1. enjoy!Whitbread David Richardson, finance director, Whitbread PLC ABN AMRO Leisure Conference 2004

2. enjoy!Whitbread Whitbread 2003/4 operating profit (PBITA)* *Excludes associates

3. enjoy!Whitbread Whitbread 2003/4 net assets

4. enjoy!Whitbread The value agenda Improving returns Generating growth The four-star recovery Capital allocation

5. enjoy!Whitbread Improving returns 3-year ROCE profile 6.2%* 13.6% 11.5% 25.3% 9.5%* 10.4%* * pre-amortization of goodwill

6. enjoy!Whitbread Generating growth 3-year PBIT and EPS growth EPS (pence) PBIT (£m)

7. enjoy!Whitbread Generating growth 3-year like-for-like sales

8. enjoy!Whitbread Generating growth increased distribution (projected) Travel Inn: — 18,200 bedrooms to 25,000 Brewers Fayre/ Brewsters: — 395 pub restaurants to 600 David Lloyd Leisure: — 56 UK/Eire clubs to 100 — Opportunities in Spain and Benelux High Street: — Pizza Hut — Costa

9. enjoy!Whitbread New site investment demands strong returns and good cash flow 03/04 Free cash 03/04 ROCE 04/05e growth capex David Lloyd Leisure £47m9.5%*£45m Travel Inn£80m13.6%£40m Pub restaurants £74m11.5%£30m High Street£26m25.3%£10m Marriott£72m6.2%N/a *Note: 2003/4 mature club ROCE 14.9%

10. enjoy!Whitbread Whitbread group ROCE (PBIT, pre-exceptionals and goodwill amortization: year end assets)

11. enjoy!Whitbread Recovery in 4-star hotels? rate vs occupancy (UK) Source: Hotelbenchmark.com

12. enjoy!Whitbread Recovery in 4-star hotels? rate vs occupancy (London) Source: Hotelbenchmark.com

13. enjoy!Whitbread Recovery in 4-star hotels? business & leisure mix (UK) Source: Whitbread analysis of TRI data businessleisure

14. enjoy!Whitbread Capital allocation asset ownership & the 4-star cycle WACC Prop financing ROCE (%)

15. enjoy!Whitbread Capital allocation ROCE vs WACC Chart shows impact of returns exceeding or falling below weighted average cost of capital, relative to capital employed by business unit.Notional WACC set at 10.1% pre-tax

16. enjoy!Whitbread Levers for growth Continued like-for-like sales growth Increased distribution of high returning brands Recovery in four-star hotels Capital reallocation

17. enjoy!Whitbread Appendix

18. enjoy!Whitbread David Richardson finance director External appointments: Serco Group PLC (non-executive director and chairman of audit committee) Britannia Soft Drinks Limited (director) Previous experience: Qualified as an accountant with Touche Ross before moving to ICL. David joined Whitbread in 1983 and was appointed to the board as strategic planning director in 1996. Finance director since March 2001.

19. enjoy!Whitbread Hotels

20. enjoy!Whitbread Travel Inn

21. enjoy!Whitbread Restaurants

22. enjoy!Whitbread David Lloyd Leisure

23. enjoy!Whitbread Glossary of terms General Like-for-like salesPeriod over period change in total sales, less sales generated by businesses acquired or disposed of and retail outlets opened or closed during 2002/3 and 2003/4 Return on CapitalOperating profit divided by period end net assets. (Where average ROCE is quoted it is based on the average of opening and Employed (ROCE) closing net assets.) Operating marginOperating profit expressed as a percentage of sales Restaurants Turnover per outletTurnover in period divided by the average of opening and closing outlets Profit per outletOperating profit (after allocation of overheads but before exceptional items) divided by the average of the opening and closing number of outlets Hotels Achieved Room Rate (ARR)Hotel accommodation income divided by the number of rooms occupied by guests OccupancyNumber of hotel bedrooms occupied by guests expressed as a percentage of the number of bedrooms available in the period Yield (RevPar)Also known as "revenue per available room" this hotel measure is achieved by multiplying the ARR by the occupancy rate Income before fixed costsHotel operating profit before directly attributable fixed costs (such as rent, rates, margin (IBFC) insurance, etc ) and central costs divided by hotel sales Profit per room Hotel operating profit ( after allocating central costs) divided by the number of rooms available David Lloyd Leisure Club EBITDA marginClub contribution before depreciation, amortisation and central costs divided by club sales in the period Revenue per memberClub sales divided by the average of the opening and closing number of members EBTIDA per memberClub operating profits before depreciation, amortisation and central costs divided by the average of the opening and closing number of members Retention rateThe percentage of members at the start of the period who are still members at the end of the period expressed as a percentage of members at the start of the period