MARRIOTT INTERNATIONAL, INC. PRESS RELEASE SCHEDULES QUARTER 4, 2016 TABLE OF CONTENTS

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1 PRESS RELEASE SCHEDULES QUARTER 4, 06 TABLE OF CONTENTS Consolidated Statements of Income - As Reported A- Consolidated Statements of Income - Fourth Quarter Adjusted 06 Compared to Combined 05 A-3 Consolidated Statements of Income - Combined Full Year 06 and 05 A-4 Total Lodging Products A-5 Combined Key Lodging Statistics A-8 Combined Adjusted EBITDA/ Adjusted EBITDA A- Adjusted EBITDA Forecast - Full Year 07 A-3 Non-GAAP Financial and Performance Measures A-4

2 CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED FOURTH QUARTER 06 AND 05 (in millions except per share amounts, unaudited) As Reported As Reported Percent Three Months Ended Three Months Ended Better/(Worse) December 3, 06 December 3, 05 Reported 06 vs. 05 REVENUES Base management fees $ 68 $ 7 56 Franchise fees Incentive management fees Total Fees Owned, leased, and other revenue Cost reimbursements 3 4,07, Total Revenues 5,456 3, OPERATING COSTS AND EXPENSES Owned, leased, and other - direct (03) Reimbursed costs 4,07,995 (40) Depreciation, amortization, and other () Merger-related costs and charges 36 - * General, administrative, and other (4) Total Expenses 5,05 3,396 (48) OPERATING INCOME Gains and other income, net 7 7 (7) Interest expense (75) (46) (63) Interest income Equity in earnings 8 3 (33) INCOME BEFORE INCOME TAXES Provision for income taxes (39) (8) (70) NET INCOME $ 44 $ 0 EARNINGS PER SHARE Earnings per share - basic $ 0.63 $ 0.79 (0) Earnings per share - diluted $ 0.6 $ 0.77 (9) Basic Shares Diluted Shares * Calculated percentage is not meaningful. Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 07. Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of Cost reimbursements include reimbursements from properties for company-funded operating expenses. 4 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 5 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. 6 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. 7 Gains and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. 8 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. February 5, 07 A-

3 CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED FULL YEAR 06 AND 05 (in millions except per share amounts, unaudited) As Reported As Reported Percent Twelve Months Ended Twelve Months Ended Better/(Worse) December 3, 06 December 3, 05 Reported 06 vs. 05 REVENUES Base management fees $ 806 $ Franchise fees Incentive management fees Total Fees,9,870 9 Owned, leased, and other revenue, Cost reimbursements 3 3,546,630 6 Total Revenues 7,07 4,486 8 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct (3) Reimbursed costs 3,546,630 (6) Depreciation, amortization, and other () Merger-related costs and charges * General, administrative, and other () Total Expenses 5,704 3,36 (0) OPERATING INCOME,368,350 Gains and other income, net (8) Interest expense (34) (67) (40) Interest income 35 9 Equity in earnings (38) INCOME BEFORE INCOME TAXES,84,55 (6) Provision for income taxes (404) (396) () NET INCOME $ 780 $ 859 (9) EARNINGS PER SHARE Earnings per share - basic $.68 $ 3. (7) Earnings per share - diluted $.64 $ 3.5 (6) Basic Shares Diluted Shares * Calculated percentage is not meaningful. Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 07. Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of Cost reimbursements include reimbursements from properties for company-funded operating expenses. 4 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 5 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. 6 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. 7 Gains and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. 8 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. February 5, 07 A-

