%PDF-1.5 1 0 obj <> endobj 3 0 obj <>] /Rotate 0 /Contents 4 0 R>> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 16.00 Tf ET q 0 0 0 rg BT 243.35 738.20 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 327.97 738.20 Td (A) Tj ET Q q 0 0 0 rg BT 338.33 738.20 Td (TES ) Tj ET Q BT /F2 16.00 Tf ET q 0 0 0 rg BT 134.15 719.00 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 234.20 719.00 Td (AND EXCHANGE COMMISSION ) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 247.15 704.60 Td (W) Tj ET Q q 0 0 0 rg BT 258.49 704.60 Td (ashington, DC 20549) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 694.6 m 562.5 694.6 l s BT /F1 10.00 Tf ET BT /F2 16.00 Tf ET q 0 0 0 rg BT 268.00 673.40 Td (Form 10-K) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 660.4 m 562.5 660.4 l s BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 647.60 Td (\(Mark One\) ) Tj ET Q /GS0 gs q 8.02 0 0 10.09 49.50 633.44 cm /I1 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.52 635.60 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 635.60 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 110.00 635.60 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 143.44 635.60 Td (T) Tj ET Q q 0 0 0 rg BT 149.28 635.60 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 200.37 635.60 Td ( ) Tj ET Q q 0 0 0 rg BT 202.46 635.60 Td (T) Tj ET Q q 0 0 0 rg BT 208.30 635.60 Td (O SECTION13 OR 15\(d\) OF) Tj ET Q q 0 0 0 rg BT 321.72 635.60 Td ( ) Tj ET Q q 0 0 0 rg BT 323.81 635.60 Td (THE SECURITIES EXCHANGE ) Tj ET Q q 0 0 0 rg BT 455.60 635.60 Td (ACT) Tj ET Q q 0 0 0 rg BT 474.44 635.60 Td ( OF) Tj ET Q q 0 0 0 rg BT 488.85 635.60 Td ( 1934 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 73.50 624.80 Td (For) Tj ET Q q 0 0 0 rg BT 87.33 624.80 Td ( the fiscal year) Tj ET Q q 0 0 0 rg BT 142.90 624.80 Td ( ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.40 624.80 Td (December) Tj ET Q q 0 0 0 rg BT 209.22 624.80 Td (31, 2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.97 624.80 Td ( ) Tj ET Q /GS0 gs q 8.02 0 0 9.78 49.50 611.15 cm /I2 Do Q /GS0 gs q 14.48 0 0 9.78 57.52 611.15 cm /I3 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 613.00 Td (TRANSITION REPOR) Tj ET Q q 0 0 0 rg BT 162.45 613.00 Td (T) Tj ET Q q 0 0 0 rg BT 168.29 613.00 Td ( PURSUANT) Tj ET Q q 0 0 0 rg BT 219.38 613.00 Td ( ) Tj ET Q q 0 0 0 rg BT 221.47 613.00 Td (T) Tj ET Q q 0 0 0 rg BT 227.31 613.00 Td (O SECTION13 OR 15\(d\) OF) Tj ET Q q 0 0 0 rg BT 340.73 613.00 Td ( ) Tj ET Q q 0 0 0 rg BT 342.82 613.00 Td (THE SECURITIES EXCHANGE ) Tj ET Q q 0 0 0 rg BT 474.61 613.00 Td (ACT) Tj ET Q q 0 0 0 rg BT 493.45 613.00 Td ( OF) Tj ET Q q 0 0 0 rg BT 507.86 613.00 Td ( 1934 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 73.50 602.20 Td (For) Tj ET Q q 0 0 0 rg BT 87.33 602.20 Td ( the transition period fr) Tj ET Q q 0 0 0 rg BT 177.66 602.20 Td (om to ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.50 591.40 Td (Commission File No.001-34521 ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 581.4 m 562.5 581.4 l s BT /F1 10.00 Tf ET BT /F2 22.00 Tf ET q 0 0 0 rg BT 135.25 550.60 Td (HY) Tj ET Q q 0 0 0 rg BT 166.23 550.60 Td (A) Tj ET Q q 0 0 0 rg BT 180.49 550.60 Td (TT) Tj ET Q q 0 0 0 rg BT 209.44 550.60 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 420.50 550.60 Td (TION) Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 476.73 550.60 Td ( ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 225.10 542.20 Td (\(Exact Name of Registrant as Specified in Its Charter\) ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 532.2 m 562.5 532.2 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 158.80 511.15 Td (Delawar) Tj ET Q q 0 0 0 rg BT 191.21 511.15 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.25 511.15 Td (20-1480589) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 131.80 502.46 Td (\(State or) Tj ET Q q 0 0 0 rg BT 157.52 502.46 Td ( Other) Tj ET Q q 0 0 0 rg BT 177.03 502.46 Td ( Jurisdiction of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 130.00 495.46 Td (Incorporation or) Tj ET Q q 0 0 0 rg BT 180.23 495.46 Td ( Organization\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 410.40 502.46 Td (\(IRS Employer) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 405.55 495.46 Td (Identification No.\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.60 481.15 Td (150 North Riverside Plaza) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.00 472.15 Td (8th Floor) Tj ET Q q 0 0 0 rg BT 160.92 472.15 Td (, Chicago, Illinois) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.75 470.15 Td (60606) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 117.15 457.76 Td (\(Addr) Tj ET Q q 0 0 0 rg BT 135.37 457.76 Td (ess of Principal Executive Offices\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.75 457.76 Td (\(Zip Code\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.75 443.40 Td (Registrant's telephone number) Tj ET Q q 0 0 0 rg BT 294.42 443.40 Td (, including ar) Tj ET Q q 0 0 0 rg BT 345.52 443.40 Td (ea code: \(312\)750-1234 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 196.15 431.40 Td (Securities r) Tj ET Q q 0 0 0 rg BT 239.72 431.40 Td (egister) Tj ET Q q 0 0 0 rg BT 265.04 431.40 Td (ed pursuant to Section12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 399.30 431.40 Td (Act:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.79 431.40 Td ( ) Tj ET Q BT /F2 7.00 Tf ET 0 0 0 RG /GS0 gs 0.67 w 0 i [] 0 d 1 J 1 j 3 M 149.45 412.563818359375 m 205.518359375 412.563818359375 l s q 0 0 0 rg BT 149.45 413.66 Td (T) Tj ET Q q 0 0 0 rg BT 153.99 413.66 Td (itle of Each Class) Tj ET Q BT /F1 4.00 Tf ET 0 0 0 RG /GS0 gs 0.20 w 0 i [] 0 d 1 J 1 j 3 M 205.518359375 413.12607421875 m 206.518359375 413.12607421875 l s q 0 0 0 rg BT 205.52 413.66 Td () Tj ET Q BT /F2 7.00 Tf ET 0 0 0 RG /GS0 gs 0.67 w 0 i [] 0 d 1 J 1 j 3 M 364.95 412.563818359375 m 501.96611328125 412.563818359375 l s q 0 0 0 rg BT 364.95 413.66 Td (Name of Each Exchange on ) Tj ET Q q 0 0 0 rg BT 448.63 413.66 Td (Which Register) Tj ET Q q 0 0 0 rg BT 494.97 413.66 Td (ed) Tj ET Q BT /F1 4.00 Tf ET 0 0 0 RG /GS0 gs 0.20 w 0 i [] 0 d 1 J 1 j 3 M 501.96611328125 413.12607421875 m 502.96611328125 413.12607421875 l s q 0 0 0 rg BT 501.97 413.66 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.05 401.35 Td (Class ) Tj ET Q q 0 0 0 rg BT 123.56 401.35 Td (A) Tj ET Q q 0 0 0 rg BT 129.56 401.35 Td ( Common Stock, $0.01 par) Tj ET Q q 0 0 0 rg BT 231.23 401.35 Td ( value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.75 401.35 Td (New ) Tj ET Q q 0 0 0 rg BT 401.66 401.35 Td (Y) Tj ET Q q 0 0 0 rg BT 407.16 401.35 Td (ork Stock Exchange) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 185.30 388.60 Td (Securities r) Tj ET Q q 0 0 0 rg BT 228.87 388.60 Td (egister) Tj ET Q q 0 0 0 rg BT 254.19 388.60 Td (ed pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 387.95 388.60 Td (Act: None ) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 49.5 378.6 m 562.5 378.6 l s BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 365.80 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 326.30 365.80 Td (, as defined in Rule 405 of the Securities ) Tj ET Q q 0 0 0 rg BT 474.27 365.80 Td (Act.) Tj ET Q q 0 0 0 rg BT 495.93 365.80 Td (Y) Tj ET Q q 0 0 0 rg BT 501.53 365.80 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 513.53 363.86 cm /I4 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.55 365.80 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 546.05 363.86 cm /I5 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.07 365.80 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 355.00 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the ) Tj ET Q q 0 0 0 rg BT 482.38 355.00 Td (Act.) Tj ET Q q 0 0 0 rg BT 501.79 355.00 Td (Y) Tj ET Q q 0 0 0 rg BT 507.39 355.00 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 519.39 353.06 cm /I6 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.41 355.00 Td (No ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 551.91 353.06 cm /I7 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 344.20 Td (Indicate by check mark whether the registrant: \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the Securities ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 333.40 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 86.73 333.40 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was required to file such reports\), and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 322.60 Td (\(2\)has been subject to such filing requirements for the past 90 days.) Tj ET Q q 0 0 0 rg BT 303.85 322.60 Td (Y) Tj ET Q q 0 0 0 rg BT 309.45 322.60 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 321.45 320.66 cm /I8 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.47 322.60 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 353.97 320.66 cm /I9 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.99 322.60 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 311.80 Td (Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 301.00 Td (to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 158.58 301.00 Td ( \( 232.405 of this chapter\) during the preceding 12 months \(or for such shorter period that the registrant was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 290.20 Td (required to submit such files\).) Tj ET Q q 0 0 0 rg BT 165.89 290.20 Td (Y) Tj ET Q q 0 0 0 rg BT 171.49 290.20 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 183.49 288.26 cm /I10 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.51 290.20 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 216.01 288.26 cm /I11 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.03 290.20 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 279.40 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not be ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 268.60 Td (contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 257.80 Td (Form10-K or any amendment to this Form 10-K.) Tj ET Q /GS0 gs q 8.02 0 0 9.18 232.73 255.86 cm /I12 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.75 257.80 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 247.00 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 258.50 247.00 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 326.59 247.00 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 399.17 247.00 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 483.75 247.00 Td (, a smaller reporting ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 236.20 Td (company or an emer) Tj ET Q q 0 0 0 rg BT 123.06 236.20 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 201.46 236.20 Td (. See definitions of "lar) Tj ET Q q 0 0 0 rg BT 284.70 236.20 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 352.78 236.20 Td (," "accelerated filer) Tj ET Q q 0 0 0 rg BT 421.97 236.20 Td (," "smaller reporting company) Tj ET Q q 0 0 0 rg BT 530.20 236.20 Td (," and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 225.40 Td ("emer) Tj ET Q q 0 0 0 rg BT 71.00 225.40 Td (ging growth company" in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 267.88 225.40 Td (Act. \(Check One\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 206.16 Td (Lar) Tj ET Q q 0 0 0 rg BT 88.83 206.16 Td (ge accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 161.77 204.22 cm /I13 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 206.16 Td (Accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 388.21 204.22 cm /I14 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 76.50 194.16 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 157.20 192.22 cm /I15 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 194.16 Td (Smaller reporting company) Tj ET Q /GS0 gs q 8.02 0 0 9.18 426.47 192.22 cm /I16 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 323.50 182.16 Td (Emer) Tj ET Q q 0 0 0 rg BT 342.83 182.16 Td (ging growth company ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 426.31 180.22 cm /I17 Do Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 168.60 Td (If an emer) Tj ET Q q 0 0 0 rg BT 104.31 168.60 Td (ging growth company) Tj ET Q q 0 0 0 rg BT 182.72 168.60 Td (, indicate by check mark if the registrant has elected not to use the extended transition period for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 157.80 Td (complying with any new or revised financial accounting standards provided pursuant to Section 13\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 478.13 157.80 Td (Act. ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 497.87 155.86 cm /I18 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 147.00 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule 12b-2 of the ) Tj ET Q q 0 0 0 rg BT 419.88 147.00 Td (Act\).) Tj ET Q q 0 0 0 rg BT 446.79 147.00 Td (Y) Tj ET Q q 0 0 0 rg BT 452.39 147.00 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 464.39 145.06 cm /I19 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.41 147.00 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 496.91 145.06 cm /I20 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.93 147.00 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 136.20 Td (At June 29, 2018, the aggregate market value of the registrant's Class) Tj ET Q q 0 0 0 rg BT 318.56 136.20 Td (A) Tj ET Q q 0 0 0 rg BT 324.56 136.20 Td ( common stock, $0.01 par value, held by non-af) Tj ET Q q 0 0 0 rg BT 496.60 136.20 Td (filiates of the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 125.40 Td (registrant was approximately $3,316.5 million \(based upon the closing sale price of the Class) Tj ET Q q 0 0 0 rg BT 386.43 125.40 Td (A) Tj ET Q q 0 0 0 rg BT 392.43 125.40 Td ( common stock on June 29, 2018 on ) Tj ET Q q 0 0 0 rg BT 524.51 125.40 Td (The New ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 114.60 Td (Y) Tj ET Q q 0 0 0 rg BT 55.10 114.60 Td (ork Stock Exchange\). ) Tj ET Q q 0 0 0 rg BT 134.91 114.60 Td (The market value of the registrant's Class B common stock is not included in the above value as there is no active ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 103.80 Td (market for such stock.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 93.00 Td (At January 31, 2019, there were ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 184.96 93.00 Td (38,870,443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 225.46 93.00 Td ( shares of the registrant's Class) Tj ET Q q 0 0 0 rg BT 338.06 93.00 Td (A) Tj ET Q q 0 0 0 rg BT 344.07 93.00 Td ( common stock, $0.01 par value, outstanding and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 81.00 Td (67,1) Tj ET Q q 0 0 0 rg BT 64.92 81.00 Td (15,828) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 89.67 81.00 Td ( shares of the registrant's Class B common stock, $0.01 par value, outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.74 81.00 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.85 67.20 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 318.43 67.20 Td (TED BY) Tj ET Q q 0 0 0 rg BT 351.36 67.20 Td ( REFERENCE ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 55.40 Td (Part III of this ) Tj ET Q q 0 0 0 rg BT 119.99 55.40 Td (Annual Report on Form 10-K incorporates by reference portions of the registrant's Proxy Statement for its ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 504.52 55.40 Td (2019 ) Tj ET Q q 0 0 0 rg BT 524.28 55.40 Td (Annual ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 44.60 Td (Meeting of Stockholders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 138.48 44.60 Td ( to be held on May 15, 2019. ) Tj ET Q endstream endobj 5 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.35 721.10 Td (HY) Tj ET Q q 0 0 0 rg BT 242.43 721.10 Td (A) Tj ET Q q 0 0 0 rg BT 248.91 721.10 Td (TT) Tj ET Q q 0 0 0 rg BT 262.07 721.10 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 358.01 721.10 Td (TION ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 709.10 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 709.10 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 709.10 Td ( CONTENTS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.05 697.10 Td (FISCAL) Tj ET Q q 0 0 0 rg BT 241.17 697.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.30 697.10 Td (YEAR ENDED ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.64 697.10 Td (DECEMBER 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.93 697.10 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 686.30 Td () Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 62.00 665.18 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 300.65 665.0333984375 m 330.3423828125 665.0333984375 l s q 0 0 0 rg BT 300.65 666.37 Td (P) Tj ET Q q 0 0 0 rg BT 305.75 666.37 Td (AR) Tj ET Q q 0 0 0 rg BT 318.88 666.37 Td (T) Tj ET Q q 0 0 0 rg BT 324.60 666.37 Td ( I) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 533.00 665.18 Td () Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 62.00 645.18 Td () Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 645.0333984375 m 310.904296875 645.0333984375 l s q 0 0 1 rg BT 104.00 646.37 Td (Disclosure Regarding Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 314.50 646.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 632.37 Td (Item1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 631.0333984375 m 139.5615234375 631.0333984375 l s q 0 0 1 rg BT 104.00 632.37 Td (Business) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 144.50 632.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 618.37 Td (Item1A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 617.0333984375 m 154.2783203125 617.0333984375 l s q 0 0 1 rg BT 104.00 618.37 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 154.50 618.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 604.37 Td (Item1B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 603.0333984375 m 217.69140625 603.0333984375 l s q 0 0 1 rg BT 104.00 604.37 Td (Unresolved Staf) Tj ET Q q 0 0 1 rg BT 168.53 604.37 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 219.50 604.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 590.37 Td (Item2.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 589.0333984375 m 144.546875 589.0333984375 l s q 0 0 1 rg BT 104.00 590.37 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 149.50 590.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 576.37 Td (Item3.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 575.0333984375 m 178.140625 575.0333984375 l s q 0 0 1 rg BT 104.00 576.37 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 179.50 576.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 562.37 Td (Item4.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 561.0333984375 m 202.3154296875 561.0333984375 l s q 0 0 1 rg BT 104.00 562.37 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 204.50 562.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 62.00 547.18 Td () Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 547.0333984375 m 248.208984375 547.0333984375 l s q 0 0 1 rg BT 104.00 548.37 Td (Executive Of) Tj ET Q q 0 0 1 rg BT 156.85 548.37 Td (ficers of the Registrant) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 249.50 548.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 62.00 521.18 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 298.95 521.0333984375 m 331.9724609375 521.0333984375 l s q 0 0 0 rg BT 298.95 522.37 Td (P) Tj ET Q q 0 0 0 rg BT 304.05 522.37 Td (AR) Tj ET Q q 0 0 0 rg BT 317.18 522.37 Td (T) Tj ET Q q 0 0 0 rg BT 322.90 522.37 Td ( II) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 533.00 521.18 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 502.37 Td (Item5.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 500.1333984375 m 514.7958984375 500.1333984375 l s q 0 0 1 rg BT 104.00 501.47 Td (Market for Registrant's Common Equity) Tj ET Q q 0 0 1 rg BT 264.58 501.47 Td (, Related Stockholder Matters, and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 490.1333984375 m 143.43359375 490.1333984375 l s q 0 0 1 rg BT 104.00 491.47 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.50 491.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 477.37 Td (Item6.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 476.03339843749995 m 198.9609375 476.03339843749995 l s q 0 0 1 rg BT 104.00 477.37 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 199.50 477.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 463.37 Td (Item7.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 462.03339843749995 m 461.314453125 462.03339843749995 l s q 0 0 1 rg BT 104.00 463.37 Td (Management's Discussion and ) Tj ET Q q 0 0 1 rg BT 227.17 463.37 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.50 463.37 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 449.37 Td (Item7A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 448.03339843749995 m 345.62109375 448.03339843749995 l s q 0 0 1 rg BT 104.00 449.37 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 268.40 449.37 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 349.50 449.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 435.37 Td (Item8.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 434.03339843749995 m 288.951171875 434.03339843749995 l s q 0 0 1 rg BT 104.00 435.37 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 289.50 435.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 421.37 Td (Item9.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 420.03339843749995 m 464.44921875 420.03339843749995 l s q 0 0 1 rg BT 104.00 421.37 Td (Changes in and Disagreements ) Tj ET Q q 0 0 1 rg BT 229.90 421.37 Td (W) Tj ET Q q 0 0 1 rg BT 238.94 421.37 Td (ith ) Tj ET Q q 0 0 1 rg BT 251.44 421.37 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 315.88 421.37 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.50 421.37 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 407.37 Td (Item9A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 406.03339843749995 m 202.3154296875 406.03339843749995 l s q 0 0 1 rg BT 104.00 407.37 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 204.50 407.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 393.37 Td (Item9B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 392.03339843749995 m 177.0322265625 392.03339843749995 l s q 0 0 1 rg BT 104.00 393.37 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 179.50 393.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 62.00 366.18 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 297.3 366.03339843749995 m 333.6525390625 366.03339843749995 l s q 0 0 0 rg BT 297.30 367.37 Td (P) Tj ET Q q 0 0 0 rg BT 302.40 367.37 Td (AR) Tj ET Q q 0 0 0 rg BT 315.53 367.37 Td (T) Tj ET Q q 0 0 0 rg BT 321.25 367.37 Td ( III) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 533.00 366.18 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 347.37 Td (Item10.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 346.03339843749995 m 333.9951171875 346.03339843749995 l s q 0 0 1 rg BT 104.00 347.37 Td (Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 199.06 347.37 Td (ficers, and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 347.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 333.37 Td (Item1) Tj ET Q q 0 0 0 rg BT 87.64 333.37 Td (1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 332.03339843749995 m 204.25390625 332.03339843749995 l s q 0 0 1 rg BT 104.00 333.37 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 204.50 333.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 319.37 Td (Item12.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 318.03339843749995 m 509.15625 318.03339843749995 l s q 0 0 1 rg BT 104.00 319.37 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 509.50 319.37 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 305.37 Td (Item13.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 304.03339843749995 m 406.6953125 304.03339843749995 l s q 0 0 1 rg BT 104.00 305.37 Td (Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 242.68 305.37 Td (T) Tj ET Q q 0 0 1 rg BT 248.43 305.37 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.50 305.37 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 291.37 Td (Item14.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 290.03339843749995 m 262.291015625 290.03339843749995 l s q 0 0 1 rg BT 104.00 291.37 Td (Principal ) Tj ET Q q 0 0 1 rg BT 142.05 291.37 Td (Accountant Fees and Services) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 264.50 291.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 62.00 264.18 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 297.1 264.03339843749995 m 333.92373046875 264.03339843749995 l s q 0 0 0 rg BT 297.10 265.37 Td (P) Tj ET Q q 0 0 0 rg BT 301.74 265.37 Td (AR) Tj ET Q q 0 0 0 rg BT 315.03 265.37 Td (T) Tj ET Q q 0 0 0 rg BT 320.96 265.37 Td ( IV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 245.37 Td (Item15.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 244.03339843749995 m 275.630859375 244.03339843749995 l s q 0 0 1 rg BT 104.00 245.37 Td (Exhibits and Financial Statement Schedule) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 279.50 245.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 231.37 Td (Item 16.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 104 230.03339843749995 m 190.1083984375 230.03339843749995 l s q 0 0 1 rg BT 104.00 231.37 Td (Form 10-K Summary) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 231.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 62 210.03339843749995 m 104.216796875 210.03339843749995 l s q 0 0 1 rg BT 62.00 211.37 Td (Signatures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 211.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 645.0333984375 m 538 645.0333984375 l s q 0 0 1 rg BT 533.00 646.37 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 631.0333984375 m 538 631.0333984375 l s q 0 0 1 rg BT 533.00 632.37 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 617.0333984375 m 543 617.0333984375 l s q 0 0 1 rg BT 533.00 618.37 Td (25) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 603.0333984375 m 543 603.0333984375 l s q 0 0 1 rg BT 533.00 604.37 Td (48) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 589.0333984375 m 543 589.0333984375 l s q 0 0 1 rg BT 533.00 590.37 Td (49) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 575.0333984375 m 543 575.0333984375 l s q 0 0 1 rg BT 533.00 576.37 Td (54) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 561.0333984375 m 543 561.0333984375 l s q 0 0 1 rg BT 533.00 562.37 Td (54) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 547.0333984375 m 543 547.0333984375 l s q 0 0 1 rg BT 533.00 548.37 Td (55) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 1 1 1 rg /GS0 gs 533.00 498.40 10.00 -9.09 re f /GS0 gs 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 490.1333984375 m 543 490.1333984375 l s q 0 0 1 rg BT 533.00 491.47 Td (58) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 476.03339843749995 m 543 476.03339843749995 l s q 0 0 1 rg BT 533.00 477.37 Td (61) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 462.03339843749995 m 543 462.03339843749995 l s q 0 0 1 rg BT 533.00 463.37 Td (62) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 448.03339843749995 m 543 448.03339843749995 l s q 0 0 1 rg BT 533.00 449.37 Td (95) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 434.03339843749995 m 543 434.03339843749995 l s q 0 0 1 rg BT 533.00 435.37 Td (96) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 420.03339843749995 m 543 420.03339843749995 l s q 0 0 1 rg BT 533.00 421.37 Td (96) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 406.03339843749995 m 543 406.03339843749995 l s q 0 0 1 rg BT 533.00 407.37 Td (97) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 392.03339843749995 m 543 392.03339843749995 l s q 0 0 1 rg BT 533.00 393.37 Td (97) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 346.03339843749995 m 543 346.03339843749995 l s q 0 0 1 rg BT 533.00 347.37 Td (98) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 332.03339843749995 m 543 332.03339843749995 l s q 0 0 1 rg BT 533.00 333.37 Td (98) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 318.03339843749995 m 543 318.03339843749995 l s q 0 0 1 rg BT 533.00 319.37 Td (98) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 304.03339843749995 m 543 304.03339843749995 l s q 0 0 1 rg BT 533.00 305.37 Td (99) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 290.03339843749995 m 543 290.03339843749995 l s q 0 0 1 rg BT 533.00 291.37 Td (99) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 244.03339843749995 m 548 244.03339843749995 l s q 0 0 1 rg BT 533.00 245.37 Td (101) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 230.03339843749995 m 548 230.03339843749995 l s q 0 0 1 rg BT 533.00 231.37 Td (101) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 533 210.03339843749995 m 548 210.03339843749995 l s q 0 0 1 rg BT 533.00 211.37 Td (102) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 7 0 obj <>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 742.25 Td (e Regarding Forward-Looking Statements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 725.75 Td (This annual r) Tj ET Q q 0 0 0 rg BT 127.53 725.75 Td (eport contains "forwar) Tj ET Q q 0 0 0 rg BT 218.58 725.75 Td (d-looking statements" within the meaning of the Private Securities Litigation Reform ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 713.75 Td (Act of 1995. These statements include statements about the Company's plans, strategies, financial performance, the amount by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 701.75 Td (which the Company intends to r) Tj ET Q q 0 0 0 rg BT 177.12 701.75 Td (educe its r) Tj ET Q q 0 0 0 rg BT 218.40 701.75 Td (eal estate asset base and the anticipated timeframe for such asset dispositions, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 689.75 Td (pr) Tj ET Q q 0 0 0 rg BT 58.52 689.75 Td (ospects or futur) Tj ET Q q 0 0 0 rg BT 120.93 689.75 Td (e events and involve known and unknown risks that ar) Tj ET Q q 0 0 0 rg BT 336.91 689.75 Td (e difficult to pr) Tj ET Q q 0 0 0 rg BT 396.25 689.75 Td (edict. ) Tj ET Q q 0 0 0 rg BT 420.51 689.75 Td (As a r) Tj ET Q q 0 0 0 rg BT 444.03 689.75 Td (esult, our actual r) Tj ET Q q 0 0 0 rg BT 515.32 689.75 Td (esults, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 677.75 Td (performance or achievements may differ materially fr) Tj ET Q q 0 0 0 rg BT 264.58 677.75 Td (om those expr) Tj ET Q q 0 0 0 rg BT 320.31 677.75 Td (essed or implied by these forwar) Tj ET Q q 0 0 0 rg BT 450.20 677.75 Td (d-looking statements. In ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 665.75 Td (some cases, you can identify forwar) Tj ET Q q 0 0 0 rg BT 192.94 665.75 Td (d-looking statements by the use of wor) Tj ET Q q 0 0 0 rg BT 346.44 665.75 Td (ds such as "may) Tj ET Q q 0 0 0 rg BT 410.36 665.75 Td (," "could," "expect," "intend," "plan," ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 653.75 Td ("seek," "anticipate," "believe," "estimate," "pr) Tj ET Q q 0 0 0 rg BT 235.15 653.75 Td (edict," "potential," "continue," "likely) Tj ET Q q 0 0 0 rg BT 385.86 653.75 Td (," "will," "would," and variations of these ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 641.75 Td (terms and similar expr) Tj ET Q q 0 0 0 rg BT 140.46 641.75 Td (essions, or the negative of these terms or similar expr) Tj ET Q q 0 0 0 rg BT 354.51 641.75 Td (essions. Such forwar) Tj ET Q q 0 0 0 rg BT 437.20 641.75 Td (d-looking statements ar) Tj ET Q q 0 0 0 rg BT 531.26 641.75 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 629.75 Td (necessarily based upon estimates and assumptions that, while consider) Tj ET Q q 0 0 0 rg BT 333.77 629.75 Td (ed r) Tj ET Q q 0 0 0 rg BT 349.23 629.75 Td (easonable by us and our management, ar) Tj ET Q q 0 0 0 rg BT 514.12 629.75 Td (e inher) Tj ET Q q 0 0 0 rg BT 541.80 629.75 Td (ently ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 617.75 Td (uncertain. Factors that may cause actual r) Tj ET Q q 0 0 0 rg BT 220.43 617.75 Td (esults to differ materially fr) Tj ET Q q 0 0 0 rg BT 330.06 617.75 Td (om curr) Tj ET Q q 0 0 0 rg BT 361.63 617.75 Td (ent expectations include, but ar) Tj ET Q q 0 0 0 rg BT 487.06 617.75 Td (e not limited to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 590.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 590.75 Td (the factors discussed in this annual report set forth under the sections titled "Risk Factors" in Part I, Item1A, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 578.75 Td ("Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 231.26 578.75 Td (Analysis of Financial Condition and Results of Operations" in Part II, Item7; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 563.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 563.75 Td (general economic uncertainty in key global markets and a worsening of global economic conditions or low levels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 551.75 Td (of economic growth;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 536.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 536.75 Td (the rate and the pace of economic recovery following economic downturns;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 521.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 521.75 Td (levels of spending in business and leisure segments as well as consumer confidence; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 506.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 506.75 Td (declines in occupancy and average daily rate \("ADR"\); ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 491.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 491.75 Td (limited visibility with respect to future bookings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 476.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 476.75 Td (loss of key personnel;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 461.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 461.75 Td (hostilities, or fear of hostilities, including future terrorist attacks, that af) Tj ET Q q 0 0 0 rg BT 390.13 461.75 Td (fect travel; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 446.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 446.75 Td (travel-related accidents; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 431.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 431.75 Td (natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 419.75 Td (nuclear incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 404.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 404.75 Td (our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 392.75 Td (guarantees in favor of our third-party owners;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 377.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 377.75 Td (the impact of hotel renovations and redevelopments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 362.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 362.75 Td (risks associated with our capital allocation plans and common stock repurchase program and other forms of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 350.75 Td (shareholder capital return, including the risk that our common stock repurchase program could increase volatility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 338.75 Td (and fail to enhance shareholder value;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 323.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 323.75 Td (our intention to pay a quarterly cash dividend and the amounts thereof, if any;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 308.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 308.75 Td (the seasonal and cyclical nature of the real estate and hospitality businesses; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 293.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 293.75 Td (changes in distribution arrangements, such as through internet travel intermediaries; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 278.75 Td (changes in the tastes and preferences of our customers; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 263.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 263.75 Td (relationships with colleagues and labor unions and changes in labor laws; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 248.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 248.75 Td (the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 236.75 Td (venture partners; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 221.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 221.75 Td (the possible inability of third-party owners, franchisees, or development partners to access capital necessary to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 209.75 Td (fund current operations or implement our plans for growth;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 194.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 194.75 Td (risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 179.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 179.75 Td (the timing of acquisitions and dispositions, and our ability to successfully integrate completed acquisitions with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 167.75 Td (existing operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 152.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 152.75 Td (failure to successfully complete proposed transactions \(including the failure to satisfy closing conditions or obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 140.75 Td (required approvals\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 125.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 125.75 Td (our ability to successfully execute on our strategy to expand our management and franchising business while at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 113.75 Td (the same time reducing our real estate asset base within tar) Tj ET Q q 0 0 0 rg BT 338.73 113.75 Td (geted timeframes and at expected values;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 98.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 98.75 Td (declines in the value of our real estate assets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 83.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 83.75 Td (unforeseen terminations of our management or franchise agreements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 68.75 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 68.75 Td (changes in federal, state, local, or foreign tax law; ) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (the impact of changes in the tax code as a result of the ) Tj ET Q q 0 0 0 rg BT 322.91 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 328.32 742.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 397.76 742.10 Td (Act of 2017 \(the "2017 ) Tj ET Q q 0 0 0 rg BT 492.48 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 497.89 742.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 509.28 742.10 Td (Act"\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (uncertainty as to how some of those changes may be applied;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 715.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 715.10 Td (increases in interest rates and operating costs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 700.10 Td (foreign exchange rate fluctuations or currency restructurings; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 685.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 685.10 Td (lack of acceptance of new brands or innovation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 670.10 Td (general volatility of the capital markets and our ability to access such markets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 655.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 655.10 Td (changes in the competitive environment in our industry) Tj ET Q q 0 0 0 rg BT 324.69 655.10 Td (, including as a result of industry consolidation, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 643.10 Td (markets where we operate; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 628.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 628.10 Td (our ability to successfully grow the ) Tj ET Q q 0 0 0 rg BT 247.13 628.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.76 628.10 Td (orld of Hyatt loyalty program;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 613.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 613.10 Td (cyber incidents and information technology failures;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 598.10 Td (outcomes of legal or administrative proceedings; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 583.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 583.10 Td (violations of regulations or laws related to our franchising business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (These factors are not necessarily all of the important factors that could cause our actual results, performance, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (achievements to dif) Tj ET Q q 0 0 0 rg BT 128.13 550.10 Td (fer materially from those expressed in or implied by any of our forward-looking statements. Other unknown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (or unpredictable factors also could harm our business, financial condition, results of operations, or cash flows. ) Tj ET Q q 0 0 0 rg BT 492.67 538.10 Td (All forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (statements set forth above. Forward-looking statements speak only as of the date they are made, and we do not undertake or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (future events, changes in assumptions, or changes in other factors af) Tj ET Q q 0 0 0 rg BT 322.51 490.10 Td (fecting forward-looking statements, except to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (required by applicable law) Tj ET Q q 0 0 0 rg BT 155.69 478.10 Td (. If we update one or more forward-looking statements, no inference should be drawn that we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (make additional updates with respect to those or other forward-looking statements. ) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 742.25 Td (erms Used in this ) Tj ET Q q 0 0 0 rg BT 131.31 742.25 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.75 Td (Unless otherwise specified or the context otherwise requires, references in this annual report to "we," "our) Tj ET Q q 0 0 0 rg BT 498.20 725.75 Td (," "us," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.75 Td ("Hyatt," and the "Company" refer to Hyatt Hotels Corporation and its consolidated subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 692.75 Td (As used in this annual report, the term "Pritzker family business interests" means \(1\)various lineal descendants of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.75 Td (Nicholas J. Pritzker \(deceased\) and spouses and adopted children of such descendants; \(2\)various trusts for the benefit of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.75 Td (individuals described in clause \(1\)and trustees thereof; and \(3\)various entities owned and/or controlled, directly and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.75 Td (indirectly) Tj ET Q q 0 0 0 rg BT 87.67 656.75 Td (, by the individuals and trusts described in \(1\)and \(2\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 635.75 Td (As used in this annual report, the term "properties" refers to hotels, resorts, and other properties, including branded spas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.75 Td (and fitness studios, and residential, vacation, and condominium ownership units that we develop, own, operate, manage, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.75 Td (franchise, or to which we provide services or license our trademarks. "Hyatt portfolio of properties" or "portfolio of properties" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.75 Td (refers to hotels and other properties that we develop, own, operate, manage, franchise, license, or provide services to, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.75 Td (under the Park Hyatt, Miraval, Grand Hyatt, ) Tj ET Q q 0 0 0 rg BT 228.84 587.75 Td (Alila, ) Tj ET Q q 0 0 0 rg BT 253.29 587.75 Td (Andaz, ) Tj ET Q q 0 0 0 rg BT 284.20 587.75 Td (The Unbound Collection by Hyatt, Destination, Hyatt Regency) Tj ET Q q 0 0 0 rg BT 536.01 587.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.75 Td (Hyatt, Hyatt Ziva, Hyatt Zilara, ) Tj ET Q q 0 0 0 rg BT 178.67 575.75 Td (Thompson, Hyatt Centric, Hyatt House, Hyatt Place, Joie de ) Tj ET Q q 0 0 0 rg BT 422.60 575.75 Td (V) Tj ET Q q 0 0 0 rg BT 429.22 575.75 Td (ivre, tommie, Exhale, and Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.75 Td (Residences Club brands. Our "worldwide hotel portfolio" includes our full and select service hotels. Our "worldwide property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 551.75 Td (portfolio" includes our wellness and all-inclusive resorts, branded spas and fitness studios, and residential, vacation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 539.75 Td (condominium ownership units in addition to our worldwide hotel portfolio. "Residential ownership units" refer to residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.75 Td (units that we manage, own, or to which we provide services or license our trademarks \(such as serviced apartments and Hyatt-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.75 Td (branded residential units\) that are typically part of a mixed-use project and located either adjacent to or near a full service hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.75 Td (that is a member of the Hyatt portfolio of properties or in unique leisure locations. "V) Tj ET Q q 0 0 0 rg BT 391.22 503.75 Td (acation ownership units" refer to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.75 Td (fractional and timeshare vacation ownership properties with respect to which we license our trademarks and that are part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.75 Td (Hyatt Residence Club. "Condominium ownership units" refer to whole ownership residential units \(condominium and private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.75 Td (residences\) that we provide services to and, in some cases management of, the rental programs or homeowner associations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.75 Td (associated with such units. "Hospitality ventures" refer to entities in the hospitality industry in which we own less than a 100% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.75 Td (equity interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 422.75 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 422.75 Td (, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.75 Td (are unaf) Tj ET Q q 0 0 0 rg BT 82.29 410.75 Td (filiated with our hotel portfolio and which operate under other tradenames or marks owned by such hotel or licensed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.75 Td (third parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 377.75 Td (As used in this annual report, the term "colleagues" refers to the more than 139,000 individuals working at our corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.75 Td (and regional of) Tj ET Q q 0 0 0 rg BT 110.35 365.75 Td (fices and our managed, franchised, and owned properties in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 365.75 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.10 365.75 Td ( countries around the world. ) Tj ET Q q 0 0 0 rg BT 475.89 365.75 Td (W) Tj ET Q q 0 0 0 rg BT 484.53 365.75 Td (e directly employ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.75 Td (approximately 54,000 of these colleagues. ) Tj ET Q q 0 0 0 rg BT 221.16 353.75 Td (The remaining colleagues are employed by third-party owners and franchisees of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.75 Td (properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 320.75 Td (Park Hyatt) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 117.05 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 320.75 Td (, Miraval) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 157.16 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.62 320.75 Td (, Grand Hyatt) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 215.32 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.78 320.75 Td (,) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 221.28 323.92 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.42 320.75 Td (Alila) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 242.41 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.87 320.75 Td (, ) Tj ET Q q 0 0 0 rg BT 250.32 320.75 Td (Andaz) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 276.41 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.87 320.75 Td (, ) Tj ET Q q 0 0 0 rg BT 284.69 320.75 Td (The Unbound Collection by Hyatt) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 421.34 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.79 320.75 Td (,) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 427.29 323.92 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.43 320.75 Td (Destination) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 474.53 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.99 320.75 Td (, Hyatt Regency) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 542.69 323.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.15 320.75 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.75 Td (Hyatt) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 72.22 311.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.67 308.75 Td (, Hyatt Ziva, Hyatt Zilara, ) Tj ET Q q 0 0 0 rg BT 201.72 308.75 Td (Thompson Hotels) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 273.11 311.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.57 308.75 Td (, Hyatt Centric) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 335.72 311.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.17 308.75 Td (, Hyatt House) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 394.44 311.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.90 308.75 Td (, Hyatt Place) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 449.27 311.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.73 308.75 Td (, tommie, Exhale) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 530.84 311.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 308.75 Td (, Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.75 Td (Residence Club) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 113.04 299.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 296.75 Td (, Hyatt Residences) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 191.20 299.92 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 194.66 296.75 Td (,) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 196.41 299.92 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.54 296.75 Td (W) Tj ET Q q 0 0 0 rg BT 206.18 296.75 Td (orld of Hyatt) Tj ET Q BT /F1 7.00 Tf ET BT /F1 4.55 Tf ET q 0 0 0 rg BT 257.84 299.92 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.29 296.75 Td (, Hyatt Resorts, and related trademarks, logos, trade names, and service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.75 Td (marks appearing in this annual report are the property of Hyatt Corporation or another wholly owned subsidiary of Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.75 Td (Corporation. ) Tj ET Q q 0 0 0 rg BT 102.77 272.75 Td (All other trademarks, trade names, or service marks appearing in this annual report are the property of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.75 Td (respective owners.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.35 742.25 Td (Part I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 721.25 Td (Item 1. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 94.50 721.25 Td (Business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 700.25 Td (Our History ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 679.25 Td (Hyatt was founded by Jay Pritzker in 1957 when he purchased the Hyatt House motel adjacent to the Los ) Tj ET Q q 0 0 0 rg BT 496.45 679.25 Td (Angeles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.25 Td (International ) Tj ET Q q 0 0 0 rg BT 102.54 667.25 Td (Airport. In 2004, substantially all of the hospitality assets owned by Pritzker family business interests, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.25 Td (Hyatt Corporation and Hyatt International Corporation, were consolidated under a single entity whose name was subsequently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.25 Td (changed to Global Hyatt Corporation. On June30, 2009, Global Hyatt Corporation changed its name to Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.25 Td (Corporation. ) Tj ET Q q 0 0 0 rg BT 102.64 631.25 Td (W) Tj ET Q q 0 0 0 rg BT 111.28 631.25 Td (e completed our initial public of) Tj ET Q q 0 0 0 rg BT 239.68 631.25 Td (fering of our Class) Tj ET Q q 0 0 0 rg BT 316.33 631.25 Td (A) Tj ET Q q 0 0 0 rg BT 323.00 631.25 Td ( common stock on November 10, 2009.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (Overview ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 589.25 Td (Hyatt Hotels Corporation is a global hospitality company with widely recognized, industry leading brands and a tradition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.25 Td (of innovation developed over our sixty-year history) Tj ET Q q 0 0 0 rg BT 254.91 577.25 Td (. ) Tj ET Q q 0 0 0 rg BT 259.73 577.25 Td (W) Tj ET Q q 0 0 0 rg BT 268.37 577.25 Td (e develop, own, operate, manage, franchise, license, or provide services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.25 Td (to a portfolio of properties, consisting of full service hotels, select service hotels, resorts, and other properties, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.25 Td (branded spas and fitness studios, timeshare, fractional, and other forms of residential, vacation, and condominium ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.25 Td (units. ) Tj ET Q q 0 0 0 rg BT 73.40 541.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.90 541.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.48 541.25 Td (, our worldwide hotel portfolio consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.12 541.25 Td (843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.12 541.25 Td ( hotels \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.33 541.25 Td (208,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.83 541.25 Td ( rooms\). See Part II, Item 7, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.25 Td ("Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 176.76 529.25 Td (Analysis of Financial Condition and Results of OperationsOverview" for a categorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.25 Td (breakdown of our portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 496.25 Td (Our full service properties operate under seven brands: Park Hyatt, Grand Hyatt, Hyatt Regency) Tj ET Q q 0 0 0 rg BT 457.45 496.25 Td (, Hyatt, ) Tj ET Q q 0 0 0 rg BT 489.11 496.25 Td (Andaz, Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (Centric, and ) Tj ET Q q 0 0 0 rg BT 100.69 484.25 Td (The Unbound Collection by Hyatt. ) Tj ET Q q 0 0 0 rg BT 241.79 484.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 291.69 484.25 Td (, in 2018, we acquired ) Tj ET Q q 0 0 0 rg BT 382.87 484.25 Td (T) Tj ET Q q 0 0 0 rg BT 388.28 484.25 Td (wo Roads Hospitality LLC \("T) Tj ET Q q 0 0 0 rg BT 511.65 484.25 Td (wo Roads"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (and added five brands to our portfolio - ) Tj ET Q q 0 0 0 rg BT 208.90 472.25 Td (Alila, Destination, ) Tj ET Q q 0 0 0 rg BT 284.82 472.25 Td (Thompson, Joie de ) Tj ET Q q 0 0 0 rg BT 362.97 472.25 Td (V) Tj ET Q q 0 0 0 rg BT 369.59 472.25 Td (ivre, and tommie. In 2017, we acquired Miraval ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (Group \("Miraval"\) and Exhale Enterprises, Inc. \("Exhale"\), forming a distinct wellness category within our portfolio of brands. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (Our two select service brands are Hyatt Place and Hyatt House. Our all-inclusive resort brands are Hyatt Ziva and Hyatt Zilara. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 436.25 Td (e also manage, provide services to, or license our trademarks with respect to residential ownership units that are often ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (adjacent to a Hyatt-branded full service hotel. ) Tj ET Q q 0 0 0 rg BT 234.43 424.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 284.33 424.25 Td (, for condominium ownership units, we provide services and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (manage the rental programs or homeowner associations associated with such units. ) Tj ET Q q 0 0 0 rg BT 383.67 412.25 Td (W) Tj ET Q q 0 0 0 rg BT 392.31 412.25 Td (e consult with third parties in the design ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (and development of such mixed-use projects. ) Tj ET Q q 0 0 0 rg BT 232.88 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 241.52 400.25 Td (e license certain of our trademarks with respect to vacation ownership units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (which are part of Hyatt Residence Club. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 367.25 Td (Substantially all of our hotel general managers are trained professionals in the hospitality industry with extensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.25 Td (hospitality experience in their local markets and host countries. ) Tj ET Q q 0 0 0 rg BT 304.80 355.25 Td (The general managers of our managed properties are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td (empowered to operate their properties on an independent basis using their market knowledge, management experience, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (understanding of our brands. Our colleagues and hotel general managers are supported by our regional management teams ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (located in cities around the world and our executive management team, headquartered in Chicago. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 298.25 Td (e primarily derive our revenues from owned and leased hotel operations, management, franchise, and other fees, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (other revenues from managed and franchised properties. For each of the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.92 286.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.50 286.25 Td ( and December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 274.25 Td (, revenues totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.25 274.25 Td ($4.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.36 274.25 Td (, net income attributable to Hyatt Hotels Corporation totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.19 274.25 Td ($769 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.58 274.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.02 274.25 Td ($389 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.41 274.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 262.25 Td (, and ) Tj ET Q q 0 0 0 rg BT 118.55 262.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 193.26 262.25 Td ( totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.48 262.25 Td ($777 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.87 262.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.31 262.25 Td ($792 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.70 262.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 400.36 262.25 Td (. See Part II, Item7, "Management's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.28 250.25 Td (Analysis of Financial Condition and Results of OperationsKey Business Metrics Evaluated by Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (Adjusted Earnings Before Interest Expense, ) Tj ET Q q 0 0 0 rg BT 237.04 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 242.45 238.25 Td (axes, Depreciation, and ) Tj ET Q q 0 0 0 rg BT 338.25 238.25 Td (Amortization \("Adjusted EBITDA"\) and EBITDA" for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (our definition of ) Tj ET Q q 0 0 0 rg BT 116.99 226.25 Td (Adjusted EBITDA, why we present it, and for a reconciliation of our net income attributable to Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (Corporation to consolidated ) Tj ET Q q 0 0 0 rg BT 163.09 214.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 237.81 214.25 Td ( for the periods presented. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 193.25 Td (Our Purpose, V) Tj ET Q q 0 0 0 rg BT 113.68 193.25 Td (ision, Mission, and V) Tj ET Q q 0 0 0 rg BT 200.11 193.25 Td (alues ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 172.25 Td (Our Purpose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 151.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 151.25 Td (e care for people so they can be their best. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 130.25 Td (Our V) Tj ET Q q 0 0 0 rg BT 98.79 130.25 Td (ision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 109.25 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 109.25 Td ( world of understanding and care.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 88.25 Td (Our Mission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 67.25 Td (T) Tj ET Q q 0 0 0 rg BT 78.91 67.25 Td (o deliver distinctive experiences for our guests. ) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 742.25 Td (Our V) Tj ET Q q 0 0 0 rg BT 98.24 742.25 Td (alues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.25 Td (Respect, integrity) Tj ET Q q 0 0 0 rg BT 143.39 721.25 Td (, humility) Tj ET Q q 0 0 0 rg BT 181.63 721.25 Td (, empathy) Tj ET Q q 0 0 0 rg BT 220.41 721.25 Td (, creativity) Tj ET Q q 0 0 0 rg BT 262.52 721.25 Td (, and fun are our shared core values. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 700.25 Td (Our purpose, vision, mission, and values are brought to life by our colleagues, whom we refer to as the Hyatt family) Tj ET Q q 0 0 0 rg BT 537.74 700.25 Td (. ) Tj ET Q q 0 0 0 rg BT 542.56 700.25 Td (W) Tj ET Q q 0 0 0 rg BT 551.20 700.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 Td (believe our colleagues embody our purpose of caring for people, including each other) Tj ET Q q 0 0 0 rg BT 391.48 688.25 Td (, our guests, and ultimately our property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td (owners. ) Tj ET Q q 0 0 0 rg BT 83.20 676.25 Td (This commitment to genuine service and care is what dif) Tj ET Q q 0 0 0 rg BT 309.90 676.25 Td (ferentiates us and drives guest preference. ) Tj ET Q q 0 0 0 rg BT 479.92 676.25 Td (The management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (teams at each of our managed properties lead by example, and we provide them with the appropriate autonomy to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (operational decisions in the best interests of the hotel and brand. ) Tj ET Q q 0 0 0 rg BT 308.69 652.25 Td (W) Tj ET Q q 0 0 0 rg BT 317.33 652.25 Td (e believe the managers of our franchised properties are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (experienced operators with high standards who have demonstrated commitment to our values and our approach to caring for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (guests to enhance guest satisfaction. High levels of guest satisfaction lead to increased guest preference for our brands, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (we believe results in a strengthened revenue base over the long term. ) Tj ET Q q 0 0 0 rg BT 327.27 616.25 Td (W) Tj ET Q q 0 0 0 rg BT 335.91 616.25 Td (e also believe engaged colleagues will enhance ef) Tj ET Q q 0 0 0 rg BT 534.25 616.25 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (operation of our properties, resulting in improved financial results for our owners. Sustained adherence to these principles is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (basis for our brand reputation and is one of the principal factors behind the decisions of our diverse group of owners and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (developers to invest in the Hyatt portfolio of properties around the world. ) Tj ET Q q 0 0 0 rg BT 345.64 580.25 Td (W) Tj ET Q q 0 0 0 rg BT 354.28 580.25 Td (e work with existing and prospective owners and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (developers to increase our presence around the world, which we expect will lead to guest satisfaction, brand preference, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.25 Td (new channels of professional growth for our colleagues. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 535.25 Td (Our Competitive Strengths ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 514.25 Td (e have significant competitive strengths that support our mission to deliver distinctive experiences for our guests and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (drive growth and create value for our customers, colleagues, and shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 481.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.50 481.25 Td (W) Tj ET Q q 0 0 0 rg BT 105.65 481.25 Td (orld Class Brands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.07 481.25 Td () Tj ET Q q 0 0 0 rg BT 191.88 481.25 Td (W) Tj ET Q q 0 0 0 rg BT 200.52 481.25 Td (e believe our widely recognized, industry-leading brands provide us with a competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 469.25 Td (advantage in attracting and driving preference. ) Tj ET Q q 0 0 0 rg BT 286.40 469.25 Td (W) Tj ET Q q 0 0 0 rg BT 295.03 469.25 Td (e have consistently received top rankings, awards, and accolades ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 457.25 Td (for service and guest experience from independent publications and surveys, including Cond Nast ) Tj ET Q q 0 0 0 rg BT 495.54 457.25 Td (T) Tj ET Q q 0 0 0 rg BT 501.29 457.25 Td (raveler) Tj ET Q q 0 0 0 rg BT 528.65 457.25 Td (, ) Tj ET Q q 0 0 0 rg BT 533.47 457.25 Td (T) Tj ET Q q 0 0 0 rg BT 539.22 457.25 Td (ravel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 445.25 Td (and Leisure, Forbes, ) Tj ET Q q 0 0 0 rg BT 181.09 445.25 Td (AAA, and J.D. Power) Tj ET Q q 0 0 0 rg BT 268.31 445.25 Td (. Our brand recognition and strength are key to our ability to drive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 433.25 Td (preference. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 412.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.50 412.25 Td (Global Platform with Compelling Growth Potential.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.86 412.25 Td (Our existing global presence is widely distributed, and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 400.25 Td (hotels operate in some of the most populous urban centers around the globe. ) Tj ET Q q 0 0 0 rg BT 404.47 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 413.11 400.25 Td (e believe our existing hotels, located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 388.25 Td (in key markets around the globe, provide us with a strong platform from which to selectively pursue new growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 376.25 Td (opportunities in markets where our brands are less prevalent. Our dedicated development executives in of) Tj ET Q q 0 0 0 rg BT 519.68 376.25 Td (fices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 364.25 Td (around the world apply their experience, market expertise, and knowledge to ensure the Hyatt portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 352.25 Td (properties enhances preference for our brands. ) Tj ET Q q 0 0 0 rg BT 284.91 352.25 Td (An important aspect of our compelling growth potential is our strong ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 340.25 Td (brand presence in higher growth markets such as Greater China and India. ) Tj ET Q q 0 0 0 rg BT 396.38 340.25 Td (The combination of our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 328.25 Td (locations and brands, experienced development team, ) Tj ET Q q 0 0 0 rg BT 313.91 328.25 Td (W) Tj ET Q q 0 0 0 rg BT 322.54 328.25 Td (orld of Hyatt loyalty program, established third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 316.25 Td (relationships, and significant access to capital provides us with a strong foundation for future growth and long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 304.25 Td (value creation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 283.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.50 283.25 Td (Deep Culture and Experienced Management T) Tj ET Q q 0 0 0 rg BT 289.63 283.25 Td (eams.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.24 283.25 Td (Hyatt has a strong culture rooted in values that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 271.25 Td (supported our past success and form the foundation for our future. ) Tj ET Q q 0 0 0 rg BT 364.47 271.25 Td (The members of the Hyatt family are united by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 259.25 Td (shared values, a single purpose, and common goals that include delivering experiences that drive customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 247.25 Td (preference while driving ef) Tj ET Q q 0 0 0 rg BT 205.87 247.25 Td (ficient hotel operations and strong owner returns. Our colleagues at Hyatt properties are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 235.25 Td (guided by an experienced and dedicated team including general managers and regional leadership teams that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 223.25 Td (provide resources, mentorship and coaching, owner support, and other assistance. ) Tj ET Q q 0 0 0 rg BT 426.11 223.25 Td (The general managers at our full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 211.25 Td (service managed hotels have an average tenure of approximately 18 years, and senior operating management has an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 199.25 Td (average of approximately 30 years of experience in the industry) Tj ET Q q 0 0 0 rg BT 352.03 199.25 Td (. Our seasoned executive management team sets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 187.25 Td (overall policies for our Company) Tj ET Q q 0 0 0 rg BT 229.59 187.25 Td (, supports our regional teams and our colleagues around the world, provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 175.25 Td (strategic direction, and leads our global growth initiatives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 154.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.50 154.25 Td (Strong Capital Base and Disciplined Financial ) Tj ET Q q 0 0 0 rg BT 292.72 154.25 Td (Approach.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.78 154.25 Td (Our approach is to maintain appropriate levels of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 142.25 Td (financial leverage through industry cycles and economic downturns. ) Tj ET Q q 0 0 0 rg BT 372.70 142.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.20 142.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.78 142.25 Td (, we had cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 130.25 Td (equivalents and short-term investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.74 130.25 Td ($686 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.13 130.25 Td ( and available borrowing capacity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.96 130.25 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.07 130.25 Td (. ) Tj ET Q q 0 0 0 rg BT 518.89 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 527.53 130.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 118.25 Td (believe that as a result of our balance sheet strength, we are uniquely positioned to take advantage of strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 106.25 Td (opportunities to develop or acquire properties and brands or invest in new lines of business. ) Tj ET Q q 0 0 0 rg BT 466.13 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 474.77 106.25 Td (e adhere to a formal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 94.25 Td (investment process in evaluating such opportunities with input from various groups within our global or) Tj ET Q q 0 0 0 rg BT 513.37 94.25 Td (ganization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 73.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.50 73.25 Td (Diverse Exposure to Hotel Management, Franchising, Ownership, and Development.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.63 73.25 Td (W) Tj ET Q q 0 0 0 rg BT 467.27 73.25 Td (e believe our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 61.25 Td (experience as a global multi-brand manager) Tj ET Q q 0 0 0 rg BT 272.30 61.25 Td (, franchisor) Tj ET Q q 0 0 0 rg BT 317.44 61.25 Td (, owner) Tj ET Q q 0 0 0 rg BT 347.03 61.25 Td (, and developer of hotels makes us one of the best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 49.25 Td (positioned hospitality companies in the world. Our mix of managed, franchised, and owned properties provides a ) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 742.10 Td (broad and diverse base of revenues, profits, and cash flows and gives us flexibility to evaluate growth opportunities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 730.10 Td (across our lines of business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 709.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.50 709.10 Td (High-Quality Owned Hotels are Located in Desirable Markets and are a Source of Capital for New Growth ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 97.50 697.10 Td (Investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.45 697.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.95 697.