWE Rest of Western Europe — 51 — EE Eastern Europe MEAO Middle East, Africa and Other

52 5 Great International Brands

Brand Positioning CORE COMPETENCE Four Seasons The luxury brand Bvlgari Armani Ritz Carlton W The lifestyle brand InterContinental Luxury Brand The upscale brand Management Hilton Marriott Sheraton Sofitel First class The mid-market brand Holiday Inn Novotel Scandic Mid Mid-market k t The “up the sleeve” Ibis brand Culture Economy of Service of Service Formule 1 Budget Increased level of service SOURCE: HVS International — 53 —

the stylish four-star plus  Largest upscale brand in Europe (MKG Hospitality)  The most improved Upper Upscale Brand (BDRC)  Leading choice for business travellers in the Nordics (BDRC)  Number 2 on 2009 J.D. Powers European Guest Satisfaction Index  Designed to be different – the new breed hotels  Unique service concepts – Y Yes I Can! Our vision I C ! O i i – First in Europe to offer free internet – Award winning partnership with Nespresso – 100% Guest Satisfaction Guarantee 100% Guest Satisfaction Guarantee – World class meetings and events facilities — 54 —

young and innovative mid-market hotels  Mid-market hotel brand with contemporary Bars & Restaurants  One of the fastest growing hotel brands in mid-market segment g g g  Mastering the essentials  Warm and casual service, spotlessly clean, easy to use, safe and fun   Aim to provide quite simply the “Best Sleep in Town” Aim to provide, quite simply, the Best Sleep in Town  BDRC: Most promising Emerging Player  Ranked highest on 2009 J.D. Powers European Guest Satisfaction Index — 55 —

Live the Luxury.  Delivering supreme luxury for the spirit and all the senses  Architectural excellence, complete comfort and supreme service  Operating in Bordeaux, Zagreb & Berlin  Michelin Stars : — “Fischer Fritz” by Christian Loohse at Regent Berlin– the one and only 2 “Fi h F it ” b Ch i ti L h t R t B li th d l 2 Michelin star restaurants in Berlin — “La Pressoir d’Argent” by Pascal Nibaudeau at Regent Grand Bordeaux  Coming soon in Dubrovnik, Abu Dhabi & Doha  Owned by Formosa International, Taiwan — 56 —

Bold. Passionate. Fashionable. Uniquely Missoni.  New lifestyle fashion brand – building on the heritage of over 50 years  Styled by Rosita Missoni – managed by a strong international operator  Global appeal and growth potential Global appeal and growth potential  Only fashion hotel brand positioned in the upper upscale segment like other competing lifestyle brands (W, Andaz) and unlike other fashion brands (Armani, Bvlgari)  Asset-light growth with focus on emerging markets Asset light growth with focus on emerging markets  First opening in Edinburgh with huge media rave  Coming next: Kuwait, Oman, Cape Town & Brazil — 57 —

LARGEST AIRPORT HOTEL OPERATOR LARGEST AIRPORT HOTEL OPERATOR 90+ R 90+ Rezidor Branded Bars & Restaurants id B d d B & R t t — 58 —

59 Stunning New Flagships p g g

Hotel Missoni Edinburgh, Scotland — 60 — — 60 —

Radisson Royal Hotel, Moscow — 61 — — 61 — Russia’s Most Prestigious Hotel Building

Radisson Sonya Hotel, St. Petersburg — 62 — — 62 —

Radisson Blu Resort & Spa, Dubrovnik Sun Gardens — 63 — — 63 — Croatia’s Largest Resort

Radisson Blu Hotel, Milan, Italy — 64 — — 64 —

— 65 — — 65 — Radisson Blu Majestic Resort, Galzignano Terme, Italy

Radisson Blu Hotel, Madrid Prado, Spain — 66 — — 66 —

Radisson Blu Hotel & Conference Centre, Salzburg, Austria — 67 — — 67 —

— 68 — — 68 — Radisson Blu Hotel, Hamburg Airport, Germany

Radisson Blu Gautrain Hotel, Sandton Johannesburg, South Africa — 69 — — 69 —

— 70 — — 70 — Park Inn Ulysse Resort & Thalasso, Djerba, Tunisia

Radisson Blu Resort & Spa, Cesme, Turkey — 71 — — 71 —

— 72 — — 72 — Park Inn & Radisson Blu Hotel, Yas Island, Abu Dhabi

— 73 — — 73 — Radisson Blu Hotel, Port Elizabeth, South Africa

Park Inn Sandton, Johannesburg, South Africa — 74 — — 74 —

Radisson Blu Hotel, Dakar, Senegal — 75 — — 75 —

Radisson Blu Al Mahary Hotel, Tripoli, Libya — 76 — — 76 —

Radisson Iveria Hotel, Tblisi, Georgia — 77 — — 77 —

Radisson Blu Hotel. Gdansk, Poland — 78 — — 78 —

79 Coming Soon g

Scandinavia’s Largest Congress Centre 139,000 sq. ft. or 13,000 sqm or 3.5 acres , q , q Equal to the size of 2.5 American Football fields 3,000+ people — 80 — — 80 — Park Inn Stockholm Waterfront, Sweden

Park Inn Malmö, Sweden — 81 — — 81 —

Park Inn Oslo Gardemoen Airport, Norway — 82 — — 82 —

Park Inn Stuttgart, Germany — 83 — — 83 —

Radisson Blu Hotel, Istanbul Asia, Turkey — 84 — — 84 —

Radisson Belorusskaya Hotel, Moscow, Russia — 85 — — 85 —

Park Inn Luxembourg City — 86 — — 86 —

Radisson Blu Resort & Spa, Tangier, Morocco — 87 — — 87 —

Radisson Blu Hotel, Marrakech, Morocco — 88 — — 88 —

Radisson Blu Hotel, Ulaanbaatar, Mongolia — 89 — — 89 —

The Regent Dubovnik, Croatia — 90 — — 90 —

— 91 — — 91 — Radisson Blu Hotel, Cape Town Blaauwberg, South Africa

Park Inn Al Diyafa, Makkah, Saudi Arabia — 92 — — 92 —

The Regent Emirates Pearl, Abu Dhabi — 93 — — 93 —

Hotel Missoni Kuwait — 94 — — 94 —

Radisson Blu Hotel, Maputo, Mozambique — 95 — — 95 —

Radisson Blu Hotel, Lusaka, Zambia — 96 — — 96 —

Radisson Blu Hotel, Abuja, Nigeria — 97 — — 97 —

Radisson Blu Hotel & Convention Centre, Kigali, Rwanda — 98 — — 98 —

Rezidor – An Exciting Company Attractive Industry Strong Portfolio Growth Pipeline 20,000+ rooms rooms Leaders in key and emerging markets + Global brands Significant margin expansion Asset light and flexible business model Substantial contracted development pipeline = Attractive partner to hotel owners & developers Attractive partner to hotel owners & developers Continued fast Continued fast profitable growth Significant benefits from partnership with Carlson — 99 —

Focus Areas & Financial Targets FOCUS AREAS FINANCIAL TARGETS  Profitability EBITDA margin of 12% over a Better contract mix Target business cycle  Geographic diversification   Focus on core brands Focus on core brands Balance Small positive average net – Leverage the Radisson brand Sheet cash position endorsement  Maintain the new fixed cost base  Synergies from the size of the Dividend Approximately one third of business annual after-tax income to be Policy distributed to shareholders  Current pipeline to generate Current pipeline to generate 2-2.5% pts on EBITDA margin — 100 — — 100 —