4 CONSOLIDATED STATEMENTS OF INCOME FOURTH QUARTER ADJUSTED 06 COMPARED TO COMBINED 05 (in millions except per share amounts, unaudited) Percent As Reported Less: As Adjusted ** Combined 0 Better/(Worse) Three Months Ended Merger-Related Three Months Ended Three Months Ended Adjusted 06 vs. December 3, 06 Costs 9 December 3, 06 December 3, 05 Combined 05 REVENUES Base management fees $ 68 $ - $ 68 $ 65 Franchise fees Incentive management fees () Total Fees Owned, leased, and other revenue (5) Cost reimbursements 3 4,07-4,07 4,3 (3) Total Revenues 5,456-5,456 5,574 () OPERATING COSTS AND EXPENSES Owned, leased, and other - direct Reimbursed costs 4,07-4,07 4,3 3 Depreciation, amortization, and other Merger-related costs and charges General, administrative, and other Total Expenses 5, ,879 5,086 4 OPERATING INCOME / (LOSS) 44 (36) Gains (losses) and other income, net 7 - () 00 Interest expense (75) - (75) (8) 7 Interest income Equity in earnings 8-3 (85) INCOME / (LOSS) BEFORE INCOME TAXES 383 (36) (Provision) benefit for income taxes (39) 46 (85) (39) (33) NET INCOME / (LOSS) $ 44 $ (90) $ 334 $ 9 5 EARNINGS PER SHARE Earnings per share - basic $ 0.63 $ 0.86 $ Earnings per share - diluted $ 0.6 $ 0.85 $ Basic Shares Diluted Shares ** Denotes non-gaap financial measures. See pages A-4 and A-5 for more information about these non-gaap measures. Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 07. Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of Cost reimbursements include reimbursements from properties for company-funded operating expenses. 4 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 5 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. 6 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. 7 Gains (losses) and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. 8 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. 9 The adjusted consolidated statements of income are presented before the impact of merger-related costs. 0 See pages A-4 and A-5 for basis of presentation of combined financial information. February 5, 07 A-3

5 CONSOLIDATED STATEMENTS OF INCOME - COMBINED FULL YEAR 06 AND 05 (in millions except per share amounts, unaudited) Combined 9 Combined 9 Percent Twelve Months Ended Twelve Months Ended Better/(Worse) December 3, 06 December 3, 05 Combined 06 vs. 05 REVENUES Base management fees $,07 $,064 Franchise fees,8,46 7 Incentive management fees Total Fees,86,739 4 Owned, leased, and other revenue,4,5 (5) Cost reimbursements 3 7,480 6,936 3 Total Revenues,483,96 3 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 4,505,663 0 Reimbursed costs 7,480 6,936 (3) Depreciation, amortization, and other General, administrative, and other 6 964,039 7 Total Expenses 0,6 9,985 () OPERATING INCOME,,94 4 Losses and other income, net 7 () (3) (633) Interest expense (3) (34) Interest income 4 34 Equity in earnings (6) INCOME BEFORE INCOME TAXES,953,7 3 Provision for income taxes (65) (558) (7) NET INCOME $,30 $,64 EARNINGS PER SHARE Earnings per share - basic $ 3.35 $.89 6 Earnings per share - diluted $ 3.30 $.84 6 Basic Shares Diluted Shares Franchise fees include fees from our franchise agreements. The company currently plans to reclassify branding fees from owned, leased and other revenue beginning in the first quarter of 07. Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, branding fees, and other revenue. The company currently plans to reclassify branding fees to franchise fees beginning in the first quarter of Cost reimbursements include reimbursements from properties for company-funded operating expenses. 4 Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses. 5 Depreciation, amortization, and other expenses include depreciation for fixed assets, amortization of capitalized costs incurred to acquire management, franchise, and license agreements, and any related impairments, accelerations, or write-offs. 6 General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses. 7 Losses and other income, net includes gains and losses on the sale of real estate, the sale or other-than-temporary impairment of joint ventures and investments, and results from cost method investments. 8 Equity in earnings include our equity in earnings or losses of unconsolidated equity method investments. 9 See pages A-4 and A-5 for basis of presentation of combined financial information. February 5, 07 A-4