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.53 697.10 Td (, our owned and leased portfolio totaled 40 owned or leased properties \(33 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 685.10 Td (which are owned\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.57 685.10 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.57 685.10 Td ( managed or franchised properties that are owned or leased \(21 of which are owned\) by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 673.10 Td (unconsolidated hospitality ventures. Our owned full service hotels are located primarily in key markets, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 661.10 Td (major business centers and leisure destinations with strong growth potential, such as Chicago, London, New ) Tj ET Q q 0 0 0 rg BT 532.60 661.10 Td (Y) Tj ET Q q 0 0 0 rg BT 538.82 661.10 Td (ork, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 649.10 Td (Paris, Miami, Seoul, and Zurich. Our unconsolidated hospitality ventures include 50% ownership interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 637.10 Td (properties in Mumbai and So Paulo. ) Tj ET Q q 0 0 0 rg BT 248.32 637.10 Td (A) Tj ET Q q 0 0 0 rg BT 254.99 637.10 Td ( number of our owned hotels and unconsolidated hospitality venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 625.10 Td (properties are unique assets with high brand recognition and a strong position in their local markets. ) Tj ET Q q 0 0 0 rg BT 499.72 625.10 Td (W) Tj ET Q q 0 0 0 rg BT 508.36 625.10 Td (e believe our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 613.10 Td (owned assets provide us the opportunity to support growth through the disposition of selected assets to fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 601.10 Td (expansions of our core business as well as the opportunity to unlock additional shareholder value through tar) Tj ET Q q 0 0 0 rg BT 532.22 601.10 Td (geted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 589.10 Td (dispositions that allow for incremental return of capital to shareholders or additional strategic investments that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 577.10 Td (provide new avenues for growth. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (Our Business Strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 535.10 Td (Our strategy to drive long-term sustainable growth and create value for customers, colleagues, and shareholders is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td (focused on the following three areas:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 502.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 502.10 Td (Maximize Our Cor) Tj ET Q q 0 0 0 rg BT 160.68 502.10 Td (e Business:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.95 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.27 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 216.91 502.10 Td (e will continue to grow and operate our core business to the best of our ability in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 490.10 Td (order to be best-in-class while generating profits to fuel our growth. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 469.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 469.10 Td (Integrate New Gr) Tj ET Q q 0 0 0 rg BT 155.68 469.10 Td (owth Platforms:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.40 469.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.72 469.10 Td (W) Tj ET Q q 0 0 0 rg BT 231.36 469.10 Td (e are identifying new opportunities and areas to invest in which our guests care ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 457.10 Td (about and that provide additional paths for growth \(including wellness-related businesses\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 436.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 436.10 Td (Optimize Capital Deployment:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.26 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.58 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 219.22 436.10 Td (e are taking a comprehensive and disciplined approach to our deployment of capital, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 424.10 Td (including the sell-down of a portion of our owned real estate. ) Tj ET Q q 0 0 0 rg BT 332.47 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 341.11 424.10 Td (e believe this will allow us to fuel the growth of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 412.10 Td (core management and franchising business, invest in new growth platforms, and return capital to our shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 391.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 391.10 Td (e implement our strategy through a focus on four strategic priorities:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 370.10 Td (Cultivate the Best People and Evolve the Culture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 349.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 349.10 Td (e focus on cultivating the best people and evolving the culture by attracting, developing, rewarding, and retaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 337.10 Td (individuals who distinguish Hyatt from our competitors and provide a unique experience to our guests. ) Tj ET Q q 0 0 0 rg BT 485.63 337.10 Td (W) Tj ET Q q 0 0 0 rg BT 494.27 337.10 Td (e recognize our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 325.10 Td (people and our culture are our greatest assets and the core of our strategy) Tj ET Q q 0 0 0 rg BT 363.18 325.10 Td (. Our goal is to develop a strong pipeline of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 313.10 Td (colleagues who are purpose driven, bring diverse perspectives, and have an agile, entrepreneurial mindset and to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 301.10 Td (them with opportunities to fulfill their personal potential and development while helping to make Hyatt successful. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 280.10 Td (Our brands are defined, in lar) Tj ET Q q 0 0 0 rg BT 216.55 280.10 Td (ge part, by the commitment to genuine service and care that our colleagues deliver to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 268.10 Td (our guests. ) Tj ET Q q 0 0 0 rg BT 117.65 268.10 Td (W) Tj ET Q q 0 0 0 rg BT 126.29 268.10 Td (e believe that while a great product is necessary for success, a service model that promotes genuine care for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 256.10 Td (our guests and focuses on their particular needs is the key to a sustainable long-term advantage. ) Tj ET Q q 0 0 0 rg BT 456.42 256.10 Td (Therefore, we strive to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 244.10 Td (involve our colleagues in deciding how we care for our guests and identifying what we can do to improve guest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 232.10 Td (satisfaction. ) Tj ET Q q 0 0 0 rg BT 122.36 232.10 Td (W) Tj ET Q q 0 0 0 rg BT 131.00 232.10 Td (e rely on our hotel general managers to lead by example and foster colleague engagement. In addition, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 220.10 Td (are focused on providing colleagues with the tools and technology needed to perform their jobs more ef) Tj ET Q q 0 0 0 rg BT 486.14 220.10 Td (fectively and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 208.10 Td (ef) Tj ET Q q 0 0 0 rg BT 79.59 208.10 Td (ficiently to allow for further engagement with guests. ) Tj ET Q q 0 0 0 rg BT 295.18 208.10 Td (W) Tj ET Q q 0 0 0 rg BT 303.82 208.10 Td (e believe colleague engagement results in higher levels of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 196.10 Td (customer satisfaction and improves the performance of our properties. ) Tj ET Q q 0 0 0 rg BT 355.06 196.10 Td (T) Tj ET Q q 0 0 0 rg BT 360.47 196.10 Td (o assist in this process, we aim to ensure talented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 184.10 Td (management teams are in place worldwide and to reward those teams that achieve higher levels of colleague engagement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 172.10 Td (guest satisfaction, and hotel financial performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 151.10 Td (Our reputation is a reflection of how we conduct ourselves and our business in the communities in which we live ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 139.10 Td (and work. One of our principal tools to enhance Hyatt's reputation is Hyatt ) Tj ET Q q 0 0 0 rg BT 372.99 139.10 Td (Thrive, our global corporate responsibility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 127.10 Td (program. ) Tj ET Q q 0 0 0 rg BT 110.70 127.10 Td (Through Hyatt ) Tj ET Q q 0 0 0 rg BT 172.17 127.10 Td (Thrive initiatives, we volunteer in our communities, support or) Tj ET Q q 0 0 0 rg BT 423.61 127.10 Td (ganizations that work in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 115.10 Td (communities, and work to reduce our waste and carbon footprint to make the communities in which we operate places ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 103.10 Td (where we want to live, where guests want to visit, and where our owners want to invest.) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 742.25 Td (Drive Guest and Customer Personalization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 721.25 Td (e aim to foster direct relationships with our guests by engaging with them in more direct ways, such as direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 709.25 Td (booking, communication, digital engagement, and on-property interactions.) Tj ET Q q 0 0 0 rg BT 376.46 709.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.10 709.25 Td (e continuously strive to uncover new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 697.25 Td (opportunities for personalizing the guest experience in each of our brands. ) Tj ET Q q 0 0 0 rg BT 371.17 697.25 Td (T) Tj ET Q q 0 0 0 rg BT 376.92 697.25 Td (ruly understanding our guests informs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 685.25 Td (everything we do, from the way we design our properties to the way we cultivate our food and beverage of) Tj ET Q q 0 0 0 rg BT 498.90 685.25 Td (ferings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 664.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 664.25 Td (e develop loyalty by fostering personal relationships and creating emotional connections that inspire brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 652.25 Td (preference. ) Tj ET Q q 0 0 0 rg BT 119.00 652.25 Td (W) Tj ET Q q 0 0 0 rg BT 127.64 652.25 Td (e believe true loyalty is built by deep interpersonal connections, authenticity) Tj ET Q q 0 0 0 rg BT 432.18 652.25 Td (, care, and trust. In 2017, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 640.25 Td (launched ) Tj ET Q q 0 0 0 rg BT 110.41 640.25 Td (W) Tj ET Q q 0 0 0 rg BT 119.05 640.25 Td (orld of Hyatt to continue celebrating members, build community) Tj ET Q q 0 0 0 rg BT 376.95 640.25 Td (, and engage with high-end travelers. ) Tj ET Q q 0 0 0 rg BT 527.27 640.25 Td (W) Tj ET Q q 0 0 0 rg BT 535.91 640.25 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 628.25 Td (since enhanced, and intend to continue to enhance, the program over time. ) Tj ET Q q 0 0 0 rg BT 371.43 628.25 Td (The ) Tj ET Q q 0 0 0 rg BT 389.30 628.25 Td (W) Tj ET Q q 0 0 0 rg BT 397.94 628.25 Td (orld of Hyatt loyalty program is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 616.25 Td (designed to attract new guests, demonstrate loyalty to our existing guests, and build long lasting and meaningful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 604.25 Td (relationships with guests. In addition, Hyatt's co-branded ) Tj ET Q q 0 0 0 rg BT 302.19 604.25 Td (V) Tj ET Q q 0 0 0 rg BT 308.81 604.25 Td (isa credit cards with Chase Bank USA, N.A. increase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 592.25 Td (frequency and relevancy of member engagement with ) Tj ET Q q 0 0 0 rg BT 289.78 592.25 Td (W) Tj ET Q q 0 0 0 rg BT 298.42 592.25 Td (orld of Hyatt.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 571.25 Td (Operate with Excellence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 550.25 Td (A) Tj ET Q q 0 0 0 rg BT 107.17 550.25 Td ( key component of our strategy is to maximize revenues and manage costs at our managed hotel properties. ) Tj ET Q q 0 0 0 rg BT 538.24 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 546.88 550.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 538.25 Td (strive to optimize revenues by focusing on revenue management and establishing and increasing guest loyalty to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 526.25 Td (brands. ) Tj ET Q q 0 0 0 rg BT 104.98 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 113.62 526.25 Td (e work to expand Hyatt's share of rooms revenues by continuously striving to provide genuine guest service and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 514.25 Td (delivering value to our guests. Our existing customer base is diverse with dif) Tj ET Q q 0 0 0 rg BT 380.20 514.25 Td (ferent needs and preferences. ) Tj ET Q q 0 0 0 rg BT 499.12 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 507.75 514.25 Td (e aim to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 502.25 Td (provide dif) Tj ET Q q 0 0 0 rg BT 117.47 502.25 Td (ferentiated service and product of) Tj ET Q q 0 0 0 rg BT 251.67 502.25 Td (ferings tar) Tj ET Q q 0 0 0 rg BT 292.31 502.25 Td (geted at each customer segment within each of our brands, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 490.25 Td (including meeting planners and group business, leisure guests, and business travelers, in order to satisfy our customers' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 478.25 Td (specific needs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 457.25 Td (W) Tj ET Q q 0 0 0 rg BT 109.14 457.25 Td (e manage costs by setting performance goals for our hotel management teams, optimizing distribution channels, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 445.25 Td (and granting our general managers operational autonomy) Tj ET Q q 0 0 0 rg BT 301.66 445.25 Td (. ) Tj ET Q q 0 0 0 rg BT 306.48 445.25 Td (W) Tj ET Q q 0 0 0 rg BT 315.12 445.25 Td (e support these cost management ef) Tj ET Q q 0 0 0 rg BT 457.39 445.25 Td (forts by providing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 433.25 Td (general managers with tools and analytics from our regional and corporate of) Tj ET Q q 0 0 0 rg BT 381.82 433.25 Td (fices and by compensating our hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 421.25 Td (management teams based on property performance. In addition to managing hotel level costs, we strive to keep corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 409.25 Td (costs aligned with growth through ef) Tj ET Q q 0 0 0 rg BT 220.24 409.25 Td (ficient resource allocation, which we expect will generate savings supporting our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 397.25 Td (ability to fund additional growth and further invest in our brands.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.00 376.25 Td (Grow ) Tj ET Q q 0 0 0 rg BT 97.10 376.25 Td (W) Tj ET Q q 0 0 0 rg BT 105.62 376.25 Td (ith Intent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.00 355.25 Td (W) Tj ET Q q 0 0 0 rg BT 107.64 355.25 Td (e are focused on creating long-term shareholder value and on where and how we invest to expand our presence in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 343.25 Td (key locations. ) Tj ET Q q 0 0 0 rg BT 129.86 343.25 Td (W) Tj ET Q q 0 0 0 rg BT 138.50 343.25 Td (e believe the scale of our presence around the world is small relative to the recognition of our brands and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 331.25 Td (our excellent reputation for service and, therefore, we have a unique opportunity to grow) Tj ET Q q 0 0 0 rg BT 426.50 331.25 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 109.50 310.25 Td (o) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.06 310.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.50 310.25 Td (Incr) Tj ET Q q 0 0 0 rg BT 144.79 310.25 Td (ease Market Pr) Tj ET Q q 0 0 0 rg BT 206.06 310.25 Td (esence.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.21 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 253.85 310.25 Td (e focus our expansion ef) Tj ET Q q 0 0 0 rg BT 351.41 310.25 Td (forts on under) Tj ET Q q 0 0 0 rg BT 407.31 310.25 Td (-penetrated markets where we already ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 298.25 Td (have an established presence and on locations where our guests are traveling, but where we do not have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 286.25 Td (presence. ) Tj ET Q q 0 0 0 rg BT 168.29 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 176.93 286.25 Td (e intend to expand our presence by increasing the number of hotels in the Hyatt portfolio, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 274.25 Td (primarily by entering into new management and franchise agreements. ) Tj ET Q q 0 0 0 rg BT 413.22 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 421.85 274.25 Td (e believe our intense focus on each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 262.25 Td (customer group that we serve and our understanding of how we can serve them in new locations will result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 250.25 Td (in quality growth. Over the past few years, we have made significant progress in expanding our presence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 238.25 Td (through development of new hotels, conversion of existing hotels, and most recently) Tj ET Q q 0 0 0 rg BT 465.83 238.25 Td (, the acquisition of ) Tj ET Q q 0 0 0 rg BT 542.58 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 547.99 238.25 Td (wo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 226.25 Td (Roads. ) Tj ET Q q 0 0 0 rg BT 157.95 226.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 207.85 226.25 Td (, we are focused on continued growth of our development pipeline. ) Tj ET Q q 0 0 0 rg BT 478.42 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 487.06 226.25 Td (e have expanded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 214.25 Td (our pipeline by an average of over 12% per year since the time of our IPO in 2009. Since 2009, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 202.25 Td (also entered 246 new markets and 19 new countries. Expansion in dynamic markets like Greater China and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 190.25 Td (India is central to our growth strategy as representation in key cities and resort destinations provides us with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 178.25 Td (the opportunity to drive preference for our brands as we serve a broader base of guests in these high growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 166.25 Td (and under) Tj ET Q q 0 0 0 rg BT 168.01 166.25 Td (-penetrated markets. ) Tj ET Q q 0 0 0 rg BT 251.58 166.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.08 166.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.67 166.25 Td (, there were over 170 hotels open or under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 154.25 Td (development in Greater China in markets such as Beijing, Hong Kong, Shanghai, and Shenzhen. In India, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 142.25 Td (there were over 60 hotels open or under development at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.97 142.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.56 142.25 Td (. In addition to Greater China ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 130.25 Td (and India, we have also announced further expansion plans into diverse international markets including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 118.25 Td (Albania, Canada, Hungary) Tj ET Q q 0 0 0 rg BT 234.48 118.25 Td (, Indonesia, Ireland, and ) Tj ET Q q 0 0 0 rg BT 333.43 118.25 Td (V) Tj ET Q q 0 0 0 rg BT 340.05 118.25 Td (ietnam.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 109.50 97.25 Td (o) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.06 97.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.50 97.25 Td (Expand Select Service Pr) Tj ET Q q 0 0 0 rg BT 229.47 97.25 Td (esence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.12 97.25 Td (.) Tj ET Q q 0 0 0 rg BT 268.44 97.25 Td (W) Tj ET Q q 0 0 0 rg BT 277.07 97.25 Td (e continue to expand the Hyatt Place and Hyatt House brands, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 85.25 Td (we believe will support our overall growth and enhance the performance of all of our brands. ) Tj ET Q q 0 0 0 rg BT 502.91 85.25 Td (W) Tj ET Q q 0 0 0 rg BT 511.55 85.25 Td (e intend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 73.25 Td (grow our select service presence through third-party construction of new franchised properties, conversion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 61.25 Td (and renovation of existing non-Hyatt properties, and in limited cases, support of the development of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 49.25 Td (managed properties. ) Tj ET Q q 0 0 0 rg BT 211.90 49.25 Td (W) Tj ET Q q 0 0 0 rg BT 220.54 49.25 Td (e believe the opportunity for properties providing a select of) Tj ET Q q 0 0 0 rg BT 461.11 49.25 Td (fering of services at a ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 742.10 Td (lower price point than full service hotels is particularly compelling in certain markets, including Greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 730.10 Td (China, India, and the Middle East, where there is a lar) Tj ET Q q 0 0 0 rg BT 344.08 730.10 Td (ge and growing middle class along with a meaningful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 718.10 Td (number of local business travelers. ) Tj ET Q q 0 0 0 rg BT 269.57 718.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.07 718.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.66 718.10 Td (, we had 46 Hyatt Place hotels and 10 Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 706.10 Td (House hotels operating outside of the United States in 19 and 6 countries, respectively) Tj ET Q q 0 0 0 rg BT 472.77 706.10 Td (, throughout ) Tj ET Q q 0 0 0 rg BT 523.61 706.10 Td (Asia, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 694.10 Td (Europe, ) Tj ET Q q 0 0 0 rg BT 161.83 694.10 Td (Africa, and Latin ) Tj ET Q q 0 0 0 rg BT 232.35 694.10 Td (America. In addition to these hotels, we have announced new management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 682.10 Td (agreements for select service properties currently under development in Bangladesh, France, Kenya, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 670.10 Td (Poland.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 109.50 649.10 Td (o) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.06 649.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.50 649.10 Td (Incr) Tj ET Q q 0 0 0 rg BT 144.79 649.10 Td (ease Focus on Franchising.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.88 649.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.52 649.10 Td (e continue to increase our franchised hotel presence, primarily in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 637.10 Td (United States. By increasing our focus on franchising, we believe we will gain access to capital from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 625.10 Td (developers and property owners who are specifically tar) Tj ET Q q 0 0 0 rg BT 352.40 625.10 Td (geting franchise business opportunities. ) Tj ET Q q 0 0 0 rg BT 513.02 625.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.66 625.10 Td (e have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 613.10 Td (internal team dedicated to supporting our franchise owners and to driving the expansion of our franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 601.10 Td (hotel presence. ) Tj ET Q q 0 0 0 rg BT 190.79 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.43 601.10 Td (e plan to expand existing relationships and develop new relationships with franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 589.10 Td (who demonstrate an ability to provide excellent customer service and maintain our brand standards. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 577.10 Td (support of our strategy) Tj ET Q q 0 0 0 rg BT 218.67 577.10 Td (, over the past several years, we sold a number of individual full service hotels and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 565.10 Td (portfolios of select service hotels subject to long-term franchise agreements with the purchasers.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 109.50 544.10 Td (o) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.06 544.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.50 544.10 Td (Utilize Our Capital and ) Tj ET Q q 0 0 0 rg BT 226.10 544.10 Td (Asset Base for T) Tj ET Q q 0 0 0 rg BT 290.46 544.10 Td (ar) Tj ET Q q 0 0 0 rg BT 298.98 544.10 Td (geted Gr) Tj ET Q q 0 0 0 rg BT 333.88 544.10 Td (owth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.83 544.10 Td (The combination of our significant liquidity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 532.10 Td (strong capital position coupled with our high quality asset base provides a unique platform to support our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 520.10 Td (growth strategy) Tj ET Q q 0 0 0 rg BT 190.34 520.10 Td (. ) Tj ET Q q 0 0 0 rg BT 195.16 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.79 520.10 Td (e take a comprehensive approach to our ef) Tj ET Q q 0 0 0 rg BT 372.70 520.10 Td (forts to dispose of or recycle certain hotel real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 508.10 Td (estate assets and to manage capital deployment in furtherance of our expansion plans. Capital deployment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 496.10 Td (will continue with an objective to maximize long-term shareholder value, and we will assess and balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 484.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 161.74 484.10 Td (, value, and strategic importance in each instance. ) Tj ET Q q 0 0 0 rg BT 362.87 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.50 484.10 Td (e will continue to commit capital to fund the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 472.10 Td (renovation of certain assets and expect to maintain some level of hotel ownership over time in our owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 460.10 Td (portfolio. In November 2017, we committed to supplement our asset recycling strategy with a tar) Tj ET Q q 0 0 0 rg BT 516.55 460.10 Td (geted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 448.10 Td (reduction in our owned real estate portfolio expected to generate approximately $1.5 billion in gross cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 436.10 Td (proceeds by the end of 2020. ) Tj ET Q q 0 0 0 rg BT 246.34 436.10 Td (T) Tj ET Q q 0 0 0 rg BT 251.75 436.10 Td (o date, we have realized gross proceeds of approximately $1.1 billion. ) Tj ET Q q 0 0 0 rg BT 534.26 436.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 424.10 Td (proceeds are being used to unlock shareholder value, provide funds for growth investments, return capital to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 412.10 Td (shareholders, and accelerate the evolution of our earnings profile to be less capital intensive. ) Tj ET Q q 0 0 0 rg BT 500.40 412.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 400.10 Td (dispositions are in addition to the execution of our asset recycling strategyselling certain hotels while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 388.10 Td (maintaining presence in those markets by entering into new management or franchise agreements with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 376.10 Td (buyer) Tj ET Q q 0 0 0 rg BT 150.87 376.10 Td (, and re-investing the sale proceeds into new hotels and other growth opportunities, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 364.10 Td (investments in hospitality ventures. Our asset recycling strategy has allowed us to grow and build our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 352.10 Td (brands while improving the quality of our owned portfolio over time. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 112.50 331.10 Td (o) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.06 331.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 331.10 Td (Pursue Strategic ) Tj ET Q q 0 0 0 rg BT 199.75 331.10 Td (Acquisitions and ) Tj ET Q q 0 0 0 rg BT 269.02 331.10 Td (Alliances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.73 331.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.37 331.10 Td (e evaluate potential acquisitions of other brands or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 319.10 Td (hospitality management or franchising companies as a part of our ef) Tj ET Q q 0 0 0 rg BT 402.45 319.10 Td (forts to expand our global presence. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 307.10 Td (certain situations, these acquisitions may include hotel real estate. ) Tj ET Q q 0 0 0 rg BT 396.07 307.10 Td (W) Tj ET Q q 0 0 0 rg BT 404.71 307.10 Td (e focus on acquisitions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 295.10 Td (complement our ability to serve our existing customer base and enhance customer preference by providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 283.10 Td (a greater selection of locations, properties, and services. Furthermore, we may pursue these opportunities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 271.10 Td (alliance with existing or prospective owners of managed or franchised properties to strengthen our brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 259.10 Td (presence. In the third quarter of 2018, we announced a strategic alliance with Small Luxury Hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 247.10 Td (\("SLH"\), and in the fourth quarter 2018, we added 54 SLH hotels to the ) Tj ET Q q 0 0 0 rg BT 419.53 247.10 Td (W) Tj ET Q q 0 0 0 rg BT 428.17 247.10 Td (orld of Hyatt loyalty program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 235.10 Td (with the expectation that additional SLH hotels will be added over time. ) Tj ET Q q 0 0 0 rg BT 421.08 235.10 Td (This strategic alliance significantly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 223.10 Td (enriches the benefits provided to members of the ) Tj ET Q q 0 0 0 rg BT 328.03 223.10 Td (W) Tj ET Q q 0 0 0 rg BT 336.67 223.10 Td (orld of Hyatt loyalty program by providing additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 211.10 Td (stay opportunities at luxury quality hotels in many key markets which currently do not have a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 199.10 Td (Hyatt presence \(predominantly in Europe\). In November 2018, we completed the acquisition of ) Tj ET Q q 0 0 0 rg BT 514.92 199.10 Td (T) Tj ET Q q 0 0 0 rg BT 520.33 199.10 Td (wo Roads ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 187.10 Td (for a purchase price of $405 million with additional variable consideration not to exceed $96 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 175.10 Td (Proceeds from our $1.5 billion asset sell-down were utilized to fund the acquisition. ) Tj ET Q q 0 0 0 rg BT 467.93 175.10 Td (As of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 163.10 Td (2018, the acquisition of ) Tj ET Q q 0 0 0 rg BT 227.25 163.10 Td (T) Tj ET Q q 0 0 0 rg BT 232.66 163.10 Td (wo Roads added 65 hotel properties or approximately 12,000 rooms and 10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 151.10 Td (condominium ownership properties comprising approximately 1,500 units, to our portfolio, and a pipeline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 139.10 Td (of approximately 5,000 rooms, and the addition of five new brands.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 112.50 118.10 Td (o) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.06 118.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 130.50 118.10 Td (Extend Health and W) Tj ET Q q 0 0 0 rg BT 215.39 118.10 Td (ellness Offerings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.39 118.10 Td (Through the integration of Miraval and Exhale into the Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 106.10 Td (portfolio, we continue our commitment to a holistic health and wellness strategy as an extension of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 94.10 Td (purpose and an important part of our growth strategy) Tj ET Q q 0 0 0 rg BT 341.46 94.10 Td (. Miraval and Exhale provide an opportunity to build a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 82.10 Td (greater depth of expertise in wellness and mindfulness that can be extended to our hotel business, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.50 70.10 Td (an opportunity to increase guest loyalty) Tj ET Q q 0 0 0 rg BT 287.87 70.10 Td (. ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Description of Our) Tj ET Q q 0 0 0 rg BT 129.87 742.25 Td ( Brands ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 661.75 79.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 661.75 50.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 661.75 65.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 661.75 45.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 661.75 40.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 661.75 40.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 661.75 40.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 661.75 69.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 661.75 4.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 661.75 64.00 -60.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 541.75 79.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 541.75 50.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 541.75 65.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 541.75 45.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 541.75 40.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 541.75 40.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 541.75 40.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 541.75 69.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 541.75 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 541.75 64.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 403.75 79.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 403.75 50.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 403.75 65.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 403.75 45.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 403.75 40.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 403.75 40.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 403.75 40.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 403.75 69.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 403.75 4.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 403.75 64.00 -72.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 261.75 79.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 261.75 50.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 261.75 65.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 261.75 45.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 261.75 40.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 261.75 40.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 261.75 40.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 261.75 69.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 261.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 261.75 64.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 121.75 79.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 121.75 50.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 121.75 65.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 121.75 45.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 121.75 40.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 121.75 40.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 121.75 40.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 121.75 69.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 121.75 4.00 -70.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 121.75 64.00 -70.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 716.75 m 301 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 716.75 m 305 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 716.75 m 345 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 716.75 m 349 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 716.75 m 389 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 716.75 m 393 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 716.75 m 433 716.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 661.75 m 129 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133 661.75 m 183 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187 661.75 m 252 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 661.75 m 301 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 661.75 m 345 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 661.75 m 389 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 661.75 m 433 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 661.75 m 506 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 661.75 m 574 661.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.10 665.98 Td (Brand) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.80 665.98 Td (Segment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.15 665.98 Td (Customer) Tj ET Q q 0 0 0 rg BT 226.85 665.98 Td ( Base) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.30 720.98 Td (December) Tj ET Q q 0 0 0 rg BT 327.87 720.98 Td (31, 2018 Rooms \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.55 673.98 Td (Primary Selected) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.65 665.98 Td (Competitors) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.90 665.98 Td (Key Locations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.60 705.98 Td (%ofOur) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.00 697.98 Td (Managed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.55 689.98 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.85 681.98 Td (Franchised) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.30 673.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 268.67 673.98 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.30 665.98 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.25 673.98 Td (Americas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.50 665.98 Td (Region) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.45 673.98 Td (ASP) Tj ET Q q 0 0 0 rg BT 370.27 673.98 Td (AC) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 665.98 Td (Region) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.35 681.98 Td (EAME/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.00 673.98 Td (SW) Tj ET Q q 0 0 0 rg BT 410.30 673.98 Td ( ) Tj ET Q q 0 0 0 rg BT 411.86 673.98 Td (Asia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.50 665.98 Td (Region) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.15 629.85 Td (W) Tj ET Q q 0 0 0 rg BT 150.38 629.85 Td (ellness) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.85 633.85 Td (Individual leisure) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.20 625.85 Td (travelers) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.40 629.85 Td (<1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.50 629.85 Td (410) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 629.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 629.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.10 637.85 Td (Cal-a-vie,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.30 629.85 Td (Canyon Ranch,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 621.85 Td (Golden Door) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.25 629.85 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 542.51 629.85 Td (T) Tj ET Q q 0 0 0 rg BT 547.19 629.85 Td (ucson) Tj ET Q BT /F1 10.00 Tf ET BT /F1 1.00 Tf ET q 0 0 0 rg BT 135.50 583.21 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 577.35 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 569.35 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.70 561.35 Td (Luxury) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.55 581.85 Td (Individual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.65 573.85 Td (business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 565.85 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.85 557.85 Td (small meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 569.85 Td (3%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 569.85 Td (1,622) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 569.85 Td (3,340) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 569.85 Td (2,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.55 587.35 Td (Four Seasons,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 579.35 Td (Ritz-Carlton,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.40 570.35 Td (Peninsula,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.55 561.35 Td (St.Regis,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 552.35 Td (MandarinOriental) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.05 593.70 Td (Bangkok, Buenos ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.50 585.70 Td (Aires, Chicago, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.70 577.70 Td (Dubai,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.25 569.70 Td (New ) Tj ET Q q 0 0 0 rg BT 531.06 569.70 Td (Y) Tj ET Q q 0 0 0 rg BT 536.04 569.70 Td (ork, Paris, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.60 561.70 Td (Shanghai, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 553.70 Td (Sydney) Tj ET Q q 0 0 0 rg BT 552.23 553.70 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.90 545.70 Td (W) Tj ET Q q 0 0 0 rg BT 520.81 545.70 Td (ashington D.C.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 517.35 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 509.35 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.70 501.35 Td (Luxury) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.55 521.35 Td (Individual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.65 513.35 Td (business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 505.35 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.85 497.35 Td (small meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 509.35 Td (2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 509.35 Td (2,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 509.35 Td (812) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 509.35 Td (978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.75 513.35 Td (Edition, 1 Hotels,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.75 505.35 Td (NoMad) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.80 533.35 Td (Abu Dhabi,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.80 525.35 Td (Amsterdam,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.05 517.35 Td (London,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.60 509.35 Td (Los) Tj ET Q q 0 0 0 rg BT 534.38 509.35 Td (Angeles,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.80 501.35 Td (Maui, New ) Tj ET Q q 0 0 0 rg BT 551.64 501.35 Td (Y) Tj ET Q q 0 0 0 rg BT 556.87 501.35 Td (ork,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.60 493.35 Td (Shanghai,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.15 485.35 Td (Singapore, ) Tj ET Q q 0 0 0 rg BT 549.52 485.35 Td (T) Tj ET Q q 0 0 0 rg BT 554.05 485.35 Td (okyo) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 452.35 Td (Full Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.05 444.35 Td (Eco-Luxury/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.95 436.35 Td (Experiential) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.20 428.35 Td (T) Tj ET Q q 0 0 0 rg BT 151.95 428.35 Td (ravel) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.55 464.35 Td (Individual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.65 456.35 Td (business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 448.35 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.60 440.35 Td (small and lar) Tj ET Q q 0 0 0 rg BT 235.85 440.35 Td (ge) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.55 432.35 Td (meetings,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.30 424.35 Td (weddings, social) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.75 416.35 Td (events) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 440.35 Td (1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 440.35 Td (59) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 440.35 Td (1,719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 440.35 Td (298) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.10 448.35 Td (Anantara, Banyan) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.65 440.35 Td (T) Tj ET Q q 0 0 0 rg BT 449.40 440.35 Td (ree, Como, Six) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.10 432.35 Td (Senses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.70 472.35 Td (Anji, Bali,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.50 464.35 Td (Bishangarth, Goa,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.85 456.35 Td (Jabal ) Tj ET Q q 0 0 0 rg BT 533.07 456.35 Td (Al ) Tj ET Q q 0 0 0 rg BT 542.63 456.35 Td (Akhdar) Tj ET Q q 0 0 0 rg BT 566.24 456.35 Td (,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.25 448.35 Td (Jakarta, Koh) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.15 440.35 Td (Russey Island,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.20 432.35 Td (Kuala Lumpur) Tj ET Q q 0 0 0 rg BT 563.91 432.35 Td (,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.15 424.35 Td (Surakarta,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 416.35 Td (W) Tj ET Q q 0 0 0 rg BT 534.69 416.35 Td (uzhen,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.65 408.35 Td (Y) Tj ET Q q 0 0 0 rg BT 531.03 408.35 Td (angshuo) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 373.85 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 365.85 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 145.70 357.85 Td (Luxury) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.55 385.85 Td (Individual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.65 377.85 Td (business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 369.85 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.60 361.85 Td (lar) Tj ET Q q 0 0 0 rg BT 202.97 361.85 Td (ge and small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.20 353.85 Td (meetings, social) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.75 345.85 Td (events) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.65 365.85 Td (14%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.50 365.85 Td (1) Tj ET Q q 0 0 0 rg BT 317.50 365.85 Td (1,641) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.50 365.85 Td (13,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 365.85 Td (4,025) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 377.85 Td (MandarinOriental,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.00 369.85 Td (Shangri-La,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.75 361.85 Td (InterContinental,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.30 353.85 Td (Fairmont) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.70 389.85 Td (Beijing,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.70 381.85 Td (Berlin,Dubai,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.70 373.85 Td (HongKong,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.90 365.85 Td (Nassau,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.25 357.85 Td (New) Tj ET Q q 0 0 0 rg BT 541.21 357.85 Td (Y) Tj ET Q q 0 0 0 rg BT 546.44 357.85 Td (ork,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.35 349.85 Td (Rio de Janeiro,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.30 341.85 Td (T) Tj ET Q q 0 0 0 rg BT 535.91 341.85 Td (okyo) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 310.85 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 302.85 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 294.85 Td (Luxury/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.25 286.85 Td (Upper) Tj ET Q q 0 0 0 rg BT 166.16 286.85 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 278.85 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.55 306.85 Td (Individual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.65 298.85 Td (business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 290.85 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.85 282.85 Td (small meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 294.85 Td (2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 294.85 Td (3,131) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 294.85 Td (305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 294.85 Td (1,096) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.75 318.85 Td (Marriott ) Tj ET Q q 0 0 0 rg BT 467.97 318.85 Td (Autograph ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.30 310.85 Td (Collection, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.65 302.85 Td (Starwood) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.55 294.85 Td (Luxury Collection,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.20 286.85 Td (Curio Collection ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.75 278.85 Td (by Hilton,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.10 270.85 Td (T) Tj ET Q q 0 0 0 rg BT 448.71 270.85 Td (ribute Portfolio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.05 310.85 Td (Austin, Cannes,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.05 302.85 Td (Carmelo, Miami) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.15 294.85 Td (Beach, Nashville,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 286.85 Td (New Orleans,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.35 278.85 Td (Paris, Phoenix) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 236.85 Td (Full Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 228.85 Td (Luxury/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.25 220.85 Td (Upper) Tj ET Q q 0 0 0 rg BT 166.16 220.85 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 212.85 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 244.85 Td (Business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 236.85 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.60 228.85 Td (lar) Tj ET Q q 0 0 0 rg BT 202.97 228.85 Td (ge and small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.20 220.85 Td (meetings, social) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.75 212.85 Td (events,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.65 204.85 Td (associations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 224.85 Td (3%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 224.85 Td (5,931) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 224.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 224.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.75 240.85 Td (Marriott ) Tj ET Q q 0 0 0 rg BT 468.19 240.85 Td (Autograph) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.20 232.85 Td (Collection, Curio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.30 224.85 Td (Collection by) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.40 216.85 Td (Hilton, Starwood) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.55 208.85 Td (Luxury Collection) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 244.85 Td (Aspen,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.15 236.85 Td (Charleston,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.50 228.85 Td (Houston, Maui,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.70 220.85 Td (Phoenix, ) Tj ET Q q 0 0 0 rg BT 545.85 220.85 Td (T) Tj ET Q q 0 0 0 rg BT 550.39 220.85 Td (ahoe,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.70 212.85 Td (San Diego,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.20 204.85 Td (Seattle, ) Tj ET Q q 0 0 0 rg BT 547.90 204.85 Td (V) Tj ET Q q 0 0 0 rg BT 553.16 204.85 Td (ail) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 166.85 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 158.85 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.25 150.85 Td (Upper) Tj ET Q q 0 0 0 rg BT 166.16 150.85 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 142.85 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.10 166.85 Td (Leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 158.85 Td (couples; solo) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 189.55 150.85 Td (business travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.85 142.85 Td (small meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 154.85 Td (1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 154.85 Td (1,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 154.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 154.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.65 158.85 Td (W) Tj ET Q q 0 0 0 rg BT 448.83 158.85 Td (, Mondrian, ) Tj ET Q q 0 0 0 rg BT 487.94 158.85 Td (The) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.75 150.85 Td (Standard) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.60 158.85 Td (Nashville, New) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.75 150.85 Td (Y) Tj ET Q q 0 0 0 rg BT 526.13 150.85 Td (ork, Seattle) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 96.85 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 88.85 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.25 80.85 Td (Upper) Tj ET Q q 0 0 0 rg BT 166.16 80.85 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 72.85 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.75 108.85 Td (Conventions,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.65 100.85 Td (business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 92.85 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.60 84.85 Td (lar) Tj ET Q q 0 0 0 rg BT 202.97 84.85 Td (ge and small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.20 76.85 Td (meetings, social) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.75 68.85 Td (events,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.65 60.85 Td (associations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.65 84.85 Td (40%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.50 84.85 Td (56,294) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.50 84.85 Td (14,991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.50 84.85 Td (12,852) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.45 96.85 Td (Marriott,Sheraton,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.75 88.85 Td (Hilton,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.20 80.85 Td (Renaissance,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.95 72.85 Td (W) Tj ET Q q 0 0 0 rg BT 467.18 72.85 Td (estin) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.15 108.85 Td (Boston,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.15 100.85 Td (Chicago,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.70 92.85 Td (Delhi,Hong) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.15 84.85 Td (Kong, London,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.60 76.85 Td (Los) Tj ET Q q 0 0 0 rg BT 534.16 76.85 Td (Angeles,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.65 68.85 Td (Mexico City) Tj ET Q q 0 0 0 rg BT 560.35 68.85 Td (,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.35 60.85 Td (Orlando,) Tj ET Q /GS0 gs q 65.00 0 0 64.00 56.50 265.27 cm /I21 Do Q /GS0 gs q 67.00 0 0 33.59 55.50 495.57 cm /I22 Do Q /GS0 gs q 58.01 0 0 64.00 59.95 55.27 cm /I23 Do Q /GS0 gs q 76.00 0 0 12.00 51.00 151.87 cm /I24 Do Q /GS0 gs q 69.00 0 0 51.00 54.50 196.42 cm /I25 Do Q /GS0 gs q 70.00 0 0 41.19 54.00 348.27 cm /I26 Do Q /GS0 gs q 76.00 0 0 43.01 51.00 421.87 cm /I27 Do Q /GS0 gs q 70.00 0 0 25.40 54.00 620.17 cm /I28 Do Q /GS0 gs q 67.00 0 0 33.50 55.50 556.12 cm /I29 Do Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 732.5 m 301 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 732.5 m 305 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 732.5 m 345 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345 732.5 m 349 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 732.5 m 389 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 732.5 m 393 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 732.5 m 433 732.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 677.5 m 129 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133 677.5 m 183 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187 677.5 m 252 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256 677.5 m 301 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 677.5 m 345 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 677.5 m 389 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 677.5 m 433 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 677.5 m 506 677.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 677.5 m 574 677.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 78.10 681.73 Td (Brand) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 142.80 681.73 Td (Segment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.15 681.73 Td (Customer) Tj ET Q q 0 0 0 rg BT 226.85 681.73 Td ( Base) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.30 736.73 Td (December) Tj ET Q q 0 0 0 rg BT 327.87 736.73 Td (31, 2018 Rooms \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.55 689.73 Td (Primary Selected) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.65 681.73 Td (Competitors) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.90 681.73 Td (Key Locations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.60 721.73 Td (%ofOur) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.00 713.73 Td (Managed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.55 705.73 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.85 697.73 Td (Franchised) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.30 689.73 Td (Pr) Tj ET Q q 0 0 0 rg BT 268.67 689.73 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.30 681.73 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.25 689.73 Td (Americas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.50 681.73 Td (Region) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.45 689.73 Td (ASP) Tj ET Q q 0 0 0 rg BT 370.27 689.73 Td (AC) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.50 681.73 Td (Region) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.35 697.73 Td (EAME/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.00 689.73 Td (SW) Tj ET Q q 0 0 0 rg BT 410.30 689.73 Td ( ) Tj ET Q q 0 0 0 rg BT 411.86 689.73 Td (Asia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.50 681.73 Td (Region) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 624.50 79.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 624.50 50.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 624.50 65.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 624.50 45.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 624.50 40.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 624.50 40.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 624.50 40.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 624.50 69.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 624.50 4.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 624.50 64.00 -57.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 512.50 79.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 512.50 50.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 512.50 65.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 512.50 45.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 512.50 40.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 512.50 40.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 512.50 40.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 512.50 69.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 512.50 4.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 512.50 64.00 -55.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 378.50 79.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 378.50 50.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 378.50 65.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 378.50 45.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 378.50 40.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 378.50 40.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 378.50 40.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 378.50 69.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 378.50 4.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 378.50 64.00 -61.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 256.50 79.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 256.50 50.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 256.50 65.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 256.50 45.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 256.50 40.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 256.50 40.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 256.50 40.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 256.50 69.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 256.50 4.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 256.50 64.00 -62.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 132.50 79.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.00 132.50 50.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.00 132.50 65.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.00 132.50 45.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 132.50 40.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 132.50 40.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 132.50 40.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 132.50 69.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 132.50 4.00 -54.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.00 132.50 64.00 -54.00 re f /GS0 gs BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 661.10 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 653.10 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.25 645.10 Td (Upper) Tj ET Q q 0 0 0 rg BT 166.16 645.10 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 637.10 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 657.10 Td (Business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 649.10 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.85 641.10 Td (small meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 649.10 Td (1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 649.10 Td (1,315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 649.10 Td (363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 649.10 Td (743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.65 669.10 Td (Marriott,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 459.75 661.10 Td (Hilton,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.75 653.10 Td (InterContinental,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.95 645.10 Td (W) Tj ET Q q 0 0 0 rg BT 466.18 645.10 Td (estin,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.65 637.10 Td (independent and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.40 629.10 Td (boutique hotels) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.25 653.10 Td (New ) Tj ET Q q 0 0 0 rg BT 531.21 653.10 Td (Y) Tj ET Q q 0 0 0 rg BT 536.44 653.10 Td (ork, Paris,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.60 645.10 Td (Seattle) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.05 606.10 Td (Full) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 598.10 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.25 590.10 Td (Upper) Tj ET Q q 0 0 0 rg BT 166.16 590.10 Td (-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 582.10 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 602.10 Td (Business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 594.10 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.85 586.10 Td (small meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 594.10 Td (2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 594.10 Td (4,315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 594.10 Td (164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 594.10 Td (450) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.55 606.10 Td (Canopy) Tj ET Q q 0 0 0 rg BT 466.18 606.10 Td (, Kimpton,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.20 598.10 Td (Renaissance,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.65 590.10 Td (independent and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 446.40 582.10 Td (boutique hotels) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.35 606.10 Td (Chicago, Madrid,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.80 598.10 Td (Miami,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.15 590.10 Td (Montevideo,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.15 582.10 Td (New ) Tj ET Q q 0 0 0 rg BT 530.11 582.10 Td (Y) Tj ET Q q 0 0 0 rg BT 535.34 582.10 Td (ork, ) Tj ET Q q 0 0 0 rg BT 549.53 582.10 Td (T) Tj ET Q q 0 0 0 rg BT 554.06 582.10 Td (okyo) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.05 550.10 Td (Full Service) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 142.50 542.10 Td (Upscale /) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.50 534.10 Td (Upper) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 526.10 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.10 554.10 Td (Leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.65 546.10 Td (couples; families;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.75 538.10 Td (solo business) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.45 530.10 Td (travelers; small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.55 522.10 Td (meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 538.10 Td (1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 538.10 Td (2,281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 538.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 538.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.55 546.10 Td (Kimpton, Canopy) Tj ET Q q 0 0 0 rg BT 498.62 546.10 Td (,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.75 538.10 Td (Marriott ) Tj ET Q q 0 0 0 rg BT 468.19 538.10 Td (Autograph) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.30 530.10 Td (Collection) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.50 554.10 Td (Baltimore,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.60 546.10 Td (Chicago, New) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.65 538.10 Td (Y) Tj ET Q q 0 0 0 rg BT 531.03 538.10 Td (ork, San) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.90 530.10 Td (Francisco,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.90 522.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.13 522.10 Td (ashington D.C.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.70 491.10 Td (Select) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 483.10 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 475.10 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 491.10 Td (Business and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 192.45 483.10 Td (leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.85 475.10 Td (small meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.65 483.10 Td (22%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.50 483.10 Td (40,791) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.50 483.10 Td (2,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.50 483.10 Td (2,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.75 491.10 Td (Courtyard by) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.40 483.10 Td (Marriott, Hilton) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.85 475.10 Td (Garden Inn) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.35 503.10 Td (Atlanta, Chicago, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.15 495.10 Td (Dubai, Houston, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.35 487.10 Td (London, Miami, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.35 479.10 Td (Phoenix, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 471.10 Td (Santiago, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.60 463.10 Td (Shanghai) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.70 424.10 Td (Select) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 416.10 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 408.10 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.45 440.10 Td (Extended stay ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 193.30 432.10 Td (guests; business ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.55 424.10 Td (and leisure ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.10 416.10 Td (travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 195.30 408.10 Td (families; small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.55 400.10 Td (meetings, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 205.00 392.10 Td (trainings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 416.10 Td (6%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.50 416.10 Td (12,355) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.50 416.10 Td (925) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.50 416.10 Td (260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.20 428.10 Td (Residence Inn) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.65 420.10 Td (by Marriott,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.30 412.10 Td (Homewood) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.20 404.10 Td (Suites) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.45 432.10 Td (Austin, Boston,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.25 424.10 Td (Dallas, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.65 416.10 Td (Mexico City) Tj ET Q q 0 0 0 rg BT 560.35 416.10 Td (, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.80 408.10 Td (Miami,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.90 400.10 Td (SanFrancisco) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.70 354.10 Td (Select) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.35 346.10 Td (Service/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.60 338.10 Td (Upscale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.10 362.10 Td (Leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 196.10 354.10 Td (entrepreneurs;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.75 346.10 Td (solo business) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 194.45 338.10 Td (travelers; small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.55 330.10 Td (meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 346.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 346.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 346.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 346.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.85 358.10 Td (Freehand, Mama) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.70 350.10 Td (Shelter) Tj ET Q q 0 0 0 rg BT 463.20 350.10 Td (, Citizen M,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.20 342.10 Td (The Line, ) Tj ET Q q 0 0 0 rg BT 481.08 342.10 Td (Ace) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.55 334.10 Td (Hotels) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.80 346.10 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.35 285.10 Td (All-Inclusive) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.10 293.10 Td (Leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 195.30 285.10 Td (families; small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.55 277.10 Td (meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.65 285.10 Td (1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 285.10 Td (1,860) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 285.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 285.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.65 289.10 Td (Beaches,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.40 281.10 Td (Club Med, Sandals) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.80 297.10 Td (Cancun, Puerto) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.05 289.10 Td (V) Tj ET Q q 0 0 0 rg BT 524.38 289.10 Td (allarta, Rose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.80 281.10 Td (Hall, San Jose del) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.05 273.10 Td (Cabo) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.35 223.60 Td (All-Inclusive) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.10 231.60 Td (Leisure travelers;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.75 223.60 Td (adult-only; small) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.55 215.60 Td (meetings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.40 223.60 Td (<1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.50 223.60 Td (541) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 223.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 223.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.65 227.60 Td (Beaches,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.40 219.60 Td (Club Med, Sandals) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.25 227.60 Td (Cancun, Rose) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.60 219.60 Td (Hall) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.50 165.60 Td (V) Tj ET Q q 0 0 0 rg BT 148.39 165.60 Td (acation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.90 157.60 Td (Ownership) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 202.20 177.60 Td (Owners of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 195.65 169.60 Td (vacation units, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.30 161.60 Td (repeat Hyatt ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.65 153.60 Td (business and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.30 145.60 Td (leisure guests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 161.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 161.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 161.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 161.