2.  World’s largest hotel group  Over 3500 hotels worldwide  Company dates back to 1777  Several brands such as InterContinental, Holiday Inn and Crown Plaza

3. TOTAL REVENUES 1,903.0 Cost Of Goods Sold784.0 GROSS PROFIT1,119.0 Selling General & Admin Expenses, Total374.0 Depreciation & Amortization, Total85.0 Other Operating Expenses-- OTHER OPERATING EXPENSES, TOTAL459.0 OPERATING INCOME660.0 Interest Expense-78.0 Interest And Investment Income10.0 NET INTEREST EXPENSE-68.0 Income (Loss) On Equity Investments8.0 Other Non-Operating Income (Expenses)1.0 EBT, EXCLUDING UNUSUAL ITEMS601.0 Merger & Restructuring Charges-- Gain (Loss) On Sale Of Investments-- Gain (Loss) On Sale Of Assets166.0 Other Unusual Items, Total-167.0 Legal Settlements-10.0 Other Unusual Items-157.0 EBT, INCLUDING UNUSUAL ITEMS600.0 Income Tax Expense226.0 Minority Interest In Earnings-2.0 Earnings From Continuing Operations374.0 EARNINGS FROM DISCOUNTINUED OPERATIONS-- NET INCOME 372.0

4. Cash And Equivalents134.0 Short-Term Investments12.0 TOTAL CASH AND SHORT TERM INVESTMENTS146.0 Accounts Receivable338.0 Other Receivables32.0 TOTAL RECEIVABLES370.0 Inventory4.0 Prepaid Expenses65.0 Other Current Assets229.0 TOTAL CURRENT ASSETS814.0 Gross Property Plant And Equipment1,972.0 Accumulated Depreciation-803.0 NET PROPERTY PLANT AND EQUIPMENT1,169.0 Goodwill80.0 Long-Term Investments321.0 Loans Receivable, Long Term-- Deferred Tax Assets, Long Term108.0 Other Intangibles438.0 Other Long-Term Assets23.0 TOTAL ASSETS2,953.0 Accounts Payable97.0 Accrued Expenses436.0 Current Portion Of Long-Term Debt/Capital Lease16.0 Current Portion Of Capital Lease Obligations16.0 Current Income Taxes Payable47.0 Other Current Liabilities, Total218.0 TOTAL CURRENT LIABILITIES814.0 Long-Term Debt1,070.0 Capital Leases199.0 Minority Interest8.0 Pension & Other Post-Retirement Benefits184.0 Deferred Tax Liability Non- Current175.0 Other Non-Current Liabilities585.0 TOTAL LIABILITIES3,027.0 Common Stock65.0 Additional Paid In Capital124.0 Retained Earnings2,334.0 Comprehensive Income And Other-2,605.0 TOTAL COMMON EQUITY-82.0 TOTAL EQUITY-74.0 TOTAL LIABILITIES AND EQUITY2,953.0

5.  Return on Equity: 307,82%  Return on Assets: 13,27 %  Return on Investment: 16,24%  Gross Margin: 58.80%

6.  Current Ratio: 0,72%  Quick Ratio: 0,63%

7.  Debt to Total Capital ratio:106.11%  Cash flow: - 61 million euros

8.  Profitability: excellent  Liquidity: very poor  Solvency: negative cash flow is a serious issue