6 Marriott International, Inc Total Lodging Products By Ownership Type As of December 3, 06 North America Total International Total Worldwide Units Rooms Units Rooms Units Rooms Managed 87 50, ,89,8 5,55 JW Marriott Hotels 5 9, ,95 6 8,60 The Ritz-Carlton Hotels 39,40 5 4, ,884 The Ritz-Carlton Residences 34 4, ,49 The Ritz-Carlton Serviced Apartments Luxury Collection 5, ,7 5 0,566 W Hotels 5 7,79 3 5,4 48,97 St. Regis 9,75 7 6, ,774 EDITION Hotels ,66 EDITION Residences 5 5 Bulgari Hotels & Resorts 7 7 Bulgari Residences 5 5 Marriott Hotels 3 68, ,547 85,987 Sheraton 3 3, , ,74 Westin 48 5,73 68, ,37 Renaissance Hotels 6, ,7 76 7,796 Le Meridien ,95 79,67 Autograph Collection Hotels 3, ,735 Delta Hotels and Resorts 5 6, ,764 Gaylord Hotels 5 8, ,098 Marriott Executive Apartments 8 4,95 8 4,95 Tribute Portfolio Courtyard 56 40,8 78 6, ,9 Residence Inn 4 7, ,67 Fairfield Inn & Suites 6,43 0, ,00 SpringHill Suites 30 4, ,854 Four Points , ,667 TownePlace Suites 5,740 5,740 Aloft , ,04 Protea Hotels 36 4,0 36 4,0 Element Franchised 3,59 54, ,6 4,006 64,405 JW Marriott Hotels 0 4,469 7,74 7 6, The Ritz-Carlton Hotels The Ritz-Carlton Residences Luxury Collection 9, , ,50 Bulgari Hotels & Resorts Marriott Hotels 0 65,7 43, ,76 Sheraton 6 48, ,59 65,544 Westin 75 4, , ,034 Renaissance Hotels 57 6,03 6 7, ,7 Le Meridien 6 3,753, ,66 Autograph Collection Hotels 6 3, ,6 99,856 Delta Hotels and Resorts 3,00 3,00 Tribute Portfolio 4, ,83 Courtyard 686 9, , ,304 Residence Inn 6 7, ,98 Fairfield Inn & Suites 8 75, ,386 SpringHill Suites 39 37, ,67 Four Points 3 9, , ,006 TownePlace Suites 86 8,5 86 8,5 Aloft 80,766,95 9 3,69 Protea Hotels 5 3, ,550 Element 9, ,06 Moxy Hotels 94 5,000 7,94 February 5, 07 A-5

7 Marriott International, Inc Total Lodging Products By Ownership Type As of December 3, 06 North America Total International Total Worldwide Units Rooms Units Rooms Units Rooms Owned/Leased 33 0, , ,839 JW Marriott Hotels The Ritz-Carlton Hotels Luxury Collection W Hotels ,74 St. Regis Marriott Hotels 4,0 4, ,547 Sheraton 3,67 6, ,538 Westin, ,078 Renaissance Hotels ,059 Tribute Portfolio Courtyard 9, ,460 Residence Inn Protea Hotels 0,60 0,60 Unconsolidated Joint Ventures,93 89, ,06 Autograph Collection Hotels AC Hotels by Marriott, ,845 95,758 Timeshare* 66 7,7 7 3, ,70 Marriott Vacations Worldwide 48 0,665 4, ,00 Vistana 8 6,46 3,0 7,68 Grand Total 4,59 805,00,55 385,603 6,080,90,604 *Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured in the Corporate segment. February 5, 07 A-6