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.85 178.60 Td (Hilton ) Tj ET Q q 0 0 0 rg BT 468.15 178.60 Td (V) Tj ET Q q 0 0 0 rg BT 473.04 178.60 Td (acation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.85 170.60 Td (Club, Marriott) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.20 161.60 Td (V) Tj ET Q q 0 0 0 rg BT 452.09 161.60 Td (acation Club,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.65 152.60 Td (V) Tj ET Q q 0 0 0 rg BT 447.95 152.60 Td (istana Signature ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.45 144.60 Td (Experiences) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.95 177.60 Td (Aspen, Beaver) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.15 169.60 Td (Creek, Carmel,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.00 161.60 Td (Key ) Tj ET Q q 0 0 0 rg BT 531.26 161.60 Td (W) Tj ET Q q 0 0 0 rg BT 538.41 161.60 Td (est, Lake) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.30 153.60 Td (T) Tj ET Q q 0 0 0 rg BT 524.91 153.60 Td (ahoe, Maui,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.70 145.60 Td (Sedona) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 143.15 103.60 Td (W) Tj ET Q q 0 0 0 rg BT 150.38 103.60 Td (ellness) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.30 107.60 Td (W) Tj ET Q q 0 0 0 rg BT 198.53 107.60 Td (ellness-minded) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.20 99.60 Td (individuals) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.00 103.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.50 103.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.50 103.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.50 103.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.75 111.60 Td (Bliss, Pure Barre,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.20 103.60 Td (Soul Cycle, ) Tj ET Q q 0 0 0 rg BT 482.38 103.60 Td (Y) Tj ET Q q 0 0 0 rg BT 487.61 103.60 Td (oga) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.65 95.60 Td (W) Tj ET Q q 0 0 0 rg BT 467.88 95.60 Td (orks) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.35 115.60 Td (Atlanta, Boston,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.95 107.60 Td (Chicago, Dallas,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.60 99.60 Td (Los ) Tj ET Q q 0 0 0 rg BT 534.16 99.60 Td (Angeles,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.60 91.60 Td (Miami, New ) Tj ET Q q 0 0 0 rg BT 554.74 91.60 Td (Y) Tj ET Q q 0 0 0 rg BT 559.72 91.60 Td (ork) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 68.20 Td (\(1\) Figures do not include vacation ownership, residential, branded spas and fitness studios, or condominium ownership units.) Tj ET Q /GS0 gs q 69.00 0 0 13.26 54.50 99.97 cm /I30 Do Q /GS0 gs q 67.00 0 0 43.59 55.50 137.17 cm /I31 Do Q /GS0 gs q 59.67 0 0 53.00 59.15 200.12 cm /I32 Do Q /GS0 gs q 50.67 0 0 53.00 63.65 261.62 cm /I33 Do Q /GS0 gs q 70.00 0 0 21.92 54.00 338.17 cm /I34 Do Q /GS0 gs q 67.00 0 0 70.21 55.50 384.02 cm /I35 Do Q /GS0 gs q 70.00 0 0 26.40 54.00 527.92 cm /I36 Do Q /GS0 gs q 69.00 0 0 35.00 54.50 579.62 cm /I37 Do Q /GS0 gs q 67.00 0 0 38.67 55.50 632.77 cm /I38 Do Q /GS0 gs q 46.00 0 0 49.00 66.00 461.02 cm /I39 Do Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Miraval) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 721.25 Td (Miraval is a global leader in wellness resorts and spas. Miraval ) Tj ET Q q 0 0 0 rg BT 325.82 721.25 Td (Arizona Resort & Spa in ) Tj ET Q q 0 0 0 rg BT 427.01 721.25 Td (T) Tj ET Q q 0 0 0 rg BT 432.77 721.25 Td (ucson pioneered the destination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 709.25 Td (wellness spa resort category with its comprehensive program of activities, experiences, and personal treatments. Miraval's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.25 Td (commitment to helping guests live life in balance joins Exhale as the cornerstone of a distinct new wellness category within our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.25 Td (portfolio of brands. ) Tj ET Q q 0 0 0 rg BT 129.30 685.25 Td (This commitment reflects our focus on serving the high-end traveler by finding new ways to understand and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.25 Td (care for them beyond the traditional hotel stay) Tj ET Q q 0 0 0 rg BT 233.51 673.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (Park Hyatt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 631.25 Td (Park Hyatt hotels provide discerning, af) Tj ET Q q 0 0 0 rg BT 232.72 631.25 Td (fluent business and leisure guests with elegant and luxurious accommodations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.25 Td (Guests of Park Hyatt hotels receive gracious service and enjoy a refined home-away from home. Located in many of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.25 Td (world's premier destinations, each Park Hyatt hotel is custom designed to combine sophistication with distinctive regional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.25 Td (character) Tj ET Q q 0 0 0 rg BT 85.58 595.25 Td (. Park Hyatt hotels feature well-appointed guestrooms, meeting and special event spaces for smaller groups, critically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.25 Td (acclaimed food, wine, and art programs, and signature restaurants featuring award-winning chefs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 556.85 Td (Andaz) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 532.85 Td (Andaz hotels draw upon surrounding neighborhoods to craft distinctively local experiences, fully immersing guests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.85 Td (each inspiring destination through unique expressions of local culture. Every ) Tj ET Q q 0 0 0 rg BT 358.59 520.85 Td (Andaz hotel is one of a kind in every sense - an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.85 Td (elevated reflection of the destination's culture. From locally inspired architecture in the lobby and facades, to the music heard in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.85 Td (our signature ) Tj ET Q q 0 0 0 rg BT 103.93 496.85 Td (Andaz Lounges, to the flavors in market-to-table restaurants, distinctive textures in guestrooms, and soothing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.85 Td (aromas at ) Tj ET Q q 0 0 0 rg BT 90.04 484.85 Td (Andaz hotel spas, ) Tj ET Q q 0 0 0 rg BT 162.81 484.85 Td (Andaz hotels are designed to reflect their surroundings and feature a unique and innovative service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.85 Td (model that creates a barrier) Tj ET Q q 0 0 0 rg BT 158.13 472.85 Td (-free and non-traditional environment. Guests will experience personalized and unscripted service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.85 Td (where they can become inspired by the spirit of the local community) Tj ET Q q 0 0 0 rg BT 323.49 460.85 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 434.45 Td (Alila) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 410.45 Td (Alila is the combination of innovative design and luxury in unique locations, set apart by crafted artisanship, personalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.45 Td (hospitality) Tj ET Q q 0 0 0 rg BT 91.07 398.45 Td (, and bespoke journeys. ) Tj ET Q q 0 0 0 rg BT 187.17 398.45 Td (Alila means "Surprise" in Sanskrit, which suitably describes the refreshing character of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.45 Td (brand. In support of sustainable tourism, ) Tj ET Q q 0 0 0 rg BT 213.37 386.45 Td (Alila hotels and resorts adopt EarthCheck - operating standards, integrating the natural, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.45 Td (physical, and cultural elements of their environments. ) Tj ET Q q 0 0 0 rg BT 266.76 374.45 Td (T) Tj ET Q q 0 0 0 rg BT 272.17 374.45 Td (o stay at any ) Tj ET Q q 0 0 0 rg BT 324.38 374.45 Td (Alila hotel or resort is to embark on a destination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.45 Td (experience - delighting in the flavors of the local cuisine, enhancing well-being through ancient healing arts, or enjoying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.45 Td (thrill of adventure sports. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 329.45 Td (Grand Hyatt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 308.45 Td (Grand Hyatt hotels are distinctive hotels in major gateway cities and resort destinations. ) Tj ET Q q 0 0 0 rg BT 426.17 308.45 Td (W) Tj ET Q q 0 0 0 rg BT 435.21 308.45 Td (ith presence around the world ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.45 Td (and critical mass in ) Tj ET Q q 0 0 0 rg BT 128.92 296.45 Td (Asia, Grand Hyatt hotels provide sophisticated business and leisure travelers with elegant accommodations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.45 Td (extraordinary restaurants, bars, luxury spas, and fitness centers, as well as comprehensive business and meeting facilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.45 Td (Signature elements of Grand Hyatt hotels include dramatic architecture, state of the art technology) Tj ET Q q 0 0 0 rg BT 442.60 272.45 Td (, and facilities for an array of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.45 Td (business or social gatherings of all sizes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 236.45 Td (The Unbound Collection by Hyatt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 212.45 Td (The Unbound Collection by Hyatt brand is designed to provide a portfolio of unconventional upper) Tj ET Q q 0 0 0 rg BT 468.44 212.45 Td (-upscale and luxury ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.45 Td (properties ranging from historic urban gems to contemporary new build hotels, boutique properties, and resorts. Each hotel is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.45 Td (one-of-a-kind and of) Tj ET Q q 0 0 0 rg BT 132.06 188.45 Td (fers story-worthy and extraordinary experiences for our guests. ) Tj ET Q q 0 0 0 rg BT 386.52 188.45 Td (The philosophy behind ) Tj ET Q q 0 0 0 rg BT 481.05 188.45 Td (The Unbound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.45 Td (Collection by Hyatt brand is to attract owners and developers who want their properties to maintain a distinct character and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.45 Td (brand name, but gain the power of Hyatt's robust distribution, operational and marketing resources, award winning customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.45 Td (loyalty program, and trusted brand name and reputation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 126.05 Td (Destination Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 102.05 Td (Each Destination Hotels property is intentionally distinct and true to its location, transcending status quo in fresh, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.05 Td (authentic, and unfor) Tj ET Q q 0 0 0 rg BT 129.57 90.05 Td (gettable ways. Destination Hotels provide a sense of genuine belonging and the chance to encounter life-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.05 Td (enhancing discoveries. ) Tj ET Q q 0 0 0 rg BT 142.90 78.05 Td (The award-winning portfolio features 15 renowned golf courses, 10 indigenous spas, and over 100 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.05 Td (exceptional food and beverage options including bars, restaurants, cafes, and rooftops. Destination Hotels capture the unique ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.05 Td (essence of each location through diverse by design experiences, immersive programming, and genuine service. ) Tj ET Q q 0 0 0 rg BT 495.55 54.05 Td (The Destination ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Residential Management business operates within this brand and provides services to, and in some cases manages, the rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (programs or homeowner associations associated with condominium ownership units.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 703.70 Td (Thompson Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 679.70 Td (Founded in 2001, ) Tj ET Q q 0 0 0 rg BT 144.60 679.70 Td (Thompson Hotels is an award-winning hospitality brand that delivers a new take on modern luxury at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.70 Td (the refined edge of travel. Each location of) Tj ET Q q 0 0 0 rg BT 220.35 667.70 Td (fers a stunning, carefully layered, and dynamic urban or resort setting that molds into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.70 Td (the surrounding community) Tj ET Q q 0 0 0 rg BT 159.95 655.70 Td (. ) Tj ET Q q 0 0 0 rg BT 164.77 655.70 Td (W) Tj ET Q q 0 0 0 rg BT 173.81 655.70 Td (ith intuitive service, each guest is provided a tailored experience in order to enhance personal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.70 Td (travel journeys and bridge connections to the local perspective through in-the-know moments and collaborations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 622.70 Td (Hyatt Regency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 601.70 Td (Hyatt Regency hotels of) Tj ET Q q 0 0 0 rg BT 168.74 601.70 Td (fer a full range of services, amenities, and facilities tailored to serve the needs of meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.70 Td (planners, business travelers, and leisure guests. Hyatt Regency convention hotels feature meeting and conference facilities of all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.70 Td (sizes designed to provide a productive, connected environment. Hyatt Regency hotels in resort locations cater to couples ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.70 Td (seeking a getaway) Tj ET Q q 0 0 0 rg BT 122.15 565.70 Td (, families enjoying a vacation together) Tj ET Q q 0 0 0 rg BT 275.03 565.70 Td (, and corporate groups seeking an atmosphere in which to conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.70 Td (business and meetings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 532.70 Td (Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 511.70 Td (Hyatt hotels are smaller) Tj ET Q q 0 0 0 rg BT 168.54 511.70 Td (-sized properties conveniently located in diverse business and leisure areas. ) Tj ET Q q 0 0 0 rg BT 472.43 511.70 Td (These hotels help ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.70 Td (guests make the most of their stay) Tj ET Q q 0 0 0 rg BT 184.93 499.70 Td (, whether for an important business meeting or social gathering, to explore a new city) Tj ET Q q 0 0 0 rg BT 525.85 499.70 Td (, or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.70 Td (reconnect with family and friends. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 466.70 Td (Hyatt Centric) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 445.70 Td (Hyatt Centric hotels are full service lifestyle hotels located in prime destinations, created for millennial-minded guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.70 Td (who view their hotel as more than a place to stay) Tj ET Q q 0 0 0 rg BT 244.34 433.70 Td (. Hyatt Centric hotels help guests discover the world's most compelling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.70 Td (destinations like a local. Located in the center of the action, Hyatt Centric hotels bring the best of the outside in and serve as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.70 Td (perfect launch pad for exploring all the hidden gems and hot spots each destination has to of) Tj ET Q q 0 0 0 rg BT 418.10 409.70 Td (fer) Tj ET Q q 0 0 0 rg BT 428.65 409.70 Td (. Exploration does not end at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.70 Td (door) Tj ET Q q 0 0 0 rg BT 67.28 397.70 Td (. Hyatt Centric hotels feature artistically curated spaces throughout the hotel, thoughtfully designed to help guests work, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.70 Td (relax, and socialize. ) Tj ET Q q 0 0 0 rg BT 130.85 385.70 Td (After a day of exploration, guests can enjoy a selection of artisanal crafted cocktails and local fare in a chic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.70 Td (space with a chill vibe. ) Tj ET Q q 0 0 0 rg BT 143.36 373.70 Td (A) Tj ET Q q 0 0 0 rg BT 150.03 373.70 Td ( staf) Tj ET Q q 0 0 0 rg BT 166.79 373.70 Td (f of knowledgeable colleagues is on hand to aid guests in their discovery of their surroundings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 347.30 Td (Joie de V) Tj ET Q q 0 0 0 rg BT 87.27 347.30 Td (ivre Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 323.30 Td (Since its founding in San Francisco in 1987, Joie de ) Tj ET Q q 0 0 0 rg BT 282.07 323.30 Td (V) Tj ET Q q 0 0 0 rg BT 288.69 323.30 Td (ivre Hotels has made curating playful travel through local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.30 Td (connections and eclectic experiences its signature. Each Joie de ) Tj ET Q q 0 0 0 rg BT 305.88 311.30 Td (V) Tj ET Q q 0 0 0 rg BT 312.50 311.30 Td (ivre boutique hotel is an original concept designed to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.30 Td (its neighborhood. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 278.30 Td (Hyatt Place) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.30 Td (Hyatt Place hotels of) Tj ET Q q 0 0 0 rg BT 155.41 257.30 Td (fer a modern, comfortable, and seamless experience, combining style and innovation to create a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.30 Td (casual hotel environment for today's multi-tasking traveler) Tj ET Q q 0 0 0 rg BT 282.90 245.30 Td (. ) Tj ET Q q 0 0 0 rg BT 287.72 245.30 Td (Thoughtfully designed guestrooms feature distinct zones for sleep, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.30 Td (work, and relaxation. Hyatt Place hotels also of) Tj ET Q q 0 0 0 rg BT 238.99 233.30 Td (fer freshly prepared food around the clock, ef) Tj ET Q q 0 0 0 rg BT 420.39 233.30 Td (ficient service, and an easy to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.30 Td (navigate experience. From the lobby to the guest rooms to in-hotel dining, every touchpoint is designed with the high value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.30 Td (business traveler in mind. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 188.30 Td (Hyatt House) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 167.30 Td (Hyatt House hotels are designed to welcome guests as extended stay residents. ) Tj ET Q q 0 0 0 rg BT 388.31 167.30 Td (Apartment-style suites with fully equipped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.30 Td (kitchens and separate living areas remind guests of the conveniences of home. Hyatt House hotels are designed to keep guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.30 Td (comfortable longer with complimentary hot breakfast, H BAR with a Sip+Savor Menu, and indoor and outdoor communal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.30 Td (spaces.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 113.30 Td (tommie ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 89.30 Td (tommie is a carefully edited hotel and gathering place that inspires guests to author their own experiences. By focusing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.30 Td (the essentials and providing fun, relevant choices, tommie of) Tj ET Q q 0 0 0 rg BT 292.59 77.30 Td (fers a fresh lens for the youthful and open-minded to explore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.30 Td (connect, and discover) Tj ET Q q 0 0 0 rg BT 135.86 65.30 Td (. ) Tj ET Q q 0 0 0 rg BT 140.68 65.30 Td (The brand's flagship property) Tj ET Q q 0 0 0 rg BT 257.63 65.30 Td (, tommie Hollywood, is expected to debut in early 2020 followed by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.30 Td (opening of tommie ) Tj ET Q q 0 0 0 rg BT 127.55 53.30 Td (Austin expected later that year) Tj ET Q q 0 0 0 rg BT 249.16 53.30 Td (.) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (Hyatt Ziva ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 706.25 Td (Hyatt Ziva all-inclusive resorts are designed for guests of all ages in unique leisure locations. ) Tj ET Q q 0 0 0 rg BT 446.71 706.25 Td (They of) Tj ET Q q 0 0 0 rg BT 477.91 706.25 Td (fer a variety of on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (site activities and opportunities to experience the local culture and destination. Hyatt Ziva resorts feature a wide array of food ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (and beverage outlets with an emphasis on authentic cuisine and are able to cater to social or business groups with varied and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (well-appointed meeting facilities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 649.25 Td (Hyatt Zilara) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 628.25 Td (Hyatt Zilara adult-only all-inclusive resorts are located in sought after) Tj ET Q q 0 0 0 rg BT 351.22 628.25 Td (, unique resort destinations. ) Tj ET Q q 0 0 0 rg BT 463.80 628.25 Td (They of) Tj ET Q q 0 0 0 rg BT 495.00 628.25 Td (fer a wide array ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (of food and beverage services with a focus on authentic and often locally-sourced ingredients. ) Tj ET Q q 0 0 0 rg BT 427.80 616.25 Td (The resorts of) Tj ET Q q 0 0 0 rg BT 483.15 616.25 Td (fer premier spas, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (social activities, and live entertainment, as well as a variety of meeting spaces. ) Tj ET Q q 0 0 0 rg BT 365.87 604.25 Td (The resorts are designed so couples or small ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (groups can enjoy intimate, sophisticated surroundings. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 571.25 Td (Hyatt Residence Club) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 550.25 Td (Hyatt Residence Club provides members with vacation ownership opportunities in regionally inspired and designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (residential-style properties with the quality of the Hyatt brand. Members pre-purchase time at a Hyatt Residence Club property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (and have the flexibility of usage, exchange, and rental. Hyatt Residence Club members can choose to occupy their vacation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (home, exchange time among other Hyatt Residence Club locations, trade their time for ) Tj ET Q q 0 0 0 rg BT 398.93 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 407.57 514.25 Td (orld of Hyatt loyalty program bonus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (points, or travel within the Hyatt system. ) Tj ET Q q 0 0 0 rg BT 214.76 502.25 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 266.87 502.25 Td (, members can exchange their intervals for stays at other properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (participating within Interval International's program, which has over 3,000 resorts in its exchange network worldwide.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 469.25 Td (Exhale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 448.25 Td (Exhale, a leading wellness brand, of) Tj ET Q q 0 0 0 rg BT 216.49 448.25 Td (fers a unique business model that addresses both mind and body through spa+fitness. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (Dedicated to transformation, mindfulness, and healing, Exhale locations in the United States and the Caribbean of) Tj ET Q q 0 0 0 rg BT 505.31 436.25 Td (fer dozens of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (proprietary boutique fitness class programs and award-winning healing and spa therapies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 403.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 403.25 Td ( Commitment to Corporate Responsibility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 382.25 Td (Hyatt ) Tj ET Q q 0 0 0 rg BT 96.54 382.25 Td (Thrive is an integral part of our business and we recognize that when our people, communities, and planet thrive, so ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (does our business. Hyatt ) Tj ET Q q 0 0 0 rg BT 149.59 370.25 Td (Thrive is focused on fostering environmental stewardship, strengthening our community impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (through volunteerism, philanthropy) Tj ET Q q 0 0 0 rg BT 190.77 358.25 Td (, and disaster relief, and supporting responsible business practices in our operations. By ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (setting goals, measuring progress, and harnessing the power of ourcolleagues around the world, we strive to make a tangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (impact within and beyond the walls of our hotels. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 313.25 Td (Business Segment, Revenues, and Geographical Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 292.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 292.25 Td (e manage our business within four reportable segments as described below:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 271.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 271.25 Td (Owned and leased hotels, which consists of our owned and leased full service and select service hotels and, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 259.25 Td (purposes of segment ) Tj ET Q q 0 0 0 rg BT 169.66 259.25 Td (Adjusted EBITDA, our pro rata share of the ) Tj ET Q q 0 0 0 rg BT 347.66 259.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 422.38 259.25 Td ( of our unconsolidated hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 247.25 Td (ventures, based on our ownership percentage of each venture;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 226.25 Td (Americas management and franchising \("Americas"\), which consists of our management and franchising of properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 214.25 Td (located in the United States, Latin ) Tj ET Q q 0 0 0 rg BT 223.52 214.25 Td (America, Canada, and the Caribbean;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 193.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 193.25 Td (ASP) Tj ET Q q 0 0 0 rg BT 102.93 193.25 Td (AC management and franchising \("ASP) Tj ET Q q 0 0 0 rg BT 262.17 193.25 Td (AC"\), which consists of our management and franchising of properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 181.25 Td (located in Southeast ) Tj ET Q q 0 0 0 rg BT 167.99 181.25 Td (Asia, Greater China, ) Tj ET Q q 0 0 0 rg BT 252.13 181.25 Td (Australia, South Korea, Japan, and Micronesia; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 160.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 160.25 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 131.43 160.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.38 160.25 Td (Asia management and franchising \("EAME/SW) Tj ET Q q 0 0 0 rg BT 325.56 160.25 Td ( ) Tj ET Q q 0 0 0 rg BT 327.51 160.25 Td (Asia"\), which consists of our management and franchising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 148.25 Td (of properties located in Europe, ) Tj ET Q q 0 0 0 rg BT 213.79 148.25 Td (Africa, the Middle East, India, Central ) Tj ET Q q 0 0 0 rg BT 369.58 148.25 Td (Asia, and Nepal.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 127.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.54 127.25 Td (ithin corporate and other) Tj ET Q q 0 0 0 rg BT 180.71 127.25 Td (, we include the results of Miraval and Exhale, Hyatt Residence Club license fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.25 Td (condominium rental program and homeowner association operations, results related to our co-branded credit cards, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.25 Td (unallocated corporate expenses. ) Tj ET Q q 0 0 0 rg BT 179.26 103.25 Td (The results of our owned Miraval resorts are reported in owned and leased hotels revenues and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.25 Td (owned and leased hotels expenses on our consolidated statements of income. For information regarding our four reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.25 Td (business segments, revenues, and geographical information, see Part IV) Tj ET Q q 0 0 0 rg BT 335.08 79.25 Td (, Item 15, "Exhibits and Financial Statement Schedule) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.44 67.25 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.44 67.25 Td ( to our Consolidated Financial Statements." ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Management ) Tj ET Q q 0 0 0 rg BT 107.55 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 124.03 742.25 Td (eements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 721.25 Td (e manage hotels and branded spas and fitness studios worldwide pursuant to management agreements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 700.25 Td (Hotel Management ) Tj ET Q q 0 0 0 rg BT 155.35 700.25 Td (Agreements Fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 679.25 Td (Our hotel management agreements typically provide for a two-tiered fee structure that compensates us both for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 667.25 Td (volume of business we generate for the property as well as for the profitability of hotel operations. In these two-tier fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 655.25 Td (structures, our base compensation is a base fee that is usually an agreed-upon percentage of gross revenues from hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.25 Td (operations. In addition, we are incentivized to improve hotel profitability through an incentive fee that is typically calculated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.25 Td (a percentage of a hotel profitability measure, such as gross operating profit, adjusted profit, or the amount by which gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.25 Td (operating profit or adjusted profit exceeds a specified threshold. Outside of the United States, our fees are often more dependent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.25 Td (on hotel profitability measures either through a single management fee structure where the entire fee is based on a profitability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.25 Td (measure, or because our two-tier fee structure is more heavily weighted toward the incentive fee than the base fee. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 574.25 Td (Hotel Management ) Tj ET Q q 0 0 0 rg BT 155.35 574.25 Td (Agreements T) Tj ET Q q 0 0 0 rg BT 211.93 574.25 Td (erms and Renewals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 553.25 Td (The approximate average remaining term of our hotel management agreements with third-party owners and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.25 Td (unconsolidated hospitality ventures for full service hotels and select service hotels \(other than those currently under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.25 Td (development\) is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 470.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 470.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 470.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 470.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 440.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 440.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 440.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 440.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 410.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 410.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 410.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 410.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 380.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 380.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 380.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 380.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 350.75 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 350.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 350.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 350.75 140.00 -15.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.05 485.42 Td (Assuming no renewal options are) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 475.42 Td (exercised by either party:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.35 495.42 Td (Including exercise of extension) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 485.42 Td (options that are in Hyatt's sole) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.85 475.42 Td (discretion:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 460.42 Td (Full service management agreements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 460.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 445.42 Td (Americas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 445.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.20 445.42 Td (13 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.20 445.42 Td (17 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 430.42 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 104.02 430.42 Td ( ) Tj ET Q q 0 0 0 rg BT 106.15 430.42 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 430.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.20 430.42 Td (15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.20 430.42 Td (20 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 415.42 Td (ASP) Tj ET Q q 0 0 0 rg BT 75.89 415.42 Td (AC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 415.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.20 415.42 Td (13 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.20 415.42 Td (14 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 385.42 Td (Select service management agreements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.50 385.32 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 370.42 Td (Americas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 370.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.20 370.42 Td (12 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.20 370.42 Td (28 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 355.42 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 104.02 355.42 Td ( ) Tj ET Q q 0 0 0 rg BT 106.15 355.42 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 355.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.20 355.42 Td (21 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.20 355.42 Td (32 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 340.42 Td (ASP) Tj ET Q q 0 0 0 rg BT 75.43 340.42 Td (AC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 340.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.20 340.42 Td (19 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.20 340.42 Td (21 years) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 315.25 Td (Some of our hotel management agreements grant early termination rights to hotel owners upon the occurrence of a stated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.25 Td (event, such as the sale of the hotel or our failure to meet a specified performance test \(any such event a "termination event"\). In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.25 Td (the case of a termination event, some of our management agreements grant hotel owners the right to terminate the hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.25 Td (management agreement and convert the hotel to a Hyatt franchise. Generally) Tj ET Q q 0 0 0 rg BT 356.22 279.25 Td (, termination rights under performance tests are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.25 Td (based upon the property's individual performance or its performance when compared to a specified set of competitive hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.25 Td (branded by other hotel operators or both. ) Tj ET Q q 0 0 0 rg BT 215.38 255.25 Td (These termination rights are usually triggered if we do not meet the performance tests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.25 Td (over multiple years. ) Tj ET Q q 0 0 0 rg BT 131.52 243.25 Td (W) Tj ET Q q 0 0 0 rg BT 140.15 243.25 Td (e generally have the option to cure performance failures by paying an amount equal to the shortfall, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.25 Td (in some cases our cure rights may be limited, and our failure to meet a performance test may result in the termination of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.25 Td (hotel management agreement. Some of our management agreements allow for a termination right after a multi-year lock-out ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.25 Td (period and are subject to a termination fee generally based upon a formula related to the lost fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 186.25 Td (Many of our hotel management agreements, particularly in the United States, are subordinated to mortgages or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (secured indebtedness of the owners. In most cases, our subordination agreements with lenders recognize our right to continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.25 Td (manage the hotels under the terms set forth in the hotel management agreements if the lenders take possession of the hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.25 Td (property through foreclosure or similar means.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 129.25 Td (Spa and Fitness Studio Management ) Tj ET Q q 0 0 0 rg BT 227.89 129.25 Td (Agreements Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 108.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 108.25 Td (e manage spas and fitness centers under the Exhale brand pursuant to management agreements and leases. ) Tj ET Q q 0 0 0 rg BT 508.74 108.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (management agreements generally provide for a base fee, which is typically either a fixed amount or an amount tied to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (percentage of revenue at the facility) Tj ET Q q 0 0 0 rg BT 192.38 84.25 Td (. Some of Exhale's management agreements also provide for a two-tiered fee structure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (featuring both a base fee as well as an incentive fee. ) Tj ET Q q 0 0 0 rg BT 259.78 72.25 Td (The incentive fees are typically tied to a percentage of a specified revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (or profitability measure, such as adjusted profit or revenue generated from spa packages at certain facilities. ) Tj ET Q q 0 0 0 rg BT 483.04 60.25 Td (The leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (generally provide for monthly rental payments to the landlord, along with additional char) Tj ET Q q 0 0 0 rg BT 406.17 48.25 Td (ges in certain cases for items such as ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (common area maintenance fees. In certain leases, we also pay to the landlord a percentage of gross sales of services or products ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (in the leased premises.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 709.10 Td (Spa and Fitness Studio Management ) Tj ET Q q 0 0 0 rg BT 227.89 709.10 Td (Agreements T) Tj ET Q q 0 0 0 rg BT 284.47 709.10 Td (erms and Renewals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 688.10 Td (The approximate average remaining term of our management agreements with third-party owners for our spa and fitness ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.10 Td (center facilities \(other than those currently under development\) is two years \(assuming no renewal options are exercised by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (either party\) or six years \(including the exercise of extension options that are in Hyatt's sole discretion\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 643.10 Td (Franchise ) Tj ET Q q 0 0 0 rg BT 93.67 643.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 110.14 643.10 Td (eements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 622.10 Td (Our franchise agreements grant our franchisees the limited right to use our name, marks, and system in the operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (franchised Hyatt Regency) Tj ET Q q 0 0 0 rg BT 152.70 610.10 Td (, Grand Hyatt, Hyatt Centric, Hyatt Place, Hyatt House, Hyatt Ziva, and Hyatt Zilara properties, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (franchised properties operated under distinct tradenames and af) Tj ET Q q 0 0 0 rg BT 302.83 598.10 Td (filiated with "The Unbound Collection by Hyatt". ) Tj ET Q q 0 0 0 rg BT 503.55 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 512.19 598.10 Td (e do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (participate in the management of our franchised hotels; however) Tj ET Q q 0 0 0 rg BT 306.78 586.10 Td (, franchisees are required to operate franchised hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (consistent with our brand standards. ) Tj ET Q q 0 0 0 rg BT 195.96 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 204.60 574.10 Td (e approve the plans for) Tj ET Q q 0 0 0 rg BT 295.83 574.10 Td (, and the location of, franchised hotels and review the operation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (these hotels to ensure our standards are maintained. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 541.10 Td (Fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 520.10 Td (In general, our franchisees pay us an initial application fee and/or technical services fees and ongoing royalty fees, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (amount of which depends on whether the franchised property is a select service hotel or full service hotel. ) Tj ET Q q 0 0 0 rg BT 475.01 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 483.65 508.10 Td (e franchise full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (service hotels under the Hyatt Regency) Tj ET Q q 0 0 0 rg BT 205.74 496.10 Td (, Grand Hyatt, Hyatt Centric, and Hyatt brands, all-inclusive resorts under the Hyatt Ziva ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (and Hyatt Zilara brands, and full service hotels under distinct tradenames and af) Tj ET Q q 0 0 0 rg BT 369.49 484.10 Td (filiated with "The Unbound Collection by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (Hyatt". ) Tj ET Q q 0 0 0 rg BT 80.62 472.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.26 472.10 Td (e franchise select service hotels under the Hyatt Place and Hyatt House brands. ) Tj ET Q q 0 0 0 rg BT 407.48 472.10 Td (Application fees are typically $75,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (plus $500 per guest room in excess of 150, for our Hyatt Place and our Hyatt House hotels and the greater of $100,000 or $400 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (per guest room for our full service hotels and all-inclusive resorts. Select service franchisees pay continuing franchise fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (calculated as a percentage of gross room revenues, which typically are 3% in the first year of operations, 4% in the second year) Tj ET Q q 0 0 0 rg BT 558.35 436.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (and 5% through the remainder of the term. Our Hyatt Regency and Hyatt franchisees typically pay us franchise fees calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (as 6% of gross room revenues and 3% of gross food and beverage revenues. Our Hyatt Centric franchisees typically pay us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (franchise fees calculated as 5% of gross room revenues. ) Tj ET Q q 0 0 0 rg BT 275.34 400.10 Td (The Unbound Collection by Hyatt franchisees typically pay us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (franchise fees calculated as 7% of gross room revenues generated through Hyatt reservation and booking channels. Our all-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (inclusive franchisees typically pay us franchise fees calculated as either 2.75% or 3.25% of gross revenues. In some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (circumstances, we have negotiated other fee arrangements, and in some regions outside of the United States, we typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (negotiate alternative application fee arrangements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 331.10 Td (In addition to our franchise fees, we char) Tj ET Q q 0 0 0 rg BT 237.14 331.10 Td (ge full service hotel and all-inclusive resort franchisees for certain services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td (arranged and, in most cases, provided by us. ) Tj ET Q q 0 0 0 rg BT 229.00 319.10 Td (These activities include centralized reservation functions, certain sales functions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (technology) Tj ET Q q 0 0 0 rg BT 93.28 307.10 Td (, national advertising, certain marketing and promotional services, as well as various revenue management services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 295.10 Td (e char) Tj ET Q q 0 0 0 rg BT 82.10 295.10 Td (ge select service franchisees for marketing, central reservations, and technology services arranged and, in most cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (provided by us. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 78.69 262.10 Td (erms and Renewals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 241.10 Td (The standard term of our franchise agreements is typically 20 years, with one 10 year renewal option exercisable by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.10 Td (franchisee, assuming the franchisee has complied with franchise agreement requirements and standards. Certain of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.10 Td (franchise agreements have renewal options at Hyatt's option, generally triggered if the franchisee has failed to exercise its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.10 Td (renewal option. ) Tj ET Q q 0 0 0 rg BT 114.02 205.10 Td (W) Tj ET Q q 0 0 0 rg BT 122.66 205.10 Td (e have the right to terminate franchise agreements upon specified events of default, including non-payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.10 Td (fees and non-compliance with brand standards. In the event of early termination for any reason, our franchise agreements set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.10 Td (forth liquidated damages our franchisees must pay to us upon termination. ) Tj ET Q q 0 0 0 rg BT 348.69 181.10 Td (The bankruptcy of a franchisee or lender foreclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (could result in the termination of the franchise agreement. ) Tj ET Q q 0 0 0 rg BT 283.68 169.10 Td (The average remaining base term of our franchise agreements for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (select service and full service hotels in all regions \(other than those currently under development\) is approximately 16 years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.10 Td (assuming no renewal options are exercised by either party) Tj ET Q q 0 0 0 rg BT 280.99 145.10 Td (. Including exercise of extension options in Hyatt's discretion, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td (average remaining term of our franchise agreements for our select service hotels and full service hotels in all regions \(other than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.10 Td (those currently under development\) is approximately 18 years. ) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 742.25 Td ( Service ) Tj ET Q q 0 0 0 rg BT 110.41 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 126.89 742.25 Td (eements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 718.25 Td (e provide services under the Destination Residential Management business pursuant to agreements with individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (property owners or homeowner's associations whereby the property owners and/or homeowner's association participate in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (rental program. ) Tj ET Q q 0 0 0 rg BT 113.46 694.25 Td (The agreements typically provide for our receipt of a percentage split of the total gross revenue generated from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (a property under the rental program and expenses of the property are paid from such split. ) Tj ET Q q 0 0 0 rg BT 411.14 682.25 Td (The agreement terms are typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (one or two years. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 649.25 Td (Sales, Marketing, and Reservations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 628.25 Td (Sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 607.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 607.25 Td (e deploy a global sales team as well as regional sales teams in our ) Tj ET Q q 0 0 0 rg BT 347.06 607.25 Td (Americas, ) Tj ET Q q 0 0 0 rg BT 389.82 607.25 Td (ASP) Tj ET Q q 0 0 0 rg BT 407.25 607.25 Td (AC, and EAME/SW) Tj ET Q q 0 0 0 rg BT 489.01 607.25 Td ( ) Tj ET Q q 0 0 0 rg BT 490.96 607.25 Td (Asia regions. ) Tj ET Q q 0 0 0 rg BT 546.04 607.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.25 Td (global team is responsible for our lar) Tj ET Q q 0 0 0 rg BT 196.50 595.25 Td (gest and most significant accounts doing business in all three regions. ) Tj ET Q q 0 0 0 rg BT 477.38 595.25 Td (The regional teams ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.25 Td (are responsible for lar) Tj ET Q q 0 0 0 rg BT 136.78 583.25 Td (ge accounts that typically do business within one region, but at multiple hotels within the region. ) Tj ET Q q 0 0 0 rg BT 525.97 583.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.25 Td (global and regional sales teams coordinate ef) Tj ET Q q 0 0 0 rg BT 229.25 571.25 Td (forts with the hotel sales teams. ) Tj ET Q q 0 0 0 rg BT 357.65 571.25 Td (The in-house sales colleagues are focused on local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.25 Td (and regional business opportunities, as well as securing business generated from our key global and regional accounts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 538.25 Td (Our corporate sales or) Tj ET Q q 0 0 0 rg BT 161.89 538.25 Td (ganizations are focused on growing market share with key accounts, identifying new business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (opportunities, and maximizing our local customer base. Our key accounts consist of major corporations; national, state, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (regional associations; specialty market accounts \(social, government, military) Tj ET Q q 0 0 0 rg BT 359.59 514.25 Td (, educational, religious, and fraternal\); travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (agency and luxury or) Tj ET Q q 0 0 0 rg BT 134.01 502.25 Td (ganizations; and a broad and diverse group of individual consumers. Our global and regional sales teams ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (tar) Tj ET Q q 0 0 0 rg BT 59.87 490.25 Td (get multiple brands to key customer accounts within these groups. No single customer is material to our business. Our global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (and regional teams consist of over 200 colleagues at global and regional sales of) Tj ET Q q 0 0 0 rg BT 370.61 478.25 Td (fices around the world, who are focused on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (group business, corporate and leisure traveler accounts, and travel agencies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 445.25 Td (Sales colleagues at our regional of) Tj ET Q q 0 0 0 rg BT 210.77 445.25 Td (fices and at many of our full service hotels use our proprietary sales tool to manage the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.25 Td (group rooms forecast, maintain an inventory of definite and tentative group rooms booked each day) Tj ET Q q 0 0 0 rg BT 447.34 433.25 Td (, streamline the process of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.25 Td (checking guest room availability and rate quotes, and determine meeting room availability) Tj ET Q q 0 0 0 rg BT 410.40 421.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 400.25 Td (e seek to maximize revenues in each hotel we operate through a team of revenue management professionals and also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (provide revenue management services to franchisees upon request. Our revenue management leaders use a proprietary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (technology tool to help set appropriate pricing in each hotel. ) Tj ET Q q 0 0 0 rg BT 292.86 376.25 Td (The goal of revenue management is to secure the right customers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (on the right date, at the right price. Business opportunities are reviewed and agreed upon by the hotel's management team.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 343.25 Td (Marketing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 322.25 Td (e are focused on the high-end traveler) Tj ET Q q 0 0 0 rg BT 231.28 322.25 Td (, positioning our brands at the top of each segment in which we operate. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (marketing strategy is designed to drive loyalty and community) Tj ET Q q 0 0 0 rg BT 299.35 310.25 Td (, while meeting the specific business needs of hotel operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (Building and dif) Tj ET Q q 0 0 0 rg BT 114.87 298.25 Td (ferentiating each of our brands are critical to increasing Hyatt's brand preference. ) Tj ET Q q 0 0 0 rg BT 441.61 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 450.25 298.25 Td (e are focused on tar) Tj ET Q q 0 0 0 rg BT 528.36 298.25 Td (geting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (the distinct guest segments that each of our brands serves and supporting the needs of the hotels by thorough analysis and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (application of data and analytics. ) Tj ET Q q 0 0 0 rg BT 183.71 274.25 Td (The ) Tj ET Q q 0 0 0 rg BT 201.58 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 210.22 274.25 Td (orld of Hyatt loyalty program and Hyatt.com are also key components of building ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (loyalty and driving revenue. ) Tj ET Q q 0 0 0 rg BT 164.56 262.25 Td (The loyalty program focuses on deepening relationships with members, driving repeat stays, guest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (satisfaction, recognition, and dif) Tj ET Q q 0 0 0 rg BT 178.45 250.25 Td (ferential services and experiences for our most loyal guests. Hyatt.com is our primary online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (distribution channel providing customers with an ef) Tj ET Q q 0 0 0 rg BT 255.95 238.25 Td (ficient source of information about our hotels and an ef) Tj ET Q q 0 0 0 rg BT 476.53 238.25 Td (fective booking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (experience. ) Tj ET Q q 0 0 0 rg BT 97.62 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 106.66 226.25 Td (ith a combined focus on increasing brand awareness, building a community of loyalists, and enhancing digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (engagement, our marketing is aimed at Hyatt becoming the most preferred hospitality brand.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.50 193.25 Td (Reservations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 172.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 172.25 Td (e have a central reservation system that provides a comprehensive view of inventory) Tj ET Q q 0 0 0 rg BT 419.14 172.25 Td (, while allowing for local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (management of rates based on demand. ) Tj ET Q q 0 0 0 rg BT 209.54 160.25 Td (Through this system, we are able to allow bookings by hotels directly) Tj ET Q q 0 0 0 rg BT 487.17 160.25 Td (, via telephone ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (and correspondence through our contact centers, by travel agents, by corporate clients, and online through Hyatt.com. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 127.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 127.25 Td (e have nine global contact centers that service our global guest base 24 hours per day) Tj ET Q q 0 0 0 rg BT 421.64 127.25 Td (, seven days per week and provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.25 Td (reservation services in over 18 languages. ) Tj ET Q q 0 0 0 rg BT 218.98 115.25 Td (While we continue to provide full reservation services via telephone through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.25 Td (global contact centers, we have made significant investments in internet booking capabilities on Hyatt.com web and mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.25 Td (platforms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 70.25 Td (In addition, some of the rooms at hotels and resorts we manage or franchise are booked through internet travel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (intermediaries, partners, or online travel service providers. ) Tj ET Q q 0 0 0 rg BT 285.90 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 294.53 58.25 Td (e also engage third-party intermediaries who collect fees by ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 742.10 Td (ging our hotels and resorts a commission on room revenues, including travel agencies and meeting and event management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (companies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.95 709.10 Td (orld of Hyatt Loyalty Pr) Tj ET Q q 0 0 0 rg BT 162.64 709.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 688.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 688.10 Td (e operate the ) Tj ET Q q 0 0 0 rg BT 135.54 688.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.17 688.10 Td (orld of Hyatt loyalty program which generates substantial repeat guest business by rewarding frequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.10 Td (stays with points that can be used towards redeeming for hotel nights and other rewards. Inspired by our purpose, ) Tj ET Q q 0 0 0 rg BT 505.05 676.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.68 676.10 Td (orld of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (Hyatt is also about building community and engagement with high-end travelers. Loyalty program members enjoy additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 652.10 Td (rewards as they advance through the three elite tiers based on qualifying nights or base points in a calendar year) Tj ET Q q 0 0 0 rg BT 496.29 652.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 631.10 Td (Members earn points based on their spend at our properties or in connection with spend on the Hyatt co-branded credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.10 Td (cards. Loyalty program points can be redeemed at properties across the majority of our brands, converted into airline miles with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.10 Td (numerous participating airlines, and redeemed with other third parties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 586.10 Td (The loyalty program is primarily funded through contributions from eligible revenues generated from loyalty program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (members. ) Tj ET Q q 0 0 0 rg BT 90.97 574.10 Td (These funds are applied to reimburse hotels for room nights when members redeem loyalty program points and pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (for administrative expenses and marketing initiatives to support the loyalty program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 541.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 541.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.58 541.10 Td (, the loyalty program had over 16 million members, and during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.25 541.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.25 541.10 Td (, represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (38% of total room nights system wide. Beginning in 2018, the loyalty program includes all stays during which a member earns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 517.10 Td (orld of Hyatt points \(or benefits from a third party loyalty program, such as airline miles, in lieu of points\) in the percent of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 Td (total room nights contributed by the loyalty program. If the aforementioned methodology changes would have been used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (2017, the loyalty program would have represented approximately 35% of total room nights systemwide in 2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (Competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 451.10 Td (There is intense competition in all areas of the hospitality industry) Tj ET Q q 0 0 0 rg BT 337.79 451.10 Td (. Competition exists for hotel guests, management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (franchise agreements, and sales of vacation ownership properties and branded residential properties. Our principal competitors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.10 Td (are other operators of full service, select service, all-inclusive, wellness, and extended stay properties, including other major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (hospitality chains with well-established and recognized brands. ) Tj ET Q q 0 0 0 rg BT 304.81 415.10 Td (W) Tj ET Q q 0 0 0 rg BT 313.45 415.10 Td (e also compete against small chains and independent and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.10 Td (local owners and operators. Increasingly) Tj ET Q q 0 0 0 rg BT 210.74 403.10 Td (, we also face competition from new channels of distribution in the travel industry) Tj ET Q q 0 0 0 rg BT 538.33 403.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.10 Td (Additional sources of competition include lar) Tj ET Q q 0 0 0 rg BT 230.66 391.10 Td (ge companies that of) Tj ET Q q 0 0 0 rg BT 313.51 391.10 Td (fer online travel services as part of their business model, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.78 379.10 Td (Alibaba, search engines such as Google, and peer) Tj ET Q q 0 0 0 rg BT 257.56 379.10 Td (-to-peer inventory sources that allow travelers to book stays on websites ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (that facilitate the short-term rental of homes and apartments from owners, thereby providing an alternative to hotel rooms, such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.78 355.10 Td (Airbnb and HomeA) Tj ET Q q 0 0 0 rg BT 138.29 355.10 Td (way) Tj ET Q q 0 0 0 rg BT 154.30 355.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 334.10 Td (e compete for guests based primarily on brand name recognition and reputation, location, customer satisfaction, room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (rates, quality of service, amenities, quality of accommodations, security) Tj ET Q q 0 0 0 rg BT 335.98 322.10 Td (, and the ability to earn and redeem loyalty program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (points. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 289.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 289.10 Td (e compete for management agreements based primarily on the value and quality of our management services, our brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 277.10 Td (name recognition and reputation, the level of our management fees, the costs of our system-wide services, and the economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 265.10 Td (advantages to the property owner of retaining our management services and using our brand name. ) Tj ET Q q 0 0 0 rg BT 446.97 265.10 Td (W) Tj ET Q q 0 0 0 rg BT 455.60 265.10 Td (e compete for franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 Td (agreements based primarily on brand name recognition and reputation, the room rate that can be realized, and total revenues we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.10 Td (can deliver to the properties. Other competitive factors for management and franchise agreements include relationships with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.10 Td (property owners and investors, including institutional owners of multiple properties, marketing support, reservation and e-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.10 Td (commerce system capacity and ef) Tj ET Q q 0 0 0 rg BT 184.26 217.10 Td (ficiency) Tj ET Q q 0 0 0 rg BT 215.81 217.10 Td (, and the ability to make investments that may be necessary to obtain management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.10 Td (franchise agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 184.10 Td (The number of branded lodging operators with a global reach and depth of product and of) Tj ET Q q 0 0 0 rg BT 432.37 184.10 Td (ferings similar to us is limited. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 172.10 Td (e believe our strong customer base, prominent brand recognition, strategic property locations, and global development team ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (enable us to compete ef) Tj ET Q q 0 0 0 rg BT 143.72 160.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 178.05 160.10 Td (. For additional information, see Part I, Item1A, "Risk FactorsRisks Related to Our Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (Because we operate in a highly competitive industry) Tj ET Q q 0 0 0 rg BT 268.51 148.10 Td (, our revenues, profits, or market share could be harmed if we are unable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (to compete ef) Tj ET Q q 0 0 0 rg BT 103.74 136.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 138.07 136.10 Td (, and new distribution channels, alternatives to traditional hotels, and industry consolidation among our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (competitors may negatively impact our business." ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (Seasonality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 82.10 Td (The hospitality industry is seasonal in nature. ) Tj ET Q q 0 0 0 rg BT 255.68 82.10 Td (The periods during which our lodging properties experience higher revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (vary from property to property) Tj ET Q q 0 0 0 rg BT 171.59 70.10 Td (, depending principally upon location, the customer base served, and potential impacts due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (timing of certain holidays. ) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Cyclicality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.25 Td (The hospitality industry is cyclical and generally follows, on a lagged basis, the overall economy) Tj ET Q q 0 0 0 rg BT 460.53 721.25 Td (. ) Tj ET Q q 0 0 0 rg BT 465.35 721.25 Td (There is a history of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 709.25 Td (increases and decreases in demand for hotel rooms, in occupancy levels, and in rates realized by owners of hotels through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.25 Td (economic cycles. ) Tj ET Q q 0 0 0 rg BT 120.68 697.25 Td (V) Tj ET Q q 0 0 0 rg BT 126.79 697.25 Td (ariability of results through some of the cycles in the past has been more severe due to changes in the supply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.25 Td (of hotel rooms in given markets or in given categories of hotels. ) Tj ET Q q 0 0 0 rg BT 307.87 685.25 Td (The combination of changes in economic conditions and in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.25 Td (supply of hotel rooms can result in significant volatility in results for owners, managers, and franchisors of hotel properties. ) Tj ET Q q 0 0 0 rg BT 546.43 673.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.25 Td (costs of running a hotel tend to be more fixed than variable. Because of this, in an environment of declining revenues, the rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.25 Td (of decline in earnings will be higher than the rate of decline in revenues. Conversely) Tj ET Q q 0 0 0 rg BT 386.23 649.25 Td (, in an environment of increasing demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.25 Td (and room rates, the rate of increase in earnings is typically higher than the rate of increase in revenues. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (Intellectual Pr) Tj ET Q q 0 0 0 rg BT 110.69 616.25 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 595.25 Td (In the highly competitive hospitality industry in which we operate, trademarks, service marks, trade names, and logos are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.25 Td (very important in the sales and marketing of our hotels, residential, and vacation ownership properties and services. ) Tj ET Q q 0 0 0 rg BT 514.18 583.25 Td (W) Tj ET Q q 0 0 0 rg BT 522.82 583.25 Td (e have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.25 Td (significant number of trademarks, service marks, trade names, logos, and pending registrations and significant resources are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.25 Td (expended each year on surveillance, registration, and protection of our trademarks, service marks, trade names, and logos, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.25 Td (which we believe have become synonymous in the hospitality industry with a reputation for excellence in service and care. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.25 Td (additional information, see Part I, Item 1A, "Risk FactorsRisks Related to Our BusinessAny failure to protect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.25 Td (trademarks and intellectual property could reduce the value of our brand names and harm our business.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (Government Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 481.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 481.25 Td (e are subject to numerous foreign, federal, state, and local government laws and regulations, including those relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.25 Td (the preparation and sale of food and beverages, building and zoning requirements, data privacy) Tj ET Q q 0 0 0 rg BT 428.99 469.25 Td (, and general business license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.25 Td (and permit requirements, in the various jurisdictions in which we manage, franchise, license, and own properties. Our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.25 Td (develop new hotel properties and to remodel, refurbish, or add to existing properties is also dependent on obtaining permits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.25 Td (from local authorities. ) Tj ET Q q 0 0 0 rg BT 140.40 433.25 Td (W) Tj ET Q q 0 0 0 rg BT 149.04 433.25 Td (e are also subject to laws governing our relationships with employees, including minimum wage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.25 Td (requirements, overtime, working conditions, hiring and firing, non-discrimination for disabilities and other individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.25 Td (characteristics, work permits, and benefit of) Tj ET Q q 0 0 0 rg BT 225.09 409.25 Td (ferings. Federal, state, and provincial laws and regulations require certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.25 Td (registration, disclosure statements, compliance with specific standards of conduct, and other practices with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.25 Td (franchising of hotels. Compliance with these various laws and regulations can af) Tj ET Q q 0 0 0 rg BT 371.45 385.25 Td (fect the revenues and profits of properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.25 Td (managed, franchised, licensed, or owned, and of the vacation ownership business and could adversely af) Tj ET Q q 0 0 0 rg BT 466.96 373.25 Td (fect our operations. ) Tj ET Q q 0 0 0 rg BT 546.75 373.25 Td (W) Tj ET Q q 0 0 0 rg BT 555.39 373.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.25 Td (believe our businesses are conducted in substantial compliance with applicable laws and regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 340.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 340.25 Td (e manage and own hotels with casino gaming operations as part of or adjacent to the hotels. However) Tj ET Q q 0 0 0 rg BT 487.17 340.25 Td (, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (exception of Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 163.35 328.25 Td (Aruba Resort Spa and Casino, third parties manage and operate the casinos. ) Tj ET Q q 0 0 0 rg BT 468.64 328.25 Td (W) Tj ET Q q 0 0 0 rg BT 477.28 328.25 Td (e hold and maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (the casino gaming license and manage the casino located at Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 351.06 316.25 Td (Aruba Resort Spa and Casino and employ third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (party compliance consultants and service providers. ) Tj ET Q q 0 0 0 rg BT 258.60 304.25 Td (As a result, our business operations at Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 474.11 304.25 Td (Aruba Resort Spa and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (Casino are subject to the licensing and regulatory control of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.81 292.25 Td (Departamento pa ) Tj ET Q q 0 0 0 rg BT 378.40 292.25 Td (Asuntonan di Casino ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 292.25 Td (\(D.A.C.\), the regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (agency responsible for gaming licenses and operations in ) Tj ET Q q 0 0 0 rg BT 279.99 280.25 Td (Aruba. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 238.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.58 238.25 Td (, approximately 20% of our approximately 54,000 employees \(approximately 22% of our U.S.-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (based employees\) were either represented by a labor union or had terms of employment that were determined under a labor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 95.96 214.25 Td (W) Tj ET Q q 0 0 0 rg BT 104.60 214.25 Td (e believe relations with our employees and colleagues are good. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 193.25 Td (Envir) Tj ET Q q 0 0 0 rg BT 73.77 193.25 Td (onmental Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 172.25 Td (In connection with our ownership, management, and development of properties, we are subject to various foreign, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (federal, state, and local laws, ordinances, and regulations relating to environmental protection. Under some of these laws, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (current or former owner or operator of real property may be held liable for the costs of investigating or remediating hazardous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (or toxic substances or wastes on, under or in such real property) Tj ET Q q 0 0 0 rg BT 301.00 136.25 Td (, as well as third-party sites where the owner or operator sent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (wastes for disposal. Such laws may impose liability without regard to whether the owner or operator knew) Tj ET Q q 0 0 0 rg BT 474.58 124.25 Td (, or was at fault in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (connection with, the presence or release of such hazardous substances or wastes. ) Tj ET Q q 0 0 0 rg BT 373.83 112.25 Td (Although we are not aware of any current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.25 Td (material obligations for investigating or remediating hazardous substances or wastes at our owned properties, the future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (discovery of substances or wastes at any of our owned properties, or the failure to remediate such contaminated property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (properly) Tj ET Q q 0 0 0 rg BT 82.73 76.25 Td (, could adversely af) Tj ET Q q 0 0 0 rg BT 160.85 76.25 Td (fect our ability to develop or sell such real estate, or to borrow using such real estate as collateral. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (addition, the costs of investigating or remediating contamination at our properties or at properties where we sent substances or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.25 Td (wastes for disposal, may be substantial. ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 742.10 Td (e are also subject to various requirements, including those contained in environmental permits required for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (operations, governing air emissions, ef) Tj ET Q q 0 0 0 rg BT 204.29 730.10 Td (fluent dischar) Tj ET Q q 0 0 0 rg BT 258.81 730.10 Td (ges, the use, management, and disposal of hazardous substances and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (wastes, and health and safety) Tj ET Q q 0 0 0 rg BT 165.20 718.10 Td (. From time to time, we may be required to manage, abate, or remove mold, lead, or asbestos-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (containing materials at our properties. ) Tj ET Q q 0 0 0 rg BT 203.71 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.35 706.10 Td (e believe our properties and operations are in compliance, in all material respects, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (all foreign, federal, state, and local environmental laws and ordinances. However) Tj ET Q q 0 0 0 rg BT 373.42 694.10 Td (, additional operating costs and capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (expenditures could be incurred if additional or more stringent requirements are enacted in the future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 640.10 Td (Properties that the Company owns outright or through hospitality ventures, manages, franchises, and licenses are insured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.10 Td (under dif) Tj ET Q q 0 0 0 rg BT 85.70 628.10 Td (ferent insurance programs depending on whether the property participates in our insurance programs or in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (insurance programs of the property owner \(including hospitality ventures\), franchisee, or licensee. ) Tj ET Q q 0 0 0 rg BT 444.47 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 453.10 616.10 Td (e maintain insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (coverage for hotels owned by the Company under our insurance programs for liability) Tj ET Q q 0 0 0 rg BT 393.20 604.10 Td (, property) Tj ET Q q 0 0 0 rg BT 431.42 604.10 Td (, workers compensation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (other risks with respect to our business. Our liability insurance provides coverage for most claims, including terrorism, resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (from our operations, goods and services, and automobiles. Our property insurance provides coverage for all risks to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (properties including fire, windstorm, flood, earthquake, and terrorism. Property insurance also includes business interruption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (coverage. Our workers compensation insurance provides coverage for employee injuries in the course and scope of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (employment. Hotels owned by hospitality ventures or hotels managed by the Company are permitted to participate in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (insurance programs by mutual agreement with our hospitality venture partners or third-party hotel owners. ) Tj ET Q q 0 0 0 rg BT 477.81 532.10 Td (The majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (hotels owned by hospitality ventures and managed hotels owned by third parties participate in our insurance programs. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (hospitality venture agreements and management agreements require hotels owned by hospitality ventures and managed hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (owned by third parties that do not participate in our insurance programs to be insured at coverage levels generally consistent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (with the coverage levels under our insurance programs, including liability) Tj ET Q q 0 0 0 rg BT 344.32 484.10 Td (, property) Tj ET Q q 0 0 0 rg BT 382.55 484.10 Td (, business interruption, workers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (compensation, and other insurance. Our franchise and license agreements require our franchisees and licensees to maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (liability) Tj ET Q q 0 0 0 rg BT 79.96 460.10 Td (, property) Tj ET Q q 0 0 0 rg BT 118.19 460.10 Td (, business interruption, workers compensation, and other insurance at our franchised or licensed properties. ) Tj ET Q q 0 0 0 rg BT 548.44 460.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.07 460.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (are typically covered under insurance policies held by third-party property owners, franchisees, or licensees to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (necessary and reasonable. ) Tj ET Q q 0 0 0 rg BT 155.38 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 164.02 436.10 Td (e also maintain cyber) Tj ET Q q 0 0 0 rg BT 249.06 436.10 Td (-risk insurance for systems and data controlled by the Company) Tj ET Q q 0 0 0 rg BT 503.63 436.10 Td (. Cyber) Tj ET Q q 0 0 0 rg BT 532.86 436.10 Td (-risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (insurance generally covers all Company-controlled systems and Company-controlled data in properties that the Company owns, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (outright or through hospitality ventures, manages, franchises, and licenses. ) Tj ET Q q 0 0 0 rg BT 350.64 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 359.28 412.10 Td (e believe the Company's insurance policies, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (well as those maintained by third-party owners, including hospitality ventures, are adequate for foreseeable losses and on terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (and conditions that are reasonable and customary with solvent insurance carriers. ) Tj ET Q q 0 0 0 rg BT 376.43 388.10 Td (W) Tj ET Q q 0 0 0 rg BT 385.07 388.10 Td (e also self-insure some of our risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (generally through the use of deductibles and retentions. ) Tj ET Q q 0 0 0 rg BT 273.42 376.10 Td (W) Tj ET Q q 0 0 0 rg BT 282.06 376.10 Td (e believe these deductibles and retentions are reasonable and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (customary for our industry and our size. ) Tj ET Q q 0 0 0 rg BT 212.06 364.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.70 364.10 Td (e use U.S.-based and licensed captive insurance companies that are wholly owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (subsidiaries of the Company to generally insure our deductibles and retentions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (Stockholder) Tj ET Q q 0 0 0 rg BT 100.99 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.94 331.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 119.42 331.10 Td (eements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 310.10 Td (The following is a summary of the provisions of the ) Tj ET Q q 0 0 0 rg BT 283.47 310.10 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 432.60 310.10 Td (Agreement, the ) Tj ET Q q 0 0 0 rg BT 496.19 310.10 Td (Amended and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 173.92 298.10 Td (Agreement, and the Global Hyatt Corporation 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 438.73 298.10 Td (Agreement \(the "2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 105.47 286.10 Td (Agreement"\). ) Tj ET Q q 0 0 0 rg BT 162.12 286.10 Td (The following descriptions of these agreements do not purport to be complete and are subject to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (and qualified in their entirety by) Tj ET Q q 0 0 0 rg BT 177.98 274.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 197.14 274.10 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 346.27 274.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 395.14 274.10 Td (Amended and Restated Foreign Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (Hyatt ) Tj ET Q q 0 0 0 rg BT 73.67 262.10 Td (Agreement, and 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 218.49 262.10 Td (Agreement, copies of which have been filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Commission \("SEC"\) and are incorporated by reference herein. For additional information regarding these agreements, please ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (also refer to Part I, Item 1A, "Risk FactorsRisks Related to Share Ownership and Other Stockholder Matters.") Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 742.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 233.23 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 249.71 742.25 Td (eement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.25 Td (The trustees of the U.S. situs trusts for the benefit of certain lineal descendants of Nicholas J. Pritzker) Tj ET Q q 0 0 0 rg BT 479.66 721.25 Td (, deceased, that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 709.25 Td (own, directly or indirectly) Tj ET Q q 0 0 0 rg BT 153.26 709.25 Td (, shares of our common stock, and the adult beneficiaries of such trusts, including Mr) Tj ET Q q 0 0 0 rg BT 494.02 709.25 Td (.) Tj ET Q q 0 0 0 rg BT 498.84 709.25 Td (ThomasJ. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.25 Td (Pritzker) Tj ET Q q 0 0 0 rg BT 80.75 697.25 Td (, our executive chairman, and Mr) Tj ET Q q 0 0 0 rg BT 213.21 697.25 Td (. Jason Pritzker) Tj ET Q q 0 0 0 rg BT 274.18 697.25 Td (, one of our directors, and any of their successors that own, directly or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.25 Td (indirectly) Tj ET Q q 0 0 0 rg BT 87.17 685.25 Td (, shares of our common stock, have entered into the ) Tj ET Q q 0 0 0 rg BT 295.45 685.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 444.58 685.25 Td (Agreement pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.25 Td (which they have agreed to, among other things, certain voting agreements and limitations on the sale of shares of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.25 Td (stock. ) Tj ET Q q 0 0 0 rg BT 75.06 661.25 Td (At January 31, 2019, Pritzker family business interests own, directly or indirectly) Tj ET Q q 0 0 0 rg BT 399.90 661.25 Td (, 64,900,938 shares, or 61.2%, of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.25 Td (total outstanding common stock and control approximately 91.3% of our total voting power) Tj ET Q q 0 0 0 rg BT 415.82 649.25 Td (. Specifically) Tj ET Q q 0 0 0 rg BT 467.93 649.25 Td (, such parties have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.25 Td (agreed that untilthe date upon which more than 75% of the Company's fully diluted shares of common stock is owned by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.25 Td (persons other than Pritzker family members and spouses \(including any U.S. or non-U.S. situs trusts for the current or future, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.25 Td (direct or indirect, vested or contingent, benefit of Pritzker family members and spouses\), all Pritzkers \(and their successors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 601.25 Td (interest, if applicable\), but not the transferees by sale \(other than Pritzkers who purchase directly from other Pritzkers\), will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.25 Td (vote all of their voting securities consistent with the recommendations of our board of directors with respect to all matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.25 Td (assuming agreement as to any such matter by a majority of a minimum of three independent directors \(excluding for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.25 Td (purposes any Pritzker\) or) Tj ET Q q 0 0 0 rg BT 149.91 565.25 Td (, in the case of transactions involving us and an af) Tj ET Q q 0 0 0 rg BT 349.39 565.25 Td (filiate, assuming agreement of all of such minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.25 Td (of three independent directors \(excluding for such purposes any Pritzker\). ) Tj ET Q q 0 0 0 rg BT 346.35 553.25 Td (All Pritzkers have agreed to cast and submit by proxy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.25 Td (to us their votes in a manner consistent with the foregoing voting agreement at least five business days prior to the scheduled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.25 Td (date of any annual or special meeting of stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 508.25 Td (In addition, such parties have agreed that until the date upon which more than 75% of the Company's fully diluted shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (of common stock is owned by persons other than Pritzker family members and spouses \(including any U.S. or non-U.S. situs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (trusts for the current or future, direct or indirect, vested or contingent, benefit of any Pritzker family members and spouses\), all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (Pritzker family members and spouses \(including U.S. and non-U.S. situs trusts for the current or future, direct or indirect, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (vested or contingent, benefit of any Pritzker family members and spouses or af) Tj ET Q q 0 0 0 rg BT 364.50 460.25 Td (filiates of any thereof\) in a "beneficiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (group" \(including trusts only to the extent of the then current benefit of members of such beneficiary group\) may sell up to 25% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (of their aggregate holdings of our common stock, measured as of November4, 2009, the date of ef) Tj ET Q q 0 0 0 rg BT 444.20 436.25 Td (fectiveness of the registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (statement on Form S-1 \(File No.333-161068\) relating to our initial public of) Tj ET Q q 0 0 0 rg BT 356.78 424.25 Td (fering of our Class) Tj ET Q q 0 0 0 rg BT 433.43 424.25 Td (A) Tj ET Q q 0 0 0 rg BT 440.10 424.25 Td ( common stock, in each 12-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (month period following the date of ef) Tj ET Q q 0 0 0 rg BT 199.28 412.25 Td (fectiveness of such registration statement \(without carry-overs\), and shall not sell more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (than such amount during any such period. Upon the unanimous af) Tj ET Q q 0 0 0 rg BT 312.88 400.25 Td (firmative vote of our independent directors \(excluding for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (such purposes any Pritzker\), such 25% limitation may) Tj ET Q q 0 0 0 rg BT 264.92 388.25 Td (, with respect to each such 12 month period, be increased to a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (percentage or waived entirely) Tj ET Q q 0 0 0 rg BT 167.40 376.25 Td (. Sales of our common stock, including Class) Tj ET Q q 0 0 0 rg BT 350.16 376.25 Td (A) Tj ET Q q 0 0 0 rg BT 356.83 376.25 Td ( common stock and Class B common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (between and among Pritzkers is permitted without regard to the sale restrictions described above and such sales are not counted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (against the 25% sale limitation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 331.25 Td (All shares of our common stock owned by each beneficiary group \(including trusts only to the extent of the then current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (benefit of members of such beneficiary group\) are freely pledgeable to an institutional lender and such institutional lender will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (not be subject to the sale restrictions described above upon default and foreclosure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 286.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.00 286.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 240.13 286.25 Td (Agreement may be amended, modified, supplemented, or restated by the written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (agreement of the successors to Mr) Tj ET Q q 0 0 0 rg BT 185.85 274.25 Td (. ) Tj ET Q q 0 0 0 rg BT 190.67 274.25 Td (Thomas J. Pritzker) Tj ET Q q 0 0 0 rg BT 265.53 274.25 Td (, Mr) Tj ET Q q 0 0 0 rg BT 282.20 274.25 Td (. Marshall E. Eisenber) Tj ET Q q 0 0 0 rg BT 371.16 274.25 Td (g, and Mr) Tj ET Q q 0 0 0 rg BT 409.77 274.25 Td (. Karl J. Breyer) Tj ET Q q 0 0 0 rg BT 470.74 274.25 Td (, solely in their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (capacity as co-trustees of the Pritzker family U.S. situs trusts, 75% of the adult beneficiaries named below and a majority of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (other adult beneficiaries party to the agreement. Each of ) Tj ET Q q 0 0 0 rg BT 276.44 250.25 Td (Thomas J. Pritzker) Tj ET Q q 0 0 0 rg BT 351.30 250.25 Td (, Nicholas J. Pritzker) Tj ET Q q 0 0 0 rg BT 434.50 250.25 Td (, Jennifer N. Pritzker) Tj ET Q q 0 0 0 rg BT 517.68 250.25 Td (, John ) Tj ET Q q 0 0 0 rg BT 543.52 250.25 Td (A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (Pritzker) Tj ET Q q 0 0 0 rg BT 80.75 238.25 Td (, Linda Pritzker) Tj ET Q q 0 0 0 rg BT 142.83 238.25 Td (, Karen L. Pritzker) Tj ET Q q 0 0 0 rg BT 217.13 238.25 Td (, Penny Pritzker) Tj ET Q q 0 0 0 rg BT 280.88 238.25 Td (, Daniel F) Tj ET Q q 0 0 0 rg BT 319.80 238.25 Td (. Pritzker) Tj ET Q q 0 0 0 rg BT 356.05 238.25 Td (, ) Tj ET Q q 0 0 0 rg BT 360.50 238.25 Td (Anthony N. Pritzker) Tj ET Q q 0 0 0 rg BT 441.48 238.25 Td (, Gigi Pritzker Pucker) Tj ET Q q 0 0 0 rg BT 528.28 238.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (Jay Robert Pritzker) Tj ET Q q 0 0 0 rg BT 126.30 226.25 Td (, and their respective lineal descendants and current spouse, if relevant, make up a "beneficiary group." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 205.25 Td (Disputes that relate to the subject matter of the ) Tj ET Q q 0 0 0 rg BT 262.05 205.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 411.19 205.25 Td (Agreement are subject to arbitration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.25 Td (pursuant to the terms of the agreement. ) Tj ET Q q 0 0 0 rg BT 208.16 193.25 Td (The exclusive requirement to arbitrate under the ) Tj ET Q q 0 0 0 rg BT 402.80 193.25 Td (Amended and Restated Global Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.25 Td (Agreement shall not apply with respect to the manner in which Hyatt's operations are conducted to the extent the parties \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.25 Td (their capacities as stockholders\) and non-Pritzker public stockholders are af) Tj ET Q q 0 0 0 rg BT 351.71 169.25 Td (fected comparably; provided, however) Tj ET Q q 0 0 0 rg BT 505.69 169.25 Td (, that a party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (may participate in and benefit from any shareholder litigation initiated by a non-party to the agreement. ) Tj ET Q q 0 0 0 rg BT 465.19 157.25 Td (A) Tj ET Q q 0 0 0 rg BT 471.86 157.25 Td ( party to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (agreement may not solicit others to initiate or be a named plaintif) Tj ET Q q 0 0 0 rg BT 310.63 145.25 Td (f in such litigation \(i\)unless two thirds of the independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.25 Td (directors \(excluding for such purposes any Pritzker\) of a board of directors having at least three independent directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.25 Td (\(excluding for such purposes any Pritzker\) do not vote in favor of the matter that is the subject of the litigation or \(ii\)in the case ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.25 Td (of af) Tj ET Q q 0 0 0 rg BT 67.92 109.25 Td (filiated transactions reviewed by our board of directors, unless at least one independent director \(excluding for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.25 Td (purposes any Pritzker\) did not approve the transaction. ) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 742.25 Td (Amended and Restated For) Tj ET Q q 0 0 0 rg BT 190.81 742.25 Td (eign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 268.88 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 285.36 742.25 Td (eement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.25 Td (The trustees of the non-U.S. situs trusts for the benefit of certain lineal descendants of Nicholas J. Pritzker) Tj ET Q q 0 0 0 rg BT 497.99 721.25 Td (, deceased, that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 709.25 Td (own, directly or indirectly) Tj ET Q q 0 0 0 rg BT 153.26 709.25 Td (, shares of our common stock, and the adult beneficiaries of such trusts, including Mr) Tj ET Q q 0 0 0 rg BT 494.02 709.25 Td (. ) Tj ET Q q 0 0 0 rg BT 498.84 709.25 Td (Thomas J. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.25 Td (Pritzker and Mr) Tj ET Q q 0 0 0 rg BT 112.26 697.25 Td (. Jason Pritzker) Tj ET Q q 0 0 0 rg BT 173.24 697.25 Td (, and any of their successors that own, directly or indirectly) Tj ET Q q 0 0 0 rg BT 409.74 697.25 Td (, shares of our common stock, have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.25 Td (entered into the ) Tj ET Q q 0 0 0 rg BT 113.65 685.25 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 296.38 685.25 Td (Agreement pursuant to which they have agreed to, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.25 Td (things, certain voting agreements and limitations on the sale of shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 420.25 673.25 Td (At January 31, 2019, Pritzker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.25 Td (family business interests own, directly or indirectly) Tj ET Q q 0 0 0 rg BT 254.08 661.25 Td (, 64,900,938 shares, or 61.2%, of our total outstanding common stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.25 Td (control approximately 91.3% of our total voting power) Tj ET Q q 0 0 0 rg BT 268.34 649.25 Td (. Specifically) Tj ET Q q 0 0 0 rg BT 320.45 649.25 Td (, such parties have agreed that until the date upon which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.25 Td (more than 75% of the Company's fully diluted shares of common stock is owned by persons other than Pritzker family ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.25 Td (members and spouses \(including any U.S. or non-U.S. situs trusts for the current or future, direct or indirect, vested or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 613.25 Td (contingent, benefit of any Pritzker family members and spouses\), all Pritzkers \(and their successors in interest, if applicable\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 601.25 Td (but not the transferees by sale \(other than Pritzkers who purchase directly from other Pritzkers\), will vote \(or cause to be voted\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.25 Td (all of the voting securities held directly or indirectly by them consistent with the recommendations of our board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.25 Td (with respect to all matters assuming agreement as to any such matter by a majority of a minimum of three independent directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.25 Td (\(excluding for such purposes any Pritzker\) or) Tj ET Q q 0 0 0 rg BT 230.16 565.25 Td (, in the case of transactions involving us and an af) Tj ET Q q 0 0 0 rg BT 429.65 565.25 Td (filiate, assuming agreement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.25 Td (all of such minimum of three independent directors \(excluding for such purposes any Pritzker\). ) Tj ET Q q 0 0 0 rg BT 431.90 553.25 Td (All Pritzkers have agreed to cast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.25 Td (and submit by proxy to us their votes in a manner consistent with the foregoing voting agreement at least five business days ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.25 Td (prior to the scheduled date of any annual or special meeting of stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 508.25 Td (In addition, such parties have agreed that until the date upon which more than 75% of the Company's fully diluted shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (of common stock is owned by persons other than Pritzker family members and spouses \(including any U.S. or non-U.S. situs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (trusts for the current or future, direct or indirect, vested or contingent, benefit of any Pritzker family members and spouses\), all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (Pritzker family members and spouses \(including U.S. and non-U.S. situs trusts for the current or future, direct or indirect, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (vested or contingent, benefit of any Pritzker family members and spouses and/or af) Tj ET Q q 0 0 0 rg BT 381.72 460.25 Td (filiates of any thereof\) in a "beneficiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (group" \(including trusts only to the extent of the then current benefit of members of such beneficiary group\) may sell up to 25% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (of their aggregate holdings of our common stock, measured as of November 4, 2009, the date of ef) Tj ET Q q 0 0 0 rg BT 444.20 436.25 Td (fectiveness of the registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (statement on Form S-1 \(File No. 333-161068\) relating to our initial public of) Tj ET Q q 0 0 0 rg BT 356.78 424.25 Td (fering of our Class ) Tj ET Q q 0 0 0 rg BT 433.43 424.25 Td (A) Tj ET Q q 0 0 0 rg BT 440.10 424.25 Td ( common stock, in each 12-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (month period following the date of ef) Tj ET Q q 0 0 0 rg BT 199.28 412.25 Td (fectiveness of such registration statement \(without carry-overs\), and shall not sell more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (than such amount during any such period. Upon the unanimous af) Tj ET Q q 0 0 0 rg BT 312.88 400.25 Td (firmative vote of our independent directors \(excluding for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (such purposes any Pritzker\), such 25% limitation may) Tj ET Q q 0 0 0 rg BT 264.92 388.25 Td (, with respect to each such 12 month period, be increased to a higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (percentage or waived entirely) Tj ET Q q 0 0 0 rg BT 167.40 376.25 Td (. Sales of our common stock, including Class) Tj ET Q q 0 0 0 rg BT 350.16 376.25 Td (A) Tj ET Q q 0 0 0 rg BT 356.83 376.25 Td ( common stock and Class B common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (between and among Pritzkers is permitted without regard to the sale restrictions described above and such sales are not counted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (against the 25% sale limitation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 331.25 Td (All shares of our common stock owned directly or indirectly by each beneficiary group \(including trusts only to the extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (of the then current benefit of members of such beneficiary group\) are freely pledgeable to an institutional lender and such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (institutional lender will not be subject to the sale restrictions described above upon default and foreclosure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 286.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.00 286.25 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 273.73 286.25 Td (Agreement may be amended, modified, supplemented, or restated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (the written agreement of 75% of the adult beneficiaries named below and a majority of the other adult beneficiaries party to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (agreement. Each of ) Tj ET Q q 0 0 0 rg BT 129.28 262.25 Td (Thomas J. Pritzker) Tj ET Q q 0 0 0 rg BT 204.14 262.25 Td (, Nicholas J. Pritzker) Tj ET Q q 0 0 0 rg BT 287.33 262.25 Td (, Jennifer N. Pritzker) Tj ET Q q 0 0 0 rg BT 370.52 262.25 Td (, John ) Tj ET Q q 0 0 0 rg BT 396.36 262.25 Td (A. Pritzker) Tj ET Q q 0 0 0 rg BT 439.83 262.25 Td (, Linda Pritzker) Tj ET Q q 0 0 0 rg BT 501.91 262.25 Td (, Karen L. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (Pritzker) Tj ET Q q 0 0 0 rg BT 80.75 250.25 Td (, Penny Pritzker) Tj ET Q q 0 0 0 rg BT 144.51 250.25 Td (, Daniel F) Tj ET Q q 0 0 0 rg BT 183.43 250.25 Td (. Pritzker) Tj ET Q q 0 0 0 rg BT 219.68 250.25 Td (, ) Tj ET Q q 0 0 0 rg BT 224.13 250.25 Td (Anthony N. Pritzker) Tj ET Q q 0 0 0 rg BT 305.11 250.25 Td (, Gigi Pritzker Pucker) Tj ET Q q 0 0 0 rg BT 391.91 250.25 Td (, and Jay Robert Pritzker) Tj ET Q q 0 0 0 rg BT 490.65 250.25 Td (, and their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (respective lineal descendants and current spouse, if relevant, make up a "beneficiary group." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 217.25 Td (Disputes that relate to the subject matter of the ) Tj ET Q q 0 0 0 rg BT 262.05 217.25 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 444.79 217.25 Td (Agreement are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.25 Td (arbitration pursuant to the terms of the agreement. ) Tj ET Q q 0 0 0 rg BT 252.31 205.25 Td (The exclusive requirement to arbitrate under the ) Tj ET Q q 0 0 0 rg BT 446.95 205.25 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.25 Td (Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 136.99 193.25 Td (Agreement shall not apply with respect to the manner in which Hyatt's operations are conducted to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.25 Td (extent the parties \(in their capacities as stockholders\) and non-Pritzker public stockholders are af) Tj ET Q q 0 0 0 rg BT 436.13 181.25 Td (fected comparably; provided, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.25 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 169.25 Td (, that a party may participate in and benefit from any shareholder litigation initiated by a non-party to the agreement. ) Tj ET Q q 0 0 0 rg BT 551.70 169.25 Td (A) Tj ET Q q 0 0 0 rg BT 558.37 169.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (party to the agreement may not solicit others to initiate or be a named plaintif) Tj ET Q q 0 0 0 rg BT 358.67 157.25 Td (f in such litigation \(i\) unless two thirds of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (independent directors \(excluding for such purposes any Pritzker\) of a board of directors having at least three independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.25 Td (directors \(excluding for such purposes any Pritzker\) do not vote in favor of the matter that is the subject of the litigation or \(ii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.25 Td (in the case of af) Tj ET Q q 0 0 0 rg BT 112.62 121.25 Td (filiated transactions reviewed by our board of directors, unless at least one independent director \(excluding for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.25 Td (such purposes any Pritzker\) did not approve the transaction. ) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 742.25 Td (2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 156.29 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 172.77 742.25 Td (eement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.25 Td (In connection with the issuance and sale of 100,000 shares of our Series ) Tj ET Q q 0 0 0 rg BT 363.43 721.25 Td (A) Tj ET Q q 0 0 0 rg BT 370.10 721.25 Td ( Convertible Preferred Stock to GS Sunray ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 709.25 Td (Holdings, L.L.C. \("GSSH"\) and GS Sunray Holdings Parallel, L.L.C. \("GSSHP" and collectively with GSSH, the "Goldman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.25 Td (Sachs Funds"\), af) Tj ET Q q 0 0 0 rg BT 119.78 697.25 Td (filiates of Goldman, Sachs & Co., and the execution of a Subscription ) Tj ET Q q 0 0 0 rg BT 401.12 697.25 Td (Agreement in ) Tj ET Q q 0 0 0 rg BT 457.77 697.25 Td (August 2007, we entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.25 Td (into the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 160.74 685.25 Td (Agreement with Madrone GHC, LLC and af) Tj ET Q q 0 0 0 rg BT 338.57 685.25 Td (filiates \(collectively) Tj ET Q q 0 0 0 rg BT 417.61 685.25 Td (, "Madrone"\), the Goldman Sachs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.25 Td (Funds, and an additional investor that provides for certain rights and obligations of these stockholders, as described below) Tj ET Q q 0 0 0 rg BT 537.35 673.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 652.25 Td (In May 2009, the shares of our Series ) Tj ET Q q 0 0 0 rg BT 223.91 652.25 Td (A) Tj ET Q q 0 0 0 rg BT 230.58 652.25 Td ( Convertible Preferred Stock held by the Goldman Sachs Funds were converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (into shares of common stock. Such shares of common stock, along with shares of common stock purchased by the Goldman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (Sachs Funds and Madrone in May 2009 pursuant to the Subscription ) Tj ET Q q 0 0 0 rg BT 325.87 628.25 Td (Agreement and in the May 2009 private placement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (transaction, and any other shares of common stock held by the parties to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 434.27 616.25 Td (Agreement prior to our initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (public of) Tj ET Q q 0 0 0 rg BT 85.14 604.25 Td (fering, were reclassified into shares of our Class B common stock upon the filing of our ) Tj ET Q q 0 0 0 rg BT 438.12 604.25 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (Certificate of Incorporation on November 4, 2009, the date of our initial public of) Tj ET Q q 0 0 0 rg BT 376.17 592.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 404.49 592.25 Td (At January 31, 2019, the Goldman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (Sachs Funds and Madrone no longer held any shares of common stock subject to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 468.73 580.25 Td (Agreement as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (of sales into the public market subject to applicable securities laws. ) Tj ET Q q 0 0 0 rg BT 320.54 568.25 Td (At January 31, 2019, the additional investor party to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.25 Td (2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 127.97 556.25 Td (Agreement held 2,270,395 shares of Class B common stock. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 535.25 Td (T) Tj ET Q q 0 0 0 rg BT 78.51 535.25 Td (ransfer Restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 514.25 Td (No stockholder party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 262.39 514.25 Td (Agreement may transfer \(1\) the legal or beneficial ownership of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (common stock held by such stockholder unless such acquiring person's ownership of common stock is not reasonably likely to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (jeopardize any licensing from a governmental authority) Tj ET Q q 0 0 0 rg BT 270.99 490.25 Td (, as determined by our board of directors in its reasonable discretion, \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (any common stock to an aggregator \(meaning a person who is required to file a Schedule 13D under the Exchange ) Tj ET Q q 0 0 0 rg BT 509.36 478.25 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (disclosing an interest other than for investment\), \(3\) any common stock to a competitor of ours engaged in one or more of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (hospitality) Tj ET Q q 0 0 0 rg BT 91.07 454.25 Td (, lodging, and/or gaming industries or \(4\) any common stock that would cause a stockholder to violate any provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (of the agreement. Such restrictions are qualified by the "actual knowledge" of the transferring stockholder in the case of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (transfers pursuant to an underwritten public of) Tj ET Q q 0 0 0 rg BT 234.82 430.25 Td (fering or a broad distribution sale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 409.25 Td (All other transfer restrictions set forth in the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 329.30 409.25 Td (Agreement expired in May 2015. However) Tj ET Q q 0 0 0 rg BT 501.07 409.25 Td (, all shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.25 Td (held by such stockholders remain subject to the rights of first refusal \(except as described below with respect to shares held by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.25 Td (Madrone\) and "drag along" rights described below) Tj ET Q q 0 0 0 rg BT 251.40 385.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 364.25 Td (Right of First Refusal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 343.25 Td (In the event that the number of shares of common stock proposed to be transferred by a stockholder party to the 2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 105.47 331.25 Td (Agreement and its af) Tj ET Q q 0 0 0 rg BT 188.87 331.25 Td (filiates together with any shares of common stock then proposed to be transferred by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (other stockholders party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 252.10 319.25 Td (Agreement and their af) Tj ET Q q 0 0 0 rg BT 344.38 319.25 Td (filiates exceeds 2% of the then outstanding shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (common stock, then prior to consummating the sale of common stock to a third-party purchaser) Tj ET Q q 0 0 0 rg BT 432.06 307.25 Td (, such stockholder or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (stockholders shall of) Tj ET Q q 0 0 0 rg BT 132.08 295.25 Td (fer to transfer the common stock to us at the applicable market value \(as defined in the 2007 Stockholders' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.25 Td (Agreement\). If we do not accept the of) Tj ET Q q 0 0 0 rg BT 204.25 283.25 Td (fer within a specified period of time, such stockholder or stockholders may transfer the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.25 Td (shares of common stock to the third-party purchaser as long as such transfer occurs within the time periods specified in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 127.97 259.25 Td (Agreement and on terms and conditions no more favorable in the aggregate than those of) Tj ET Q q 0 0 0 rg BT 483.78 259.25 Td (fered to us. ) Tj ET Q q 0 0 0 rg BT 530.81 259.25 Td (W) Tj ET Q q 0 0 0 rg BT 539.45 259.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td (waived all rights of first refusal with respect to shares held by the Goldman Sachs Funds and Madrone in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (sales into the public market by such entities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 214.25 Td ("Drag-Along" Right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 193.25 Td (In connection with a "change of control" \(as defined in the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 388.66 193.25 Td (Agreement\) transaction, we have the right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.25 Td (to require each stockholder party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 287.07 181.25 Td (Agreement to participate in such change of control transaction on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.25 Td (the same terms, conditions, and price per share of common stock as those applicable to the other holders of our common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (In addition, upon our request, the stockholders party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 364.58 157.25 Td (Agreement have agreed to vote in favor of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (change of control transaction or similar transaction, and we have the right to require each stockholder party to the 2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.25 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 105.47 133.25 Td (Agreement to vote for) Tj ET Q q 0 0 0 rg BT 193.65 133.25 Td (, consent to, and raise no objection to any such transaction. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 112.25 Td ("T) Tj ET Q q 0 0 0 rg BT 82.34 112.25 Td (ag-Along" Right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 91.25 Td (Subject to the fiduciary duties of our board of directors, we have agreed that we will not agree to consummate a change of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.25 Td (control transaction with respect to which the stockholders party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 409.28 79.25 Td (Agreement are not given the right to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.25 Td (participate on the same terms, conditions, and price per share of common stock as those applicable to the other holders of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.25 Td (common stock. ) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 83.13 742.10 Td (eemptive Rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.10 Td (Each stockholder party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 271.65 721.10 Td (Agreement has the right to purchase such stockholder's pro rata share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 709.10 Td (any new shares of common stock, or any other equity securities, that we may propose to sell and issue on comparable terms by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.10 Td (making an election within the time periods specified in the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 365.13 697.10 Td (Agreement, subject to certain excluded securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td (issuances described in the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 234.05 685.10 Td (Agreement, including shares issued pursuant to equity compensation plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (adopted by our board of directors and the issuance of shares of our common stock in a public of) Tj ET Q q 0 0 0 rg BT 432.55 673.10 Td (fering. If not all stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (elect to purchase their full preemptive allocation of new securities, then we will notify the fully-participating stockholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 649.10 Td (fer them the right to purchase the unsubscribed new securities. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 628.10 Td (V) Tj ET Q q 0 0 0 rg BT 78.50 628.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 101.38 628.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 116.00 628.10 Td (eement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 607.10 Td (Until the date that Mr) Tj ET Q q 0 0 0 rg BT 159.59 607.10 Td (. ) Tj ET Q q 0 0 0 rg BT 164.41 607.10 Td (Thomas J. Pritzker is no longer our chairman, each stockholder party to the 2007 Stockholders' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.10 Td (Agreement has agreed to vote all of their shares of common stock consistent with the recommendations of a majority of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.10 Td (board of directors with respect to all matters. ) Tj ET Q q 0 0 0 rg BT 230.83 583.10 Td (At January 31, 2019, the stockholders party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 511.20 583.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.10 Td (own in the aggregate 2,270,395 shares of Class B common stock or approximately 3.4% of our Class B common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (approximately 2.1% of the total outstanding shares of our common stock and approximately 3.2% of the total voting power of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (our outstanding common stock. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 526.10 Td (Standstill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 505.10 Td (Under the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 194.17 505.10 Td (Agreement, each stockholder party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 440.08 505.10 Td (Agreement agreed that, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.10 Td (subject to certain limited exceptions, so long as such stockholder owns shares of common stock, neither such stockholder nor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (any of its related persons will in any manner) Tj ET Q q 0 0 0 rg BT 226.83 481.10 Td (, directly or indirectly: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 460.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 460.10 Td (ef) Tj ET Q q 0 0 0 rg BT 93.09 460.10 Td (fect or seek, of) Tj ET Q q 0 0 0 rg BT 152.32 460.10 Td (fer or propose \(whether publicly or otherwise\) to ef) Tj ET Q q 0 0 0 rg BT 357.62 460.10 Td (fect, or announce any intention to ef) Tj ET Q q 0 0 0 rg BT 502.11 460.10 Td (fect or cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 448.10 Td (or participate in or in any way assist, facilitate, or encourage any other person to ef) Tj ET Q q 0 0 0 rg BT 416.58 448.10 Td (fect or seek, of) Tj ET Q q 0 0 0 rg BT 475.82 448.10 Td (fer or propose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 436.10 Td (\(whether publicly or otherwise\) to ef) Tj ET Q q 0 0 0 rg BT 232.21 436.10 Td (fect or participate in, \(a\) any acquisition of any of our or our subsidiaries' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 424.10 Td (securities \(or beneficial ownership thereof\) \(except through the proper exercise of preemptive rights granted under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 412.10 Td (2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 163.97 412.10 Td (Agreement\), or rights or options to acquire any of our or our subsidiaries' securities \(or beneficial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 400.10 Td (ownership thereof\), or any of our or our subsidiaries' or af) Tj ET Q q 0 0 0 rg BT 317.33 400.10 Td (filiates' assets, indebtedness, or businesses, \(b\) any tender or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 388.10 Td (exchange of) Tj ET Q q 0 0 0 rg BT 133.90 388.10 Td (fer) Tj ET Q q 0 0 0 rg BT 144.60 388.10 Td (, mer) Tj ET Q q 0 0 0 rg BT 164.97 388.10 Td (ger) Tj ET Q q 0 0 0 rg BT 177.34 388.10 Td (, or other business combination involving us or any of our subsidiaries or af) Tj ET Q q 0 0 0 rg BT 479.88 388.10 Td (filiates or any assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 376.10 Td (constituting a significant portion of our consolidated assets, \(c\) any recapitalization, restructuring, liquidation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 364.10 Td (dissolution, or other extraordinary transaction with respect to us or any of our subsidiaries or af) Tj ET Q q 0 0 0 rg BT 466.33 364.10 Td (filiates, or \(d\) any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 352.10 Td ("solicitation" of "proxies" \(as such terms are used in the proxy rules under the Exchange ) Tj ET Q q 0 0 0 rg BT 440.90 352.10 Td (Act\) or written consents with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 340.10 Td (respect to any of our or our af) Tj ET Q q 0 0 0 rg BT 204.44 340.10 Td (filiates' voting securities. For this purpose, the term "af) Tj ET Q q 0 0 0 rg BT 423.99 340.10 Td (filiates" means our af) Tj ET Q q 0 0 0 rg BT 509.25 340.10 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 328.10 Td (primarily engaged in the hospitality) Tj ET Q q 0 0 0 rg BT 227.59 328.10 Td (, lodging, and/or gaming industries; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 307.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 307.10 Td (form, join, or in any way participate in a "group" \(within the meaning of Section 13\(d\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 501.05 307.10 Td (Act\) with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 295.10 Td (respect to us where such group seeks to acquire any of our equity securities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 274.10 Td (otherwise act, alone or in concert with others, to seek representation on or to control or influence our or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 262.10 Td (subsidiaries' management, board of directors, or policies; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 241.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 241.10 Td (take any action which would or would reasonably be expected to force us to make a public announcement regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 229.10 Td (any of the types of matters set forth in the first bullet point above; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 208.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 208.10 Td (own more than 12% of the issued and outstanding common stock, unless such ownership arises as a result of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 196.10 Td (action not taken by or on behalf of such stockholder or a related person of such stockholder; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 175.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 175.10 Td (request that we or any of our representatives, directly or indirectly) Tj ET Q q 0 0 0 rg BT 349.47 175.10 Td (, amend or waive any of the foregoing provisions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 154.10 Td (Each stockholder party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 271.65 154.10 Td (Agreement has also agreed that, if at any time during the period such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (stockholder is subject to the foregoing provisions, such stockholder is approached by any third party concerning its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (participation in any transaction or proposed transaction involving the acquisition of all or any portion of the assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (indebtedness, or securities of, or any business of, ours or any of our subsidiaries, such stockholder will promptly inform us of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (the nature of such transaction and the parties involved. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 85.10 Td (T) Tj ET Q q 0 0 0 rg BT 78.14 85.10 Td (ermination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 64.10 Td (The 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 168.51 64.10 Td (Agreement terminates \(1\) with respect to any individual stockholder) Tj ET Q q 0 0 0 rg BT 441.37 64.10 Td (, on the first date when such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (stockholder no longer holds any shares of common stock and \(2\) in its entirety) Tj ET Q q 0 0 0 rg BT 362.95 52.10 Td (, upon the first to occur of all of our equity ) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (securities being owned by a single person or the agreement in writing by us and each stockholder party to the 2007 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 105.47 730.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 709.10 Td (Our) Tj ET Q q 0 0 0 rg BT 67.10 709.10 Td ( ) Tj ET Q q 0 0 0 rg BT 69.42 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 78.87 709.10 Td (ebsite and ) Tj ET Q q 0 0 0 rg BT 123.88 709.10 Td (A) Tj ET Q q 0 0 0 rg BT 130.35 709.10 Td (vailability of SEC Reports and Other) Tj ET Q q 0 0 0 rg BT 288.79 709.10 Td ( Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 688.10 Td (The Company maintains a website at the following address: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 315.39 688.10 Td (www) Tj ET Q q 0 0 0 rg BT 334.66 688.10 Td (.hyatt.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.31 688.10 Td (. ) Tj ET Q q 0 0 0 rg BT 381.13 688.10 Td (The information on the Company's website ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 676.10 Td (is not incorporated by reference in this annual report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 655.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 655.10 Td (e make available on or through our website certain reports and amendments to those reports we file with or furnish to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 643.10 Td (the SEC pursuant to Section13\(a\) or 15\(d\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 290.28 643.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 309.53 643.10 Td (These include our annual reports on Form 10-K, our quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 631.10 Td (reports on Form 10-Q, and our current reports on Form 8-K. ) Tj ET Q q 0 0 0 rg BT 292.88 631.10 Td (W) Tj ET Q q 0 0 0 rg BT 301.52 631.10 Td (e make this information available on our website free of char) Tj ET Q q 0 0 0 rg BT 545.13 631.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 619.10 Td (as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC.) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 1A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 742.25 Td (Risk Factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.01 742.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (In addition to the other information set forth in this annual report, you should consider carefully the risks and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (uncertainties described below) Tj ET Q q 0 0 0 rg BT 168.19 709.25 Td (, which could materially adversely af) Tj ET Q q 0 0 0 rg BT 316.29 709.25 Td (fect our business, financial condition, results of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (and cash flows. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (Risks Related to the Hospitality Industry ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 655.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 655.25 Td (e are subject to macroeconomic and other factors beyond our control as well as the business, financial, operating, and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 643.25 Td (other risks of the hospitality industry) Tj ET Q q 0 0 0 rg BT 201.04 643.25 Td (, all of which may adversely af) Tj ET Q q 0 0 0 rg BT 326.12 643.25 Td (fect our financial results and growth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 622.25 Td (Macroeconomic and other factors beyond our control as well as the business, financial, operating, and other risks of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (hospitality industry can adversely af) Tj ET Q q 0 0 0 rg BT 194.78 610.25 Td (fect demand for hospitality products and services. ) Tj ET Q q 0 0 0 rg BT 396.21 610.25 Td (This includes demand for rooms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (services at a portfolio of properties that we develop, own, operate, manage, franchise, and license. ) Tj ET Q q 0 0 0 rg BT 444.39 598.25 Td (These factors include: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 577.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 577.25 Td (changes and volatility in general economic conditions, including the severity and duration of any downturn in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 565.25 Td (U.S., Europe, ) Tj ET Q q 0 0 0 rg BT 160.11 565.25 Td (Asia Pacific, or global economy and financial markets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 544.25 Td (war) Tj ET Q q 0 0 0 rg BT 118.59 544.25 Td (, civil unrest, terrorist activities or threats, and heightened travel security measures instituted in response to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 532.25 Td (these events; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 511.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 511.25 Td (fear of outbreaks or outbreaks of pandemic or contagious diseases; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 490.25 Td (climate change and resource scarcity) Tj ET Q q 0 0 0 rg BT 250.49 490.25 Td (, such as water and ener) Tj ET Q q 0 0 0 rg BT 345.83 490.25 Td (gy scarcity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 469.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 469.25 Td (natural or man-made disasters, such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 457.25 Td (and nuclear incidents; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 436.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 436.25 Td (changes in the desirability of particular locations or travel patterns of customers; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 415.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 415.25 Td (decreased corporate budgets and spending and cancellations, deferrals, or renegotiations of group business; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 394.25 Td (low consumer confidence, high levels of unemployment, and depressed housing prices; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 373.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 373.25 Td (the financial condition of the airline, automotive, and other transportation-related industries and its impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 361.25 Td (travel; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 340.25 Td (decreased airline capacities and routes; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 319.25 Td (travel-related accidents; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 298.25 Td (oil prices and travel costs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 277.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 277.25 Td (statements, actions, or interventions by governmental of) Tj ET Q q 0 0 0 rg BT 328.21 277.25 Td (ficials related to travel and corporate travel-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 265.25 Td (activities, and the resulting negative public perception of such travel and activities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 244.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 244.25 Td (domestic and international political and geo-political conditions, including changes in trade policy; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 223.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 223.25 Td (changes in taxes \(including as a result of the 2017 ) Tj ET Q q 0 0 0 rg BT 305.99 223.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.40 223.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 322.78 223.25 Td (Act\) and governmental regulations that influence or set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 211.25 Td (wages, prices, interest rates, or construction and maintenance procedures and costs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 190.25 Td (the costs and administrative burdens associated with compliance with applicable laws and regulations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 169.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 169.25 Td (changes in operating costs, including, but not limited to, labor \(including minimum wage increases\), ener) Tj ET Q q 0 0 0 rg BT 524.83 169.25 Td (gy) Tj ET Q q 0 0 0 rg BT 534.18 169.25 Td (, food, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 157.25 Td (workers' compensation, benefits, insurance, and unanticipated costs resulting from force majeure events; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 136.25 Td (significant increases in cost for healthcare coverage for employees and potential government regulation with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 124.25 Td (respect to health coverage; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 103.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 103.25 Td (the lack of availability) Tj ET Q q 0 0 0 rg BT 193.04 103.25 Td (, or increase in the cost, of capital for us or our existing and potential property owners; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 82.25 Td (the attractiveness of our properties and services to consumers and potential owners and competition from other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 70.25 Td (hotels and alternative lodging marketplaces, including online accommodation search and/or reservation services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 58.25 Td (and wellness-related businesses;) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (cyclical over) Tj ET Q q 0 0 0 rg BT 155.16 742.10 Td (-building in the hotel, all-inclusive, and vacation ownership industries; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 721.10 Td (or) Tj ET Q q 0 0 0 rg BT 112.15 721.10 Td (ganized labor activities, which could cause a diversion of business from hotels involved in labor negotiations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 709.10 Td (and loss of group business for our hotels generally as a result of certain labor tactics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 688.10 Td (These factors, and the reputational repercussions of these factors, can adversely af) Tj ET Q q 0 0 0 rg BT 400.79 688.10 Td (fect, and from time to time have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 676.10 Td (fected, individual properties, particular regions, or our business as a whole. How we manage any one or more of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (these factors, or any crisis, could limit or reduce demand for the services we provide, or the rates our portfolio of properties are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (able to char) Tj ET Q q 0 0 0 rg BT 96.46 652.10 Td (ge for rooms or services, which could adversely af) Tj ET Q q 0 0 0 rg BT 298.15 652.10 Td (fect our financial results and growth. ) Tj ET Q q 0 0 0 rg BT 447.65 652.10 Td (These factors can also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (increase our costs or af) Tj ET Q q 0 0 0 rg BT 142.00 640.10 Td (fect our ability to develop new properties or maintain and operate our existing portfolio of properties. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (The hospitality industry is cyclical and a worsening of global economic conditions or low levels of economic growth could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.96 607.10 Td (fect our revenues and profitability as well as cause a decline in or limitation of our future growth. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 586.10 Td (Consumer demand for our products and services is closely linked to the performance of the general economy and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (sensitive to business and personal discretionary spending levels. Declines in consumer demand due to adverse general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (economic conditions, risks af) Tj ET Q q 0 0 0 rg BT 167.02 562.10 Td (fecting or reducing travel patterns, lower consumer confidence, high unemployment, or adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (political conditions can lower the revenues and profitability of our owned properties and the amount of management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (franchise fee revenues we are able to generate from our managed and franchised properties. In addition, expenses associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (with managing, franchising, licensing, or owning hotels, branded spas and fitness studios, and, residential, vacation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (condominium ownership units are relatively fixed. ) Tj ET Q q 0 0 0 rg BT 254.49 514.10 Td (These costs include personnel costs, interest, rent, property taxes, insurance, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (and utilities, all of which may increase at a greater rate than our revenues and/or may not be able to be reduced at the same rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (as declining revenues. ) Tj ET Q q 0 0 0 rg BT 140.90 490.10 Td (Where cost-cutting ef) Tj ET Q q 0 0 0 rg BT 227.34 490.10 Td (forts are insuf) Tj ET Q q 0 0 0 rg BT 282.70 490.10 Td (ficient to of) Tj ET Q q 0 0 0 rg BT 329.17 490.10 Td (fset declines in revenues, we could experience a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (decline in mar) Tj ET Q q 0 0 0 rg BT 107.02 478.10 Td (gins and reduced or negative cash flows. If we are unable to decrease costs significantly or rapidly when demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (for our hotels and other properties decreases, the decline in our revenues could have a particularly adverse impact on our net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (cash flows and profits. ) Tj ET Q q 0 0 0 rg BT 142.86 454.10 Td (This ef) Tj ET Q q 0 0 0 rg BT 170.72 454.10 Td (fect can be especially pronounced during periods of economic contraction or slow economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (growth. Economic downturns generally af) Tj ET Q q 0 0 0 rg BT 218.38 442.10 Td (fect the results derived from owned properties more significantly than those derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (from managed and franchised properties given the greater exposure owners have to the properties' performance. Our proportion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (of owned and leased properties, compared to the number of properties we manage or franchise for third-party owners, is lar) Tj ET Q q 0 0 0 rg BT 543.25 418.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (than that of many of our competitors and, as a result, an economic downturn could have a greater adverse ef) Tj ET Q q 0 0 0 rg BT 481.61 406.10 Td (fect on our results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (of operations. ) Tj ET Q q 0 0 0 rg BT 106.93 394.10 Td (As a result, changes in consumer demand and general business cycles can subject and have subjected our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (revenues, earnings, and results of operations to significant volatility) Tj ET Q q 0 0 0 rg BT 320.40 382.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 361.10 Td (Uncertainty regarding the future rate and pace of economic growth in dif) Tj ET Q q 0 0 0 rg BT 365.09 361.10 Td (ferent regions of the world makes it dif) Tj ET Q q 0 0 0 rg BT 521.25 361.10 Td (ficult to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (predict future profitability levels. ) Tj ET Q q 0 0 0 rg BT 184.68 349.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 234.58 349.10 Td (, if economic weakness were to af) Tj ET Q q 0 0 0 rg BT 370.18 349.10 Td (fect any particular regions of the world, it could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (have an adverse impact on our revenues and negatively af) Tj ET Q q 0 0 0 rg BT 281.11 337.10 Td (fect our profitability) Tj ET Q q 0 0 0 rg BT 361.54 337.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (Because we derive a portion of our revenues from operations outside the United States, the risks of doing business ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (internationally could lower our revenues, increase our costs, reduce our profits, or disrupt our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 283.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 283.10 Td (e currently manage, franchise, or own hotels and resorts in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.22 283.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.22 283.10 Td ( countries around the world. Our operations outside the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (United States represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.95 271.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.28 271.10 Td ( of our revenues for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.43 271.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.02 271.10 Td (. ) Tj ET Q q 0 0 0 rg BT 458.84 271.10 Td (The hotels and resorts we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (manage, franchise, or own outside of the United States represent approximately 38% of the rooms in our system-wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (inventory at December 31, 2018. ) Tj ET Q q 0 0 0 rg BT 183.95 247.10 Td (W) Tj ET Q q 0 0 0 rg BT 192.58 247.10 Td (e expect our international operations may account for an increasing portion of our total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (revenues and rooms in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 214.10 Td () Tj ET Q q 0 0 0 rg BT 75.95 214.10 Td (As a result, we are subject to the risks of doing business outside the United States, including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 193.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 193.10 Td (the costs of complying with laws, regulations, and policies \(including taxation policies\) of foreign governments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 181.10 Td (relating to investments and operations, the costs or desirability of complying with local practices and customs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 169.10 Td (and the impact of various anti-corruption and other laws af) Tj ET Q q 0 0 0 rg BT 339.02 169.10 Td (fecting the activities of U.S. companies abroad; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 148.10 Td (currency exchange rate fluctuations or currency restructurings; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 127.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 127.10 Td (U.S. taxation of income earned abroad \(including the impact of the 2017 ) Tj ET Q q 0 0 0 rg BT 396.51 127.10 Td (T) Tj ET Q q 0 0 0 rg BT 401.92 127.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 413.31 127.10 Td (Act\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 106.10 Td (limitations on the redeployment of non-U.S. earnings; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 85.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 85.10 Td (import and export licensing requirements and regulations, as well as unforeseen changes in regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 73.10 Td (requirements, including imposition of tarif) Tj ET Q q 0 0 0 rg BT 274.06 73.10 Td (fs or embar) Tj ET Q q 0 0 0 rg BT 319.42 73.10 Td (goes, export regulations, controls, and other trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 61.10 Td (restrictions; ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (political and economic instability; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 721.10 Td (the complexity of managing an or) Tj ET Q q 0 0 0 rg BT 239.06 721.10 Td (ganization doing business in many jurisdictions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 700.10 Td (uncertainties as to local laws and enforcement of contract and intellectual property rights and occasional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 688.10 Td (requirements for onerous contract clauses; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 667.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 667.10 Td (rapid changes in government, economic and political policies, political or civil unrest, acts of terrorism, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 655.10 Td (threat of international boycotts or U.S. anti-boycott legislation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 634.10 Td (While these factors and the impact of these factors are dif) Tj ET Q q 0 0 0 rg BT 304.27 634.10 Td (ficult to predict, any one or more of them could lower our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (revenues, increase our costs, reduce our profits, or disrupt our business. In addition, conducting business in currencies other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (than U.S. dollars subjects us to fluctuations in currency exchange rates, currency devaluations, or restructurings that could have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (a negative impact on our financial results. Our exposure to foreign currency exchange rate fluctuations or currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (restructurings will continue to grow if the relative contribution of our operations outside the United States increases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 565.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 565.10 Td (e occasionally enter into foreign exchange hedging agreements with financial institutions to reduce certain of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (exposures to fluctuations in currency exchange rates. However) Tj ET Q q 0 0 0 rg BT 300.62 553.10 Td (, these hedging agreements may not eliminate foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (risk entirely and involve costs and risks of their own, such as ongoing management time and expertise and external costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (related to executing hedging agreements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (Risks relating to natural or man-made disasters, contagious diseases, terrorist activity) Tj ET Q q 0 0 0 rg BT 401.88 508.10 Td (, and war could reduce the demand for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (lodging, which may adversely af) Tj ET Q q 0 0 0 rg BT 182.31 496.10 Td (fect our revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.41 496.