THE REZIDOR JOURNEY Kurt Ritter President & Chief Executive Officer

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WELCOME TO ONE OF THE FASTEST GROWING HOTEL COMPANIES IN THE WORLD

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THE REZIDOR HOTEL GROUP: 309 HOTELS WITH MORE THAN 63,000 ROOMS IN 48 COUNTRIES

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HOW IT BEGAN – the Journey 1960

First hotel: Radisson SAS Royal Hotel Copenhagen

1978

SAS International Hotels: 10 hotels in Norway, Sweden & Denmark

1980

First hotel outside Scandinavia: Radisson SAS Hotel Kuwait

1989

19 hotels in 5 countries Average growth: less than 1 hotel per year

The turning point : SAS buys 40% stakes in InterContinental

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HOW IT BEGAN – the Journey 1992-94

Most challenging years

1994

Partnership with Carlson Hotels Worldwide

2001

SAS International Hotels is renamed: Rezidor SAS Hospitality

2002

Introduction of a multi-brand portfolio: Regent, Park Inn & Country Inn

2005

Carlson becomes 25% shareholder of Rezidor SAS Hospitality. A new lifestyle hotel brand is launched: Hotel Missoni 5

THE STORY SINCE YOU KNOW IT

Nov 2006

Listed on the Stockholm Stock Exchange A new name marking the start of a new era: The Rezidor Hotel Group

May 2007

Carlson becomes the largest shareholder

Dec 2007

One of the world’s fastest growing hotel companies, 309 hotels in operation and under development in 48 EMEA-countries, encompassing over 63,000 rooms

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THE GROWTH 350

O w ne d

Le a s e d

M a na g e d

F ra nc hi s e d

309* 300

250

C

20% R AG

200

150

100

AFRICA

Q3-2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

0

1994

50

IPO

42% NOTE * Number of hotels in operation & under development dated 30-Sep-2007

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THE GLOBAL POWER OF OUR BRANDS

ƒ EMEA → 48 countries → 309 hotels → Over 63,000 rooms → Over 25,000 employees

ƒ Worldwide → Long-term MFAs with Carlson → 965 hotels

• • •

Radisson SAS Park Inn Others

→ One of the world’s largest companies in travel, cruise, hotel, restaurant & marketing arenas

NOTE Map based on rooms in operation and under development dated 30-Sep-2007 MFAs = Master Franchise Agreements

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SUMMARY / HOTEL INTENTORY

Brand

UNBRANDED

Segment

Hotels

Rooms

Operation

Development

Operation

Development

Upscale

157

38

35,169

8,404

Mid-market

68

32

12,227

5,228

Luxury

2

2

404

563

Luxury / Lifestyle

-

3

-

427

Economy

3

-

169

-

-

4

-

480

-

TOTAL

309

NOTE Dated 30-Sep-2007

63,071

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THE PORTFOLIO OF BRANDS

Four Seasons Morgan W

Luxury Brand Management

Hilton Marriott Sheraton Sofitel

First class

Holiday Inn Novotel Scandic

Mid-market Culture of Service

Ritz Carlton Bvlgari InterContinental

Ibis

Our luxury brand Our lifestyle brand Our up-market core brand

Our mid-market growth brand

Our “up the sleeve” brand

Economy Formule 1

Budget Increased level of service

Source HVS International

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THE STYLISH FOUR-STAR PLUS Our vehicle to market leadership ƒ

“New breed” hotels

ƒ

Spectacular architecture and interior design – creating “wow!”

ƒ

Responding to emerging demand for lifestyle hotels from a broader target audience

ƒ

With massive fresh inventory we have a strong competitive advantage

ƒ

Portfolio has reached 200 hotels

ƒ

Awarded by J.D. Power as the leading European hotel brand in the upper upscale segment 2007

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RSH Bar & Restaurant Strategy text GMcK

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Astana

14

Four Seasons Morgan W

Ritz Carlton Bvlgari

InterContinental

Luxury Hilton Marriott Sheraton

First class Holiday Inn Novotel Scandic

Mid-market Ibis

Our luxury brand Our lifestyle brand Our up-market core brand

?