8 Marriott International, Inc Total Lodging Products By Brand As of December 3, 06 North America Total International Total Worldwide Total Systemwide Units Rooms Units Rooms Units Rooms Luxury 53 45, ,45 46,93 JW Marriott Hotels 5 4,64 55, ,37 The Ritz-Carlton Hotels 40, , ,866 The Ritz-Carlton Residences 35 4, ,04 The Ritz-Carlton Serviced Apartments Luxury Collection 4 4, ,7 97 9,84 W Hotels 6 8,38 5 5, ,45 St. Regis 0, , ,7 EDITION Hotels ,66 EDITION Residences 5 5 Bulgari Hotels & Resorts Bulgari Residences 5 5 Upper Upscale , ,046, ,8 Marriott Hotels , , ,96 Sheraton 96 74, , ,84 Westin 5 5, , ,49 Renaissance Hotels 84 8, , ,6 Le Meridien 0 4, , ,98 Autograph Collection Hotels 64 4, ,640 4,939 Delta Hotels and Resorts 37 9, ,784 Gaylord Hotels 5 8, ,098 Marriott Executive Apartments 8 4,95 8 4,95 Tribute Portfolio 3 4, ,473 Limited-Service 3,4 40, ,530 3,897 49,47 Courtyard 96 35, ,859,098 63,055 Residence Inn 76 89, ,9 Fairfield Inn & Suites 88 76,43, ,406 SpringHill Suites 359 4, ,56 Four Points 3 0, , ,673 TownePlace Suites 30 30, ,5 Aloft 8, ,69 6 9,75 AC Hotels by Marriott, ,845 95,758 Protea Hotels 97 9, ,35 Element 0, ,474 Moxy Hotels 94 5,000 7,94 Timeshare* 66 7,7 7 3, ,70 Marriott Vacations Worldwide 48 0,665 4, ,00 Vistana 8 6,46 3,0 7,68 Grand Total 4,59 805,00,55 385,603 6,080,90,604 *Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured in the Corporate segment. February 5, 07 A-7

9 COMBINED KEY LODGING STATISTICS Constant $ Comparable Company-Operated International Properties Three Months Ended December 3, 06 and December 3, 05 REVPAR Occupancy Average Daily Rate Region 06 vs. 05* 06 vs. 05* 06 vs. 05* Greater China $ % 70.7% 4.3% pts. $ % Rest of Asia Pacific $7.34.% 75.8%.4% pts. $ % Asia Pacific $ % 7.4% 3.4% pts. $ % Caribbean & Latin America $ % 64.3% -.% pts. $ % Europe $5.09.3% 70.% 0.7% pts. $ % Middle East & Africa $9.4 -.% 67.8% 0.6% pts. $ % Total International $ % 70.4%.8% pts. $ % Worldwide 3 $ % 7.0% 0.7% pts. $ % Comparable Systemwide International Properties Three Months Ended December 3, 06 and December 3, 05 REVPAR Occupancy Average Daily Rate Region 06 vs. 05* 06 vs. 05* 06 vs. 05* Greater China $ % 70.6% 4.% pts. $ % Rest of Asia Pacific $ % 75.% 0.9% pts. $ % Asia Pacific $ % 7.5%.8% pts. $ % Caribbean & Latin America $ % 60.8% -.0% pts. $ % Europe $0.4.7% 70.8%.% pts. $ % Middle East & Africa $4.0 -.% 67.3% 0.5% pts. $ % Total International $ % 69.7%.5% pts. $ % Worldwide 3 $ % 69.6% 0.4% pts. $ % * The 05 statistics used to calculate change from the 05 period to the 06 period assume Marriott s acquisition of Starwood and Starwood s sale of its timeshare business had been completed on January, 05. International includes properties located outside the United States and Canada. Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Le Meridien, Courtyard, Residence Inn, Fairfield Inn & Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. 3 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Gaylord Hotels, Le Meridien, Tribute Portfolio, Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, TownePlace Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. February 5, 07 A-8