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 475.10 Td (Hurricanes, earthquakes, tsunamis, wildfires, and other man-made or natural disasters, as well as the spread or fear of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (spread of contagious diseases such as Zika or Ebola in locations where we own, manage, or franchise significant properties and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (areas of the world from which we draw a lar) Tj ET Q q 0 0 0 rg BT 227.25 451.10 Td (ge number of customers, could cause a decline in the level of business and leisure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (travel in certain regions or as a whole, and reduce the demand for lodging which may adversely af) Tj ET Q q 0 0 0 rg BT 442.45 439.10 Td (fect our financial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (operating performance. ) Tj ET Q q 0 0 0 rg BT 145.23 427.10 Td (Actual or threatened war) Tj ET Q q 0 0 0 rg BT 243.95 427.10 Td (, terrorist activity) Tj ET Q q 0 0 0 rg BT 312.45 427.10 Td (, political unrest, civil strife, and other geopolitical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (uncertainty could have a similar ef) Tj ET Q q 0 0 0 rg BT 188.37 415.10 Td (fect on our revenues or on our growth strategy) Tj ET Q q 0 0 0 rg BT 373.22 415.10 Td (. ) Tj ET Q q 0 0 0 rg BT 377.67 415.10 Td (Any one or more of these events may reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (the overall demand for hotel rooms or limit the prices we can obtain for them, both of which could adversely af) Tj ET Q q 0 0 0 rg BT 494.96 403.10 Td (fect our profits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Risks Related to Our) Tj ET Q q 0 0 0 rg BT 139.54 382.10 Td ( Business) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (Because we operate in a highly competitive industry) Tj ET Q q 0 0 0 rg BT 263.23 361.10 Td (, our revenues, profits, or market share could be harmed if we are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (unable to compete ef) Tj ET Q q 0 0 0 rg BT 135.08 349.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 168.56 349.10 Td (, and new distribution channels, alternatives to traditional hotels, and industry consolidation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (among our competitors may negatively impact our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 316.10 Td (The segments of the hospitality industry in which we operate are subject to intense competition. Our principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (competitors are other operators of full service and select service properties, including other major hospitality chains with well-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (established and recognized brands. Some of these major hospitality chains are lar) Tj ET Q q 0 0 0 rg BT 374.72 292.10 Td (ger than we are based on the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (properties or rooms they manage, franchise, or own or based on the number of geographic locations in which they operate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (Some of our competitors also have significantly more members participating in their loyalty programs which may enable them ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (to attract more customers and more ef) Tj ET Q q 0 0 0 rg BT 201.43 256.10 Td (fectively retain such guests. Our competitors may also have greater financial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (marketing resources than we do, which could allow them to improve their properties and expand and improve their marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 232.10 Td (forts in ways that could adversely af) Tj ET Q q 0 0 0 rg BT 202.36 232.10 Td (fect our ability to compete for guests ef) Tj ET Q q 0 0 0 rg BT 359.63 232.10 Td (fectively) Tj ET Q q 0 0 0 rg BT 393.96 232.10 Td (. In addition to these competitors, we also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (compete against smaller hotel chains and independent and local hotel owners and operators.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 199.10 Td (Increasingly) Tj ET Q q 0 0 0 rg BT 122.77 199.10 Td (, we also face competition from new channels of distribution in the travel industry) Tj ET Q q 0 0 0 rg BT 450.37 199.10 Td (. ) Tj ET Q q 0 0 0 rg BT 454.82 199.10 Td (Additional sources of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (competition include lar) Tj ET Q q 0 0 0 rg BT 142.57 187.10 Td (ge companies that of) Tj ET Q q 0 0 0 rg BT 225.42 187.10 Td (fer online travel services as part of their business model, such as ) Tj ET Q q 0 0 0 rg BT 484.51 187.10 Td (Alibaba, search ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (engines such as Google, and peer) Tj ET Q q 0 0 0 rg BT 183.09 175.10 Td (-to-peer inventory sources that allow travelers to book stays on websites that facilitate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (short-term rental of homes and apartments from their owners, thereby providing an alternative to hotel rooms, such as ) Tj ET Q q 0 0 0 rg BT 523.20 163.10 Td (Airbnb ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (and HomeA) Tj ET Q q 0 0 0 rg BT 97.68 151.10 Td (way) Tj ET Q q 0 0 0 rg BT 113.69 151.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 130.10 Td (The hospitality industry has experienced and is continuing to experience significant consolidation, and we expect, this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (trend may continue as companies attempt to strengthen or hold their market positions in a highly competitive and evolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 106.10 Td (. Consolidation by our competitors will give them increased scale and may enhance their capacity) Tj ET Q q 0 0 0 rg BT 472.19 106.10 Td (, abilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (resources and lower their cost structure, causing us to be at a competitive disadvantage. If we lose market share or are not able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (to successfully attract third-party hotel owners to our brands as a result of this consolidation, our results of operations, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (flow) Tj ET Q q 0 0 0 rg BT 67.68 70.10 Td (, business, and overall financial condition could be materially adversely af) Tj ET Q q 0 0 0 rg BT 364.62 70.10 Td (fected.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Significant increases in the volume of sales made through third-party internet travel intermediaries could have an adverse ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (impact on consumer loyalty to our brand and could negatively af) Tj ET Q q 0 0 0 rg BT 315.93 730.25 Td (fect our revenues and profits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 709.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 709.25 Td (e expect to continue to derive most of our business from traditional channels of distribution and our website. However) Tj ET Q q 0 0 0 rg BT 553.68 709.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (consumers worldwide routinely use internet travel intermediaries to book travel. Some of these intermediaries are attempting to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (increase the importance of generic quality indicators \(such as "four) Tj ET Q q 0 0 0 rg BT 317.94 685.25 Td (-star downtown hotel"\) at the expense of brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (identification. ) Tj ET Q q 0 0 0 rg BT 108.13 673.25 Td (These intermediaries hope that consumers will eventually develop brand loyalties to their reservation system ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (rather than to our brands. Some of these intermediaries have launched their own loyalty programs to further develop loyalties to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (their reservation system. In addition, these intermediaries typically obtain higher commissions or other potentially significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (contract concessions, increasing the overall cost of these third-party distribution channels. If the volume of sales made through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (internet travel intermediaries continues to increase, consumers may develop stronger loyalties to these intermediaries rather ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (than to our brands, our distribution costs could increase significantly) Tj ET Q q 0 0 0 rg BT 323.74 613.25 Td (, and our business revenues and profits could be harmed.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (If we are unable to establish and maintain key distribution arrangements for our properties, the demand for our rooms and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (our revenues could fall. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 559.25 Td (Increasingly) Tj ET Q q 0 0 0 rg BT 122.77 559.25 Td (, the rooms at hotels and resorts that we manage, franchise, or own are booked through third-party internet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (travel intermediaries and online travel service providers. ) Tj ET Q q 0 0 0 rg BT 278.06 547.25 Td (W) Tj ET Q q 0 0 0 rg BT 286.70 547.25 Td (e also engage third-party intermediaries, including travel agencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (and meeting and event management companies, who collect fees by char) Tj ET Q q 0 0 0 rg BT 341.09 535.25 Td (ging our hotels and resorts a commission on room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 89.99 523.25 Td (A) Tj ET Q q 0 0 0 rg BT 96.66 523.25 Td ( failure by our distributors to attract or retain their customer bases could lower demand for hotel rooms and, in turn, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (reduce our revenues. In addition, some of our distribution agreements are not exclusive, are short term, are terminable at will, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (or are subject to early termination provisions. ) Tj ET Q q 0 0 0 rg BT 234.21 499.25 Td (The loss of distributors, increased distribution costs, or the renewal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (distribution agreements on less favorable terms could adversely impact our business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Cyber risk and the failure to maintain the integrity of customer) Tj ET Q q 0 0 0 rg BT 308.91 466.25 Td (, colleague, or company data could result in faulty business ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (decisions, harm our reputation, and result in a loss of business and/or subject us to costs, fines, investigations, enforcement ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (actions, or lawsuits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 421.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 421.25 Td (e collect, use, and retain lar) Tj ET Q q 0 0 0 rg BT 190.63 421.25 Td (ge volumes of customer data, including payment card numbers and other personally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (identifiable information for business, marketing, and other purposes, and our various information technology systems capture, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (process, summarize, and report such data. ) Tj ET Q q 0 0 0 rg BT 219.48 397.25 Td (W) Tj ET Q q 0 0 0 rg BT 228.12 397.25 Td (e also maintain personally identifiable information about our colleagues. ) Tj ET Q q 0 0 0 rg BT 520.63 397.25 Td (W) Tj ET Q q 0 0 0 rg BT 529.27 397.25 Td (e store ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (and process such customer) Tj ET Q q 0 0 0 rg BT 156.51 385.25 Td (, colleague, and company data both at onsite facilities and at third-party owned facilities including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (for example, in third-party hosted cloud environments. ) Tj ET Q q 0 0 0 rg BT 271.15 373.25 Td (W) Tj ET Q q 0 0 0 rg BT 279.79 373.25 Td (e also rely on the availability of information technology systems to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (operate our business, including communications, reservations, guest services, payments, and other general operations. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (systems, colleagues, and customers can be tar) Tj ET Q q 0 0 0 rg BT 232.54 349.25 Td (geted by social engineering attacks that may) Tj ET Q q 0 0 0 rg BT 409.05 349.25 Td (, among other things, aim to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (funds fraudulently) Tj ET Q q 0 0 0 rg BT 122.94 337.25 Td (. ) Tj ET Q q 0 0 0 rg BT 127.76 337.25 Td (The integrity and protection of customer) Tj ET Q q 0 0 0 rg BT 289.26 337.25 Td (, colleague, and company data, as well as the continuous operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (of our systems, are critical to our business. Our customers and colleagues expect we will adequately protect their personal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (information and that our services will be continuously available. ) Tj ET Q q 0 0 0 rg BT 309.75 313.25 Td (The regulations and contractual obligations applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (security and privacy are increasingly demanding, both in the United States and in other jurisdictions where we operate, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (cyber) Tj ET Q q 0 0 0 rg BT 72.01 289.25 Td (-criminals regularly tar) Tj ET Q q 0 0 0 rg BT 164.01 289.25 Td (get the hospitality industry) Tj ET Q q 0 0 0 rg BT 270.29 289.25 Td (. ) Tj ET Q q 0 0 0 rg BT 275.11 289.25 Td (W) Tj ET Q q 0 0 0 rg BT 283.75 289.25 Td (e have disclosed prior incidents involving cyber) Tj ET Q q 0 0 0 rg BT 475.17 289.25 Td (-criminals that have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (attacked our systems, as well as those operated by third-parties, to gain access to devices that process payment card or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (data. ) Tj ET Q q 0 0 0 rg BT 71.47 265.25 Td (W) Tj ET Q q 0 0 0 rg BT 80.11 265.25 Td (e expect ongoing attempts to gain access to our systems and those operated by our third-party owners, franchisees, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (vendors. Because of the scope and complexity of our information technology structure, our reliance on third parties to support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (and protect our structure and data, and the constantly evolving cyber) Tj ET Q q 0 0 0 rg BT 323.87 241.25 Td (-threat landscape, our systems may be vulnerable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (disruptions, failures, unauthorized access, cyber) Tj ET Q q 0 0 0 rg BT 241.68 229.25 Td (-terrorism, human error) Tj ET Q q 0 0 0 rg BT 335.41 229.25 Td (, negligence, fraud, or other misuse. ) Tj ET Q q 0 0 0 rg BT 481.29 229.25 Td (These or similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (occurrences, whether accidental or intentional, could result in theft, unauthorized access or disclosure, loss, and fraudulent, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (unlawful use of customer) Tj ET Q q 0 0 0 rg BT 150.96 205.25 Td (, colleague, or company data which could harm our reputation or result in a loss of business, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (remedial and other costs, fines, investigations, enforcement actions, or lawsuits. ) Tj ET Q q 0 0 0 rg BT 371.68 193.25 Td (These or similar occurrences could also lead to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (an interruption in the operation of our systems resulting in business impact, including loss of business. ) Tj ET Q q 0 0 0 rg BT 461.99 181.25 Td (Those same scope, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (complexity) Tj ET Q q 0 0 0 rg BT 94.34 169.25 Td (, reliance, and changing cyber) Tj ET Q q 0 0 0 rg BT 214.08 169.25 Td (-threat landscape factors could also af) Tj ET Q q 0 0 0 rg BT 365.22 169.25 Td (fect our ability to adapt to and comply with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (changing regulatory obligations and expectations. ) Tj ET Q q 0 0 0 rg BT 251.06 157.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 300.96 157.25 Td (, we increasingly rely on franchisees, which are subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (same risks. In order to address these risks, we continue to evolve a risk management framework utilizing risk assessments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (identify priorities for enhancements, including current enhancement ef) Tj ET Q q 0 0 0 rg BT 331.93 133.25 Td (forts that involve implementing technologies such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (payment card tokenization and point-to-point encryption, advanced endpoint detection, network segmentation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (authenticated web and email gateways. ) Tj ET Q q 0 0 0 rg BT 208.64 109.25 Td (W) Tj ET Q q 0 0 0 rg BT 217.28 109.25 Td (e work to continuously evaluate our security posture throughout the enterprise and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (make appropriate changes to our operating processes and improve our defenses. ) Tj ET Q q 0 0 0 rg BT 371.93 97.25 Td (W) Tj ET Q q 0 0 0 rg BT 380.57 97.25 Td (e maintain insurance designed to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (coverage for cyber risks related to the theft, loss, and fraudulent, or unlawful use of customer) Tj ET Q q 0 0 0 rg BT 422.25 85.25 Td (, colleague, or company data, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (the foregoing occurrences or future occurrences could result in costs and business impacts which may not be covered or may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (in excess of any available insurance that we may have procured. ) Tj ET Q q 0 0 0 rg BT 308.78 61.25 Td (As a result, future incidents could have a material impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (our business and adversely af) Tj ET Q q 0 0 0 rg BT 167.56 49.25 Td (fect our financial condition and results of operations.) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Information technology system failures, delays in the operation of our information technology systems, or system ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (enhancement failures could reduce our revenues and profits and harm the reputation of our brands and our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 709.25 Td (Our success depends on the ef) Tj ET Q q 0 0 0 rg BT 193.12 709.25 Td (ficient and uninterrupted operation of our information technology systems. For example, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (depend on our central reservation system, which allows bookings by hotels directly) Tj ET Q q 0 0 0 rg BT 382.61 697.25 Td (, via telephone through our call centers, by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (travel agents, online through our website ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.79 685.25 Td (www) Tj ET Q q 0 0 0 rg BT 235.06 685.25 Td (.hyatt.com) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.71 685.25 Td (, and through our online reservations partners. In addition, we depend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (on information technology to run our day-to-day operations, including, among others, hotel services and amenities such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (guest check-in and check-out, housekeeping and room service, and systems for tracking and reporting our financial results and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (the financial results of our hotels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 628.25 Td (Our information technology systems are vulnerable to damage or interruption from fire, floods, hurricanes, power loss, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (telecommunications failures, computer viruses, break-ins, and similar events. ) Tj ET Q q 0 0 0 rg BT 361.40 616.25 Td (The occurrence of any of these natural disasters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (or unanticipated problems at any of our information technology facilities or any of our call centers could cause interruptions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (delays in our business, loss of data, or render us unable to process reservations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 571.25 Td (In addition, if our information technology systems are unable to provide the information communications capacity that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (we need, or if our information technology systems suf) Tj ET Q q 0 0 0 rg BT 266.16 559.25 Td (fer problems caused by installing system enhancements, we could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (experience similar failures or interruptions. If our information technology systems fail and our redundant systems or disaster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (recovery plans are not adequate to address such failures, or if our property and business interruption insurance does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 523.25 Td (ficiently compensate us for any losses that we may incur) Tj ET Q q 0 0 0 rg BT 287.96 523.25 Td (, our revenues and profits could be reduced and the reputation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (our brands and our business could be harmed. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (If we fail to stay current with developments in technology necessary for our business, our operations could be harmed and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (our ability to compete ef) Tj ET Q q 0 0 0 rg BT 149.24 478.25 Td (fectively could be diminished. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 457.25 Td (Sophisticated information technology and other systems are instrumental for the hospitality industry) Tj ET Q q 0 0 0 rg BT 472.61 457.25 Td (, including systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.25 Td (used for our central reservations, revenue management, property management, and global loyalty program, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.25 Td (technology systems that we make available to our guests. ) Tj ET Q q 0 0 0 rg BT 281.43 433.25 Td (These information technology and other systems must be refined, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (updated, or replaced with more advanced systems on a regular basis. Developing and maintaining these systems may require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (significant capital. If we are unable to replace or introduce information technology and other systems as quickly as our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (competitors or within budgeted costs or schedules when these systems become outdated or require replacement, or if we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (unable to achieve the intended benefits of any new information technology or other systems, our operations could be harmed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (and our ability to compete ef) Tj ET Q q 0 0 0 rg BT 165.06 373.25 Td (fectively could be diminished. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (Competition for Guests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 331.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 331.25 Td (e compete for guests at our hotels and our all-inclusive resorts and for customers of our services, based primarily on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (brand name recognition and reputation, location, customer satisfaction, room rates, quality of service, amenities, quality of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (accommodations, security) Tj ET Q q 0 0 0 rg BT 153.76 307.25 Td (, our cancellation policy) Tj ET Q q 0 0 0 rg BT 249.75 307.25 Td (, and the ability to earn and redeem loyalty program points. In addition to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (competing with other hotel and resort properties, Hyatt-branded vacation ownership properties compete with national and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (independent vacation ownership club operators as well as with owners reselling their interests in these properties. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Competition for Management and Franchise ) Tj ET Q q 0 0 0 rg BT 237.15 262.25 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 241.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 241.25 Td (e compete for management agreements based primarily on the value and quality of our management services, our brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (name recognition and reputation, the level of our management fees, the cost of our system-wide services, the terms of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (management agreements \(including compared to the terms our competitors of) Tj ET Q q 0 0 0 rg BT 360.55 217.25 Td (fer\), and the economic advantages to the property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (owner of retaining our management services and using our brand name. ) Tj ET Q q 0 0 0 rg BT 339.17 205.25 Td (W) Tj ET Q q 0 0 0 rg BT 347.81 205.25 Td (e compete for franchise agreements based primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (on brand name recognition and reputation, the room rate that can be realized, the cost of our system-wide services, and royalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (fees char) Tj ET Q q 0 0 0 rg BT 85.63 181.25 Td (ged. Other competitive factors for management and franchise agreements are relationships with property owners and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (investors, availability and af) Tj ET Q q 0 0 0 rg BT 163.12 169.25 Td (fordability of financing, marketing support, loyalty programs, reservation and e-commerce system ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (capacity and ef) Tj ET Q q 0 0 0 rg BT 110.34 157.25 Td (ficiency) Tj ET Q q 0 0 0 rg BT 141.89 157.25 Td (, distribution channels, limitations on the expansion of one or more of our brands in certain geographic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (areas due to restrictions previously agreed to in order to secure management and franchise opportunities, and the ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (make investments that may be necessary to obtain management and franchise agreements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (Competition for Sales of Hyatt-Branded V) Tj ET Q q 0 0 0 rg BT 222.51 112.25 Td (acation Ownership Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 91.25 Td (Under a master license agreement with us, Interval Leisure Group, which was acquired by Marriott ) Tj ET Q q 0 0 0 rg BT 471.35 91.25 Td (V) Tj ET Q q 0 0 0 rg BT 477.46 91.25 Td (acations ) Tj ET Q q 0 0 0 rg BT 512.54 91.25 Td (W) Tj ET Q q 0 0 0 rg BT 521.18 91.25 Td (orldwide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (Corporation in 2018 \("ILG/MVW"\), is the exclusive worldwide developer) Tj ET Q q 0 0 0 rg BT 346.86 79.25 Td (, marketer) Tj ET Q q 0 0 0 rg BT 386.99 79.25 Td (, seller) Tj ET Q q 0 0 0 rg BT 413.25 79.25 Td (, and manager of vacation ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.25 Td (and related products under the Hyatt brand. ) Tj ET Q q 0 0 0 rg BT 225.87 67.25 Td (W) Tj ET Q q 0 0 0 rg BT 234.51 67.25 Td (e receive license fees under the licensing agreement, including fees based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.25 Td (sales of vacation ownership units. ILG/MVW) Tj ET Q q 0 0 0 rg BT 232.56 55.25 Td ( competes for sales of Hyatt-branded vacation ownership properties based ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (principally on location, quality of accommodations, price, financing terms, quality of service, terms of property use, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (opportunity to exchange for time at other vacation properties, and brand name recognition and reputation. In addition to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (competing with other hotel and resort properties, Hyatt-branded vacation ownership properties compete with national and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (independent vacation ownership club operators as well as with owners reselling their interests in these properties, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reduce demand or prices for new vacation ownership properties. ILG/MVW's ability to attract and retain qualified purchasers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (of Hyatt-branded vacation ownership properties depends on ILG/MVW's success in distinguishing the quality and value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Hyatt-branded vacation ownership products and services from those of) Tj ET Q q 0 0 0 rg BT 333.07 670.10 Td (fered by others. If ILG/MVW) Tj ET Q q 0 0 0 rg BT 452.01 670.10 Td ( is unable to do so, its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (ability to compete ef) Tj ET Q q 0 0 0 rg BT 132.29 658.10 Td (fectively for sales of vacation ownership properties could be adversely af) Tj ET Q q 0 0 0 rg BT 424.78 658.10 Td (fected and our licensing fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (could be adversely impacted.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (Adverse incidents at or adverse publicity concerning our properties or our corporate responsibilities could harm our brands ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (and reputation as well as reduce our revenues and lower our profits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 592.10 Td (Our brands and our reputation are among our most important assets. Our ability to attract and retain guests depends, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (part, upon the external perceptions of Hyatt, the quality of our hotels and services, and our corporate and management integrity) Tj ET Q q 0 0 0 rg BT 558.07 580.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (An incident involving the potential safety or security of our colleagues or our guests, or adverse publicity regarding safety or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (security at our competitors' properties, or in respect of our third-party vendors or owners and the industry) Tj ET Q q 0 0 0 rg BT 470.21 556.10 Td (, and any media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (coverage resulting therefrom, may harm our brands and reputation, cause a loss of consumer confidence in Hyatt and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 532.10 Td (, and negatively impact our results of operations. ) Tj ET Q q 0 0 0 rg BT 279.30 532.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 329.20 532.10 Td (, our reputation could be harmed if we fail to act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (responsibly or are perceived as not acting responsibly or fail to or are perceived to not comply with regulatory requirements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (a number of areas such as safety and security) Tj ET Q q 0 0 0 rg BT 229.83 508.10 Td (, data security) Tj ET Q q 0 0 0 rg BT 285.00 508.10 Td (, sustainability) Tj ET Q q 0 0 0 rg BT 342.68 508.10 Td (, responsible tourism, environmental management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (human rights, and support for local communities. ) Tj ET Q q 0 0 0 rg BT 249.51 496.10 Td (The continued expansion in the use of social media over recent years has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (compounded the potential scope of the negative publicity that could be generated and could increase our costs, lead to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (litigation, or result in negative publicity that could damage our reputation. ) Tj ET Q q 0 0 0 rg BT 347.98 472.10 Td (Adverse incidents have occurred in the past and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (occur in the future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (If we are unable to maintain good relationships with third-party property owners and franchisees and/or if we terminate ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (agreements with defaulting third-party property owners and franchisees, our revenues could decrease and we may be unable ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (to maintain or expand our presence. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 394.10 Td (e earn fees for managing and franchising hotels and other properties and expect franchise ownership to continue to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (increase over time. ) Tj ET Q q 0 0 0 rg BT 128.12 382.10 Td (The viability of our management and franchising business depends on our ability to establish and maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (good relationships with third-party property owners and franchisees. ) Tj ET Q q 0 0 0 rg BT 326.14 370.10 Td (Third-party developers, property owners, and franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (are focused on maximizing the value of their investment and working with a management company or franchisor that can help ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (them be successful. ) Tj ET Q q 0 0 0 rg BT 130.35 346.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 155.99 346.10 Td (fectiveness of our management, the value of our brands, and the rapport we maintain with our third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (party property owners and franchisees impact renewals of existing agreements and are also important factors for existing or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (new third-party property owners or franchisees considering doing business with us. Our relationships with these third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (generate additional property development opportunities that support our growth. In addition, if third-party property owners or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (franchisees breach the terms of our agreements with them, we may elect to exercise our termination rights, which would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (eliminate our revenues from these properties and cause us to incur expenses related to terminating these relationships. ) Tj ET Q q 0 0 0 rg BT 523.55 286.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (risks become more pronounced during economic downturns. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (Contractual and other disagreements with third-party property owners or franchisees could make us liable to them or result ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (in litigation costs or other expenses, which could lower our profits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 220.10 Td (Our management and franchise agreements require us and third-party property owners or franchisees to comply with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (operational and performance conditions that are subject to interpretation and could result in disagreements. ) Tj ET Q q 0 0 0 rg BT 479.58 208.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 529.48 208.10 Td (, some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (courts have applied principles of agency law and related fiduciary standards to managers of third-party hotel properties like us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (which means, among other things, that property owners may assert the right to terminate management agreements even where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (the agreements do not expressly provide for termination. In the event of any such termination, we may need to enforce our right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (to damages or negotiate damages that may not equal expected profitability over the term of the agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 139.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 139.10 Td (e generally seek to resolve any disagreements with our third-party property owners or franchisees amicably) Tj ET Q q 0 0 0 rg BT 511.28 139.10 Td (. Formal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (dispute resolution occurs through arbitration, if provided under the applicable management or franchise agreement, or through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 90.93 115.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.57 115.10 Td (e cannot predict the outcome of any such arbitration or litigation, the ef) Tj ET Q q 0 0 0 rg BT 384.57 115.10 Td (fect of any adverse judgment of a court or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (arbitrator against us, or the amount of any settlement we may enter into with any third party) Tj ET Q q 0 0 0 rg BT 416.75 103.10 Td (. ) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (If our management or franchise agreements terminate prematurely or we elect to make cure payments due to failures to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (meet performance tests or upon the occurrence of other stated events, our revenues could decrease and our costs could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (increase. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 697.25 Td (Our management and franchise agreements may terminate prematurely in certain cases. Some of our management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (agreements provide early termination rights to owners of the hotels we manage upon the occurrence of a stated event, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (the sale of the hotel or our failure to meet a specified performance test. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 652.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 112.77 652.25 Td (, termination rights under performance tests are based upon the property's individual performance, its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (performance when compared to a specified set of competitive hotels branded by other hotel operators, or both. Some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (agreements require a failure of one test, and other agreements require a failure of more than one test, before termination rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (are triggered. ) Tj ET Q q 0 0 0 rg BT 105.62 616.25 Td (These termination rights are usually triggered if we do not meet the performance tests over multiple years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.77 604.25 Td (, we have the option to cure performance failures by making an agreed-upon cure payment. However) Tj ET Q q 0 0 0 rg BT 492.38 604.25 Td (, our cure rights ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (may be limited in some cases and the failure to meet the performance tests may result in the termination of our management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (agreement. In the past we have \(1\)failed performance tests, received notices of termination, and elected to make cure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (payments, \(2\)failed performance tests and negotiated an alternative resolution, and \(3\) failed performance tests and elected not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (to make a cure payment. ) Tj ET Q q 0 0 0 rg BT 150.33 556.25 Td (When any termination notice is received, we evaluate all relevant facts and circumstances at the time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (in deciding whether to cure. See Part IV) Tj ET Q q 0 0 0 rg BT 209.21 544.25 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.69 544.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.69 544.25 Td ( to our Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (Financial Statements" for more information related to performance test payments. In addition, some of our management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (agreements give third-party property owners the right to terminate upon payment of a termination fee to us after a certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (period of time, upon sale of the property) Tj ET Q q 0 0 0 rg BT 210.97 508.25 Td (, or another stated event. Our franchise agreements typically require franchisees to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (a fee to us before terminating. In addition, if an owner files for bankruptcy) Tj ET Q q 0 0 0 rg BT 347.30 496.25 Td (, our management and franchise agreements may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (terminable under applicable law) Tj ET Q q 0 0 0 rg BT 177.91 484.25 Td (. If a management or franchise agreement terminates, we would lose the revenues we derive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (from that agreement and could incur costs related to ending our relationship with the third party and exiting the property) Tj ET Q q 0 0 0 rg BT 530.60 472.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (Certain of our contractual arrangements with third-party owners require us to guarantee payments to the owners if ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (specified levels of operating profit are not achieved by their hotels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 418.25 Td (The terms of certain guarantees to hotel owners may require us to fund shortfalls if the hotels do not attain specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (levels of operating profit. ) Tj ET Q q 0 0 0 rg BT 153.96 406.25 Td (This guaranteed funding to hotel owners may not be recoverable to us and could lower our profits and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (reduce our cash flows. ) Tj ET Q q 0 0 0 rg BT 141.91 394.25 Td (As an example, in 2013, we entered into management agreements for four hotels in France and a related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (performance guarantee for the first seven years of the management agreements, pursuant to which we have had to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (payments to the owner each year and expect to be required to make payments through the term of the guarantee. ) Tj ET Q q 0 0 0 rg BT 501.04 370.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (performance guarantee stipulated a maximum performance guarantee commitment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.02 358.25 Td (377 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.41 358.25 Td (, which is reduced by annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (payments made under the guarantee. ) Tj ET Q q 0 0 0 rg BT 198.65 346.25 Td (While neither the cumulative payments to date nor expected payments under this or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (guarantees have been or are expected to be significant to our liquidity) Tj ET Q q 0 0 0 rg BT 327.86 334.25 Td (, future payments under these performance guarantees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (may adversely af) Tj ET Q q 0 0 0 rg BT 118.12 322.25 Td (fect our financial performance and results of operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 301.25 Td (e are exposed to the risks resulting from significant investments in owned and leased real estate, which could increase our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (costs, reduce our profits, limit our ability to respond to market conditions, or restrict our growth strategy) Tj ET Q q 0 0 0 rg BT 478.28 289.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 268.25 Td (Our proportion of owned and leased properties, compared to the number of properties that we manage or franchise for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (third-party owners, is lar) Tj ET Q q 0 0 0 rg BT 148.68 256.25 Td (ger than that of many of our competitors. Real estate ownership and leasing is subject to risks not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (applicable to managed or franchised properties which could adversely af) Tj ET Q q 0 0 0 rg BT 339.98 244.25 Td (fect our results of operations, cash flow) Tj ET Q q 0 0 0 rg BT 497.34 244.25 Td (, business, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (overall financial condition, including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 211.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 211.25 Td (governmental regulations relating to real estate ownership; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 190.25 Td (real estate, insurance, zoning, tax, environmental, and eminent domain laws; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 169.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 169.25 Td (the ongoing need for owner funded capital improvements and expenditures to maintain or upgrade properties; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 148.25 Td (risks associated with mortgage debt, including the possibility of default, fluctuating interest rate levels, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 136.25 Td (availability of replacement financing; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 115.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 115.25 Td (risks associated with the possibility that cost increases will outpace revenue increases and that in the event of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 103.25 Td (economic slowdown, the high proportion of fixed costs will make it dif) Tj ET Q q 0 0 0 rg BT 388.77 103.25 Td (ficult to reduce costs to the extent required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 91.25 Td (to of) Tj ET Q q 0 0 0 rg BT 122.43 91.25 Td (fset declining revenues;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 70.25 Td (fluctuations in real estate values or potential impairments in the value of our assets; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 49.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 49.25 Td (the relative illiquidity of real estate compared to some other assets. ) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Economic and other conditions may adversely impact the valuation of our assets resulting in impairment charges that could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (have a material adverse impact on our results of operations and earnings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 709.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 709.25 Td (e hold significant amounts of goodwill, intangible assets, property and equipment, and investments. On a regular basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (we evaluate our assets for impairment based on various triggers, including actual operating losses and trends of projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (revenues and profitability) Tj ET Q q 0 0 0 rg BT 152.09 685.25 Td (, as described in Part II, Item7, "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 407.37 685.25 Td (Analysis of Financial Condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (Results of OperationsCritical ) Tj ET Q q 0 0 0 rg BT 178.59 673.25 Td (Accounting Policies and Estimates." During times of economic distress, declining demand and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (declining earnings often result in declining asset values. ) Tj ET Q q 0 0 0 rg BT 275.78 661.25 Td (As a result, we have incurred and we may incur future impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 649.25 Td (ges, which could be material and may adversely af) Tj ET Q q 0 0 0 rg BT 269.27 649.25 Td (fect our results of operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 628.25 Td (e plan to sell selected properties; however) Tj ET Q q 0 0 0 rg BT 228.12 628.25 Td (, we may be unable to sell our selected properties at acceptable terms and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (conditions, if at all.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 595.25 Td (As part of our long-term asset recycling strategy) Tj ET Q q 0 0 0 rg BT 265.40 595.25 Td (, we plan, from time to time, to sell certain properties, subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (management or franchise agreement, in order to reinvest the proceeds to support the growth of our business. In addition, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (previously announced a tar) Tj ET Q q 0 0 0 rg BT 157.84 571.25 Td (geted reduction in our owned real estate portfolio that is expected to generate $1.5 billion in gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (cash proceeds by the end of 2020. ) Tj ET Q q 0 0 0 rg BT 188.11 559.25 Td (T) Tj ET Q q 0 0 0 rg BT 193.52 559.25 Td (o date, under the announced $1.5 billion asset sell-down, we have realized gross proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (of approximately $1.1 billion. ) Tj ET Q q 0 0 0 rg BT 171.65 547.25 Td (As we actively market and look to sell selected properties, general economic conditions along ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (with property-specific issues may negatively af) Tj ET Q q 0 0 0 rg BT 238.93 535.25 Td (fect the value of our properties and therefore reduce our return on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (investment or prevent us from selling the property on acceptable terms or prevent us from selling properties within our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (previously announced timeframe. ) Tj ET Q q 0 0 0 rg BT 186.44 511.25 Td (W) Tj ET Q q 0 0 0 rg BT 195.08 511.25 Td (e cannot assure you that we will be able to consummate any such sales on commercially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (reasonable terms or at all, or that we will realize any anticipated benefits from such sales. Real estate investments often cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (be sold quickly) Tj ET Q q 0 0 0 rg BT 110.45 487.25 Td (. Dispositions of real estate assets can be particularly dif) Tj ET Q q 0 0 0 rg BT 335.21 487.25 Td (ficult in a challenging economic environment, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (financing alternatives are often limited for potential buyers. ) Tj ET Q q 0 0 0 rg BT 290.20 475.25 Td (As a result, economic conditions may prevent potential purchasers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (from obtaining financing on acceptable terms, if at all, thereby delaying or preventing our ability to sell the properties selected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (for disposition. Our inability to sell assets, or to sell such assets at attractive prices, could have an adverse impact on our ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (to realize proceeds for reinvestment or the return of capital to shareholders, and ultimately to execute on our long-term strategy) Tj ET Q q 0 0 0 rg BT 558.05 439.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (In addition, even if we are successful in consummating sales of selected properties, such dispositions may result in losses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 406.25 Td (e may seek to expand through acquisitions of and investments in other businesses and properties, or through alliances; ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (these acquisition activities may be unsuccessful or divert our management's attention. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 373.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 373.25 Td (e consider strategic and complementary acquisitions of and investments in other businesses, properties, brands, or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (assets as part of our growth strategy) Tj ET Q q 0 0 0 rg BT 193.20 361.25 Td (. For example, in 2018, we acquired ) Tj ET Q q 0 0 0 rg BT 339.65 361.25 Td (T) Tj ET Q q 0 0 0 rg BT 345.06 361.25 Td (wo Roads and in 2017, we acquired Miraval and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (Exhale. ) Tj ET Q q 0 0 0 rg BT 82.58 349.25 Td (W) Tj ET Q q 0 0 0 rg BT 91.22 349.25 Td (e may also pursue opportunities in alliance with existing or prospective owners of managed or franchised properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (In many cases, we will be competing for these opportunities with third parties that may have substantially greater financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (resources than we do. ) Tj ET Q q 0 0 0 rg BT 138.58 325.25 Td (Acquisitions of or investments in hospitality companies, businesses, properties, brands, or assets, as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (as these alliances, are subject to risks that could af) Tj ET Q q 0 0 0 rg BT 250.86 313.25 Td (fect our business, including risks related to: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 292.25 Td (spending cash and incurring debt; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 271.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 271.25 Td (assuming contingent liabilities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 250.25 Td (contributing properties or related assets to hospitality ventures that could result in recognition of losses; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 229.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 229.25 Td (creating additional transactional and operating expenses; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 208.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 208.25 Td (issuing shares of stock that could dilute the interests of our existing shareholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 187.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 187.25 Td (e cannot assure you that we will be able to identify opportunities or complete transactions on commercially reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (terms or at all, or that we will realize any anticipated benefits from such acquisitions, investments, or alliances. ) Tj ET Q q 0 0 0 rg BT 496.35 175.25 Td (There may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (high barriers to entry in many key markets and scarcity of available development and investment opportunities in desirable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (locations. Similarly) Tj ET Q q 0 0 0 rg BT 127.68 151.25 Td (, we cannot assure you that we will be able to obtain financing for acquisitions or investments on attractive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (terms or at all, or that the ability to obtain financing will not be restricted by the terms of our revolving credit facility or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (indebtedness we may incur) Tj ET Q q 0 0 0 rg BT 158.03 127.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 106.25 Td (The success of any such acquisitions or investments will also depend, in part, on our ability to integrate the acquisition or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (investment with our existing operations. Inability to integrate completed acquisitions in an ef) Tj ET Q q 0 0 0 rg BT 421.68 94.25 Td (ficient and timely manner could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (result in reputational harm or have an adverse impact on our results of operations. Integration ef) Tj ET Q q 0 0 0 rg BT 433.58 82.25 Td (forts may also take longer than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (we anticipate and involve unexpected costs. If we are unable to successfully integrate an acquired business, we may not realize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (the benefits that were expected at the time of acquisition. ) Tj ET Q q 0 0 0 rg BT 280.57 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 289.20 58.25 Td (e may experience dif) Tj ET Q q 0 0 0 rg BT 372.59 58.25 Td (ficulty with integrating acquired businesses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (properties, or other assets, including dif) Tj ET Q q 0 0 0 rg BT 208.39 46.25 Td (ficulties relating to: ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (coordinating sales, distribution, loyalty) Tj ET Q q 0 0 0 rg BT 259.72 742.10 Td (, and marketing functions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 721.10 Td (ef) Tj ET Q q 0 0 0 rg BT 111.59 721.10 Td (fectively and ef) Tj ET Q q 0 0 0 rg BT 173.59 721.10 Td (ficiently integrating information technology and other systems; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 700.10 Td (issues not discovered as part of the transactional due diligence process and/or unanticipated liabilities or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 688.10 Td (contingencies of acquired businesses, including with respect to commercial disputes or cyber incidents and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 676.10 Td (information technology failures or other matters; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 655.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 655.10 Td (preserving the important licensing, distribution, marketing, owner) Tj ET Q q 0 0 0 rg BT 367.15 655.10 Td (, customer) Tj ET Q q 0 0 0 rg BT 408.41 655.10 Td (, labor) Tj ET Q q 0 0 0 rg BT 433.56 655.10 Td (, and other relationships of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 643.10 Td (acquired assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 622.10 Td (In addition, as a result of any acquisition activity) Tj ET Q q 0 0 0 rg BT 267.08 622.10 Td (, we may assume management and franchise agreements with terms that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (are not as favorable as other agreements within our portfolio and may result in loss of business over time. ) Tj ET Q q 0 0 0 rg BT 473.78 610.10 Td (Any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (acquisitions, investments, or alliances could also demand significant attention from our management team that would otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (be available for our regular business operations, which could harm our business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 565.10 Td (e have a limited ability to manage third-party risks associated with our hospitality venture investments, which could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (reduce our revenues, increase our costs, lower our profits, and increase our liabilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 532.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 532.10 Td (e participate in numerous hospitality ventures with third parties. ) Tj ET Q q 0 0 0 rg BT 340.73 532.10 Td (W) Tj ET Q q 0 0 0 rg BT 349.37 532.10 Td (e may also buy and develop properties in hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (ventures with the sellers of the properties, af) Tj ET Q q 0 0 0 rg BT 227.54 520.10 Td (filiates of the sellers, developers, or other third parties. Our hospitality venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (partners may have shared or majority control over the operations of our hospitality ventures. ) Tj ET Q q 0 0 0 rg BT 421.28 508.10 Td (As a result, our investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (hospitality ventures involve risks that are dif) Tj ET Q q 0 0 0 rg BT 228.12 496.10 Td (ferent from the risks involved in investing in real estate independently) Tj ET Q q 0 0 0 rg BT 507.94 496.10 Td (. ) Tj ET Q q 0 0 0 rg BT 512.76 496.10 Td (These risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (include the possibility that our hospitality ventures or our partners: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 463.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 463.10 Td (go bankrupt or otherwise are unable to meet their capital contribution obligations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 442.10 Td (have economic or business interests or goals that are or become inconsistent with our business interests or goals; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 421.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 421.10 Td (are in a position to take action contrary to our instructions, our requests, our policies, our objectives, or applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 409.10 Td (laws; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 388.10 Td (subject the property to liabilities exceeding those contemplated; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 367.10 Td (take actions that reduce our return on investment; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 346.10 Td (take actions that harm our reputation or restrict our ability to run our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 325.10 Td (For these and other reasons, it could be more dif) Tj ET Q q 0 0 0 rg BT 267.10 325.10 Td (ficult for us to sell our interest in any hospitality venture or to pursue the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (venture's activities, which could reduce our ability to address any problems we may have with those properties or respond to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (market conditions in the future and could lead to impairments of such investments. ) Tj ET Q q 0 0 0 rg BT 383.26 301.10 Td (As a result, our investments in hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (ventures could lead to impasses with our partners or situations that could harm the hospitality venture, which could reduce our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (revenues, increase our costs, and lower our profits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 256.10 Td (In addition, in conjunction with financing obtained for our hospitality ventures, we may provide completion guarantees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (debt repayment guarantees, standard indemnifications to lenders for loss, liability) Tj ET Q q 0 0 0 rg BT 375.09 244.10 Td (, or damage occurring as a result of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (actions or actions of the other hospitality venture owners.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (If our hospitality ventures fail to provide accurate and/or timely information that is required to be included) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.46 211.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 491.96 211.10 Td (in our financial ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (statements, we may be unable to accurately report our financial results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 178.10 Td (Preparing our financial statements requires us to have access to information regarding the results of operations, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (position, and cash flows of our hospitality ventures. ) Tj ET Q q 0 0 0 rg BT 258.86 166.10 Td (Any deficiencies in our hospitality ventures' internal controls over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (reporting may af) Tj ET Q q 0 0 0 rg BT 116.46 154.10 Td (fect our ability to report our financial results accurately or prevent fraud. Such deficiencies could also result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (restatements of, or other adjustments to, our previously reported or announced operating results, which could diminish investor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (confidence and reduce the market price for our shares. ) Tj ET Q q 0 0 0 rg BT 269.34 130.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 319.24 130.10 Td (, if our hospitality ventures are unable to provide this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (information for any meaningful period or fail to meet expected deadlines, we may be unable to satisfy our financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (obligations or file our periodic reports in a timely manner) Tj ET Q q 0 0 0 rg BT 279.66 106.10 Td (. ) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Cash distributions from our hospitality ventures could be limited by factors outside our control that could reduce our return ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (on investment and our ability to generate liquidity from these hospitality ventures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.25 Td (Although our hospitality ventures may generate positive cash flow) Tj ET Q q 0 0 0 rg BT 339.40 709.25 Td (, in some cases these hospitality ventures may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (unable to distribute that cash to the hospitality venture partners. ) Tj ET Q q 0 0 0 rg BT 306.33 697.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 356.23 697.25 Td (, in some cases our hospitality venture partners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (control distributions and may choose to leave capital in the hospitality venture rather than distribute it. Because our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (generate liquidity from our hospitality ventures depends on the hospitality ventures' ability to distribute capital to us, tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (considerations or decisions of our hospitality venture partners could reduce our return on these investments. ) Tj ET Q q 0 0 0 rg BT 483.59 661.25 Td (W) Tj ET Q q 0 0 0 rg BT 492.23 661.25 Td (e include our pro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (rata share of ) Tj ET Q q 0 0 0 rg BT 101.36 649.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 176.08 649.25 Td ( attributable to our unconsolidated hospitality ventures in our owned and leased hotels segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 124.72 637.25 Td ( and our consolidated ) Tj ET Q q 0 0 0 rg BT 212.48 637.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 287.19 637.25 Td ( regardless of whether the cash flow of those ventures is, or can be, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (distributed to us.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.74 604.25 Td (iming, budgeting, and other risks could result in delays or cancellations of our ef) Tj ET Q q 0 0 0 rg BT 388.65 604.25 Td (forts to develop, redevelop, or renovate ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (the properties that we own, or make these activities more expensive, which could reduce our profits or impair our ability to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (compete ef) Tj ET Q q 0 0 0 rg BT 93.96 580.25 Td (fectively) Tj ET Q q 0 0 0 rg BT 127.45 580.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 559.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 559.25 Td (e must maintain and renovate the properties that we own in order to remain competitive, maintain the value and brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (standards of our properties, and comply with applicable laws and regulations. ) Tj ET Q q 0 0 0 rg BT 362.24 547.25 Td (W) Tj ET Q q 0 0 0 rg BT 370.87 547.25 Td (e also selectively undertake ground-up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (construction of properties. Often these projects include hospitality venture partners. ) Tj ET Q q 0 0 0 rg BT 386.39 535.25 Td (These ef) Tj ET Q q 0 0 0 rg BT 420.35 535.25 Td (forts are subject to a number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (risks, including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 502.25 Td (construction delays or cost overruns \(including labor and materials\) that may increase project costs; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 481.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 481.25 Td (obtaining zoning, occupancy) Tj ET Q q 0 0 0 rg BT 218.59 481.25 Td (, and other required permits or authorizations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 460.25 Td (changes in economic conditions that may result in weakened or lack of demand or negative project returns; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 439.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 439.25 Td (governmental restrictions on the size or kind of development; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 418.25 Td (multi-year urban redevelopment projects, including temporary hotel closures, that may significantly disrupt hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 406.25 Td (profits; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 385.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 385.25 Td (force majeure events, including earthquakes, tornadoes, hurricanes, floods, wildfires, or tsunamis; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 364.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 364.25 Td (design defects that could increase costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 343.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 122.40 343.25 Td (, developing new properties typically involves lengthy development periods during which significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (amounts of capital must be funded before the properties begin to operate and generate revenue. If the cost of funding new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (development exceeds budgeted amounts, and/or the time period for development is longer than initially anticipated, our profits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (could be reduced. Further) Tj ET Q q 0 0 0 rg BT 152.34 307.25 Td (, due to the lengthy development cycle, intervening adverse economic conditions may alter or impede ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (our development plans, thereby resulting in incremental costs to us or potential impairment char) Tj ET Q q 0 0 0 rg BT 434.16 295.25 Td (ges. Moreover) Tj ET Q q 0 0 0 rg BT 491.52 295.25 Td (, during the early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (stages of operations, char) Tj ET Q q 0 0 0 rg BT 151.45 283.25 Td (ges related to interest expense and depreciation may substantially detract from, or even outweigh, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (profitability of certain new property investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 250.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 110.57 250.25 Td (, the cost of funding renovations and capital improvements may exceed budgeted amounts. ) Tj ET Q q 0 0 0 rg BT 475.75 250.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 525.66 250.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (timing of renovations and capital improvements can af) Tj ET Q q 0 0 0 rg BT 268.36 238.25 Td (fect, and historically has af) Tj ET Q q 0 0 0 rg BT 376.20 238.25 Td (fected, property performance, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (occupancy and average daily rate, particularly if we need to close a significant number of rooms or other facilities, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (ballrooms, meeting spaces, or restaurants. Moreover) Tj ET Q q 0 0 0 rg BT 258.98 214.25 Td (, the investments that we make may fail to improve the performance of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (properties in the manner that we expect. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (Some of our existing development pipeline may not be developed into new hotels or may not open on the anticipated ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (timeline, which could materially adversely af) Tj ET Q q 0 0 0 rg BT 234.24 169.25 Td (fect our growth prospects. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 148.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 148.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.58 148.25 Td (, our executed contract base consisted of approximately 445 hotels, or approximately 89,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (rooms. ) Tj ET Q q 0 0 0 rg BT 79.82 136.25 Td (The commitments of owners and developers with whom we have agreements are subject to numerous conditions, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (the eventual development and construction of our pipeline not currently under construction is subject to numerous risks, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (including, in certain cases, obtaining governmental and regulatory approvals and adequate financing. ) Tj ET Q q 0 0 0 rg BT 455.70 112.25 Td (As a result, we cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (assure you that our entire development pipeline will be completed and developed into new hotels or that those hotels will open ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (when anticipated.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (If our third-party property owners, including our hospitality venture partners, are unable to repay or refinance loans ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (secured by the mortgaged properties, our revenues, profits, and capital resources could be reduced and our business could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (be harmed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 697.25 Td (Many of the properties owned by third-parties or our hospitality ventures are pledged as collateral for mortgage loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (entered into when such properties were purchased or refinanced. If our third-party property owners or our hospitality venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (partners are unable to repay or refinance maturing indebtedness on favorable terms or at all, the lenders could declare a default, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (accelerate the related debt, and repossess the property) Tj ET Q q 0 0 0 rg BT 264.25 661.25 Td (. ) Tj ET Q q 0 0 0 rg BT 268.70 661.25 Td (Any sales or repossessions could, in certain cases, result in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (termination of our management agreements and eliminate anticipated income and cash flows, which could negatively af) Tj ET Q q 0 0 0 rg BT 529.65 649.25 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (If we or our third-party owners, franchisees, or development partners are unable to access the capital necessary to fund ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (current operations or implement our plans for growth, our profits could be reduced and our ability to compete ef) Tj ET Q q 0 0 0 rg BT 512.34 604.25 Td (fectively ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (could be diminished. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 571.25 Td (The hospitality industry is a capital-intensive business requiring significant capital expenditures to develop, operate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (maintain, and renovate properties. ) Tj ET Q q 0 0 0 rg BT 188.29 559.25 Td (Access to the capital that we or our third-party owners, franchisees, or development partners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (need to finance the construction of new properties or to maintain and renovate existing properties is critical to the continued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (growth of our business and our revenues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.25 Td (The availability of capital or the conditions under which we or our third-party owners, franchisees, or development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (partners can obtain capital can have a significant impact on the overall level, cost, and pace of future development and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (therefore the ability to grow our revenues. ) Tj ET Q q 0 0 0 rg BT 220.87 490.25 Td (The most recent economic downturn caused credit markets to experience significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (disruption severely reducing liquidity and credit availability) Tj ET Q q 0 0 0 rg BT 289.29 478.25 Td (. Such disruptions may diminish the ability and desire of existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (and potential development partners to access capital necessary to develop properties. Our ability to access additional capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (could also be limited by the terms of our revolving credit facility) Tj ET Q q 0 0 0 rg BT 308.45 454.25 Td (, which restricts our ability to incur debt under certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 111.09 442.