Our mid-market growth brand Our “up the sleeve” brand

Economy Formule 1

Budget Increased level of service 15

Source:

HVS

YOUNG & INNOVATIVE HOTELS Sleep well. Live well. ƒ

Young, fresh and full of energy

ƒ

Mastering the essentials

ƒ

Warm and casual service

ƒ

Spotlessly clean, easy to use, safe and fun

ƒ

Aim to provide, quite simply, the “Best Sleep in Town”

ƒ

More than 100 hotels – and more flagships to come → Park Inn Stockholm Waterfront 2010

ƒ

Awarded by J.D. Power as the leading European hotel brand in the economy segment

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LUXURY FOR ALL SENSES A legend of hospitality ƒ

The TAO of Regent

ƒ

Supreme luxury

ƒ

Personalized service

ƒ

Architectural excellence

ƒ

Traditional values, a modern touch

ƒ

Established hotels in Berlin and Zagreb

ƒ

New properties to be opened in Bordeaux and Dubrovnik

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21

22

Bordeaux

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THE NEXT GENRE OF LIFESTYLE New luxury ƒ

Premium brand Æ premium performance

ƒ

Entering into fashion hotel segment

ƒ

Global Master License Agreement: 2005

ƒ

First Missoni hotel to debut in 2008

ƒ

Flexible brand model Æ Hotel, Bar, Cucina, Spa, Mocha, Restaurant

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WHO WE ARE Our USPs

Innovative and flexible approach

ƒ Living the Z-factor: Do things differently – Make difference! Contract flexibility ƒ A spirit of pioneering:  first to go “asset light” Experienced development team

 first to focus on managing other peoples’ brands  first to establish Responsible Business program  first to arrive in emerging markets such as Russia

Strong market recognition

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WHO WE ARE Our USPs

ƒ Unique culture of service ƒ Re-inventing genuine hospitality ƒ A fun & rewarding environment ƒ Always going the extra mile

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WE ARE A PEOPLE COMPANY

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OUR EMPLOYEES

ƒ 25,000+ ƒ We focus on individuality & personality ƒ We hire attitude and train for skills ƒ We promote from within → 95% of our GMs are “home grown”

ƒ We offer ongoing training → Rezidor Business School

ƒ We build loyalty

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OUR GUESTS ƒ Benefit from a culture of innovative hospitality and pioneering initiatives  first to offer Free Internet Contract flexibility

 first to have a marketing partnership with Nespresso  first to offer 100% Guest Satisfaction Guarantee

ƒ Experience a strong service culture fuelled by Yes I Can! Experienced ƒ Experience new F&B concepts

development team

→ Filini, Verres en Vers, Sure

ƒ Get Best Price Guarantee  Good value for money  Attractive packages

Strong market recognition

 Priced to sell, not to discount 31

OUR OWNERS & DEVELOPERS

Contract flexibility

Quick response time

Innovative and flexible approach

We promise We deliver “First mover”

One-stop-shop

Experienced development team

Increasingly homogeneous portfolio

Strong market recognition

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A DYNAMIC INDUSTRY REVPAR GROWTH IN Q3-2007 FIRST-CLA SS 16%

REVPAR GROWTH YTD-2007 FIRST-CLA SS

MID-MARK ET

14%

12%

12%

10%

10.6% 9.8%

10%

8%

8.8%

5.9%

6%

2%

10.5% 9.1% 7.5%

6.7%

6%

8%

4%

13.5%

14%

15.0%

4.7% 5.1% 2.9%

6.1%

4% 1.1%

0%

1.2%

5.3%

4.9%

2%

3.0%

MID-MARK ET

-1.3%

-2%

0% Eastern Europe The Middle East The Middle East (EUR)

The Nordics

(USD)

Rest of Western

Eastern Europe The Middle East The Middle East

Europe

(EUR)

ƒ

4 years of positive RevPAR growth

ƒ

Strong market development in EMEA

ƒ

Continued RevPAR growth in the Nordics

(USD)

NOTE

Eastern Europe Mid-Market excludes Russia & CIS (no data available)

SOURCE

HotelBenchmark™ Survey by Deloitte

The Nordics

Rest of Western Europe

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CONTINUED REVPAR GROWTH

LIKE-FOR-LIKE REVPAR

Q3-2007

Q3-2006

VAR %

JAN-SEP 2007

JAN-SEP 2006

VAR %

88.1

79.9

10.3%

84.4

77.8

8.5%

57.5

51.5

11.7%

51.3

47.2

8.7%

82.6

74.5

10.9%

79.6

73.3

8.6%

Q3-2007

Q3-2006

VAR %

JAN-SEP 2007

JAN-SEP 2006

VAR %

87.8

79.7

10.2%

83.9

77.5

8.3%

56.6

51.5

9.9%

49.2

48.1

2.3%

81.3

74.4

9.3%

76.7*

72.5

5.8%

PER BRAND

TOTAL REVPAR PER BRAND

NOTE

* Negative impact of 1.1% due to foreign exchange Including Managed & Leased hotels only Like-for-like: same hotels in operation during the previous period compared

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REZIDOR HOTEL GROUP What we stand for

ƒ

Our business is all about trust & loyalty

ƒ

We create value for all stakeholders

ƒ

We keep changing the game

ƒ

We are opportunity-driven and not afraid of the new

ƒ

We offer an enterpreneurial flair & a unique culture

WE PROMISE … WE DELIVER

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WE PROMISE… WE DELIVER

EBITDA margin over business cycle

New hotel rooms to be opened by end 2009

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