10 COMBINED KEY LODGING STATISTICS Constant $ Comparable Company-Operated International Properties Twelve Months Ended December 3, 06 and December 3, 05* REVPAR Occupancy Average Daily Rate Region 06 vs vs vs. 05 Greater China $ % 67.5% 3.7% pts. $3.6-5.% Rest of Asia Pacific $ % 75.% 3.0% pts. $ % Asia Pacific $ % 70.% 3.4% pts. $ % Caribbean & Latin America $ % 65.3% -0.9% pts. $3.99.8% Europe $ % 7.8% -0.5% pts. $ % Middle East & Africa $ % 64.6% 0.6% pts. $ % Total International $ % 69.%.6% pts. $ % Worldwide 3 $8.37.6% 7.5%.% pts. $77. 0.% Comparable Systemwide International Properties Twelve Months Ended December 3, 06 and December 3, 05* REVPAR Occupancy Average Daily Rate Region 06 vs vs vs. 05 Greater China $ % 67.% 3.5% pts. $3.9-5.% Rest of Asia Pacific $ % 74.4%.4% pts. $ % Asia Pacific $ % 70.% 3.% pts. $ % Caribbean & Latin America $ % 63.5% 0.0% pts. $ % Europe $4.6.4% 70.6% 0.% pts. $6.34.3% Middle East & Africa $ % 64.% 0.4% pts. $ % Total International $ % 68.5%.4% pts. $ % Worldwide 3 $3.50.8% 7.5% 0.6% pts. $ % * The full year 06 statistics, as well as the 05 statistics used to calculate change from the 05 period to the 06 period, assume Marriott s acquisition of Starwood and Starwood s sale of its timeshare business had been completed on January, 05. International includes properties located outside the United States and Canada. Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Le Meridien, Courtyard, Residence Inn, Fairfield Inn & Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. 3 Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari Hotels & Resorts, Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Protea Hotels, Gaylord Hotels, Le Meridien, Tribute Portfolio, Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, TownePlace Suites, Four Points, Aloft Hotels, and AC Hotels by Marriott. Systemwide also includes Element Hotels and Moxy Hotels. February 5, 07 A-9

11 COMBINED KEY LODGING STATISTICS Constant $ Comparable Company-Operated North American Properties Three Months Ended December 3, 06 and December 3, 05 REVPAR Occupancy Average Daily Rate Brand 06 vs. 05* 06 vs. 05* 06 vs. 05* JW Marriott Hotels $ % 73.0%.5% pts. $ % The Ritz-Carlton $ % 68.6% 0.7% pts. $35.8.% W Hotels $ % 80.% 0.8% pts. $ % Composite North American Luxury $ % 73.3%.% pts. $ % Marriott Hotels $ % 70.5% -0.4% pts. $ % Sheraton Hotels $ % 7.% -.0% pts. $ % Westin Hotels $ % 73.3% -.6% pts. $7.97.% Composite North American Upper Upscale 3 $ % 7.9% -0.7% pts. $ % Composite North American Full-Service 4 $ % 7.% -0.4% pts. $ % Courtyard $ % 68.4% -0.8% pts. $ % Residence Inn $ % 75.% 0.% pts. $ % Composite North American Limited-Service 5 $97.36.% 70.5% -0.5% pts. $38.0.8% Composite - All $ % 7.6% -0.4% pts. $95.9.% Comparable Systemwide North American Properties Three Months Ended December 3, 06 and December 3, 05 REVPAR Occupancy Average Daily Rate Brand 06 vs. 05* 06 vs. 05* 06 vs. 05* JW Marriott Hotels $69.3.9% 7.9% 0.9% pts. $ % The Ritz-Carlton $ % 68.6% 0.7% pts. $35.8.% W Hotels $ % 80.% 0.8% pts. $ % Composite North American Luxury $7.4.0% 7.8% 0.9% pts. $ % Marriott Hotels $ % 67.4% 0.0% pts. $ % Sheraton Hotels $ % 68.% -0.8% pts. $ % Westin Hotels $ % 7.7% -.% pts. $00.0.5% Composite North American Upper Upscale 3 $ % 69.3% -0.% pts. $ % Composite North American Full-Service 4 $ % 69.7% -0.% pts. $9.06.0% Courtyard $ % 67.8% -0.4% pts. $35.45.% Residence Inn $ % 74.6% -0.% pts. $39.49.% Fairfield Inn $7..4% 65.4% -0.% pts. $ % Composite North American Limited-Service 5 $88..3% 69.5% -0.% pts. $7.0.6% Composite - All $08.3.% 69.5% -0.% pts. $55.6.3% * The 05 statistics used to calculate change from the 05 period to the 06 period assume Marriott s acquisition of Starwood and Starwood s sale of its timeshare business had been completed on January, 05. Includes properties located in the United States and Canada. Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 3 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Gaylord Hotels, Le Meridien, and Tribute Portfolio. 4 Includes Composite North American Luxury and Composite North American Upper Upscale. 5 Includes Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, and TownePlace Suites. Systemwide also includes Four Points, Aloft Hotels and Element Hotels. February 5, 07 A-0

