2. Sick Patient or Post-Mortem? Diagnosing the Canadian Hotel Investment Industry What Will It Take To Survive? Moderator: Lyle Hall, HLT Advisory Inc. Panel: David Larone, Director, PKF Consulting Inc Betsy MacDonald, Managing Director, HVS Abid J. Gilani, SVP Treasury, Marriott International Chuck Henry, President, Hotel Capital Advisers, Inc. Craig Wright, Senior VP & Chief Economist, RBC Capital Markets - Real Estate Group Moderator: Lyle Hall, HLT Advisory Inc. Panel: David Larone, Director, PKF Consulting Inc Betsy MacDonald, Managing Director, HVS Abid J. Gilani, SVP Treasury, Marriott International Chuck Henry, President, Hotel Capital Advisers, Inc. Craig Wright, Senior VP & Chief Economist, RBC Capital Markets - Real Estate Group

3. David Larone David Larone Director

4. The Economic Downturn -National 1991-92198919901991199289-92 Occupancy66%65%59% 58%(8%) ADR$81$84 $83$2 NOI Per Room$5,100$4,400$1,900 $1,800(65%) Supply3%4% 2%12% Demand1%2%(6%)1%(3%) 911/SARS200020012002200300-03 Occupancy65%62% 59%(6%) ADR$111$114$116 $114$3 NOI Per Room$11,100$9,800$9,900 $7,200(35%) Supply2% 8% Demand1%(2%)1%(6%)(4%) 2007-10200720082009201007-10Occupancy65%63%61% 63% 63%(2%) ADR$127$131$133 $136 $136$9 NOI Per Room $11,600$11,000$10,000 $10,800 $10,800(7%) Supply2%2%1%1%6% Demand3%(1%)(2%)3%3% Source: PKF Consulting We are better equipped this time around