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 160.99 442.25 Td (, if one or more of the financial institutions that support our revolving credit facility fail, we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (not be able to find a replacement, which would reduce the availability of funds that we can borrow under the facility) Tj ET Q q 0 0 0 rg BT 514.46 430.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 409.25 Td (If we are forced to spend lar) Tj ET Q q 0 0 0 rg BT 186.54 409.25 Td (ger amounts of cash from operating activities than anticipated to operate, maintain, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (renovate existing properties, then our ability to use cash for other purposes, including acquisition or development of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (businesses, properties, brands, or other assets could be limited and our profits could be reduced. Similarly) Tj ET Q q 0 0 0 rg BT 472.31 385.25 Td (, if we cannot access ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (the capital we need to fund our operations or implement our growth strategy) Tj ET Q q 0 0 0 rg BT 354.26 373.25 Td (, we may need to postpone or cancel planned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (renovations or developments, which could impair our ability to compete ef) Tj ET Q q 0 0 0 rg BT 348.91 361.25 Td (fectively and harm our business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (If we become liable for losses related to loans we have provided or guaranteed to third parties, our profits could be reduced. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 319.25 Td (At times, we make loans to our third-party hotel owners for hotel development expenditures when we enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (management or franchise agreements with third parties, including hospitality ventures. In certain circumstances we may also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (provide senior secured financing or subordinated forms of financing \(also referred to as mezzanine financing\) to third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (owners. ) Tj ET Q q 0 0 0 rg BT 83.70 283.25 Td (W) Tj ET Q q 0 0 0 rg BT 92.34 283.25 Td (e could suf) Tj ET Q q 0 0 0 rg BT 136.04 283.25 Td (fer losses if third-party property owners or franchisees default on loans that we provide. ) Tj ET Q q 0 0 0 rg BT 488.98 283.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 538.89 283.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (may provide third-party lenders financial guarantees related to the timely repayment of all or a portion of the associated debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (certain of our hospitality ventures and managed hotels. ) Tj ET Q q 0 0 0 rg BT 271.70 259.25 Td (The guarantees may be for the full amount of the debt or may be limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (to a portion of the debt. ) Tj ET Q q 0 0 0 rg BT 146.19 247.25 Td (W) Tj ET Q q 0 0 0 rg BT 154.82 247.25 Td (e typically obtain reimbursement agreements from our partner\(s\) or other third parties with the intent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (to limit our exposure to our share of the debt. See Part IV) Tj ET Q q 0 0 0 rg BT 278.38 235.25 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.86 235.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.86 235.25 Td ( to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (Consolidated Financial Statements" for more information related to our loans and other financing arrangements and "Exhibits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.73 211.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.73 211.25 Td ( to our Consolidated Financial Statements" for more information related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (guarantees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Our debt service obligations may adversely af) Tj ET Q q 0 0 0 rg BT 236.46 178.25 Td (fect our cash flow and reduce our operational flexibility) Tj ET Q q 0 0 0 rg BT 466.08 178.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 157.25 Td (The terms of the indenture governing our Senior Notes \(as defined in Part IV) Tj ET Q q 0 0 0 rg BT 380.68 157.25 Td (, Item 15, "Exhibits and Financial Statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.59 145.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 145.25 Td ( to our Consolidated Financial Statements"\) and those of our revolving credit facility subject us to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 112.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 112.25 Td (a risk that cash flow from operations will be insuf) Tj ET Q q 0 0 0 rg BT 302.94 112.25 Td (ficient to meet required payments of principal and interest; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 91.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 91.25 Td (restrictive covenants, including covenants related to certain financial ratios. See Part II, Item 7, "Management's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 79.25 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 166.78 79.25 Td (Analysis of Financial Condition and Results of OperationsLiquidity and Capital Resources" for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 67.25 Td (further information related to restrictions under our financial covenants; and ) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (the risk that any increase in the interest rate applicable to any borrowings under our revolving credit facility could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (reduce our cash flows available for other corporate purposes, including investments in our portfolio, could limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 718.10 Td (our ability to refinance existing debt when it matures, or could increase interest costs on any debt that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 706.10 Td (refinanced.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.10 Td (Although we anticipate we will be able to repay or refinance our existing indebtedness when it matures, there can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (assurance we will be able to do so, or that the terms of such refinancing will be favorable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 652.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 652.10 Td ( substantial decrease in operating cash flow) Tj ET Q q 0 0 0 rg BT 253.85 652.10 Td (, consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 348.00 652.10 Td ( \(as defined in our revolving credit facility\), or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (substantial increase in our expenses may make it dif) Tj ET Q q 0 0 0 rg BT 258.09 640.10 Td (ficult for us to meet our existing debt service requirements and restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 94.43 628.10 Td (As a result, we could be forced to sell assets and/or modify our operations. Our existing leverage may also impair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (our ability to obtain additional financing for acquisitions, working capital, capital expenditures, or other purposes, if necessary) Tj ET Q q 0 0 0 rg BT 555.32 616.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (or require us to accept terms otherwise unfavorable to us. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (Rating agency downgrades may increase our cost of capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 562.10 Td (The interest rate on borrowings and the facility fee under our revolving credit facility are determined by a pricing grid, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (which is dependent in part on our credit ratings by Standard& Poor's Financial Services, LLC, a subsidiary of McGraw Hill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Financial, Inc. \("S&P"\), and Moody's Investors Service, Inc. \("Moody's"\). Lower ratings result in a higher cost of funds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Therefore, if these independent rating agencies were to downgrade our credit ratings or if we no longer have a credit rating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (from either agency) Tj ET Q q 0 0 0 rg BT 124.87 514.10 Td (, the cost of our borrowing and the amount of the facility fee under our revolving credit facility will increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (as specified in the pricing grid. ) Tj ET Q q 0 0 0 rg BT 175.80 502.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 225.70 502.10 Td (, any future downgrade of our credit ratings by the rating agencies could reduce or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (limit our access to capital and increase our cost of capital. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (If we or our third-party owners or franchisees are not able to maintain our current brand standards or we are not able to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (develop new initiatives, including new brands, successfully) Tj ET Q q 0 0 0 rg BT 291.30 457.10 Td (, our business and profitability could be harmed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 436.10 Td (e manage and franchise properties owned by third parties under the terms of management and franchise agreements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (expect franchise ownership to continue to increase significantly over time. Substantially all of these agreements require third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (party property owners or franchisees to comply with standards that are essential to maintaining our brand integrity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (reputation. ) Tj ET Q q 0 0 0 rg BT 95.36 400.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.00 400.10 Td (e depend on third-party property owners or franchisees to comply with these requirements by maintaining and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (improving properties through investments, including investments in furniture, fixtures, amenities, and personnel. If our third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (party property owners or franchisees fail to make investments necessary to maintain or improve the properties we manage or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (franchise, our brand preference and reputation could suf) Tj ET Q q 0 0 0 rg BT 274.17 364.10 Td (fer) Tj ET Q q 0 0 0 rg BT 284.71 364.10 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 328.74 364.10 Td (, third-party owners or franchisees may be unwilling or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (unable to incur the cost of complying with brand standards for new and existing brands as such brands may evolve from time to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (time. ) Tj ET Q q 0 0 0 rg BT 72.22 340.10 Td (As a result, we may be forced to absorb such costs to ensure that brand standards come to market in a timely fashion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 89.03 328.10 Td (, as we continue to increase our franchised hotel presence, our ability to maintain brand standards may become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (increasingly challenging.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 295.10 Td (In addition, we are continually developing and launching new initiatives, including new brands or marketing programs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (which can be a time-consuming and expensive process. For example, in 2018, we acquired ) Tj ET Q q 0 0 0 rg BT 415.54 283.10 Td (T) Tj ET Q q 0 0 0 rg BT 420.95 283.10 Td (wo Roads, and in 2017, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (launched ) Tj ET Q q 0 0 0 rg BT 88.41 271.10 Td (W) Tj ET Q q 0 0 0 rg BT 97.05 271.10 Td (orld of Hyatt and acquired Miraval and Exhale. ) Tj ET Q q 0 0 0 rg BT 288.75 271.10 Td (W) Tj ET Q q 0 0 0 rg BT 297.38 271.10 Td (e have invested capital and resources in owned real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (property development, brand development, and brand promotion. If such initiatives are not well received by our colleagues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (guests, and owners, they may not have the intended ef) Tj ET Q q 0 0 0 rg BT 266.15 247.10 Td (fect. ) Tj ET Q q 0 0 0 rg BT 285.95 247.10 Td (W) Tj ET Q q 0 0 0 rg BT 294.59 247.10 Td (e may not be able to recover the costs incurred in developing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (launching new brands or other initiatives or to realize their intended or projected benefits, which could lower our profits.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 214.10 Td (e are dependent on the ) Tj ET Q q 0 0 0 rg BT 153.79 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.94 214.10 Td (orld of Hyatt loyalty program to build loyalty for our brands and drive revenue and our business ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (could be negatively impacted if we are unable to successfully operate the ) Tj ET Q q 0 0 0 rg BT 350.33 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 358.48 202.10 Td (orld of Hyatt loyalty program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 181.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 181.10 Td (e rely on the loyalty program as a platform for engagement with our most loyal guests, providing increased benefits and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (recognition as they continue to engage with Hyatt. ) Tj ET Q q 0 0 0 rg BT 253.93 169.10 Td (W) Tj ET Q q 0 0 0 rg BT 262.57 169.10 Td (e believe ) Tj ET Q q 0 0 0 rg BT 300.70 169.10 Td (W) Tj ET Q q 0 0 0 rg BT 309.34 169.10 Td (orld of Hyatt will continue todevelop loyalty by fostering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (personal relationships and creating emotional connections that inspire brand preference. ) Tj ET Q q 0 0 0 rg BT 403.86 157.10 Td (The success of our business depends in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (part on attracting new customers and on the continued participation of loyalty members in the loyalty program. If guests do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (accept the loyalty program or if we are unable to operate the loyalty program successfully) Tj ET Q q 0 0 0 rg BT 408.66 133.10 Td (, our business could be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (impacted.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Labor shortages could restrict our ability to operate our properties or grow our business or result in increased labor costs ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (that could reduce our profits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.25 Td (Our success depends in lar) Tj ET Q q 0 0 0 rg BT 180.46 709.25 Td (ge part on our ability to attract, retain, train, manage, and engage our colleagues. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (properties are staf) Tj ET Q q 0 0 0 rg BT 121.45 697.25 Td (fed 24 hours a day) Tj ET Q q 0 0 0 rg BT 194.67 697.25 Td (, seven days a week by thousands of colleagues around the world. If we and our franchisees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (are unable to attract, retain, train, and engage skilled colleagues, our ability to manage and staf) Tj ET Q q 0 0 0 rg BT 428.28 685.25 Td (f our properties adequately could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (be impaired, which could reduce customer satisfaction. Staf) Tj ET Q q 0 0 0 rg BT 288.91 673.25 Td (fing shortages could also hinder our ability to grow and expand our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (business. Because payroll costs are a major component of the operating expenses at our properties, a shortage of skilled labor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (could also require higher wages that would increase our labor costs, which could reduce our profits and the profits of our third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (party owners. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Negotiations of collective bargaining agreements, attempts by labor organizations to organize additional groups of our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (colleagues or changes in labor laws could disrupt our operations, increase our labor costs, or interfere with the ability of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (our management to focus on executing our business strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 571.25 Td (Certain of our properties are subject to collective bar) Tj ET Q q 0 0 0 rg BT 284.84 571.25 Td (gaining agreements, similar agreements, or regulations enforced by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (governmental authorities. If relationships with our colleagues, other field personnel, or the unions that represent them become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (adverse, the properties we manage or own could experience labor disruptions such as strikes, lockouts, and public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (demonstrations. Labor disruptions, which are generally more likely when collective bar) Tj ET Q q 0 0 0 rg BT 399.71 535.25 Td (gaining agreements are being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (renegotiated, could harm our relationship with our colleagues or cause us to lose guests. Further) Tj ET Q q 0 0 0 rg BT 433.39 523.25 Td (, adverse publicity in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (marketplace related to union messaging could further harm our reputation and reduce customer demand for our services. Labor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (regulation, including minimum wage legislation, could lead to higher wage and benefit costs, changes in work rules that raise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (operating expenses, legal costs, and limitations on our ability or the ability of our third-party property owners to take cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (saving measures during economic downturns. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 454.25 Td (e and our third-party property owners may also become subject to additional collective bar) Tj ET Q q 0 0 0 rg BT 444.83 454.25 Td (gaining agreements in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (future. Potential changes in the federal regulatory scheme could make it easier for unions to or) Tj ET Q q 0 0 0 rg BT 427.47 442.25 Td (ganize groups of our colleagues. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (If such changes take ef) Tj ET Q q 0 0 0 rg BT 141.44 430.25 Td (fect, more of our colleagues or other field personnel could be subject to increased or) Tj ET Q q 0 0 0 rg BT 478.08 430.25 Td (ganizational ef) Tj ET Q q 0 0 0 rg BT 537.03 430.25 Td (forts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (which could potentially lead to disruptions or require more of our management's time to address unionization issues. ) Tj ET Q q 0 0 0 rg BT 518.18 418.25 Td (These or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (similar agreements, legislation, or changes in regulations could disrupt our operations, hinder our ability to cross-train and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (cross-promote our colleagues due to prescribed work rules and job classifications, reduce our profitability) Tj ET Q q 0 0 0 rg BT 472.55 394.25 Td (, or interfere with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (ability of our management to focus on executing our business strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 361.25 Td ( Our franchisees and their hotel operators also currently may be or may become subject to collective bar) Tj ET Q q 0 0 0 rg BT 490.05 361.25 Td (gaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (agreements. Labor disruptions, labor regulation, and negotiation of labor agreements may be disruptive to a franchisee's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (operations which could impact our franchised fee income or harm our reputation. ) Tj ET Q q 0 0 0 rg BT 377.21 337.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.84 337.25 Td (e do not have the ability to control the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (negotiations of collective bar) Tj ET Q q 0 0 0 rg BT 166.17 325.25 Td (gaining agreements covering unionized labor employed by third-party property owners and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (franchisees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (The loss of our senior executives or key field personnel, such as our general managers, could significantly harm our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 259.25 Td (Our ability to maintain our competitive position is dependent to a lar) Tj ET Q q 0 0 0 rg BT 348.48 259.25 Td (ge degree on the ef) Tj ET Q q 0 0 0 rg BT 424.37 259.25 Td (forts and skills of our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (executives. ) Tj ET Q q 0 0 0 rg BT 97.02 247.25 Td (W) Tj ET Q q 0 0 0 rg BT 105.66 247.25 Td (e have entered into employment letter agreements with certain of our senior executives. However) Tj ET Q q 0 0 0 rg BT 494.55 247.25 Td (, we cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (guarantee that these individuals will remain with us. Finding suitable replacements for our senior executives could be dif) Tj ET Q q 0 0 0 rg BT 533.02 235.25 Td (ficult. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 223.25 Td (e currently do not have a life insurance policy or key person insurance policy with respect to any of our senior executives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (Losing the services of one or more of these senior executives could adversely af) Tj ET Q q 0 0 0 rg BT 369.99 211.25 Td (fect our strategic relationships, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (relationships with our third-party property owners, franchisees, hospitality venture partners, and vendors, and limit our ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (to execute our business strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 166.25 Td (e also rely on the general managers at each of our managed properties to run daily operations and oversee our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (colleagues. ) Tj ET Q q 0 0 0 rg BT 97.02 154.25 Td (These general managers are trained professionals in the hospitality industry and have extensive experience in many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (markets worldwide. ) Tj ET Q q 0 0 0 rg BT 131.74 142.25 Td (The failure to retain, train, or successfully manage our general managers for our properties could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (negatively af) Tj ET Q q 0 0 0 rg BT 101.74 130.25 Td (fect our operations. ) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Our failure to comply with applicable laws and regulations may increase our costs, reduce our profits, or limit our growth. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Our business, properties, and colleagues are subject to a variety of laws and regulations around the globe. Generally) Tj ET Q q 0 0 0 rg BT 537.09 721.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (these laws and regulations address our sales and marketing and advertising ef) Tj ET Q q 0 0 0 rg BT 359.45 709.25 Td (forts, our handling of privacy issues and customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (data, our anti-corruption ef) Tj ET Q q 0 0 0 rg BT 157.55 697.25 Td (forts, our ability to obtain licenses for business operations such as sales of food and liquor) Tj ET Q q 0 0 0 rg BT 517.08 697.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (matters relating to immigration, the environment, health and safety) Tj ET Q q 0 0 0 rg BT 317.05 685.25 Td (, health care, gaming, competition, and trade, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (things. Our collection and use of personal data are governed by privacy laws and regulations, and privacy law is an area that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (changes often and varies significantly by jurisdiction. Increasingly) Tj ET Q q 0 0 0 rg BT 315.39 661.25 Td (, there is potential for increased exposure for fines, penalties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (and civil judgments as a result of new privacy regulations. Compliance with applicable privacy regulations may increase our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (operating costs and/or adversely impact our ability to market our properties and services to our guests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.25 Td (Our franchising and licensing businesses and our operations outside the United States are also subject to laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (regulations af) Tj ET Q q 0 0 0 rg BT 104.52 604.25 Td (fecting those businesses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 583.25 Td (Franchising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 562.25 Td (Our franchising business is subject to various state laws, as well as to regulations enacted by the Federal ) Tj ET Q q 0 0 0 rg BT 493.44 562.25 Td (T) Tj ET Q q 0 0 0 rg BT 499.20 562.25 Td (rade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Commission \("FTC"\). ) Tj ET Q q 0 0 0 rg BT 140.68 550.25 Td (A) Tj ET Q q 0 0 0 rg BT 147.35 550.25 Td ( number of states require franchisors to register with the state or to make extensive disclosures to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (potential franchisees in connection with of) Tj ET Q q 0 0 0 rg BT 220.04 538.25 Td (fers and sales in those states. ) Tj ET Q q 0 0 0 rg BT 337.33 538.25 Td (The FTC also regulates the manner and substance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (our disclosures to prospective franchisees. In addition, several states have "franchise relationship laws" or "business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (opportunity laws" that limit the ability of franchisors to terminate franchise agreements or to withhold consent to the renewal or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (transfer of those agreements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 481.25 Td (V) Tj ET Q q 0 0 0 rg BT 79.56 481.25 Td (acation Ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 460.25 Td (Our licensed vacation ownership properties are subject to extensive state regulation in both the state in which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (property is located and the states in which the property is marketed and sold. Marketing for these properties is also subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (federal regulation of certain marketing practices, including federal telemarketing regulations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 415.25 Td (V) Tj ET Q q 0 0 0 rg BT 78.06 415.25 Td (acation ownership license agreement with ILG/MVW) Tj ET Q q 0 0 0 rg BT 297.62 415.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 394.25 Td (In connection with the sale of our vacation ownership business to ILG/MVW) Tj ET Q q 0 0 0 rg BT 381.42 394.25 Td ( in 2014, we license to ILG/MVW) Tj ET Q q 0 0 0 rg BT 518.71 394.25 Td ( the right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (to develop, operate, manage, sell, and market vacation ownership resorts using the Hyatt brand. ) Tj ET Q q 0 0 0 rg BT 434.05 382.25 Td (Af) Tj ET Q q 0 0 0 rg BT 444.42 382.25 Td (filiates of ILG/MVW) Tj ET Q q 0 0 0 rg BT 529.78 382.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (approved third parties are required to conduct these activities pursuant to operational and performance requirements set forth in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (the license agreement, but we are exposed to the risks of ILG/MVW) Tj ET Q q 0 0 0 rg BT 323.06 358.25 Td ( defaulting under the license agreement. If we are unable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (maintain a good relationship with ILG/MVW) Tj ET Q q 0 0 0 rg BT 231.73 346.25 Td ( and/or the licensing agreement terminates due to a default or otherwise by ILG/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (MVW) Tj ET Q q 0 0 0 rg BT 74.63 334.25 Td (, our revenues could decrease and we may be unable to maintain or expand our presence in the vacation ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (segment. Contractual and other disagreements could expose us to liability or result in litigation costs or other expenses, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (could lower our profits. Under the terms of the master license agreement with ILG/MVW) Tj ET Q q 0 0 0 rg BT 407.30 310.25 Td (, we have certain rights in connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (with MVW's acquisition of ILG, including the right to terminate the master license agreement within one year after the closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (of MVW's acquisition and remove the Hyatt brand from such vacation ownership properties. If we terminate the master license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (agreement as noted above, we will be entitled to a termination fee. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 73.00 253.25 Td (International Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 232.25 Td (Our business operations in countries outside the United States are subject to a number of U.S. federal laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (regulations, including restrictions imposed by the Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 355.50 220.25 Td (Act \("FCP) Tj ET Q q 0 0 0 rg BT 396.73 220.25 Td (A"\) as well as trade sanctions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (administered by the Of) Tj ET Q q 0 0 0 rg BT 141.74 208.25 Td (fice of Foreign ) Tj ET Q q 0 0 0 rg BT 203.11 208.25 Td (Assets Control \("OF) Tj ET Q q 0 0 0 rg BT 284.23 208.25 Td (AC"\) and the Commerce Department. ) Tj ET Q q 0 0 0 rg BT 438.09 208.25 Td (The FCP) Tj ET Q q 0 0 0 rg BT 473.01 208.25 Td (A) Tj ET Q q 0 0 0 rg BT 479.68 208.25 Td ( is intended to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (prohibit bribery of foreign of) Tj ET Q q 0 0 0 rg BT 165.90 196.25 Td (ficials or parties and requires public companies in the United States to keep books and records that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (accurately and fairly reflect those companies' transactions. OF) Tj ET Q q 0 0 0 rg BT 298.18 184.25 Td (AC and the Commerce Department administer and enforce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (economic and trade sanctions based on U.S. foreign policy and national security goals against tar) Tj ET Q q 0 0 0 rg BT 438.04 172.25 Td (geted foreign states, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 160.25 Td (ganizations, and individuals. Some of our business operations are also subject to the laws and regulations of non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (jurisdictions, including the U.K. Bribery ) Tj ET Q q 0 0 0 rg BT 213.87 148.25 Td (Act and anti-corruption legislation in the countries in which we conduct operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 127.25 Td (If we, or our hospitality ventures, fail to comply with these laws and regulations, we could be exposed to claims for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (damages, financial penalties, reputational harm, incarceration of our colleagues, or restrictions on our operation or ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (of hotels and other properties, including the termination of our management, franchise, and ownership rights. ) Tj ET Q q 0 0 0 rg BT 488.87 103.25 Td (These restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (could increase our costs of operations, reduce our profits, or cause us to for) Tj ET Q q 0 0 0 rg BT 350.56 91.25 Td (go development opportunities that would otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (support our growth. ) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (The Iran Threat Reduction and Syria Human Rights ) Tj ET Q q 0 0 0 rg BT 269.68 742.25 Td (Act of 2012 could result in investigations by the U.S. Government ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 729.05 Td (against our Company and could) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 182.25 729.05 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 185.00 729.05 Td (harm our reputation and brands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 708.05 Td (The Iran ) Tj ET Q q 0 0 0 rg BT 108.96 708.05 Td (Threat Reduction and Syria Human Rights ) Tj ET Q q 0 0 0 rg BT 281.71 708.05 Td (Act of 2012 \("ITRSHR ) Tj ET Q q 0 0 0 rg BT 376.90 708.05 Td (Act"\) expanded sanctions against Iran and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.05 Td (Syria. In addition, the ITRSHR ) Tj ET Q q 0 0 0 rg BT 176.94 696.05 Td (Act instituted disclosure requirements in annual and quarterly reports for public companies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.05 Td (engaged in, or af) Tj ET Q q 0 0 0 rg BT 117.01 684.05 Td (filiated with an entity engaged in, specified activities under the ITRSHR ) Tj ET Q q 0 0 0 rg BT 408.60 684.05 Td (Act. ) Tj ET Q q 0 0 0 rg BT 427.49 684.05 Td (A) Tj ET Q q 0 0 0 rg BT 434.16 684.05 Td ( company subject to Section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.05 Td (219 of the ITRSHR ) Tj ET Q q 0 0 0 rg BT 130.56 672.05 Td (Act must make detailed disclosures about certain activities knowingly conducted by it or any of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.05 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 660.05 Td (filiates. No activities in 2018 required any disclosure. In the event Hyatt were to engage in certain activities that are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.05 Td (disclosure pursuant to Section 219 of the ITRSHR ) Tj ET Q q 0 0 0 rg BT 253.32 648.05 Td (Act and Section 13\(r\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 409.10 648.05 Td (Act, we would be required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.05 Td (separately file, concurrently with any ITRSHR ) Tj ET Q q 0 0 0 rg BT 239.12 636.05 Td (Act disclosure, a notice that such activities were disclosed in our quarterly or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.05 Td (annual report filings, which notice must also contain the information required by Section 13\(r\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 497.10 624.05 Td (Act. ) Tj ET Q q 0 0 0 rg BT 516.36 624.05 Td (The SEC is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.05 Td (required to post this notice of disclosure on its website and send the report to the President and certain Congressional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.05 Td (committees. ) Tj ET Q q 0 0 0 rg BT 100.92 600.05 Td (The President thereafter is required to initiate an investigation and, within 180 days of initiating such an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.05 Td (investigation, to determine whether sanctions should be imposed on the Company) Tj ET Q q 0 0 0 rg BT 376.79 588.05 Td (. Disclosure of such activities, even if they are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.05 Td (not subject to sanctions under applicable law) Tj ET Q q 0 0 0 rg BT 228.75 576.05 Td (, and any sanction actually imposed on us or our af) Tj ET Q q 0 0 0 rg BT 432.12 576.05 Td (filiates as a result of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.05 Td (activities, could harm our reputation and brands and have a negative impact on our results of operations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 543.05 Td (Adverse judgments or settlements resulting from legal proceedings in which we may be involved in the normal course of our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 531.05 Td (business could reduce our profits or limit our ability to operate our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 510.05 Td (In the normal course of our business, we are often involved in various legal proceedings. ) Tj ET Q q 0 0 0 rg BT 431.22 510.05 Td (The outcome of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.05 Td (proceedings cannot be predicted. If any of these proceedings were to be determined adversely to us or a settlement involving a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.05 Td (payment of a material sum of money were to occur) Tj ET Q q 0 0 0 rg BT 253.69 486.05 Td (, there could be a material adverse ef) Tj ET Q q 0 0 0 rg BT 400.65 486.05 Td (fect on our financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.05 Td (results of operations. ) Tj ET Q q 0 0 0 rg BT 135.54 474.05 Td (Additionally) Tj ET Q q 0 0 0 rg BT 185.44 474.05 Td (, we could become the subject of future claims by third parties, including current or former ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.05 Td (third-party property owners or franchisees, guests who use our properties, our employees, our investors, or regulators. ) Tj ET Q q 0 0 0 rg BT 523.49 462.05 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.05 Td (significant adverse judgments or settlements would reduce our profits and could limit our ability to operate our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.05 Td (Further) Tj ET Q q 0 0 0 rg BT 79.04 438.05 Td (, we may incur costs related to claims for which we have appropriate third-party indemnity if such third parties fail to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.05 Td (fulfill their contractual obligations. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 405.05 Td (The extensive environmental requirements to which we are subject could increase our environmental costs and liabilities, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 393.05 Td (reduce our profits, or limit our ability to run our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 372.05 Td (Our operations and the properties we develop, own, and manage are subject to extensive environmental laws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.05 Td (regulations of various federal, state, local, and foreign governments, including requirements addressing: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 339.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 339.05 Td (health and safety; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 318.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 318.05 Td (the use, management, storage, and disposal of hazardous substances and wastes; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 297.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 297.05 Td (dischar) Tj ET Q q 0 0 0 rg BT 132.70 297.05 Td (ges of waste materials into the environment, such as refuse or sewage; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 276.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 276.05 Td ( water dischar) Tj ET Q q 0 0 0 rg BT 159.90 276.05 Td (ge and supply; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 255.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 255.05 Td (air emissions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 234.05 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 234.05 Td (e could be subject to liability under some of these laws for the costs of investigating or remediating hazardous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.05 Td (substances or wastes on, under) Tj ET Q q 0 0 0 rg BT 172.63 222.05 Td (, or in real property we currently or formerly manage, own, or develop, or third-party sites where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.05 Td (we sent hazardous substances or wastes for disposal. ) Tj ET Q q 0 0 0 rg BT 262.82 210.05 Td (W) Tj ET Q q 0 0 0 rg BT 271.46 210.05 Td (e could be held liable under these laws regardless of whether we knew ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.05 Td (of, or were at fault in connection with, the presence or release of any such hazardous or toxic substances or wastes. Some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.05 Td (these laws make each covered person responsible for all of the costs involved, even if more than one person may have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.05 Td (responsible for the contamination. Furthermore, a person who arranges for hazardous substances or wastes to be transported, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.05 Td (disposed of, or treated of) Tj ET Q q 0 0 0 rg BT 149.51 162.05 Td (fsite, such as at disposal or treatment facilities, may be liable for the costs of removal or remediation if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.05 Td (those substances are released into the environment by third parties at such disposal or treatment facilities. ) Tj ET Q q 0 0 0 rg BT 473.86 150.05 Td (The presence or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.05 Td (release of hazardous or toxic substances or wastes, or the failure to properly clean up such materials, could cause us to incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.05 Td (significant costs, or jeopardize our ability to develop, use, sell, or rent real property we own or operate or to borrow using such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.05 Td (property as collateral. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 93.05 Td (Other laws and regulations require us to manage, abate, or remove materials containing hazardous substances such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.05 Td (mold, lead, or asbestos during demolitions, renovations, or remodeling at properties that we develop, own, or manage or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.05 Td (obtain permits for certain of our equipment or operations. ) Tj ET Q q 0 0 0 rg BT 282.53 69.05 Td (The costs of such management, abatement, removal, or permitting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.05 Td (could be substantial. Further) Tj ET Q q 0 0 0 rg BT 163.47 57.05 Td (, we may be subject to common law claims by third parties based on damages and costs resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.05 Td (from violations of environmental regulations or from contamination associated with one or more of our properties. Complying ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (with these laws and regulations, or addressing violations arising under them, could increase our environmental costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (liabilities, reduce our profits, or limit our ability to run our business. Existing environmental laws and regulations may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (revised or new more stringent laws and regulations related to global climate change, air quality) Tj ET Q q 0 0 0 rg BT 429.50 718.10 Td (, or other environmental and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (health concerns may be adopted or become applicable to us. ) Tj ET Q q 0 0 0 rg BT 292.78 706.10 Td (The identification of new areas of contamination, a change in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (extent or known scope of contamination or changes in cleanup requirements, or the adoption of new requirements governing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (our operations could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 238.90 682.10 Td (fect on our results or operations, financial condition, and business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (If the insurance that we, our owners, hospitality ventures, franchisees, or licensees carry does not suf) Tj ET Q q 0 0 0 rg BT 466.24 661.10 Td (ficiently cover damage ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (or other potential losses or liabilities involving properties that we own, manage, or franchise, our profits could be reduced. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 628.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 628.10 Td (e, our owners, hospitality ventures, and our franchisees and licensees carry insurance from solvent insurance carriers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (that we believe is adequate for foreseeable losses and with terms and conditions that are reasonable and customary) Tj ET Q q 0 0 0 rg BT 507.24 616.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Nevertheless, market forces beyond our control could limit the scope of the insurance coverage that we, our owners, hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (ventures, our franchisees, or licensees can obtain or restrict our ability) Tj ET Q q 0 0 0 rg BT 329.80 592.10 Td (, our owners', our hospitality ventures', our franchisees', ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (or licensees' ability to buy insurance coverage at reasonable rates. In the event of a substantial loss, the insurance coverage that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (we carry) Tj ET Q q 0 0 0 rg BT 84.05 568.10 Td (, our owners, hospitality ventures, franchisees, or licensees carry may not be suf) Tj ET Q q 0 0 0 rg BT 403.77 568.10 Td (ficient to pay the full value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (financial obligations, our liabilities, or the replacement cost of any lost investment or property loss. In addition, there are other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (risks that may fall outside of the general coverage limits of our policies, may be uninsurable, or with respect to which the cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (of insurance is too expensive to justify) Tj ET Q q 0 0 0 rg BT 203.76 532.10 Td (. In some cases, these factors could result in certain losses being completely uninsured. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (As a result, we could lose some or all of the capital we have invested in a property) Tj ET Q q 0 0 0 rg BT 378.69 520.10 Td (, as well as the anticipated future revenues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (profits, management fees, franchise fees, license fees, or incentive income from the property) Tj ET Q q 0 0 0 rg BT 419.20 508.10 Td (, we could remain obligated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (performance guarantees in favor of third-party property owners or for their debt or other financial obligations, suf) Tj ET Q q 0 0 0 rg BT 504.38 496.10 Td (fer an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (uninsured or underinsured property loss, or we may not have suf) Tj ET Q q 0 0 0 rg BT 307.82 484.10 Td (ficient insurance to cover awards of damages resulting from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (our liabilities. If the insurance that we carry) Tj ET Q q 0 0 0 rg BT 224.28 472.10 Td (, our owners, hospitality ventures, franchisees, or licensees carry does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 460.10 Td (ficiently cover damages or other losses or liabilities, our profits could be adversely af) Tj ET Q q 0 0 0 rg BT 402.87 460.10 Td (fected. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (Any failure to protect our trademarks and intellectual property could reduce the value of our brand names and harm our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 406.10 Td (The reputation and perception of our brands are critical to our success in the hospitality industry) Tj ET Q q 0 0 0 rg BT 457.96 406.10 Td (. ) Tj ET Q q 0 0 0 rg BT 462.78 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 471.42 406.10 Td (e regularly apply to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (register our trademarks in the United States and other countries. However) Tj ET Q q 0 0 0 rg BT 344.23 394.10 Td (, we cannot assure you that those trademark ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (registrations will be granted or that the steps we take to protect our trademarks or intellectual property in the United States and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (other countries will be adequate to prevent others, including third parties or former colleagues, from copying or using our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (trademarks or intellectual property without authorization. Our intellectual property is also vulnerable to unauthorized use in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (some countries outside the United States, where we may not be adequately protected by local law) Tj ET Q q 0 0 0 rg BT 439.23 346.10 Td (. If our trademarks or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (intellectual property are copied or used without authorization, the value of our brands, their reputation, our competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (advantages, and our goodwill could be harmed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 301.10 Td (Monitoring the unauthorized use of our intellectual property is dif) Tj ET Q q 0 0 0 rg BT 337.36 301.10 Td (ficult. ) Tj ET Q q 0 0 0 rg BT 363.29 301.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.92 301.10 Td (e may need to resort to litigation to enforce our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (intellectual property rights. Litigation of this type could be costly) Tj ET Q q 0 0 0 rg BT 310.41 289.10 Td (, force us to divert our resources, lead to counterclaims or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (other claims against us, or otherwise harm our business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (Third-party claims that we infringe their intellectual property rights could subject us to damages and other costs and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 223.10 Td (Third parties may make claims against us for infringing their intellectual property rights. ) Tj ET Q q 0 0 0 rg BT 430.57 223.10 Td (Any such claims, even those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (without merit, could: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 190.10 Td (be expensive and time consuming to defend; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 169.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 169.10 Td (force us to stop providing products or services that use the intellectual property that is being challenged; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 148.10 Td (force us to redesign or rebrand our products or services; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 127.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 127.10 Td (divert our management's attention and resources; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 106.10 Td (force us to enter into royalty or licensing agreements to obtain the right to use a third-party's intellectual property; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 94.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 73.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 73.10 Td (force us to pay significant damages. ) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (In addition, we may be required to indemnify third-party owners of the hotels we manage or franchise for any losses they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (incur as a result of any such third-party infringement claims. ) Tj ET Q q 0 0 0 rg BT 294.10 730.10 Td (Any necessary royalty or licensing agreements may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (available to us on acceptable terms. ) Tj ET Q q 0 0 0 rg BT 194.11 718.10 Td (Any costs, lost revenues, changes to our business, or management attention related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (intellectual property claims against us, whether successful or not, could impact our business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Changes in federal, state, local, or foreign tax law) Tj ET Q q 0 0 0 rg BT 255.47 685.10 Td (, interpretations of existing tax law) Tj ET Q q 0 0 0 rg BT 398.45 685.10 Td (, or agreements or disputes with tax ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (authorities could af) Tj ET Q q 0 0 0 rg BT 130.39 673.10 Td (fect our profitability and financial condition by increasing our tax costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 652.10 Td (Our global operations subject us to income and non-income based taxes such as sales, use, value added, goods and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (services, payroll, property) Tj ET Q q 0 0 0 rg BT 153.76 640.10 Td (, and franchise taxes in numerous jurisdictions. Our future tax expenses and liabilities could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 628.10 Td (fected by changes in tax laws or the interpretation of the tax laws, as well as changes in our business operations. Our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (tax expense could be af) Tj ET Q q 0 0 0 rg BT 143.67 616.10 Td (fected by changes in the composition of earnings in jurisdictions with dif) Tj ET Q q 0 0 0 rg BT 435.37 616.10 Td (fering tax rates, changes in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (valuation of our deferred tax assets and liabilities, or changes in determinations regarding the jurisdictions in which we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (subject to tax. From time to time the U.S. federal, state, local, and foreign governments make substantive changes to tax rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (and the application thereof, such as the 2017 ) Tj ET Q q 0 0 0 rg BT 230.60 580.10 Td (T) Tj ET Q q 0 0 0 rg BT 236.01 580.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 247.39 580.10 Td (Act, discussed below) Tj ET Q q 0 0 0 rg BT 331.45 580.10 Td (, and the Base Erosion and Profit Shifting project ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (\("BEPS"\) being undertaken by the Or) Tj ET Q q 0 0 0 rg BT 200.45 568.10 Td (ganization for Economic Cooperation and Development. Legislative and tax treaty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (changes and the interpretation thereof could result in materially higher corporate taxes than would be incurred under existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (tax law or interpretation and could adversely impact profitability) Tj ET Q q 0 0 0 rg BT 308.15 544.10 Td (. State and local tax authorities have also increased their ef) Tj ET Q q 0 0 0 rg BT 542.60 544.10 Td (forts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (to increase revenues through changes in tax law and audits. Such changes and proposals, if enacted, could increase our future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 520.10 Td (fective income tax rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 499.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 499.10 Td (e are subject to on-going and periodic audits by the Internal Revenue Service \("IRS"\) and various state, local, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (foreign tax authorities and currently are engaged in disputes with certain of such tax authorities. ) Tj ET Q q 0 0 0 rg BT 435.81 487.10 Td (W) Tj ET Q q 0 0 0 rg BT 444.44 487.10 Td (e have filed an ) Tj ET Q q 0 0 0 rg BT 504.97 487.10 Td (Advanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 80.83 475.10 Td (Agreement request to obtain certainty regarding our transfer pricing policy) Tj ET Q q 0 0 0 rg BT 379.24 475.10 Td (. ) Tj ET Q q 0 0 0 rg BT 384.06 475.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.70 475.10 Td (e are a party to certain agreements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (foreign tax authorities that reduce or defer the amount of tax we pay) Tj ET Q q 0 0 0 rg BT 322.02 463.10 Td (. ) Tj ET Q q 0 0 0 rg BT 326.84 463.10 Td (The ultimate results of the ) Tj ET Q q 0 0 0 rg BT 433.76 463.10 Td (Advanced Pricing ) Tj ET Q q 0 0 0 rg BT 507.63 463.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (or the expiration of such agreements, or changes in circumstances or in the interpretation of such agreements, could increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (our tax costs. ) Tj ET Q q 0 0 0 rg BT 105.37 439.10 Td (W) Tj ET Q q 0 0 0 rg BT 114.00 439.10 Td (e believe we have established adequate reserves for potential tax liabilities, but the final amount of taxes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (including interest and penalties, assessed and paid could exceed the amount of such reserves, which could reduce our profits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (and cash position. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (U.S. tax legislation may materially adversely af) Tj ET Q q 0 0 0 rg BT 243.69 394.10 Td (fect our financial condition, results of operations, and cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 370.10 Td (The 2017 ) Tj ET Q q 0 0 0 rg BT 112.87 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 118.28 370.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 129.66 370.10 Td (Act and related interpretive guidance, including ) Tj ET Q q 0 0 0 rg BT 323.02 370.10 Td (T) Tj ET Q q 0 0 0 rg BT 328.77 370.10 Td (reasury regulations in both proposed and final form, have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (significantly changed the U.S. federal income taxation of U.S. corporations. ) Tj ET Q q 0 0 0 rg BT 356.12 358.10 Td (The interpretation of this legislation remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (unclear in some respects and continues to be subject to technical corrections and interpretive guidance. ) Tj ET Q q 0 0 0 rg BT 463.55 346.10 Td (There may be other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.88 334.10 Td (fects resulting from subsequent interpretation of the legislation that we have not yet identified. ) Tj ET Q q 0 0 0 rg BT 505.87 334.10 Td (While some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (of the changes may adversely af) Tj ET Q q 0 0 0 rg BT 178.37 322.10 Td (fect the Company in one or more reporting periods and prospectively) Tj ET Q q 0 0 0 rg BT 454.31 322.10 Td (, other changes may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (beneficial. In addition, it is unclear how some state and local jurisdictions will conform to these U.S. federal income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (changes, which often use federal taxable income as a starting point for computing state and local tax liabilities, or how the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (changes will be viewed by foreign governments. ) Tj ET Q q 0 0 0 rg BT 246.43 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.07 286.10 Td (e continue to review new regulations and guidance as it is released to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (determine the full impact of the tax legislation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 253.10 Td (e are exposed to counterparty and credit risk and fluctuations in the market values of our investment portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 232.10 Td (All of our cash not required to fund our daily operating activities is invested in interest-bearing investments with a greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (focus placed on capital preservation than on investment return. ) Tj ET Q q 0 0 0 rg BT 303.62 220.10 Td (The majority of our cash and cash equivalent balances are held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (on deposit with high quality financial institutions that hold long-term ratings of at least BBB or Baa from S&P) Tj ET Q q 0 0 0 rg BT 491.80 208.10 Td ( or Moody's, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 196.10 Td (, and in ) Tj ET Q q 0 0 0 rg BT 129.33 196.10 Td (AAA-rated money market funds. ) Tj ET Q q 0 0 0 rg BT 263.46 196.10 Td (As such, we are exposed to counterparty risk on our cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (equivalent balances at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.79 184.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.38 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.19 184.10 Td (W) Tj ET Q q 0 0 0 rg BT 232.83 184.10 Td (e also have established investment accounts for purposes of investing portions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (our cash resources for the ) Tj ET Q q 0 0 0 rg BT 155.05 172.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.69 172.10 Td (orld of Hyatt loyalty program, certain benefit programs, and our captive insurance companies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (Although we have not recognized any significant losses to date on these investments, any significant declines in their market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (values could materially adversely af) Tj ET Q q 0 0 0 rg BT 194.20 148.10 Td (fect our financial condition and operating results. Credit ratings and pricing of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (investments can be negatively af) Tj ET Q q 0 0 0 rg BT 180.33 136.10 Td (fected by liquidity) Tj ET Q q 0 0 0 rg BT 252.99 136.10 Td (, credit deterioration, financial results, economic risk, political risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (sovereign risk, or other factors. ) Tj ET Q q 0 0 0 rg BT 176.91 124.10 Td (As a result, the value and liquidity of our investments could decline and result in impairments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (which could materially adversely af) Tj ET Q q 0 0 0 rg BT 193.10 112.10 Td (fect our financial condition and operating results. ) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Risks Related to Shar) Tj ET Q q 0 0 0 rg BT 142.32 742.25 Td (e Ownership and Other) Tj ET Q q 0 0 0 rg BT 242.98 742.25 Td ( Stockholder) Tj ET Q q 0 0 0 rg BT 296.97 742.25 Td ( Matters) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Our stock price has been and is likely to continue to be volatile, and you may not be able to resell shares of your Class) Tj ET Q q 0 0 0 rg BT 536.29 721.25 Td (A) Tj ET Q q 0 0 0 rg BT 542.41 721.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (common stock at or above the price you paid. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 688.25 Td (The stock market in general, and hospitality companies in particular) Tj ET Q q 0 0 0 rg BT 345.73 688.25 Td (, including us, have experienced price and volume ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (fluctuations that have often been unrelated or disproportionate to the operating performance of the underlying businesses. ) Tj ET Q q 0 0 0 rg BT 538.28 676.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (market volatility) Tj ET Q q 0 0 0 rg BT 115.72 664.25 Td (, as well as general economic, market, or political conditions, could reduce the market price of shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 652.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 652.25 Td ( common stock in spite of our operating performance. In addition, companies that own or lease a greater proportion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (properties have at times experienced disproportionate volatility and price and volume fluctuations, and we expect this dynamic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (to continue. ) Tj ET Q q 0 0 0 rg BT 99.53 628.25 Td (These broad market and industry factors may seriously harm the market price of our Class) Tj ET Q q 0 0 0 rg BT 462.48 628.25 Td (A) Tj ET Q q 0 0 0 rg BT 469.15 628.25 Td ( common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (regardless of our actual operating performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 595.25 Td (In addition to the risks described in this section, several factors that could cause the price of our Class) Tj ET Q q 0 0 0 rg BT 482.78 595.25 Td (A) Tj ET Q q 0 0 0 rg BT 489.45 595.25 Td ( common stock in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (the public market to fluctuate significantly include, among others, the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 562.25 Td (quarterly variations in our operating results compared to market expectations; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 541.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 541.25 Td (annual variations in our operating results compared to our guidance;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 520.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 520.25 Td (announcements of acquisitions of or investments in other businesses and properties or dispositions; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 499.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 499.25 Td (announcements of new services or products or significant price reductions by us or our competitors; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 478.25 Td (size of our public float; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 457.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 457.25 Td (future conversions to and sales of our Class) Tj ET Q q 0 0 0 rg BT 280.08 457.25 Td (A) Tj ET Q q 0 0 0 rg BT 286.75 457.25 Td ( common stock by current holders of Class B common stock in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 445.25 Td (public market, or the perception in the market that the holders of a lar) Tj ET Q q 0 0 0 rg BT 382.05 445.25 Td (ge number of shares of Class B common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 433.25 Td (stock intend to sell shares; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 412.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 412.25 Td (stock price performance of our competitors; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 391.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 391.25 Td (fluctuations in stock market prices and volumes in the U.S. and abroad;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 370.25 Td (low investor confidence; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 349.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 349.25 Td (default on our indebtedness or foreclosure of our properties; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 328.25 Td (changes in senior management or key personnel; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 307.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 307.25 Td (downgrades or changes in financial estimates by securities analysts or negative reports published by securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 295.25 Td (analysts about our business or the hospitality industry in general; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 274.25 Td (negative earnings or other announcements by us or other hospitality companies; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 253.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 253.25 Td (downgrades in our credit ratings or the credit ratings of our competitors; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 232.25 Td (issuances or repurchases of equity or debt securities; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 211.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 211.25 Td (a decision to pay or not to pay dividends; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 190.25 Td (cyber incidents and information technology failures;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 169.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 169.25 Td (terrorist activities or threats of such activities, civil or political unrest, or war; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 148.25 Td (global economic, legal, and regulatory factors unrelated to our performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 127.25 Td (V) Tj ET Q q 0 0 0 rg BT 79.93 127.25 Td (olatility in the market price of our Class) Tj ET Q q 0 0 0 rg BT 241.56 127.25 Td (A) Tj ET Q q 0 0 0 rg BT 248.23 127.25 Td ( common stock may prevent investors from being able to sell their Class) Tj ET Q q 0 0 0 rg BT 539.57 127.25 Td (A) Tj ET Q q 0 0 0 rg BT 546.24 127.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (common stock at or above the price at which they purchased the stock. ) Tj ET Q q 0 0 0 rg BT 334.91 115.25 Td (As a result, investors may suf) Tj ET Q q 0 0 0 rg BT 453.05 115.25 Td (fer a loss on their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (investment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 82.25 Td (Securities class action litigation has often been instituted against companies following periods of volatility in the overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (market and in the market price of a company's securities. ) Tj ET Q q 0 0 0 rg BT 280.15 70.25 Td (This litigation, if instituted against us, could result in substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (costs, reduce our profits, divert our management's attention and resources, and harm our business. ) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (There can be no assurance that we will continue to declare or pay dividends in the future or that we will continue to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (repurchase shares pursuant to our share repurchase program consistent with historical amounts or at all.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.25 Td (While we currently pay a quarterly cash dividend to our stockholders, we may change our dividend policy at any time, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (and we may not continue to declare cash dividends. Further) Tj ET Q q 0 0 0 rg BT 287.86 697.25 Td (, pursuant to our share repurchase program, we are authorized to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (purchase shares of our common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (to a Rule 10b5-1 plan or an accelerated share repurchase transaction. Our dividend payments or share repurchase program may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (change from time to time, and we may not continue to declare dividends or repurchase shares in any particular amounts, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (amounts consistent with historical practice, or at all. Our repurchase program does not obligate the Company to repurchase any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (specific dollar amount or to acquire any specific number of shares and the timing and amount of repurchases, if any) Tj ET Q q 0 0 0 rg BT 511.97 637.25 Td (, will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (depend upon several factors, including market and business conditions, the timing and amount of cash proceeds from asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (dispositions, the timing and amount of any 1031-exchange transactions and other tax-planning matters, the trading price of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (common stock, the nature of other investment opportunities, and other factors as our board of directors may deem relevant from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (time to time. ) Tj ET Q q 0 0 0 rg BT 102.77 589.25 Td (A) Tj ET Q q 0 0 0 rg BT 109.44 589.25 Td ( reduction in or elimination of our dividend payments or repurchase activity could have a negative ef) Tj ET Q q 0 0 0 rg BT 512.46 589.25 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (stock price, increase volatility) Tj ET Q q 0 0 0 rg BT 169.31 577.25 Td (, or fail to enhance shareholder value. ) Tj ET Q q 0 0 0 rg BT 322.11 577.25 Td (The actual declaration and payment of future dividends, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (amount of any such dividends, and the establishment of record and payment dates, if any) Tj ET Q q 0 0 0 rg BT 404.81 565.25 Td (, are subject to determination by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.25 Td (board of directors after its review of our business strategy) Tj ET Q q 0 0 0 rg BT 280.11 553.25 Td (, applicable debt covenants, financial performance and position, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.25 Td (other factors as our board of directors may deem relevant from time to time. Our declaration and payment of future dividends is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (subject to risks and uncertainties, including: deterioration of our financial performance or position, inability to declare a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.25 Td (dividend in compliance with applicable laws or debt covenants, an increase in our cash needs or decrease in available cash, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (the business judgment of the board of directors that a declaration of a dividend is not in the best interest of our shareholders.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (Reports published by securities or industry analysts, including projections in those reports that exceed our actual results, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 124.24 472.25 Td (fect our stock price and trading volume. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 451.25 Td (Securities research analysts have established and publish their own quarterly projections for our business. ) Tj ET Q q 0 0 0 rg BT 498.43 451.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (projections may vary widely from one another and may not accurately predict the results we actually achieve. Our stock price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (may decline if our actual results do not match securities research analysts' projections. Similarly) Tj ET Q q 0 0 0 rg BT 433.81 427.25 Td (, if one or more of the analysts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (who writes reports on us downgrades our stock or publishes inaccurate or unfavorable research about our business, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (hospitality industry in general, our stock price could decline. If one or more of these analysts cease coverage of our company or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (fail to publish reports on us regularly) Tj ET Q q 0 0 0 rg BT 197.66 391.25 Td (, our stock price or trading volume could decline. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Anti-takeover provisions in our organizational documents and Delaware law) Tj ET Q q 0 0 0 rg BT 364.67 370.25 Td (, as well as agreements with our major ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (stockholders, may discourage or prevent a change of control, even if a sale of Hyatt would be beneficial to our stockholders, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (which could cause our stock price to decline and prevent attempts by our stockholders to replace or remove our current ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (board of directors or management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 313.25 Td (Our amended and restated certificate of incorporation and bylaws, as well as agreements with our major stockholders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (contain provisions that may make it dif) Tj ET Q q 0 0 0 rg BT 206.46 301.25 Td (ficult to remove our board of directors and management and may discourage or delay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td ("change of control" transactions that certain stockholders may view as beneficial or could involve the payment of a premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (over prevailing market prices for our Class) Tj ET Q q 0 0 0 rg BT 223.56 277.25 Td (A) Tj ET Q q 0 0 0 rg BT 230.23 277.25 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 296.15 277.25 Td (These provisions include, among others: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 256.25 Td (Our amended and restated certificate of incorporation provides for a dual class ownership structure, in which our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 244.25 Td (Class B common stock is entitled to ten votes per share and our Class) Tj ET Q q 0 0 0 rg BT 383.96 244.25 Td (A) Tj ET Q q 0 0 0 rg BT 390.63 244.25 Td ( common stock is entitled to one vote per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 232.25 Td (share. ) Tj ET Q q 0 0 0 rg BT 129.55 232.25 Td (As a result of this structure, our major stockholders have significant influence or actual control over matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 220.25 Td (requiring stockholder approval. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 199.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 199.25 Td (V) Tj ET Q q 0 0 0 rg BT 109.93 199.25 Td (oting agreements entered into with or among our major stockholders require these stockholders to vote their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 187.25 Td (shares consistent with the recommendation of our board of directors, assuming in certain instances that a majority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 175.25 Td (of a minimum of three independent directors \(excluding for such purposes any Pritzker\) or) Tj ET Q q 0 0 0 rg BT 465.99 175.25 Td (, in the case of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 163.25 Td (transactions involving us and an af) Tj ET Q q 0 0 0 rg BT 242.96 163.25 Td (filiate, all of such minimum of three independent directors \(excluding for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 151.25 Td (purposes any Pritzker\) agree with the recommendation. ) Tj ET Q q 0 0 0 rg BT 327.63 151.25 Td (While the voting agreements are in ef) Tj ET Q q 0 0 0 rg BT 477.95 151.25 Td (fect, they may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 139.25 Td (provide our board of directors with ef) Tj ET Q q 0 0 0 rg BT 254.33 139.25 Td (fective control over matters requiring stockholder approval. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 118.25 Td (Lock-up agreements entered into with stockholders party to our 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 439.34 118.25 Td (Agreement limit the ability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 106.25 Td (these stockholders to sell their shares to any person who would be required to file a Schedule 13D with the SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 94.25 Td (disclosing an intent to acquire the shares other than for investment purposes and, in certain instances, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 82.25 Td (competitors of ours in the hospitality) Tj ET Q q 0 0 0 rg BT 250.83 82.25 Td (, lodging, or gaming industries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 61.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 61.25 Td (Stockholders party to our 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 286.34 61.25 Td (Agreement have agreed, subject to certain limited exceptions, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 49.25 Td ("standstill" provisions that prevent the stockholders from acquiring additional shares of our common stock, ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (making or participating in acquisition proposals for us, or soliciting proxies in connection with meetings of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (stockholders, unless the stockholders are invited to do so by our board of directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 709.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 709.10 Td (Our board of directors is divided into three classes, with each class serving for a staggered three-year term, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 697.10 Td (prevents stockholders from electing an entirely new board of directors at an annual meeting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 676.10 Td (Our directors may be removed only for cause, which prevents stockholders from being able to remove directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 664.10 Td (without cause other than those directors who are being elected at an annual meeting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 643.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 643.10 Td (Our amended and restated certificate of incorporation does not provide for cumulative voting in the election of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 631.10 Td (directors. ) Tj ET Q q 0 0 0 rg BT 143.43 631.10 Td (As a result, holders of our Class B common stock will control the election of directors and the ability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 619.10 Td (holders of our Class) Tj ET Q q 0 0 0 rg BT 186.22 619.10 Td (A) Tj ET Q q 0 0 0 rg BT 192.89 619.10 Td ( common stock to elect director candidates will be limited. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 598.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.11 598.10 Td (acancies on our board of directors, and any newly created director positions created by the expansion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 586.10 Td (board of directors, may be filled only by a majority of remaining directors then in of) Tj ET Q q 0 0 0 rg BT 440.94 586.10 Td (fice. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 565.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 565.10 Td (Actions to be taken by our stockholders may only be ef) Tj ET Q q 0 0 0 rg BT 324.88 565.10 Td (fected at an annual or special meeting of our stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 553.10 Td (and not by written consent. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 532.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 532.10 Td (Special meetings of our stockholders can be called only by the Chairman of the Board or by our corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 520.10 Td (secretary at the direction of our board of directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 499.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 499.10 Td (Advance notice procedures that stockholders must comply with in order to nominate candidates to our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 487.10 Td (directors and propose matters to be brought before an annual meeting of our stockholders may discourage or deter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 475.10 Td (a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 463.10 Td (otherwise attempting to obtain control of our company) Tj ET Q q 0 0 0 rg BT 321.91 463.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 442.10 Td (Our board of directors may) Tj ET Q q 0 0 0 rg BT 212.20 442.10 Td (, without stockholder approval, issue series of preferred stock, or rights to acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 430.10 Td (preferred stock, that could dilute the interest of, or impair the voting power of, holders of our common stock or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 418.10 Td (could also be used as a method of discouraging, delaying, or preventing a change of control. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 397.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 397.10 Td (An af) Tj ET Q q 0 0 0 rg BT 126.31 397.10 Td (firmative vote of the holders of at least 80% of the voting power of our outstanding capital stock entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 385.10 Td (vote is required to amend any provision of our certificate of incorporation or bylaws. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (Pritzker family business interests have substantial control over us and have the ability to control the election of directors ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (and other matters submitted to stockholders for approval, which will limit your ability to influence corporate matters or ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (result in actions that you do not believe to be in our interests or your interests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 319.10 Td (Our Class B common stock is entitled to ten votes per share and our Class) Tj ET Q q 0 0 0 rg BT 372.01 319.10 Td (A) Tj ET Q q 0 0 0 rg BT 378.68 319.10 Td ( common stock is entitled to one vote per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 75.55 307.10 Td (At January 31, 2019, Pritzker family business interests beneficially own, in the aggregate, 64,845,433 shares, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (approximately 96.6%, of our Class B common stock, and 55,505 shares, or 0.1%, of Class ) Tj ET Q q 0 0 0 rg BT 412.73 295.10 Td (A) Tj ET Q q 0 0 0 rg BT 419.40 295.10 Td ( common stock, representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (approximately 61.2% of the outstanding shares of our common stock and approximately 91.3% of the total voting power of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (outstanding common stock. ) Tj ET Q q 0 0 0 rg BT 162.22 271.10 Td (As a result, consistent with the voting agreements contained in the ) Tj ET Q q 0 0 0 rg BT 429.38 271.10 Td (Amended and Restated Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (Hyatt ) Tj ET Q q 0 0 0 rg BT 74.17 259.10 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 152.19 259.10 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 334.93 259.10 Td (Agreement, Pritzker family business interests will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (able to exert a significant degree of influence or actual control over our management and af) Tj ET Q q 0 0 0 rg BT 415.49 247.10 Td (fairs and over matters requiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (stockholder approval, including the election of directors, a mer) Tj ET Q q 0 0 0 rg BT 301.40 235.10 Td (ger) Tj ET Q q 0 0 0 rg BT 313.77 235.10 Td (, consolidation, or sale of all or substantially all of our assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (and any other significant transaction. ) Tj ET Q q 0 0 0 rg BT 200.33 223.10 Td (While the voting agreements are in ef) Tj ET Q q 0 0 0 rg BT 350.64 223.10 Td (fect, they may provide our board of directors with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 211.10 Td (fective control over matters requiring stockholder approval. Because of our dual class ownership structure, Pritzker family ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (business interests will continue to exert a significant degree of influence or actual control over matters requiring stockholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (approval, even if they own less than 50% of the outstanding shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 409.74 187.10 Td (This concentrated control will limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (your ability to influence corporate matters, and the interests of Pritzker family business interests may not coincide with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (interests or your interests. ) Tj ET Q q 0 0 0 rg BT 155.26 163.10 Td (As a result, we may take actions that you do not believe to be in our interests or your interests and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (that could depress our stock price. See also "V) Tj ET Q q 0 0 0 rg BT 244.69 151.10 Td (oting agreements entered into with or among our major stockholders, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (Pritzker family business interests, will result in a substantial number of our shares being voted consistent with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (recommendation of our board of directors, and may limit your ability to influence the election of directors and other matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (submitted to stockholders for approval.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 94.10 Td (In addition, the dif) Tj ET Q q 0 0 0 rg BT 148.25 94.10 Td (ference in the voting rights between our Class) Tj ET Q q 0 0 0 rg BT 333.76 94.10 Td (A) Tj ET Q q 0 0 0 rg BT 340.43 94.10 Td ( common stock and Class B common stock could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (diminish the value of the Class) Tj ET Q q 0 0 0 rg BT 175.54 82.10 Td (A) Tj ET Q q 0 0 0 rg BT 182.21 82.10 Td ( common stock to the extent that investors or any potential future purchasers of our common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (stock ascribe value to the superior voting rights of the Class B common stock. ) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Disputes among Pritzker family members and among Pritzker family members and the trustees of the Pritzker family trusts ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (may result in significant distractions to our management, disrupt our business, have a negative ef) Tj ET Q q 0 0 0 rg BT 450.98 730.25 Td (fect on the trading price of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (our Class) Tj ET Q q 0 0 0 rg BT 91.31 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 97.43 718.25 Td ( common stock, and/or generate negative publicity about Hyatt and the Pritzker family) Tj ET Q q 0 0 0 rg BT 452.32 718.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 697.25 Td (In the past, disputes have arisen between and among certain Pritzker family members, and between and among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (beneficiaries of the Pritzker family trusts and the trustees of such trusts, with respect to, among other things, the ownership, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (operation, governance, and management of certain Pritzker family business interests. In connection with certain of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (disputes, claims were alleged, and in certain cases, proceedings were initiated, against certain Pritzker family members, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (including ) Tj ET Q q 0 0 0 rg BT 90.09 649.25 Td (Thomas J. Pritzker) Tj ET Q q 0 0 0 rg BT 164.96 649.25 Td (, our executive chairman, and other Pritzker family members, some of whom have been or are our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (directors, and against the trustees, including ) Tj ET Q q 0 0 0 rg BT 228.11 637.25 Td (Thomas J. Pritzker in his former capacity as a co-trustee of the Pritzker family U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (situs trusts. Such past allegations related to, among others, trust management and administration and violations of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (trustee duties, including fiduciary duties. Some of these disputes led to significant negative publicity for the Pritzker family) Tj ET Q q 0 0 0 rg BT 542.85 613.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (These disputes were resolved with no admissions or finding of any misconduct. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 580.25 Td (Disputes among Pritzker family members, and between and among beneficiaries of the Pritzker family trusts and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (trustees of such trusts, including with respect to Hyatt, may arise or continue in the future. If such disputes occur) Tj ET Q q 0 0 0 rg BT 500.04 568.25 Td (, they may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (result in significant distractions to our management, disrupt our business, have a negative ef) Tj ET Q q 0 0 0 rg BT 417.78 556.25 Td (fect on the trading price of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (Class) Tj ET Q q 0 0 0 rg BT 73.62 544.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 544.25 Td ( common stock, and/or generate negative publicity about Hyatt and Pritzker family members, including Pritzker family ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (members involved with Hyatt. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.56 511.25 Td (oting agreements entered into with or among our major stockholders, including Pritzker family business interests, will ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (result in a substantial number of our shares being voted consistent with the recommendation of our board of directors, and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (may limit your ability to influence the election of directors and other matters submitted to stockholders for approval. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 466.25 Td (Pritzker family business interests, which beneficially own at January 31, 2019, directly or indirectly) Tj ET Q q 0 0 0 rg BT 472.69 466.25 Td (, 64,900,938 shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (or 61.2% of our total outstanding common stock and control approximately 91.3% of our total voting power) Tj ET Q q 0 0 0 rg BT 482.29 454.25 Td (, have entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (a voting agreement with respect to all shares of common stock beneficially owned by Pritzker family business interests. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (the term of the voting agreement, which expires on the date upon which more than 75% of the Company's fully diluted shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (of common stock is owned by non-Pritzker family business interests, Pritzker family business interests have agreed to vote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (their shares of our common stock consistent with the recommendation of our board of directors with respect to all matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (\(assuming agreement as to any such matter by a majority of a minimum of three independent directors \(excluding for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (purposes any Pritzker\)\) or) Tj ET Q q 0 0 0 rg BT 153.74 382.25 Td (, in the case of transactions involving us and an af) Tj ET Q q 0 0 0 rg BT 353.22 382.25 Td (filiate, assuming agreement of all of such minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (of three independent directors \(excluding for such purposes any Pritzker\). In addition, at January 31, 2019, the stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (party to the 2007 Stockholder's ) Tj ET Q q 0 0 0 rg BT 176.51 358.25 Td (Agreement beneficially own, in the aggregate, approximately 3.4% of our outstanding Class B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (common stock, representing approximately 3.2% of the total voting power of our outstanding common stock. Pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (2007 Stockholder's ) Tj ET Q q 0 0 0 rg BT 128.47 334.25 Td (Agreement, the stockholders party thereto have entered into a voting agreement with us, with respect to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (shares of common stock that they beneficially own, and have agreed to vote their shares of common stock consistent with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (recommendation of our board of directors, without any separate requirement that our independent directors agree with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (recommendation. ) Tj ET Q q 0 0 0 rg BT 122.02 298.25 Td (These voting agreements expire on the date that ) Tj ET Q q 0 0 0 rg BT 315.65 298.25 Td (Thomas J. Pritzker is no longer chairman of our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (directors. See Part I, Item 1, "BusinessStockholder ) Tj ET Q q 0 0 0 rg BT 264.60 286.25 Td (Agreements.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 265.25 Td (While the voting agreements are in ef) Tj ET Q q 0 0 0 rg BT 224.31 265.25 Td (fect, they may provide our board of directors with ef) Tj ET Q q 0 0 0 rg BT 434.06 265.25 Td (fective control over matters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (requiring stockholder approval, including the election of directors, a mer) Tj ET Q q 0 0 0 rg BT 340.56 253.25 Td (ger) Tj ET Q q 0 0 0 rg BT 352.92 253.25 Td (, consolidation, or sale of all or substantially all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (our assets and any other significant transaction. ) Tj ET Q q 0 0 0 rg BT 241.99 241.25 Td (This is because the number of our shares that are required by the voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (agreements to be voted consistent with the recommendation of our board of directors will be suf) Tj ET Q q 0 0 0 rg BT 434.43 229.25 Td (ficient to determine the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (outcome of the election of directors and other matters submitted to stockholders for approval. ) Tj ET Q q 0 0 0 rg BT 426.10 217.25 Td (This will limit your ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (influence the election of directors and other matters submitted to stockholders for approval, even if you do not believe those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (actions to be in our interests or your interests. For instance, the voting agreements may have the ef) Tj ET Q q 0 0 0 rg BT 443.32 193.25 Td (fect of delaying or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (preventing a transaction that would result in a change of control, if our board of directors does not recommend that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (stockholders vote in favor of the transaction, even if you or some or all of our major stockholders believe that the transaction is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (in our interests or your interests. On the other hand, the voting agreements may result in our stockholders approving a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (transaction that would result in a change of control, if our board of directors recommends that our stockholders vote in favor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (the transaction, even if you or some or all of our major stockholders believe that the transaction is not in our interests or your ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (interests. ) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.12 742.25 Td ( significant number of shares of Class ) Tj ET Q q 0 0 0 rg BT 214.94 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 221.06 742.25 Td ( common stock issuable upon conversion of Class B common stock could be sold ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (into the market, which could depress our stock price even if our business is doing well. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.25 Td (Future sales in the public market of Class ) Tj ET Q q 0 0 0 rg BT 241.75 709.25 Td (A) Tj ET Q q 0 0 0 rg BT 248.42 709.25 Td ( common stock issuable upon conversion of Class B common stock, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (perception in the market that the holders of a lar) Tj ET Q q 0 0 0 rg BT 242.25 697.25 Td (ge number of shares of Class B common stock intend to sell shares, could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (reduce the market price of our Class ) Tj ET Q q 0 0 0 rg BT 196.89 685.25 Td (A) Tj ET Q q 0 0 0 rg BT 203.56 685.25 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 269.11 685.25 Td (At January 31, 2019, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.31 685.25 Td (38,870,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.31 685.25 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 495.75 685.25 Td (A) Tj ET Q q 0 0 0 rg BT 502.42 685.25 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (stock outstanding and 67,1) Tj ET Q q 0 0 0 rg BT 156.84 673.25 Td (15,828 shares of Class B common stock outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 652.25 Td (At January 31, 2019, 38,818,405 shares of Class ) Tj ET Q q 0 0 0 rg BT 269.54 652.25 Td (A) Tj ET Q q 0 0 0 rg BT 276.21 652.25 Td ( common stock are freely tradable in the public market without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (restriction or further registration under the Securities ) Tj ET Q q 0 0 0 rg BT 262.99 640.25 Td (Act of 1933, as amended \(the "Securities ) Tj ET Q q 0 0 0 rg BT 428.69 640.25 Td (Act"\) unless these shares are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (held by any of our "af) Tj ET Q q 0 0 0 rg BT 137.49 628.25 Td (filiates," as that term is defined in Rule 144 under the Securities ) Tj ET Q q 0 0 0 rg BT 395.12 628.25 Td (Act \("Rule 144"\). ) Tj ET Q q 0 0 0 rg BT 468.09 628.25 Td (The remaining 52,398 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (outstanding shares of Class ) Tj ET Q q 0 0 0 rg BT 161.10 616.25 Td (A) Tj ET Q q 0 0 0 rg BT 167.77 616.25 Td ( common stock and 67,1) Tj ET Q q 0 0 0 rg BT 265.44 616.25 Td (15,828 outstanding shares of Class B common stock are deemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td ("restricted securities," as that term is defined in Rule 144. Restricted securities may be sold in the public market only if they are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (registered under the Securities ) Tj ET Q q 0 0 0 rg BT 173.29 592.25 Td (Act or they qualify for an exemption from registration under Rule 144 or Rule 701 under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 580.25 Td (Act \("Rule 701"\). Of these restricted securities, 2,270,395 shares of Class B common stock are held by shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 176.51 568.25 Td (Agreement and are otherwise eligible to be sold at any time, subject to the applicable rights of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (first refusal, "drag along" rights and other restrictions contained in the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 411.00 556.25 Td (Agreement. See Part I, Item 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td ("BusinessStockholder ) Tj ET Q q 0 0 0 rg BT 149.92 544.25 Td (Agreements2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 286.70 544.25 Td (Agreement." ) Tj ET Q q 0 0 0 rg BT 339.65 544.25 Td (Another 12,953 shares of Class ) Tj ET Q q 0 0 0 rg BT 466.86 544.25 Td (A) Tj ET Q q 0 0 0 rg BT 473.53 544.25 Td ( common stock that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (are deemed restricted securities are otherwise eligible to be sold at any time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 511.25 Td (The rest of the restricted securities, consisting of 64,845,433 shares of Class B common stock and 39,445 shares of Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 499.25 Td ( common stock, together with 16,060 shares of Class ) Tj ET Q q 0 0 0 rg BT 270.25 499.25 Td (A) Tj ET Q q 0 0 0 rg BT 276.92 499.25 Td ( common stock previously registered, are subject to contractual lock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (up and certain other restrictions contained in the ) Tj ET Q q 0 0 0 rg BT 244.94 487.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 394.07 487.25 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 472.09 487.25 Td (Amended and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 174.42 475.25 Td (Agreement as described in Part I, Item 1, "BusinessStockholder ) Tj ET Q q 0 0 0 rg BT 440.95 475.25 Td (Agreements." ) Tj ET Q q 0 0 0 rg BT 498.17 475.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (contractual restrictions may be amended, waived, or terminated by the parties to those agreements in accordance with the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (of such agreements without our consent and without notice; the 25% limitation on sales of our common stock may) Tj ET Q q 0 0 0 rg BT 507.04 451.25 Td (, with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (to each 12 month period, be increased to a higher percentage or waived entirely by the unanimous af) Tj ET Q q 0 0 0 rg BT 451.89 439.25 Td (firmative vote of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (independent directors \(excluding for such purposes any Pritzker\). ) Tj ET Q q 0 0 0 rg BT 313.54 427.25 Td (All such shares of Class ) Tj ET Q q 0 0 0 rg BT 411.58 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 418.25 427.25 Td ( common stock, including shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 415.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 415.25 Td ( common stock issuable upon conversion of shares of Class B common stock, will be eligible for resale in compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (with Rule 144 or Rule 701 to the extent the lock-up restrictions contained in the ) Tj ET Q q 0 0 0 rg BT 371.32 403.25 Td (Amended and Restated Global Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (Agreement or the ) Tj ET Q q 0 0 0 rg BT 121.92 391.25 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 304.66 391.25 Td (Agreement, as applicable, are waived or terminated with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.25 Td (to such shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 358.25 Td (Assuming the lock-up restrictions contained in the ) Tj ET Q q 0 0 0 rg BT 276.07 358.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 425.21 358.25 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 503.23 358.25 Td (Amended and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 174.42 346.25 Td (Agreement are not amended, waived, or terminated and that there are no transfers of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (amongst Pritzker family stockholders, and further assuming the parties to these agreements sell the maximum amount permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (to be sold during the first time period that such shares are eligible to be sold as set forth below) Tj ET Q q 0 0 0 rg BT 426.21 322.25 Td (, and subject to any applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (restrictions contained in such agreements and the provisions of Rule 144 and/or Rule 701, the securities eligible to be sold by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Pritzker family stockholders under the ) Tj ET Q q 0 0 0 rg BT 205.24 298.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 354.37 298.25 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 432.40 298.25 Td (Amended and Restated Foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Global Hyatt ) Tj ET Q q 0 0 0 rg BT 103.88 286.25 Td (Agreement will be available for sale in the public market as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 261.75 417.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 261.75 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 233.75 417.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 233.75 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 205.75 417.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 205.75 93.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.75 417.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 177.75 93.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 261.75 m 467.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 261.75 m 560.5 261.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 266.43 Td (T) Tj ET Q q 0 0 0 rg BT 59.49 266.43 Td (ime Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.25 266.43 Td (Number) Tj ET Q q 0 0 0 rg BT 507.62 266.43 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 541.33 266.43 Td (es*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 252.32 Td (During the 12 month period from November 5, 2018 through November 4, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 252.32 Td (20,050,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 238.32 Td (During the 12 month period from November 5, 2019 through November 4, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 238.32 Td (15,238,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 224.32 Td (During the 12 month period from November 5, 2020 through November 4, 2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 224.32 Td (7,498,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.32 Td (During the 12 month period from November 5, 2021 through November 4, 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 210.32 Td (6,419,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 196.32 Td (During the 12 month period from November 5, 2022 through November 4, 2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 196.32 Td (6,419,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.32 Td (During the 12 month period from November 5, 2023 through November 4, 2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 182.32 Td (6,271,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.32 Td (During the 12 month period from November 5, 2024 through November 4, 2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 168.32 Td (3,001,963) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 143.25 Td (*The foregoing numbers are based on information at January 31, 2019 and assume that the maximum number of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (permitted to be sold during each period set forth above are, in fact, sold during each such period. ) Tj ET Q q 0 0 0 rg BT 438.86 131.25 Td (T) Tj ET Q q 0 0 0 rg BT 444.27 131.25 Td (o the extent any shares are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (not sold during the first time period that such shares are eligible to be sold as described above, the number of shares that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (be sold in subsequent time periods may change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 86.25 Td (In addition, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.32 86.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.90 86.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.90 86.25 Td (3,932,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.90 86.25 Td ( shares of our Class ) Tj ET Q q 0 0 0 rg BT 336.17 86.25 Td (A) Tj ET Q q 0 0 0 rg BT 342.84 86.25 Td ( common stock were reserved for issuance under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (Third ) Tj ET Q q 0 0 0 rg BT 74.17 74.25 Td (Amended and Restated Hyatt Hotels Corporation Long-T) Tj ET Q q 0 0 0 rg BT 303.41 74.25 Td (erm Incentive Plan \("L) Tj ET Q q 0 0 0 rg BT 394.04 74.25 Td (TIP"\). ) Tj ET Q q 0 0 0 rg BT 421.27 74.25 Td (These shares of Class ) Tj ET Q q 0 0 0 rg BT 509.59 74.25 Td (A) Tj ET Q q 0 0 0 rg BT 516.26 74.25 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (stock will become eligible for sale in the public market once those shares are issued or awarded under our L) Tj ET Q q 0 0 0 rg BT 480.88 62.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 494.77 62.25 Td (, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.25 Td (provisions of various award agreements and Rule 144, as applicable. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.75 50.25 Td (416,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.25 50.25 Td ( shares of our Class ) Tj ET Q q 0 0 0 rg BT 488.52 50.25 Td (A) Tj ET Q q 0 0 0 rg BT 495.19 50.25 Td ( common stock ) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (were reserved for issuance under the Hyatt Hotels Corporation Employee Stock Purchase Plan \("ESPP"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.78 742.10 Td (1,169,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.78 742.10 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our Class ) Tj ET Q q 0 0 0 rg BT 89.45 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 96.12 730.10 Td ( common stock remained available for issuance pursuant to the ) Tj ET Q q 0 0 0 rg BT 349.93 730.10 Td (Amended and Restated Hyatt Corporation Deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Compensation Plan \("DCP"\), and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.77 718.10 Td (300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.27 718.10 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 283.71 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 290.38 718.10 Td ( common stock remained available for issuance pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Hyatt International Hotels Retirement Plan \(commonly known as the Field Retirement Plan\) \("FRP"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.10 Td (If any of these holders causes a lar) Tj ET Q q 0 0 0 rg BT 211.82 685.10 Td (ge number of securities to be sold in the public market, the sales could reduce the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (trading price of our Class ) Tj ET Q q 0 0 0 rg BT 153.59 673.10 Td (A) Tj ET Q q 0 0 0 rg BT 160.26 673.10 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 226.18 673.10 Td (These sales also could impede our ability to raise future capital. See also "If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (holders of shares of our Class B common stock convert their shares of Class B common stock into shares of Class ) Tj ET Q q 0 0 0 rg BT 507.43 661.10 Td (A) Tj ET Q q 0 0 0 rg BT 514.10 661.10 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (stock and exercise their registration rights, a significant number of shares of our Class) Tj ET Q q 0 0 0 rg BT 395.74 649.10 Td (A) Tj ET Q q 0 0 0 rg BT 402.41 649.10 Td ( common stock could be sold into the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (market, which could reduce the trading price of our Class ) Tj ET Q q 0 0 0 rg BT 281.87 637.10 Td (A) Tj ET Q q 0 0 0 rg BT 288.54 637.10 Td ( common stock and impede our ability to raise future capital.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 616.10 Td (e also may issue shares of our Class ) Tj ET Q q 0 0 0 rg BT 228.17 616.10 Td (A) Tj ET Q q 0 0 0 rg BT 234.84 616.10 Td ( common stock from time to time as consideration for future acquisitions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (investments. If any such acquisition or investment is significant, the number of shares that we may issue may in turn be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (significant. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (If holders of shares of our Class B common stock convert their shares of Class B common stock into shares of Class ) Tj ET Q q 0 0 0 rg BT 529.69 571.10 Td (A) Tj ET Q q 0 0 0 rg BT 535.81 571.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (common stock and exercise their registration rights, a significant number of shares of our Class ) Tj ET Q q 0 0 0 rg BT 447.46 559.10 Td (A) Tj ET Q q 0 0 0 rg BT 453.57 559.10 Td ( common stock could be ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (sold into the market, which could reduce the trading price of our Class ) Tj ET Q q 0 0 0 rg BT 342.99 547.10 Td (A) Tj ET Q q 0 0 0 rg BT 349.11 547.10 Td ( common stock and impede our ability to raise ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (future capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (Holders of 67,1) Tj ET Q q 0 0 0 rg BT 136.12 514.10 Td (15,828 shares of our Class B common stock \(or 63.3% of our total outstanding shares of common stock at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (January 31, 2019\), including Pritzker family business interests, have rights, subject to certain conditions, to require us to file ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (registration statements registering sales of shares of Class) Tj ET Q q 0 0 0 rg BT 282.72 490.10 Td (A) Tj ET Q q 0 0 0 rg BT 289.39 490.10 Td ( common stock acquired upon conversion of such Class B common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (stock or to include sales of such shares of Class) Tj ET Q q 0 0 0 rg BT 242.19 478.10 Td (A) Tj ET Q q 0 0 0 rg BT 248.86 478.10 Td ( common stock in registration statements that we may file for ourselves or for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (other stockholders. In order to exercise such registration rights, the holder must be permitted to sell shares of its common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (under applicable lock-up restrictions. See "A) Tj ET Q q 0 0 0 rg BT 239.03 454.10 Td ( significant number of shares of Class ) Tj ET Q q 0 0 0 rg BT 392.06 454.10 Td (A) Tj ET Q q 0 0 0 rg BT 398.73 454.10 Td ( common stock issuable upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (conversion of Class B common stock could be sold into the market, which could depress our stock price even if our business is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (doing well" and Part I, Item 1, "BusinessStockholder ) Tj ET Q q 0 0 0 rg BT 273.70 430.10 Td (Agreements" for additional information with respect to these lock-up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (provisions. Subject to compliance with applicable lock-up agreements, shares of Class ) Tj ET Q q 0 0 0 rg BT 397.42 418.10 Td (A) Tj ET Q q 0 0 0 rg BT 404.09 418.10 Td ( common stock sold under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (registration statements can be freely sold in the public market. In the event such registration rights are exercised and a lar) Tj ET Q q 0 0 0 rg BT 534.37 406.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (number of shares of Class ) Tj ET Q q 0 0 0 rg BT 155.82 394.10 Td (A) Tj ET Q q 0 0 0 rg BT 162.49 394.10 Td ( common stock issuable upon conversion of shares of Class B common stock are sold in the public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (market, such sales could reduce the trading price of our Class ) Tj ET Q q 0 0 0 rg BT 297.70 382.10 Td (A) Tj ET Q q 0 0 0 rg BT 304.37 382.10 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 370.29 382.10 Td (These sales also could impede our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (raise future capital. ) Tj ET Q q 0 0 0 rg BT 128.85 370.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 178.75 370.10 Td (, we will bear all expenses in connection with any such registrations \(other than underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (discounts\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 337.10 Td (Following our decision in May 2017 to file a shelf registration statement on Form S-3 pursuant to Rule 415 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 325.10 Td (Act, certain stockholders party to the Registration Rights ) Tj ET Q q 0 0 0 rg BT 321.06 325.10 Td (Agreement, dated as of ) Tj ET Q q 0 0 0 rg BT 415.75 325.10 Td (August 28, 2007, as amended, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (among us and the stockholders party to the 2007 Stockholders' ) Tj ET Q q 0 0 0 rg BT 302.32 313.10 Td (Agreement, elected to exercise their "piggyback" registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (rights with respect to 12,654,050 shares of Class ) Tj ET Q q 0 0 0 rg BT 246.09 301.10 Td (A) Tj ET Q q 0 0 0 rg BT 252.76 301.10 Td ( common stock issuable upon conversion of shares of Class B common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (stock, and certain stockholders party to the Registration Rights ) Tj ET Q q 0 0 0 rg BT 303.29 289.10 Td (Agreement, dated as of October 12, 2009, among Hyatt and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (Pritzker family business interests party thereto, elected to exercise their piggyback registration rights with respect to 8,470 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (shares of Class ) Tj ET Q q 0 0 0 rg BT 111.94 265.10 Td (A) Tj ET Q q 0 0 0 rg BT 118.61 265.10 Td ( common stock and 15,607,761 shares of Class ) Tj ET Q q 0 0 0 rg BT 308.59 265.10 Td (A) Tj ET Q q 0 0 0 rg BT 315.26 265.10 Td ( common stock issuable upon conversion of shares of Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (B common stock. On May 22, 2017, the Company filed an automatic ef) Tj ET Q q 0 0 0 rg BT 336.71 253.10 Td (fective shelf registration statement with the SEC to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (register the resale of such aggregate 28,270,281 shares. In connection with such registration, all other holders of registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (rights, including trustees of trusts for the benefit of ) Tj ET Q q 0 0 0 rg BT 255.89 229.10 Td (Thomas J. Pritzker and his lineal descendants \(including Jason Pritzker\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (elected not to exercise their piggyback registration rights. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 196.10 Td (In November and December 2018, a non-U.S. situs trust for the benefit of Jay Robert Pritzker and/or certain of his lineal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (descendants, of which CIBC ) Tj ET Q q 0 0 0 rg BT 166.74 184.10 Td (T) Tj ET Q q 0 0 0 rg BT 172.50 184.10 Td (rust Company \(Bahamas\) Limited served as trustee, limited partnerships for the benefit of Daniel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (F) Tj ET Q q 0 0 0 rg BT 54.76 172.10 Td (. Pritzker and/or certain of his lineal descendants, and a trust and a limited liability company for the benefit of Jennifer N. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (Pritzker and/or certain of her lineal descendants engaged in sales and similar transactions representing an aggregate of 281,412 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (shares of Class ) Tj ET Q q 0 0 0 rg BT 111.94 148.10 Td (A) Tj ET Q q 0 0 0 rg BT 118.61 148.10 Td ( common stock and/or Class ) Tj ET Q q 0 0 0 rg BT 233.88 148.10 Td (A) Tj ET Q q 0 0 0 rg BT 240.55 148.10 Td ( common stock issuable upon conversion of shares of Class B common stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (After giving ef) Tj ET Q q 0 0 0 rg BT 109.24 136.10 Td (fect to these transactions, as well as sales prior to November 2018 by \(i\) entities af) Tj ET Q q 0 0 0 rg BT 438.96 136.10 Td (filiated with Goldman Sachs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (& Co. LLC and the Pritzker Family Foundation that resulted in such entities no longer holding any shares registered for resale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (on the May 2017 shelf registration statement, and \(ii\) the ) Tj ET Q q 0 0 0 rg BT 279.67 112.10 Td (Anthony N. Pritzker Family Foundation that resulted in such entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (holding fewer shares than are registered for resale on the 2017 shelf registration statement, as of the date of this filing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (13,086,285 shares of the 28,270,281 shares originally registered for resale on the May 2017 shelf registration statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (continue to be eligible to be sold pursuant to the May 2017 shelf registration statement during the 12 month period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (commencing November 5, 2018 through November 4, 2019 under the lock-up restrictions contained in the ) Tj ET Q q 0 0 0 rg BT 477.95 64.10 Td (Amended and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 140.82 52.10 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 218.84 52.10 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 401.58 52.10 Td (Agreement. Subsequent to November ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (4, 2019, and assuming no further sales, 13,355,573 shares of the 28,270,281 shares originally registered for resale on the May ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2017 shelf registration statement will continue to be eligible to be sold pursuant to the May 2017 shelf registration statement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Additional shares may be registered on the shelf registration statement in the future as such shares are eligible to be sold in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (accordance with the registration rights agreements and lock-up restrictions. See "A) Tj ET Q q 0 0 0 rg BT 390.92 706.10 Td ( significant number of shares of Class ) Tj ET Q q 0 0 0 rg BT 543.95 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 550.62 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (common stock issuable upon conversion of Class B common stock could be sold into the market, which could depress our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (stock price even if our business is doing well" for additional information with respect to the lock-up provisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 661.10 Td (The sale of shares registered under the registration statement in the public market, or the perception that such sales may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (occur could reduce the trading price of our Class ) Tj ET Q q 0 0 0 rg BT 246.88 649.10 Td (A) Tj ET Q q 0 0 0 rg BT 253.54 649.10 Td ( common stock or impede our ability to raise future capital.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Non-U.S. holders who own more than 5% of our Class) Tj ET Q q 0 0 0 rg BT 276.90 628.10 Td (A) Tj ET Q q 0 0 0 rg BT 283.02 628.10 Td ( common stock or substantial amounts of our Class B common ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (stock may be subject to U.S. federal income tax on gain realized on the disposition of such stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 595.10 Td (Because we have significant U.S. real estate holdings, we may be a "United States real property holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (corporation" \("USRPHC"\) for U.S. federal income tax purposes, but we have made no determination to that ef) Tj ET Q q 0 0 0 rg BT 491.67 583.10 Td (fect. ) Tj ET Q q 0 0 0 rg BT 511.48 583.10 Td (There can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (be no assurance that we do not currently constitute or will not become a USRPHC. ) Tj ET Q q 0 0 0 rg BT 383.27 571.10 Td (As a result, a "non-U.S. holder" may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (subject to U.S. federal income tax on gain realized on a disposition of our Class) Tj ET Q q 0 0 0 rg BT 370.76 559.10 Td (A) Tj ET Q q 0 0 0 rg BT 377.43 559.10 Td ( common stock if such non-U.S. holder has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (owned, actually or constructively \(through certain family members, related entities and options\), more than 5% of our Class) Tj ET Q q 0 0 0 rg BT 547.36 547.10 Td (A) Tj ET Q q 0 0 0 rg BT 554.03 547.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (common stock at any time during the shorter of \(a\)the five-year period ending on the date of disposition and \(b\)the non-U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (holder's holding period in such stock. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 502.10 Td (If we were or were to become a USRPHC, a non-U.S. holder may be subject to U.S. federal income tax on gain realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (on the disposition of our Class B common stock. Such tax would apply if on the date such non-U.S. holder actually or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (constructively acquired Class B common stock, and on any date on which such non-U.S. holder acquires additional Class B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (common stock, the aggregate fair market of the Class B common stock it actually and constructively owns is greater than 5% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the fair market value of our Class) Tj ET Q q 0 0 0 rg BT 185.79 454.10 Td (A) Tj ET Q q 0 0 0 rg BT 192.46 454.10 Td ( common stock on such date. Certain dispositions of substantial amounts of Class B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (common stock by non-U.S. holders may be subject to withholding under section 1445 of the Internal Revenue Code. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Item 1B. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 400.10 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 160.65 400.10 Td (f Comments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 379.10 Td (None.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 2. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 742.25 Td (Properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (The following table sets forth a description of each owned or leased property in the Hyatt portfolio of properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (excluding branded spas and fitness studios, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.97 709.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.55 709.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 673.25 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 673.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 673.25 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 673.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 673.25 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 673.25 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 673.25 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 673.25 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 673.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 645.25 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 645.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 645.25 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 645.25 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 645.25 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 645.25 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 645.25 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 645.25 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 645.25 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 617.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 617.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 617.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 617.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 617.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 617.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 617.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 617.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 617.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 587.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 587.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 587.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 587.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 587.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 587.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 587.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 587.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 587.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 547.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 547.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 547.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 547.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 547.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 547.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 547.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 547.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 547.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 497.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 497.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 497.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 497.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 497.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 497.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 497.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 497.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 497.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 467.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 467.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 467.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 467.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 467.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 467.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 467.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 467.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 467.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 427.25 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 427.25 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 427.25 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 427.25 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 427.25 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 427.25 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 427.25 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 427.25 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 427.25 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 377.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 377.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 377.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 377.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 377.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 377.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 377.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 377.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 377.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 347.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 347.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 347.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 347.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 347.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 347.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 347.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 347.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 347.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 317.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 317.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 317.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 317.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 317.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 317.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 317.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 317.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 317.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 287.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 287.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 287.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 287.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 287.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 287.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 287.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 287.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 287.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 257.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 257.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 257.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 257.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 257.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 257.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 257.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 257.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 257.25 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 227.25 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 227.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 227.25 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 227.25 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 227.25 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 227.25 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 227.25 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 227.25 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 227.25 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 52 673.25 m 327 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 673.25 m 412 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 673.25 m 456 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 673.25 m 489 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 673.25 m 559 673.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 227.25 m 456 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 213.25 m 456 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 211.25 m 456 211.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 227.25 m 489 227.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 213.25 m 489 213.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 211.25 m 489 211.25 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.40 677.48 Td (Hotel Pr) Tj ET Q q 0 0 0 rg BT 192.43 677.48 Td (operty) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.85 677.48 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.70 677.48 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.15 685.48 Td (# of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.60 677.48 Td (Hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 677.48 Td (Ownership\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 663.93 Td (Owned and Leased Hotels) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 635.93 Td (Full Service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.50 621.93 Td (Americas Owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 606.92 Td (Park Hyatt Chicago) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 606.92 Td (Chicago, IL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 606.92 Td (198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 606.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 606.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 591.92 Td (Park Hyatt New ) Tj ET Q q 0 0 0 rg BT 145.24 591.92 Td (Y) Tj ET Q q 0 0 0 rg BT 151.78 591.92 Td (ork) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 591.92 Td (New ) Tj ET Q q 0 0 0 rg BT 354.70 591.92 Td (Y) Tj ET Q q 0 0 0 rg BT 361.23 591.92 Td (ork, NY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 591.92 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 591.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 591.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 576.92 Td (Grand Hyatt New ) Tj ET Q q 0 0 0 rg BT 151.90 576.92 Td (Y) Tj ET Q q 0 0 0 rg BT 158.44 576.92 Td (ork \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 576.92 Td (New ) Tj ET Q q 0 0 0 rg BT 354.70 576.92 Td (Y) Tj ET Q q 0 0 0 rg BT 361.23 576.92 Td (ork, NY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 576.92 Td (1,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 576.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 576.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 551.92 Td (Grand Hyatt Rio de Janeiro) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 561.92 Td (Rio de Janeiro,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 551.92 Td (Brazil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 551.92 Td (436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 551.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 551.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 536.92 Td (Grand Hyatt San ) Tj ET Q q 0 0 0 rg BT 147.93 536.92 Td (Antonio \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 536.92 Td (San ) Tj ET Q q 0 0 0 rg BT 350.72 536.92 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 388.14 536.92 Td (TX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 536.92 Td (1,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 536.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 536.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 501.92 Td (Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 140.43 501.92 Td (Aruba Resort Spa and Casino \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 521.92 Td (Palm Beach,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 511.92 Td (Aruba, Dutch) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 501.92 Td (Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 501.92 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 501.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 501.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 486.92 Td (Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 140.43 486.92 Td (Atlanta) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 486.92 Td (Atlanta, GA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 486.92 Td (1,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 486.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 486.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 471.92 Td (Hyatt Regency Baltimore Inner Harbor \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 471.92 Td (Baltimore, MD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 471.92 Td (488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 471.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 471.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 456.92 Td (Hyatt Regency Green Bay) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 456.92 Td (Green Bay) Tj ET Q q 0 0 0 rg BT 376.21 456.92 Td (, ) Tj ET Q q 0 0 0 rg BT 380.80 456.92 Td (WI) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 456.92 Td (241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 456.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 456.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 431.92 Td (Hyatt Regency Greenwich) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 441.92 Td (Old Greenwich,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 431.92 Td (CT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 431.92 Td (373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 431.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 431.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 406.92 Td (Hyatt Regency Indian ) Tj ET Q q 0 0 0 rg BT 168.66 406.92 Td (W) Tj ET Q q 0 0 0 rg BT 177.61 406.92 Td (ells Resort & Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 416.92 Td (Riverside-San) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 406.92 Td (Bernardino, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 406.92 Td (530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 406.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 406.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 381.92 Td (Hyatt Regency Lake ) Tj ET Q q 0 0 0 rg BT 163.10 381.92 Td (T) Tj ET Q q 0 0 0 rg BT 168.77 381.92 Td (ahoe Resort, Spa and Casino) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 391.92 Td (Incline ) Tj ET Q q 0 0 0 rg BT 363.67 391.92 Td (V) Tj ET Q q 0 0 0 rg BT 370.50 391.92 Td (illage,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 381.92 Td (NV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 381.92 Td (422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 381.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 381.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 366.92 Td (Hyatt Regency Long Beach \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 366.92 Td (Long Beach, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 366.92 Td (528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 366.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 366.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 351.92 Td (Hyatt Regency Lost Pines Resort and Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 351.92 Td (Lost Pines, ) Tj ET Q q 0 0 0 rg BT 380.36 351.92 Td (TX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 351.92 Td (491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 351.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 351.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 336.92 Td (Hyatt Regency Miami \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 336.92 Td (Miami, FL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 336.92 Td (615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 336.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 336.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 321.92 Td (Hyatt Regency O'Hare Chicago) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 321.92 Td (Rosemont, IL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 321.92 Td (1,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 321.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 321.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 306.92 Td (Hyatt Regency Orlando) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 306.92 Td (Orlando, FL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 306.92 Td (1,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 306.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 306.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 291.92 Td (Hyatt Regency Phoenix) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 291.92 Td (Phoenix, ) Tj ET Q q 0 0 0 rg BT 371.00 291.92 Td (AZ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 291.92 Td (693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 291.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 291.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 276.92 Td (Hyatt Regency San ) Tj ET Q q 0 0 0 rg BT 157.93 276.92 Td (Antonio Riverwalk \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 276.92 Td (San ) Tj ET Q q 0 0 0 rg BT 350.72 276.92 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 388.14 276.92 Td (TX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 276.92 Td (630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 276.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 276.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 261.92 Td (Hyatt Centric ) Tj ET Q q 0 0 0 rg BT 135.06 261.92 Td (The Pike Long Beach \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 261.92 Td (Long Beach, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 261.92 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 261.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 261.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 246.92 Td (The Confidante Miami Beach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 246.92 Td (Miami Beach, FL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 246.92 Td (354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 246.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 246.92 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 231.92 Td (The Driskill \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 231.92 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 364.99 231.92 Td (TX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 231.92 Td (189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 231.92 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 231.92 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 216.93 Td (Americas Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.60 216.92 Td (13,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 216.92 Td (22) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 727.50 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 727.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 727.50 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 727.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 727.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 727.50 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 727.50 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 727.50 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 727.50 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 698.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 698.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 698.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 698.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 698.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 698.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 698.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 698.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 698.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 658.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 658.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 658.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 658.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 658.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 658.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 658.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 658.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 658.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 628.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 628.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 628.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 628.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 628.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 628.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 628.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 628.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 628.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 599.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 599.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 599.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 599.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 599.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 599.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 599.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 599.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 559.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 559.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 559.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 559.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 559.