12 COMBINED KEY LODGING STATISTICS Constant $ Comparable Company-Operated North American Properties Twelve Months Ended December 3, 06 and December 3, 05* REVPAR Occupancy Average Daily Rate Brand 06 vs vs vs. 05 JW Marriott Hotels $ % 76.8%.% pts. $43.57.% The Ritz-Carlton $ % 7.9%.0% pts. $ % W Hotels $ % 8.7% 0.% pts. $ % Composite North American Luxury $4.0.8% 76.3%.4% pts. $ % Marriott Hotels $ % 75.4% 0.7% pts. $9.3.4% Sheraton Hotels $49.49.% 76.5% -0.5% pts. $ % Westin Hotels $ % 77.4% -0.6% pts. $6.07.7% Composite North American Upper Upscale 3 $49.9.3% 76.% 0.3% pts. $ % Composite North American Full-Service 4 $ % 76.% 0.5% pts. $9.5.7% Courtyard $03.65.% 73.% 0.3% pts. $4.83.7% Residence Inn $ % 79.0% 0.6% pts. $ % Composite North American Limited-Service 5 $06.0.8% 75.0% 0.5% pts. $4.68.% Composite - All $ % 75.8% 0.5% pts. $ % Comparable Systemwide North American Properties Twelve Months Ended December 3, 06 and December 3, 05* REVPAR Occupancy Average Daily Rate Brand 06 vs vs vs. 05 JW Marriott Hotels $ % 76.0%.3% pts. $ % The Ritz-Carlton $ % 7.9%.0% pts. $ % W Hotels $ % 8.7% 0.% pts. $ % Composite North American Luxury $3.99.8% 76.0%.% pts. $ % Marriott Hotels $4.39.0% 7.4% 0.3% pts. $7.9.5% Sheraton Hotels $5.58.4% 73.3% 0.3% pts. $ % Westin Hotels $5.94.4% 76.9% 0.% pts. $ % Composite North American Upper Upscale 3 $ % 73.9% 0.4% pts. $76.5.9% Composite North American Full-Service 4 $4..6% 74.% 0.5% pts. $90.4.9% Courtyard $0.49.9% 7.9% 0.0% pts. $39.4.9% Residence Inn $.78.4% 79.0% -0.% pts. $4.78.6% Fairfield Inn $77.96.% 70.% -0.5% pts. $.0.9% Composite North American Limited-Service 5 $96.6.0% 74.% 0.0% pts. $30.5.0% Composite - All $6.47.3% 74.% 0.% pts. $ % * The full year 06 statistics, as well as the 05 statistics used to calculate change from the 05 period to the 06 period, assume Marriott s acquisition of Starwood and Starwood s sale of its timeshare business had been completed on January, 05. Includes properties located in the United States and Canada. Includes JW Marriott, The Ritz-Carlton, W Hotels, The Luxury Collection, St. Regis, and EDITION. 3 Includes Marriott Hotels, Sheraton, Westin, Renaissance Hotels, Autograph Collection Hotels, Gaylord Hotels, Le Meridien, and Tribute Portfolio. 4 Includes Composite North American Luxury and Composite North American Upper Upscale. 5 Includes Courtyard, Residence Inn, Fairfield Inn & Suites, SpringHill Suites, and TownePlace Suites. Systemwide also includes Four Points, Aloft Hotels and Element Hotels. February 5, 07 A-

