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Special Report 05.12 06.12 07.12 08.12 09.12 Bluegreen Corporation B2/S B2/S B2/S B3/N B3/N Gaylord Entertainment Company B2/S B2/S B2/S B2/S B3/S Marriott International, Inc. Baa2/S Baa2/S Baa2/S Baa2/N Baa3/S Starwood Hotels & Resorts Ba1/Under Worldwide Inc. review Baa3/S Baa3/S Baa3/N Ba1/S Choice Hotels International, Inc. Baa3/P Baa3/P Wyndham Worldwide Baa2/S Baa2/S Baa3/under Corporation review Ba1/S

18 19 Marriott Starwood Choice Wyndham Baa3/S Ba1/S Baa3/P Ba1/S 1927 1969 1939 2006 Maryland U.S. New York U.S. Maryland U.S. New Jersey U.S. 151,000 145,000 5,500 2,700 3.2 billion 2.7 billion 0.6 billion 3.8 billion Vacation ownership Vacation exchange Vacation ownership Vacation ownership and rental 70 100 US 35 66 3,351 992 6,021 7,110 582,570 298,522 487,410 597,700 Cedant Cor. royalty fee : 4.26% Marriott Hotels&Resorts Renaissance Hotels&Resorts Courtyard The Ritz-Carlton Sheraton Comfort Inn Days Inn Westin Hotel Cambria Suites Super8 W Hotels Rodeway Inn Ramada The Luxury Collection MainStay Suites Howard Johnson

Special Report

20 21 ADR($) Occupancy(%) RevPAR($) 2006 2007 2008 2009 2006 2007 2008 2009 2006 2007 2008 2009 Marriott 131.9 141.0 146.4 128.9 73.1 72.9 70.0 64.2 96.4 102.8 102.5 82.8 Starwood 160.2 174.9 185.2 158.3 69.4 70.1 67.5 62.7 111.2 122.6 125.0 99.3 Choice 68.7 72.1 74.1 71.1 58.4 57.9 55.3 49.4 40.1 41.7 39.3 36.6 Wyndham 65.4 68.0 69.5 65.5 53.4 53.7 51.4 46.3 34.9 36.5 35.7 30.3 Marriott 7% 4% -12% 0% -4% -8% 7% 0% -19% Starwood 9% 6% -15% 1% -4% -7% 10% 2% -21% Choice 5% 3% -4% -1% -4% -11% 4% -6% -7% Wyndham 4% 2% -6% 1% -4% -10% 5% -2% -15%

Special Report RCF/Net Debt(%) Debt/EBITDA( ) EBIT/Interest( ) 06 07 08 09* 06 07 08 09* 06 07 08 09* Marriott 22.4 17.1 16.4 21.3 3.1 3.6 4.0 4.3 4.2 3.5 3.3 2.9 Starwood 15.5 16.7 14.5 10.9 2.8 3.4 4.2 4.8 3.0 3.8 2.8 1.6 Choice 44.7 32.3 35.2 29.9 1.2 1.6 1.7 2.0 10.4 11.7 13.6 16.6 Wyndham -16.4 35.3 35.4 36.0 3.0 3.0 3.2 3.3 5.2 5.0 5.1 5.0

22 23 04 05 06 07 08 08.09 09.09 8,410 8,579 8,544 8,317 8,270 8,453 8,213 10,436 10,799 10,979 11,433 11,953 8,443 8,406 Occupancy 72.3% 70.1% 68.5% 70.7% 75.5% 72.7% 78.5% 185,143 183,820 174,205 173,021 177,662 175,864 177,993 1.2% -0.7% -5.2% -0.7% 2.7% - 1.2% Hotels Westin Hotel 2008 18 Westin chosun Company Jane Packer 2008 0.6

