Hyatt Hotels : Investor Presentation March 2020

P A R K H Y A T T M A L D I V E S

INVESTOR PRESENTATION

March 2020

DISCLAIMERS

FORWARD-LOOKING STATEMENTS

Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, ADR and growth trends, market share, the number of properties we expect to open in the future, the dollar value of owned real estate we expect to sell and the timeline for such sales, our expected adjusted SG&A expense, our estimated comparable system-wide RevPAR growth, our estimated Adjusted EBITDA growth, our expected net rooms growth, our expected level of return of capital to stockholders, maintenance and enhancement to existing properties capital expenditures, investments in new properties capital expenditures, depreciation and amortization expense and interest expense estimates, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks; such as the recent coronavirus outbreak; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans and common stock repurchase program and other forms of shareholder capital return, including the risk that our common stock repurchase program could increase volatility and fail to enhance shareholder value; our intention to pay a quarterly cash dividend and the amounts thereof, if any; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions, and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

NON-GAAP FINANCIAL MEASURES

This presentation includes references to certain financial measures, each identified with the symbol"†", that are not calculated or presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures have important limitations and should not be considered in isolation or as a substitute for measures of the Company's financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculations. For how we define the non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure, please refer to the Appendix at the end of this presentation.

ACCOUNTING STANDARDS UPDATE (ASU 2014-09), REVENUE FROM CONTRACTS WITH CUSTOMERS

Reported financial results referenced in this presentation for years 2015 and prior do not reflect the adoption of the new revenue recognition standards that went into effect in 2018. For additional information regarding these changes, please refer to the discussion of these changes in the Appendix at the end of this presentation and our most recent form 10-K and form 10-Q filings.

2

KEY INVESTMENT CONSIDERATIONS

1	Global hospitality company focused on
	the high-end traveler

2	Long-term strategy positioned to
	deliver solid earnings growth

3		Progressing towards asset-lighter
		business model

4	Returning meaningful capital to
	shareholders while investing in growth

3

HYATT HAS DOUBLED HOTEL PRESENCE SINCE IPO

	Enters all-	Enters	Initiates	Announces	Increases
	inclusive	wellness	quarterly	plans to	quarterly
Acquires	space with	space with	cash	divest	cash
Lodge Works	Ziva and	Miraval and	dividend of	another $1.5	dividend to
portfolio of	Zilara	Exhale	$0.15 per	bln of real	$0.20 per
hotels	brands	acquisitions	share	estate	share

2009	2011	2012	2013	2014	2017	2018	2019	2020
		Launches		Recycles	Announces	Sells $1.445 bln	Sells $956
IPOs			of real estate in
	Hyatt House
Class A			over 50	plans to	various	mln of real
	brand
shares			Hyatt Place	divest $1.5	transactions	estate in
	(extended
on NYSE			and House	bln of real	including portfolio	various
	stay) by
			hotels	estate	sale to Host	transactions
		rebranding
					Hotels
		Summerfield		Sells Hyatt
		Suites		Residential		Acquired Two
				Group
					Roads Hospitality
						portfolio

System-wide Hotels/Rooms

2009	2019
~400 hotels		>900 hotels
~120,000 rooms		>225,000 rooms

Data as of 12/31/2019. Total rooms do not include vacation ownership, residential, condominium units, or branded spas and fitness studios.	4

HYATT AT A GLANCE

BRANDS

21

HOTELS

924

SYSTEM-WIDE

ROOMS

226,674

SYSTEM-WIDE ROOMS BY TYPE

Franchised

34%

Managed

59%

O&L

7%

SYSTEM-WIDE ROOMS BY

GEOGRAPHY

EAME/SWA

13%

ASPAC

19%Americas

68%

BUSINESS MIX (1)

Group

27%

Transient

73%

SYSTEM-WIDE ROOMS BY CHAIN SCALE (2)

Luxury

Upscale 25%

30%

Upper

Upscale

45%

Data as of 12/31/2019. Total rooms do not include vacation ownership, residential, condominium units, or branded spas and fitness studios.	5
(1)	Business mix reflects estimated percentages of system-wide room nights sold.
(2)	Rooms by chain scale reflects estimated percentages based on Smith Travel Research classifications.

FOCUSED ON HIGH-END TRAVELERS

% of System-wide Rooms

24%

LUXURY

45%

UPPER UPSCALE

30%

UPSCALE

1%

OTHER

As of 12/31/2019. Chain scale defined by Smith Travel Research excluding brands classified as "other" above.

Caption by Hyatt, UrCove, and tommie brands have no system-wide units as of 12/31/19.

