Whitbread PLCDavid Lloyd Leisure, Europe

Acquisition of Acquisition of Cannons Health and Fitness BV Cannons Health and Fitness BV

December 2003December 2003

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On December 31On December 31stst 2003 2003

David Lloyd Leisure completed the David Lloyd Leisure completed the acquisition of Cannons Health and acquisition of Cannons Health and

Fitness BVFitness BV

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The acquisition establishes The acquisition establishes

David Lloyd Leisure as a key player in the David Lloyd Leisure as a key player in the Netherlands racquets, health and Netherlands racquets, health and

fitness club marketfitness club market

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Cannons BVFundamentals €€31m acquisition31m acquisition €€29.3m NBV29.3m NBV €€15m turnover (estimated) in 2003/415m turnover (estimated) in 2003/4 Five clubs in operationFive clubs in operation Two clubs in developmentTwo clubs in development 20,000 members20,000 members

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Cannons BVRevenue mix €€650 revenue per member (mature 650 revenue per member (mature

clubs)clubs) Single rate subscription: €75/monthSingle rate subscription: €75/month Couples rate subscription: €115/monthCouples rate subscription: €115/month Joining fees: c. €30 per new member in Joining fees: c. €30 per new member in

20032003

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Cannons BVRevenue mix

0%10%20%30%40%50%60%70%80%90%100%

Cannons BV DLL UK

Ancillary

Subs

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Cannons BVMembership mix

SinglesCouples

ChildrenAdults

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Membership retention

0%

10%

20%

30%

40%

50%

60%

70%

80%

Retention

DLL UK

Cannons BV

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Group impact

Existing clubs ROCE & EPS enhancing Existing clubs ROCE & EPS enhancing by 2005/6*by 2005/6*

Existing clubs ROCE >15% by 2005/6*Existing clubs ROCE >15% by 2005/6*

**plannedplanned

The market

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Private fitness club market(Netherlands)

0

200

400

600

800

1000

1200

Euros (m)

2003

2010

Source: Deloitte & Touche/Whitbread

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The competition

Tennis, health & Tennis, health & fitnessfitness

Pelikaaan – 3 clubsPelikaaan – 3 clubs Jisselque – 2 clubsJisselque – 2 clubs

Health & fitnessHealth & fitness

Tai Jai – 15 clubsTai Jai – 15 clubs Fitness First – 11 Fitness First – 11

clubsclubs

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The clubs

Amsterdam

Dordrecht

Rotterdam

Utrecht

Eindhoven

Development club

Existing club

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Racquets, health & fitness clubs

VeldhovenVeldhoven UtrechtUtrecht

Indoor tennisIndoor tennis 99 1212

Outdoor tennisOutdoor tennis 55 00

SquashSquash 44 44

Indoor poolIndoor pool

StudiosStudios 22 22

GymGym

CrecheCreche

RestaurantRestaurant

ParkingParking

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Health & fitness clubsDordrechtDordrecht AkragonAkragon BlijdorpBlijdorp

Indoor poolIndoor pool

StudiosStudios 22 22 22

SpinningSpinning

GymGym

Sports hallSports hall

CrecheCreche

RestaurantRestaurant

ParkingParking

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Development clubs

Capelle ad Ijssel (Rotterdam)Capelle ad Ijssel (Rotterdam) Racquets, health & fitnessRacquets, health & fitness FreeholdFreehold Open 2004Open 2004

Overtoom (Amsterdam)Overtoom (Amsterdam) Health & fitnessHealth & fitness Long leaseLong lease Open 2004Open 2004

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Development clubs

CapelleCapelle OvertoomOvertoom

Indoor tennisIndoor tennis 1212 00

Indoor poolIndoor pool

StudiosStudios 22 22

SpinningSpinning

GymGym

Health & beautyHealth & beauty

CrecheCreche

RestaurantRestaurant

ParkingParking

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Club ownership models

ClubClub OwnershipOwnership

VeldhovenVeldhoven Long leaseLong lease

UtrechtUtrecht Long leaseLong lease

DordrechtDordrecht Long leaseLong lease

AkragonAkragon Long leaseLong lease

BlijdorpBlijdorp Long leaseLong lease

CapelleCapelle FreeholdFreehold

OvertoomOvertoom Long leaseLong lease

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David Lloyd LeisureEuropean perspective