13 NON-GAAP FINANCIAL MEASURES COMBINED ADJUSTED EBITDA/ ADJUSTED EBITDA ($ in millions) Combined First Quarter Combined Second Quarter Fiscal Year 06 Combined Third Quarter Adjusted Fourth Quarter Combined Total Net income $ 90 $ 333 $ 344 $ 334 $,30 Interest expense Tax provision Depreciation and amortization Depreciation classified in reimbursed costs Interest expense from unconsolidated joint ventures Depreciation and amortization from unconsolidated joint ventures EBITDA ** ,77 Loss on asset dispositions and impairments, net Share-based compensation (including share-based compensation reimbursed by third-party owners) Adjusted EBITDA ** $ 683 $ 773 $ 775 $ 756 $,987 Increase over 05 Combined Adjusted EBITDA ** 3% 7% 4% % 9% Combined First Quarter Combined Second Quarter Fiscal Year 05 Combined Third Quarter Combined Fourth Quarter Combined Total Net income $ 7 $ 36 $ 75 $ 9 $,64 Interest expense Tax provision Depreciation and amortization Depreciation classified in reimbursed costs Interest expense from unconsolidated joint ventures Depreciation and amortization from unconsolidated joint ventures 8 4 EBITDA ** ,554 EDITION impairment charge Loss (gain) on asset dispositions and impairments, net - 4 (7) 9 Gain on redemption of preferred equity ownership interest - (4) - - (4) Share-based compensation (including share-based compensation reimbursed by third-party owners) Adjusted EBITDA ** $ 66 $ 7 $ 677 $ 68 $,743 ** Denotes non-gaap financial measures. Please see pages A-4 and A-5 for information about our reasons for providing these alternative financial measures and the limitations on their use. See pages A-4 and A-5 for basis of presentation of combined financial information. For the 06 fourth quarter, see page A-3 for a reconciliation of net income to adjusted net income. For other periods presented, see pages A-4 and A-5 for a reconciliation to pro forma net income calculated in accordance with Article of Regulation S-X. February 5, 07 A-

14 NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA FORECAST FULL YEAR 07 ($ in millions) Range Estimated Fiscal Year 07 Combined Fiscal Year 06 Net income $,46 $,59 $,30 Interest expense Tax provision Depreciation and amortization Depreciation classified in Reimbursed costs Interest expense from unconsolidated joint ventures Depreciation and amortization from unconsolidated joint ventures EBITDA **,885,985,77 Loss (gain) on asset dispositions and impairments, net Share-based compensation (including share-based compensation reimbursed by third-party owners) Adjusted EBITDA ** $ 3,075 $ 3,75 $,987 Increase over 06 Combined Adjusted EBITDA ** 3% 6% ** Denotes non-gaap financial measures. See pages A-4 and A-5 for information about our reasons for providing these alternative financial measures and the limitations on their use. See pages A-4 and A-5 for basis of presentation of combined financial information and a reconciliation to pro forma net income calculated in accordance with Article of Regulation S-X. Estimated 07 net income excludes merger-related costs, which the company cannot accurately forecast, but expects will be significant on a full-year basis. February 5, 07 A-3