6

HYATT'S LONG-TERM GROWTH STRATEGY

MAXIMIZE

OUR CORE BUSINESS

INTEGRATE

NEW GROWTH

PLATFORMS

OPTIMIZE

CAPITAL

DEPLOYMENT

High-quality, differentiated brands and experiences that command a premium and drive loyalty with consumers [RevPAR growth]

Superior hotel economics that attract owners and drive development

[net rooms growth] [margin expansion]

Complementary investments and collaborations which expand the World of Hyatt platform [premium revenue realization] [new lines of business]

• Lifestyle hotel brands[Two Roads Hospitality]
• Wellness / mindfulness[Miraval and Exhale]
• Alternative accommodations[Destination Residential Management]
• Tailored travel experiences[FIND]
• Travel alliances[Small Luxury Hotels] [American Airlines]

Drive growth and enhance returns while maintaining investment capacity

[accelerate earnings mix shift]

• Disposition of owned & leased real estate
• Reinvestment in new growth engines
• Return of capital to shareholders

7

LONG-TERM EARNINGS GROWTH MODEL

Illustrative Adjusted

EBITDA†

Growth 2019-2021F

In percentage points of Total Adjusted EBITDA†

+1% to 3% RevPAR Growth

+6.5% to 7.5% Net Rooms Growth1

Subtotal

Adjusted SG&A† Leverage

Estimated Total Adjusted EBITDA† Growth

Managed & Franchised	Owned & Leased
~1% to 2%	~0% to 3%
~3% to 4%	-----
~4% to 6%	~0% to 3%

~4% to 9%

~1%

~5% to 10%

1 pt. of System-wide RevPAR Growth = Estimated Growth of $10M - $15M in Total Adjusted EBITDA †

Model does not reflect impact of foreign currency translation, and any additional asset dispositions and/or transactions beyond what has been announced as of this date. M&F segments consist of the Americas,
EAME/SWA, and ASPAC reportable management & franchising segments. The Company's forecasts are based on a number of assumptions that are subject to change and many of which are outside the control of
the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.	8

1Reflects estimated stabilized earnings contribution.

HYATT'S PORTFOLIO HAS GROWN SIGNIFICANTLY

Total Rooms

(rounded to nearest thousand)

~3.5% CAGR (2008-2012)

133

116

~7.7% CAGR (2013-2019)

226

145

2008

2012

2013

2019

International 32%

Select Service 19%

Managed(1)86%

Franchised 14%

International 39%

Select Service 30%

Managed(1)66%

Franchised 34%

1Managed rooms include owned & leased portfolio.

9

Hyatt acquired 11,958 Two Roads rooms in 2018. Total rooms do not include vacation ownership, residential, condominium units, or branded spas and fitness studios.

FEES HAVE GROWN AT DOUBLE-DIGIT PACE

Managed & Franchised Rooms(1)	Total Management & Franchise Fees(2)
	$ millions

	210,884
91,415
2009	2019

$608

$223

20092019

1Managed & Franchised rooms do not include owned & leased portfolio, vacation ownership, residential, branded spas and fitness studios, and approximately
1,500 condominium units.	10

2Reflects third-party Managed & Franchise and Other fees, as reported in our consolidated financial statements.

OUTPERFORMING PEERS IN KEY DRIVERS

	$181.74
7.4%	$160.55
	$144.79
6.6%
4.9%	$81.42
3.8%
HYATT	HYATT

Net Rooms Growth (2019)

Average Daily Rate $ (2019)

Hyatt		Hilton		Marriott		Choice

Source: Company public filings.

11

ROBUST PIPELINE REFLECTS OWNER PREFERENCE

Rooms Pipeline Growth Projected System-wide Rooms

~101,000	~327,000
	~226,000

~27,000	~101,000

2009	2019	Rooms	Pipeline	Projected System-
		(at 12/31/2019)		wide Rooms

Total Pipeline = Estimated Management & Franchise Fees of

+$255M

The Company's forecast is based on a total management & franchise fee estimate that reflects all stabilized fees for any pipeline hotels in 2020 and beyond.
The Company's forecasts are based on a number of assumptions that are subject to change and many of which are outside the control of the Company.	12
If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.

PIPELINE REFLECTS SIGNIFICANT GROWTH, DIVERSIFICATION

Rooms Pipeline by Contract Type	Rooms Pipeline by Region	Rooms Pipeline by Hotel Type
(at 12/31/2019)	(at 12/31/2019)	(at 12/31/2019)
Owned,
Leased and
JV
2%
	EAME/SWA
Franchised	24%	Select
30%
ASPAC	Service
	42%	40%
		Full Service
Managed	Americas	60%
68%
	34%

Total rooms do not include vacation ownership, residential, condominium units, or branded spas and fitness studios.
The Company's forecasts are based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the	13
Company's expectations may change. There can be no assurance that the Company will achieve these results.