Special Report Inter Continental Grand/Coex Hotels Group 2008 48 Inter Continental ~2010 Renaissance Millenium Hilton Seoul The Ritz-Carlton JW Marriott Seoul Ramada Pacific Ltd. ~2015 2008 16 Hilton international-franchise Hilton 2008 13 International Co Millenium ~2013 2008 23 Millenium The Ritz Carlton Hotel Company ~2010 MHI MHI 0.25% Marriott Hotels IHC International Base Royalty Fee : IHLC 1.75% Incentive Royalty Fee : IHLC 10% 2000~20 IHLC 1.5% 2008 46 RevPar 06 07 08 09.9 06 07 08 09.9 06 07 08 09.9 Lotte(main) 168 162 184 201 69.7 67.9 72.6 78.0 117 110 134 157 Lotte-World 126 128 137 143 70.4 72.8 83.0 86.1 89 93 114 123 Grand Inter 230 230 230 223 59.2 66.5 73.8 70.8 136 153 170 158

24 25 RevPar 06 07 08 09.9 06 07 08 09.9 06 07 08 09.9 COEX Inter 172 169 169 164 77.2 78.1 83.5 85.3 133 132 141 140 Shilla 227 224 228 220 65.4 70.7 73.5 83.5 148 158 167 184 Hyatt 223 227 215 217 62.4 63.6 72.0 73.5 139 144 155 160 Chosun 234 234 235 229 70.5 73.2 75.4 79.9 165 172 177 183 Ritz 156 153 171 168 73.3 72.6 81.0 74.9 115 111 139 126 Hilton 164 167 175 176 78.2 84.3 84.4 86.9 128 141 147 153 Renaissance 143 139 134 132 76.3 75.9 85.1 85.1 109 106 114 113 Marriott 172 172 179 180 80.5 83.4 82.2 84.5 139 144 147 152 Walker-hill 192 183 182 178 62.1 62.9 63.7 71.6 119 115 116 128 Plaza 147 144 151 153 65.0 69.2 70.7 75.5 96 100 107 116 Grand Hilton 127 128 124 115 56.8 55.7 64.0 66.3 72 71 79 76 I.Palace 132 134 134 127 53.7 63.0 68.3 72.9 71 85 92 93 174 173 177 175 68.1 70.6 75.5 78.3 118 122 133 137

Special Report 07 08 09.09 07 08 09 07 08 09-5,218 1,430 4,294 5,320 8,796 7,124 30,357 33,536 33,601 107,012 84,760 58,013 20,204 48,058 29,714-51,011-14,144-6,364-2,009-3,733 3,133 47,207 69,801 54,956 23,515 53,121 39,971-1.9 0.5 1.9 1.8 2.6 4.3 16.0 16.8 17.5 11.2 7.6 5.6 7.1 7.3 4.3 - - - -41.3-8.1-5.0 0.7 0.5 8.8 - - - 3.5 4.4 3.9 4.8 6.1 4.5 - - - 2008 15,951 100.0 8,748 100.0 1,997 100.0 9,402 58.9 4,618 52.8 1,367 68.4 5,851 36.7 3,599 41.1 295 14.8 1,169 7.3 867 9.9 31 1.6 749 4.7 512 5.9 18 0.9 108 0.7 23 0.3 0 0.0 1,690 10.6 761 8.7 41 2.0 268 1.7 175 2.0 0 0.0 220 1.4 443 5.1 0 0.0 0 0.0 0 0.0 48 2.4 698 4.4 531 6.1 335 16.8 80 0.5 151 1.7 129 6.5

26 27 RCF/Net Debt Debt/EBITDA EBIT/Interest 06 07 08 09* 06 07 08 09* 06 07 08 09* -76.9-125 62.5 45.5 0.2 0.2 2.3 3.9 31.1 29.6 8.7 4.0 142.9 125 27.8 32.3 1.3 1.0 4.6 3.1 7.2 7.4 3.5 2.2 166.7 500 142.9 333.3 0.6 0.5 0.9 0.7 7.9 8.1-0.5 0.7 11.8 15.6 17.5 23.8 5.8 4.3 3.8 3.0 1.5 2.2 2.6 2.9-21.7-12.8-66.7 n/a 0.1 0 1.6 n/a 26.6-312 17.8 n/a 13.2 19.6 23.3 32.3 6.4 4.6 4.1 3.3 0.7 1.7 2.2 3.8 5.6 10.9 6.6 n/a 8.3 7.3 6.6 n/a 0.6 0.9 1.1 n/a 17.5 19.2 17.2 24.4 5.0 4.5 5.6 3.3 2.2 2.6 1.9 2.0

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