15 NON-GAAP FINANCIAL AND PERFORMANCE MEASURES In our press release and schedules, and on the related conference call, we report certain financial measures that are not required by, or presented in accordance with, United States generally accepted accounting principles ( GAAP ). We discuss management s reasons for reporting these non-gaap measures below, and the press release schedules reconcile the most directly comparable GAAP measure to each non-gaap measure that we refer to. Although management evaluates and presents these non-gaap measures for the reasons described below, please be aware that these non-gaap measures have limitations and should not be considered in isolation or as a substitute for revenue, operating income, income from continuing operations, net income, earnings per share or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present these non-gaap financial measures differently than measures with the same or similar names that other companies report, and as a result, the non-gaap measures we report may not be comparable to those reported by others. Combined Financial Information. The unaudited combined financial information presented on pages A-3, A-4, A-, and A-3 give effect to Marriott's acquisition of Starwood, and Starwood's sale of its timeshare business, as if these two transactions (the "Transactions") had occurred on January, 05, and are presented to facilitate comparisons with our results following the acquisition of Starwood. The unaudited combined financial information also uses the estimated fair value of assets and liabilities on September 3, 06, the closing date of the acquisition, and makes the following assumptions: () removes merger-related costs and charges; () removes a loss on cumulative translation adjustment related to Starwood's disposition of a hotel property in the 06 second quarter; (3) adjusts income taxes to reflect the Company's combined 06 effective tax rate of 3.5%; (4) adjusts weighted-average shares outstanding to include shares issued to Starwood shareholders; and (5) adjusts debt to reflect borrowing on the Credit Facility and issuance of Series Q and R Notes on January, 05. The 06 fourth quarter adjusted net income presented herein represents reported net income adjusted to eliminate merger-related costs, net of tax at the actual effective tax rate. Marriott presents the combined financial information for informational purposes only and the combined financial information is not necessarily indicative of what the combined company s results of operations would actually have been had the Transactions been completed on the date indicated. In addition, the combined financial information does not purport to project the future operating results of the combined company. Earnings Before Interest Expense, Taxes, Depreciation and Amortization ( EBITDA ), Combined EBITDA, Adjusted EBITDA, and Combined Adjusted EBITDA. EBITDA and Combined EBITDA reflect adjusted net income or combined net income, as applicable, excluding the impact of interest expense, depreciation, amortization, and provision for income taxes. Our non-gaap measures of Adjusted EBITDA and Combined Adjusted EBITDA further adjust EBITDA or Combined EBITDA, respectively, to exclude the following items: () gains and losses on asset dispositions and impairments; () the pre-tax EDITION impairment charges in the 05 first quarter; (3) the pre-tax preferred equity investment gain in the 05 second quarter; and (4) share-based compensation expense for all periods presented. Combined net income on pages A-3, A-4, A-, and A-3 includes additional adjustments that are not prescribed by Article of Regulation S-X. The following tables present reconciliations of pro forma net income in accordance with Article to combined net income. (For the 06 fourth quarter, see page A-3 for a reconciliation of GAAP net income to adjusted net income.) 06 First Second Third (in millions) Quarter Quarter Quarter Pro forma net income under Article $ 9 $ 09 $ 79 Merger-related costs and charges Income taxes () (4) 7 (55) Loss on cumulative translation adjustment Combined net income $ 90 $ 333 $ 344 First Second Third Fourth (in millions) Quarter Quarter Quarter Quarter Pro forma net income under Article $ 64 $ 335 $ 80 $ 306 Merger-related costs and charges Income taxes () (8) (7) (8) (0) Combined net income $ 7 $ 36 $ 75 $ 9 05 () Combined net income applies an effective income tax rate of 3.5% for all periods presented. For pro forma net income under Article, we applied the historical effective tax rates for Marriott and Starwood. February 5, 07 A-4

16 NON-GAAP FINANCIAL AND PERFORMANCE MEASURES We believe that Adjusted EBITDA and Combined Adjusted EBITDA are meaningful indicators of our operating performance because they permit period-over-period comparisons of our ongoing core operations before these items and facilitate our comparison of results before these items with results from other lodging companies. We use such measures to evaluate companies because they exclude certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company s capital structure, debt levels, and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income taxes can vary considerably among companies. Our Adjusted EBITDA and Combined EBITDA also exclude depreciation and amortization expense which we report under Depreciation, amortization, and other as well as depreciation included under Reimbursed costs in our Combined Consolidated Statements of Income, because companies utilize productive assets of different ages and use different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We also excluded share-based compensation expense in all periods presented in order to address considerable variability among companies in recording compensation expense because companies use share-based payment awards differently, both in the type and quantity of awards granted. RevPAR. In addition to the foregoing non-gaap financial measures, we present Revenue per Available Room ( RevPAR ) as a performance measure. We believe RevPAR is a meaningful indicator of our performance because it measures the period-over-period change in room revenues for comparable properties. RevPAR may not be comparable to similarly titled measures, such as revenues. We calculate RevPAR by dividing room sales (recorded in local currency) for comparable properties by room nights available for the period. We present growth in both comparative Legacy-Marriott RevPAR and comparative pro forma combined company RevPAR on a constant dollar basis, which we calculate by applying exchange rates for the current period to each period presented. We believe constant dollar analysis provides valuable information regarding our properties performance as it removes currency fluctuations from the presentation of such results. February 5, 07 A-5

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