OUR EVOLVED CAPITAL STRATEGY MARCH 2019

1. Monetize additional owned assets
2. Provide funds for future growth investments / shareholder returns
3. Accelerate towards greaterfee-based earnings

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HYATT'S EVOLVED CAPITAL STRATEGY

$ 1.145B

$ 0.3B

$ 1.445B

$ 1.5B

$ 2.9B

The Company's forecasts are based on a number of assumptions that are subject to change and many of which are outside the control of the Company.	15
If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.

ACCELERATING TOWARDS GREATER FEE-BASED EARNINGS

Adjusted EBITDA† by Business Mix

2009

2016

2019

	M&F			M&F		O&L
	37%
O&L		O&L	43%		M&F
			43%
				57%
63%		57%

M&F Contribution(1)	M&F Contribution(1)
+600 bps	+1400 bps
	Over 3 Years

Earnings composition percentages above exclude Corporate & Other and eliminations. Illustrative business mix in March 2022 assumes successful completion of $1.5 billion disposition plan and some
level of reinvestment of disposition proceeds.
The Company's forecasts are based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the	16
Company's expectations may change. There can be no assurance that the Company will achieve these results.

1M&F Contribution consists of Americas, EAME/SWA, and ASPAC reportable management & franchising segments.

HYATT'S COMMITMENT TO ASSET SELL-DOWN

Expanded $ 1.5B permanent sell-down commitment results in meaningful reduction in asset base

Anticipate average EBITDA valuation multiple to approximate 13x-15x

Estimated tax impact of approximately 15% on average

Anticipated benefits of disposition activity include:

Higher mix of fee-based earnings

Lower earnings volatility

Lower ongoing maintenance capex

The Company's forecasts are based on a number of assumptions that are subject to change and many of which are outside the control of the Company.	17
If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.

HYATT'S PROGRESS ON CAPITAL STRATEGY COMMITMENT

Permanent Sell-Down Progress to Date

Since March 2019 | $ millions, pre-tax

Property adjacent to Grand Hyatt San Francisco	2Q19	~$ 120
Hyatt Regency Atlanta	3Q19	~$ 355
Grand Hyatt Seoul	4Q19	~$ 481

~21.5x	TOTAL
EBITDA†	~$956M
Multiple1	in 2019

1The Company's multiples are based on forward annual EBITDA estimates.	18

EXPECTED OUTCOMES

Expected Outcomes

Adjusted EBITDA† by Business Mix

2019	Illustrative March 2022

O&L			O&L
M&F	33%
43%
57%		M&F
		67%

2023 + beyond

Ongoing shift

+100-200bps

per year

as a result of growth in M&F segments

M&F Contribution(1)

+1000 bps

Earnings composition percentages above exclude Corporate & Other and eliminations. Illustrative business mix in March 2022 assumes successful completion of $1.5 billion disposition plan and some level of reinvestment of disposition proceeds.

The Company's forecasts are based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the19Company's expectations may change. There can be no assurance that the Company will achieve these results.

1M&F Contribution consists of Americas, EAME/SWA, and ASPAC reportable management & franchising segments.

MEANINGFUL SHAREHOLDER RETURNS

Total Shareholder Returns

$ Millions

1,034

				715				723
												501
396			445										SHARES REPURCHASED
	275			272
	136														CASH
												80	PAIDDIVIDENDS
										68
2011	2012	2013	2014	2015	2016	2017	2018	2019

CASH DIVIDEND

Increased quarterly cash dividend to

$ 0.20/share

effective 1Q20

Increased Dividend

Over 33% since inception

SHARE REPURCHASES

Repurchased

$ 421M of shares

in 2019

A Shares36,109,179

B Shares65,463,274

Issued and Outstanding as of 12/31/19

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P A R K H Y A T T J E D D A H

APPENDIX

DEFINITIONS

Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (Adjusted EBITDA) and EBITDA

We use the terms Adjusted EBITDA and EBITDA throughout this earnings release. Adjusted EBITDA and EBITDA, as the Company defines them, are non-GAAP measures. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus its pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA based on its ownership percentage of each owned and leased venture, adjusted to exclude the following items:

• interest expense;
• provision for income taxes;
• depreciation and amortization;
• amortization of management and franchise agreement assets constituting payments to customers (Contra revenue);
• revenues for the reimbursement of costs incurred on behalf of managed and franchised properties;
• costs incurred on behalf of managed and franchised properties;
• equity earnings (losses) from unconsolidated hospitality ventures;
• stock-basedcompensation expense;
• gains (losses) on sales of real estate;
• asset impairments; and
• other income (loss), net

We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to corporate and other Adjusted EBITDA. Our board of directors and executive management team focus on Adjusted EBITDA as a key performance and compensation measure both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our president and chief executive officer, who is our chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in significant part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both. We believe Adjusted EBITDA is useful to investors because it provides investors the same information that the Company uses internally for purposes of assessing operating performance and making compensation decisions and facilitates our comparison of results before these items with results from other companies within our industry.

Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry. For instance, interest expense and provision for income taxes are dependent upon company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate, and therefore, can vary significantly across companies. Depreciation and amortization, as well as Contra revenue, are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets. We exclude revenues for the reimbursement of costs and costs incurred on behalf of managed and franchised properties which relate to the reimbursement of payroll costs and for system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit over the terms of the respective contracts. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. We exclude stock-based compensation expense to remove the variability amongst companies resulting from different compensation plans companies have adopted. Finally, we exclude other items that are not core to our operations, such as asset impairments and unrealized and realized gains and losses on marketable securities.

Adjusted EBITDA and EBITDA are not substitutes for net income attributable to Hyatt Hotels Corporation, net income, or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA and EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income generated by our business. Our management compensates for these limitations by reference to its GAAP results and using Adjusted EBITDA supplementally.

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DEFINITIONS

Adjusted Selling, General, and Administrative (SG&A) Expenses

Adjusted SG&A expenses, as we define it, is a non-GAAP measure. Adjusted SG&A expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted SG&A expenses assist us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis.

Comparable Hotels

"Comparable system-wide hotels" represents all properties we manage or franchise (including owned and leased properties) and that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared or for which comparable results are not available. We may use variations of comparable system-wide hotels to specifically refer to comparable system-wide Americas full service or select service hotels for those properties that we manage or franchise within the Americas management and franchising segment, comparable system-wide ASPAC full service or select service hotels for those properties we manage or franchise within the ASPAC management and franchising segment, or comparable system-wide EAME/SW Asia full service or select service hotels for those properties that we manage or franchise within the EAME/SW Asia management and franchising segment. "Comparable owned and leased hotels" represents all properties we own or lease and that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared or for which comparable results are not available. Comparable system-wide hotels and comparable owned and leased hotels are commonly used as a basis of measurement in our industry. "Non-comparablesystem-wide hotels" or "non-comparable owned and leased hotels" represent all hotels that do not meet the respective definition of "comparable" as defined above.

Constant Dollar Currency

We report the results of our operations both on an as reported basis, as well as on a constant dollar basis. Constant dollar currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate constant dollar currency by restating prior-period local currency financial results at the current period's exchange rates. These restated amounts are then compared to our current period reported amounts to provide operationally driven variances in our results.

Revenue per Available Room (RevPAR)

RevPAR is the product of the average daily rate and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry. RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs (including housekeeping services, utilities, and room amenity costs), and could also result in increased ancillary revenues (including food and beverage). In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal impacts to variable operating costs.

Average Daily Rate (ADR)

ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ADR measures average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above.

23

RECONCILIATION OF NON-GAAP MEASURE: NET INCOME TO EBITDAƗAND EBITDA TO ADJUSTED EBITDAƗ($ IN MILLIONS)

Net income (loss) attributable to Hyatt Hotels Corporation	2009 (a)		2018		2019
$ (43)	$	769	$	766
Interest expense	56		76		75
Provision for income taxes	(8)		182		240
Depreciation and amortization	269		327		329

EBITDA	274		1,354		1,410
Contra revenue	-		20		22
Revenues for the reimbursement of costs incurred on behalf of managed and franchised
properties	-		(1,956)		(2,461)
Costs incurred on behalf of managed and franchised properties	-		1,981		2,520
Equity (earnings) losses from unconsolidated hospitality ventures	13		(8)		10
Stock-based compensation expense	19		29		35
Gains on sales of real estate	-		(772)		(723)
Asset impairments	12		25		18
Other (income) loss, net	48		49		(127)
Discontinued operations, net of tax	3		-		-
Net loss attributable to noncontrolling interests	(3)		-		-
Pro rata share of unconsolidated owned and leased hospitality ventures Adjusted EBITDA	59		55		50
Adjusted EBITDA	$ 425	$	777	$	754

(a) The Company's results for 2009 have not been restated to reflect the adoption of Accounting Standards Update (ASU 2014-09), Revenue from Contracts with Customers.

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P A R K H Y A T T P A R I S V E N D O M E

Investor Presentation