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 559.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 559.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 559.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 559.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 519.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 519.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 519.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 519.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 519.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 519.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 519.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 519.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 519.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 489.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 489.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 489.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 489.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 489.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 489.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 489.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 460.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 460.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 460.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 460.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 460.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 460.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 460.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 460.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 460.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 420.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 420.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 420.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 420.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 420.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 420.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 420.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 420.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 420.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 380.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 380.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 380.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 380.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 380.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 380.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 380.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 380.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 380.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 350.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 350.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 350.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 350.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 350.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 350.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 350.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 350.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 350.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 321.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 321.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 321.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 321.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 321.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 321.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 321.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 321.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 321.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 281.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 281.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 281.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 281.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 281.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 281.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 281.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 281.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 281.50 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 52 727.5 m 327 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 727.5 m 412 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 727.5 m 456 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 727.5 m 489 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 727.5 m 559 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 673.5 m 456 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 659.5 m 456 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 657.5 m 456 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 673.5 m 489 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 659.5 m 489 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 657.5 m 489 657.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 643.5 m 456 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 629.5 m 456 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 627.5 m 456 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 643.5 m 489 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 629.5 m 489 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 627.5 m 489 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 504.5 m 456 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 490.5 m 456 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 488.5 m 456 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 504.5 m 489 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 490.5 m 489 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 488.5 m 489 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 395.5 m 456 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 381.5 m 456 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 379.5 m 456 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 395.5 m 489 395.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 381.5 m 489 381.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 379.5 m 489 379.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 365.5 m 456 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 351.5 m 456 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 349.5 m 456 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 365.5 m 489 365.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 351.5 m 489 351.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 349.5 m 489 349.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 296.5 m 456 296.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 282.5 m 456 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 280.5 m 456 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 296.5 m 489 296.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 282.5 m 489 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 280.5 m 489 280.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 266.5 m 456 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 252.5 m 456 252.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 250.5 m 456 250.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 266.5 m 489 266.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 252.5 m 489 252.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 250.5 m 489 250.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.40 731.73 Td (Hotel Pr) Tj ET Q q 0 0 0 rg BT 192.43 731.73 Td (operty) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.85 731.73 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.70 731.73 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.15 739.73 Td (# of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.60 731.73 Td (Hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 731.73 Td (Ownership \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.50 718.18 Td (Americas Leased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 703.17 Td (Hyatt Regency San Francisco \(3\) \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 703.17 Td (San Francisco, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 703.17 Td (804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 703.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 703.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 678.17 Td (Andaz ) Tj ET Q q 0 0 0 rg BT 107.01 678.17 Td (W) Tj ET Q q 0 0 0 rg BT 115.96 678.17 Td (est Hollywood \(3\) \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 688.17 Td (W) Tj ET Q q 0 0 0 rg BT 342.54 688.17 Td (est Hollywood,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 678.17 Td (CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 678.17 Td (239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 678.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 678.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 663.18 Td (Americas Leased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 663.17 Td (1,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.50 663.17 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 633.18 Td (T) Tj ET Q q 0 0 0 rg BT 60.71 633.18 Td (otal ) Tj ET Q q 0 0 0 rg BT 78.58 633.18 Td (Americas Owned and Leased Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.60 633.17 Td (14,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 633.17 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.50 604.18 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 114.75 604.18 Td ( ) Tj ET Q q 0 0 0 rg BT 116.88 604.18 Td (Asia Owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 589.17 Td (Park Hyatt Paris-V) Tj ET Q q 0 0 0 rg BT 154.04 589.17 Td (endme) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 589.17 Td (Paris, France) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 589.17 Td (153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 589.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 589.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 564.17 Td (Park Hyatt Zurich \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 574.17 Td (Zurich,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 564.17 Td (Switzerland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 564.17 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 564.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 564.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 549.17 Td (Hyatt Regency Baku) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 549.17 Td (Baku, ) Tj ET Q q 0 0 0 rg BT 359.33 549.17 Td (Azerbaijan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 549.17 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 549.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 549.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 524.17 Td (Hyatt Regency Bishkek \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 534.17 Td (Bishkek, Kyr) Tj ET Q q 0 0 0 rg BT 386.74 534.17 Td (gyz) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 524.17 Td (Republic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 524.17 Td (178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 524.17 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 524.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 509.17 Td (Andaz London Liverpool Street \(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 509.17 Td (London, England) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 509.17 Td (267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 509.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 509.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 494.18 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 123.04 494.18 Td ( ) Tj ET Q q 0 0 0 rg BT 125.27 494.18 Td (Asia Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 494.17 Td (895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.50 494.17 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.50 465.18 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 114.75 465.18 Td ( ) Tj ET Q q 0 0 0 rg BT 116.88 465.18 Td (Asia Leased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 440.17 Td (Hyatt Regency Cologne \(3\) \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 450.17 Td (Cologne,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 440.17 Td (Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 440.17 Td (306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 440.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 440.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 425.17 Td (Hyatt Regency Mainz \(3\) \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 425.17 Td (Mainz, Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 425.17 Td (268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 425.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 425.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 400.17 Td (Andaz ) Tj ET Q q 0 0 0 rg BT 106.82 400.17 Td (Amsterdam, Prinsengracht \(3\) \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 410.17 Td (Amsterdam, ) Tj ET Q q 0 0 0 rg BT 385.06 410.17 Td (The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 400.17 Td (Netherlands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 400.17 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 400.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 400.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 385.18 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 123.04 385.18 Td ( ) Tj ET Q q 0 0 0 rg BT 125.27 385.18 Td (Asia Leased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 385.17 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 385.17 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 355.18 Td (T) Tj ET Q q 0 0 0 rg BT 60.71 355.18 Td (otal EAME/SW) Tj ET Q q 0 0 0 rg BT 127.11 355.18 Td ( ) Tj ET Q q 0 0 0 rg BT 129.24 355.18 Td (Asia Owned and Leased Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 355.17 Td (1,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 355.17 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.50 326.18 Td (ASP) Tj ET Q q 0 0 0 rg BT 84.65 326.18 Td (AC Owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 301.17 Td (Grand Hyatt Seoul) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 311.17 Td (Seoul, South) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 301.17 Td (Korea) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 301.17 Td (615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 301.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 301.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 77.00 286.18 Td (ASP) Tj ET Q q 0 0 0 rg BT 94.60 286.18 Td (AC Owned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 286.17 Td (615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 286.17 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 256.18 Td (T) Tj ET Q q 0 0 0 rg BT 60.25 256.18 Td (otal Full Service Owned and Leased Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.60 256.17 Td (16,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.10 256.17 Td (33) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 728.50 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 728.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 728.50 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 728.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 728.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 728.50 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 728.50 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 728.50 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 728.50 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 700.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 700.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 700.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 700.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 700.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 700.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 700.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 700.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 700.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 660.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 660.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 660.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 660.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 660.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 660.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 660.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 660.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 660.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 630.50 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 630.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 630.50 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 630.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 630.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 630.50 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 630.50 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 630.50 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 630.50 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 591.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 591.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 591.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 591.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 591.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 591.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 591.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 591.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 591.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 561.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 561.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 561.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 561.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 561.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 561.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 561.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 561.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 561.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 531.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 531.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 531.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 531.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 531.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 531.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 531.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 531.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 531.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 502.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 502.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 502.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 502.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 502.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 502.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 502.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 502.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 502.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 472.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 472.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 472.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 472.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 472.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 472.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 472.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 472.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 442.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 442.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 442.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 442.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 442.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 442.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 442.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 442.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 412.50 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 412.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 412.50 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 412.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 412.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 412.50 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 412.50 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 412.50 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 412.50 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 383.50 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 383.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 383.50 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 383.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 383.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 383.50 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 383.50 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 383.50 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 383.50 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 355.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 355.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 355.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 355.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 355.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 355.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 355.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 355.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 355.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 325.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 325.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 325.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 325.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 325.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 325.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 325.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 325.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 325.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 295.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 295.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 295.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 295.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 295.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 295.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 295.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 295.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 295.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 255.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 255.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 255.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 255.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 255.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 255.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 255.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 255.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 255.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 215.50 275.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 215.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 215.50 81.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 215.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 215.50 40.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 215.50 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 215.50 28.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 215.50 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 215.50 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 188.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 188.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 188.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 188.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 188.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 188.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 188.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 188.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 188.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 148.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 148.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 148.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 148.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 148.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 148.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 148.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 148.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 148.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 118.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 118.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 118.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 118.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 118.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 118.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 118.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 118.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 118.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 88.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 88.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 88.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 88.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 88.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 88.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 88.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 88.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 88.50 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 52 728.5 m 327 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 728.5 m 412 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 728.5 m 456 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 728.5 m 489 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 728.5 m 559 728.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 660.5 m 456 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 646.5 m 456 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 644.5 m 456 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 660.5 m 489 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 646.5 m 489 646.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 644.5 m 489 644.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 576.5 m 456 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 562.5 m 456 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 560.5 m 456 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 576.5 m 489 576.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 562.5 m 489 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 560.5 m 489 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 546.5 m 456 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 532.5 m 456 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 530.5 m 456 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 546.5 m 489 546.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 532.5 m 489 532.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 530.5 m 489 530.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 442.5 m 456 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 428.5 m 456 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 426.5 m 456 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 442.5 m 489 442.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 428.5 m 489 428.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 426.5 m 489 426.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 230.5 m 456 230.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 216.5 m 456 216.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 214.5 m 456 214.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 230.5 m 489 230.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 216.5 m 489 216.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 214.5 m 489 214.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 103.5 m 456 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 89.5 m 456 89.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 87.5 m 456 87.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 103.5 m 489 103.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 89.5 m 489 89.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 87.5 m 489 87.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.40 732.73 Td (Hotel Pr) Tj ET Q q 0 0 0 rg BT 192.43 732.73 Td (operty) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.85 732.73 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.70 732.73 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.15 740.58 Td (# of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.60 732.58 Td (Hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 732.73 Td (Ownership \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 719.18 Td (Select Service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 705.18 Td (Owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 690.17 Td (Hyatt Place Maca) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 690.17 Td (Maca, Brazil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 690.17 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 690.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 690.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 665.17 Td (Hyatt Place So Jos do Rio Preto) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 675.17 Td (So Jos do Rio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 665.17 Td (Preto, Brazil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 665.17 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 665.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 665.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 650.18 Td (Select Service Owned:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 650.17 Td (293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 650.17 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 621.18 Td (Leased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 596.17 Td (Hyatt Place ) Tj ET Q q 0 0 0 rg BT 127.10 596.17 Td (Amsterdam ) Tj ET Q q 0 0 0 rg BT 175.70 596.17 Td (Airport \(3\) \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 606.17 Td (Amsterdam, ) Tj ET Q q 0 0 0 rg BT 385.06 606.17 Td (The) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 596.17 Td (Netherlands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 596.17 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 596.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 596.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 581.17 Td (Hyatt Place ) Tj ET Q q 0 0 0 rg BT 127.10 581.17 Td (Atlanta/Buckhead \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 581.17 Td (Atlanta, GA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 581.17 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 581.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 581.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 78.50 566.18 Td (Select Service Leased:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 566.17 Td (501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 566.17 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 536.18 Td (T) Tj ET Q q 0 0 0 rg BT 60.71 536.18 Td (otal Select Service Owned and Leased Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 536.17 Td (794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 536.17 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 507.18 Td (W) Tj ET Q q 0 0 0 rg BT 64.22 507.18 Td (ellness) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 492.17 Td (Miraval ) Tj ET Q q 0 0 0 rg BT 112.38 492.17 Td (Austin Resort and Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 492.17 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 365.08 492.17 Td (TX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 492.17 Td (1) Tj ET Q q 0 0 0 rg BT 442.15 492.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 492.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 492.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 477.17 Td (Cranwell Spa & Golf Resort) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 477.17 Td (Lenox, MA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 477.17 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 477.17 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 477.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 462.17 Td (Miraval ) Tj ET Q q 0 0 0 rg BT 112.10 462.17 Td (Arizona Resort and Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 462.17 Td (T) Tj ET Q q 0 0 0 rg BT 339.43 462.17 Td (ucson, ) Tj ET Q q 0 0 0 rg BT 367.31 462.17 Td (AZ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 462.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 462.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 462.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 432.18 Td (T) Tj ET Q q 0 0 0 rg BT 60.71 432.18 Td (otal ) Tj ET Q q 0 0 0 rg BT 78.77 432.18 Td (W) Tj ET Q q 0 0 0 rg BT 88.40 432.18 Td (ellness Owned and Leased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 432.17 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 432.17 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 403.18 Td (Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 172.76 403.18 Td (V) Tj ET Q q 0 0 0 rg BT 179.43 403.18 Td (entur) Tj ET Q q 0 0 0 rg BT 202.21 403.18 Td (e Hotels) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 374.18 Td (Full Service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.50 360.18 Td (Americas Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 221.80 360.18 Td (V) Tj ET Q q 0 0 0 rg BT 228.47 360.18 Td (entur) Tj ET Q q 0 0 0 rg BT 251.25 360.18 Td (es:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 345.17 Td (Grand Hyatt So Paulo) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 345.17 Td (So Paulo, Brazil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 345.17 Td (467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 345.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 345.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 330.17 Td (Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 138.93 330.17 Td (Andares Guadalajara) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 330.17 Td (Zapopan, Mexico) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 330.17 Td (257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 330.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 330.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 315.17 Td (Hyatt Regency Columbus \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 315.17 Td (Columbus, OH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 315.17 Td (633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 315.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 315.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 300.17 Td (Hyatt Regency Crystal City at Reagan National ) Tj ET Q q 0 0 0 rg BT 269.18 300.17 Td (Airport) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 300.17 Td (Arlington, ) Tj ET Q q 0 0 0 rg BT 377.30 300.17 Td (V) Tj ET Q q 0 0 0 rg BT 383.78 300.17 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 300.17 Td (686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 300.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 300.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 275.17 Td (Hyatt Regency Huntington Beach Resort and Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 285.17 Td (Huntington) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 275.17 Td (Beach, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 275.17 Td (517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 275.17 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 275.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 260.17 Td (Hyatt Regency Jersey City on the Hudson) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 260.17 Td (Jersey City) Tj ET Q q 0 0 0 rg BT 377.89 260.17 Td (, NJ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 260.17 Td (351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 260.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 260.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 235.17 Td (Andaz Mayakoba Resort Riviera Maya) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 245.17 Td (Playa del Carmen,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 235.17 Td (Mexico) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 235.17 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 235.17 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 235.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.50 220.18 Td (Americas Unconsolidated Hospitality V) Tj ET Q q 0 0 0 rg BT 222.45 220.18 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 220.17 Td (3,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 220.17 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.50 193.18 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 108.66 193.18 Td ( ) Tj ET Q q 0 0 0 rg BT 110.61 193.18 Td (Asia Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 250.17 193.18 Td (V) Tj ET Q q 0 0 0 rg BT 256.47 193.18 Td (entur) Tj ET Q q 0 0 0 rg BT 279.62 193.18 Td (es:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 168.17 Td (Park Hyatt Hambur) Tj ET Q q 0 0 0 rg BT 155.23 168.17 Td (g \(3\) \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 178.17 Td (Hambur) Tj ET Q q 0 0 0 rg BT 366.18 178.17 Td (g,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 168.17 Td (Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 168.17 Td (252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 168.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 168.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 153.17 Td (Park Hyatt Milan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 153.17 Td (Milan, Italy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 153.17 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 153.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 153.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 138.17 Td (Grand Hyatt Mumbai) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 138.17 Td (Mumbai, India) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 138.17 Td (547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 138.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 138.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 123.17 Td (Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 138.93 123.17 Td (Ahmedabad) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 123.17 Td (Ahmedabad, India) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 123.17 Td (209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 123.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 123.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 108.17 Td (Andaz Delhi) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 108.17 Td (New Delhi, India) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 108.17 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 108.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 108.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.50 93.18 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 106.45 93.18 Td ( ) Tj ET Q q 0 0 0 rg BT 108.58 93.18 Td (Asia Unconsolidated Hospitality V) Tj ET Q q 0 0 0 rg BT 249.43 93.18 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 93.17 Td (1,515) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 93.17 Td (5) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 52 727.5 m 327 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 727.5 m 412 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 727.5 m 456 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 727.5 m 489 727.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 727.5 m 559 727.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 163.40 731.73 Td (Hotel Pr) Tj ET Q q 0 0 0 rg BT 192.43 731.73 Td (operty) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.85 731.73 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.70 731.73 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.15 739.58 Td (# of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.60 731.58 Td (Hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 731.73 Td (Ownership \(1\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 727.50 275.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 727.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 727.50 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 727.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 727.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 727.50 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 727.50 28.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 727.50 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 727.50 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 698.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 698.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 698.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 698.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 698.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 698.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 698.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 698.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 698.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 668.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 668.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 668.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 668.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 668.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 668.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 668.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 668.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 668.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 638.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 638.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 638.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 638.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 638.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 638.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 638.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 638.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 638.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 609.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 609.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 609.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 609.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 609.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 609.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 609.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 609.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 609.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 579.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 579.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 579.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 579.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 579.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 579.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 579.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 579.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 579.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 529.50 275.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 529.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 529.50 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 529.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 529.50 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 529.50 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 529.50 28.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 529.50 6.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 529.50 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 489.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 489.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 489.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 489.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 489.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 489.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 489.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 459.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 459.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 459.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 459.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 459.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 459.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 459.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 459.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 459.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 429.50 275.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.00 429.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 429.50 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 429.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 429.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.00 429.50 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 429.50 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 429.50 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 429.50 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 683.5 m 456 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 669.5 m 456 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 667.5 m 456 667.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 683.5 m 489 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 669.5 m 489 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 667.5 m 489 667.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 653.5 m 456 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 639.5 m 456 639.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 637.5 m 456 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 653.5 m 489 653.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 639.5 m 489 639.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 637.5 m 489 637.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 459.5 m 456 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 445.5 m 456 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 443.5 m 456 443.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 459.5 m 489 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 445.5 m 489 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 443.5 m 489 443.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 429.5 m 456 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 415.5 m 456 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 413.5 m 456 413.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 429.5 m 489 429.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 415.5 m 489 415.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 413.5 m 489 413.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 718.18 Td ( ) Tj ET Q q 0 0 0 rg BT 61.72 718.18 Td (ASP) Tj ET Q q 0 0 0 rg BT 79.97 718.18 Td (AC Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 214.80 718.18 Td (V) Tj ET Q q 0 0 0 rg BT 221.47 718.18 Td (entur) Tj ET Q q 0 0 0 rg BT 244.25 718.18 Td (es:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 703.17 Td (Grand Hyatt Bali) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 703.17 Td (Bali, Indonesia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 703.17 Td (636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 703.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 703.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 688.17 Td (Hyatt Regency Bali) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 688.17 Td (Bali, Indonesia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 688.17 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 688.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 688.17 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.50 673.18 Td (ASP) Tj ET Q q 0 0 0 rg BT 78.10 673.18 Td (AC Unconsolidated Hospitality V) Tj ET Q q 0 0 0 rg BT 213.95 673.18 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 673.17 Td (999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 673.17 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 643.18 Td (T) Tj ET Q q 0 0 0 rg BT 60.71 643.18 Td (otal Full Service Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 250.44 643.18 Td (V) Tj ET Q q 0 0 0 rg BT 257.11 643.18 Td (entur) Tj ET Q q 0 0 0 rg BT 279.89 643.18 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 643.17 Td (5,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 643.17 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 614.18 Td (Select Service Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 233.84 614.18 Td (V) Tj ET Q q 0 0 0 rg BT 240.51 614.18 Td (entur) Tj ET Q q 0 0 0 rg BT 263.29 614.18 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 599.17 Td (Hyatt Place Celaya) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 599.17 Td (Celaya, Mexico) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 599.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 599.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 599.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 584.17 Td (Hyatt Place Denver/Downtown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 584.17 Td (Denver) Tj ET Q q 0 0 0 rg BT 362.73 584.17 Td (, CO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 584.17 Td (248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 584.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 584.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 559.17 Td (Hyatt Place Glendale/Los ) Tj ET Q q 0 0 0 rg BT 183.47 559.17 Td (Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 569.17 Td (Los ) Tj ET Q q 0 0 0 rg BT 350.72 569.17 Td (Angeles/Long) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 559.17 Td (Beach, CA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 559.17 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 559.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 559.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 534.17 Td (Hyatt Place Los Cabos) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 544.17 Td (San Jose del) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 534.17 Td (Cabo, Mexico) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 534.17 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 534.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 534.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 509.17 Td (Hyatt Place Panama City/Downtown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 519.17 Td (Panama City) Tj ET Q q 0 0 0 rg BT 384.56 519.17 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 509.17 Td (Panama) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 509.17 Td (165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 509.17 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 509.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 494.17 Td (Hyatt Place ) Tj ET Q q 0 0 0 rg BT 127.28 494.17 Td (T) Tj ET Q q 0 0 0 rg BT 133.12 494.17 Td (ijuana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 494.17 Td (T) Tj ET Q q 0 0 0 rg BT 339.43 494.17 Td (ijuana, Mexico) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 494.17 Td (145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 494.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 494.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 479.17 Td (Hyatt House Denver/Downtown) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 479.17 Td (Denver) Tj ET Q q 0 0 0 rg BT 362.73 479.17 Td (, CO) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 479.17 Td (1) Tj ET Q q 0 0 0 rg BT 442.15 479.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 479.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 479.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 464.17 Td (Hyatt House Nashville at ) Tj ET Q q 0 0 0 rg BT 181.63 464.17 Td (V) Tj ET Q q 0 0 0 rg BT 187.74 464.17 Td (anderbilt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 464.17 Td (Nashville, ) Tj ET Q q 0 0 0 rg BT 376.64 464.17 Td (TN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 464.17 Td (201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 464.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 464.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 449.18 Td (T) Tj ET Q q 0 0 0 rg BT 60.25 449.18 Td (otal Select Service Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 258.11 449.18 Td (V) Tj ET Q q 0 0 0 rg BT 264.41 449.18 Td (entur) Tj ET Q q 0 0 0 rg BT 287.56 449.18 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 449.17 Td (1,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 449.17 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 420.23 Td (T) Tj ET Q q 0 0 0 rg BT 60.25 420.23 Td (otal Unconsolidated Hospitality ) Tj ET Q q 0 0 0 rg BT 197.03 420.23 Td (V) Tj ET Q q 0 0 0 rg BT 203.33 420.23 Td (entur) Tj ET Q q 0 0 0 rg BT 226.48 420.23 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.60 419.17 Td (6,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 419.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 391.00 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 391.00 Td (Unless otherwise indicated, ownership percentages include both the property and the underlying land.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 379.00 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 379.00 Td (Property is accounted for as a capital lease.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 367.00 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.00 Td (Property is accounted for as an operating lease. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 355.00 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 355.00 Td (Our ownership interest in the property is subject to a third-party ground lease on the land.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 343.00 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 343.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 343.00 Td (e own a 50% interest in the entity that is the operating lessee, and it is an unconsolidated hospitality venture.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 331.00 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 331.00 Td (e own a 100% interest in the entity that is the operating lessee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 319.00 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.00 Td (Our ownership interest is derived through a long leasehold interest in the hotel building, with a nominal annual rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 307.00 Td (payment.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (Below is a summary of our Hyatt managed, franchised, and owned and leased hotels by segment for all periods presented.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.69 742.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 698.60 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 698.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 698.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 698.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 698.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 698.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 698.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 698.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 698.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 698.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 698.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 698.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 659.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 659.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 659.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 659.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 659.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 659.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 659.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 631.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 631.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 631.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 631.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 631.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 631.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 631.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 603.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 603.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 603.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 603.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 603.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 603.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 603.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 603.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 603.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 603.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 603.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 603.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 575.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 575.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 575.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 575.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 575.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 575.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 575.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 537.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 537.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 537.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 537.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 537.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 537.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 537.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 509.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 509.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 509.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 509.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 509.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 509.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 509.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 480.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 480.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 480.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 480.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 480.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 480.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 480.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 480.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 480.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 480.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 480.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 480.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 452.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 452.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 452.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 452.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 452.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 452.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 452.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 452.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 452.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 452.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 452.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 452.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 414.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 414.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 414.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 414.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 414.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 414.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 414.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 386.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 386.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 386.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 386.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 386.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 386.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 386.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 386.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 386.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 386.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 386.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 386.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 358.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 358.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 358.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 358.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 358.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 358.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 358.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 330.60 240.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 330.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 330.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 330.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 330.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 330.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 330.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 300.60 240.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 300.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 300.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 300.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 300.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 300.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 300.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 300.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 300.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 300.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 300.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 300.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 270.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 270.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 270.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 270.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 270.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 270.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 270.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 231.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 231.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 231.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 231.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 231.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 231.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 231.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 231.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 231.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 231.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 231.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 231.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 201.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 201.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 201.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 201.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 201.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 201.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 201.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 201.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 171.60 240.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 171.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 171.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 171.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 171.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 171.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 171.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 171.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 171.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 171.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 171.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 171.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 139.60 240.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 139.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 139.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 139.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 139.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 139.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 139.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 139.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 139.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 139.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 139.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 139.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 107.60 240.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 107.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 107.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 107.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 107.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 107.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 107.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 107.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 107.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 107.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 107.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 107.60 42.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 719.6 m 331.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 719.6 m 335.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 719.6 m 377.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 719.6 m 423.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 719.6 m 427.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 719.6 m 469.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 719.6 m 515.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 719.6 m 519.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 719.6 m 561.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 698.6 m 331.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 698.6 m 377.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 698.6 m 423.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 698.6 m 469.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 698.6 m 515.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 698.6 m 561.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 631.6 m 331.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 631.6 m 377.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 631.6 m 423.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 631.6 m 469.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 631.6 m 515.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 631.6 m 561.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 575.6 m 331.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 575.6 m 377.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 575.6 m 423.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 575.6 m 469.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 575.6 m 515.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 575.6 m 561.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 495.6 m 331.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 495.6 m 377.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 495.6 m 423.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 495.6 m 469.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 495.6 m 515.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 495.6 m 561.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 495.6 m 331.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 495.6 m 377.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 495.6 m 423.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 495.6 m 469.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 495.6 m 515.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 495.6 m 561.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 452.6 m 331.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 452.6 m 377.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 452.6 m 423.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 452.6 m 469.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 452.6 m 515.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 452.6 m 561.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 452.6 m 377.5 452.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 372.6 m 331.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 372.6 m 377.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 372.6 m 423.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 372.6 m 469.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 372.6 m 515.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 372.6 m 561.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 372.6 m 331.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 372.6 m 335.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 372.6 m 377.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 372.6 m 469.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 372.6 m 515.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 372.6 m 561.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 316.6 m 331.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 316.6 m 377.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 316.6 m 423.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 316.6 m 469.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 316.6 m 515.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 316.6 m 561.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 284.6 m 331.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 284.6 m 377.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 284.6 m 423.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 284.6 m 469.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 284.6 m 515.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 284.6 m 561.5 284.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 201.60000000000002 m 331.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 201.60000000000002 m 377.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 201.60000000000002 m 423.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 201.60000000000002 m 469.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 201.60000000000002 m 515.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 201.60000000000002 m 561.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 123.60000000000002 m 331.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 123.60000000000002 m 377.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 123.60000000000002 m 423.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 123.60000000000002 m 469.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 123.60000000000002 m 515.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 123.60000000000002 m 561.5 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 91.60000000000002 m 331.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 76.60000000000002 m 331.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 74.60000000000002 m 331.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 91.60000000000002 m 377.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 76.60000000000002 m 377.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 74.60000000000002 m 377.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 91.60000000000002 m 423.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 76.60000000000002 m 423.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 74.60000000000002 m 423.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 91.60000000000002 m 469.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 76.60000000000002 m 469.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 74.60000000000002 m 469.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 91.60000000000002 m 515.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 76.60000000000002 m 515.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 74.60000000000002 m 515.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 91.60000000000002 m 561.5 91.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 76.60000000000002 m 561.5 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 74.60000000000002 m 561.5 74.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 723.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.75 723.68 Td (December) Tj ET Q q 0 0 0 rg BT 335.32 723.68 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.75 723.68 Td (December) Tj ET Q q 0 0 0 rg BT 427.32 723.68 Td ( 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.75 723.68 Td (December) Tj ET Q q 0 0 0 rg BT 519.32 723.68 Td ( 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.30 702.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 300.67 702.83 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.20 702.83 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 702.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 392.67 702.83 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.20 702.83 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 702.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 484.67 702.83 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.20 702.83 Td (Rooms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 678.28 Td (Americas Management and Franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 664.17 Td (Full Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 650.17 Td (Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 650.17 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 650.17 Td (72,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 650.17 Td (1) Tj ET Q q 0 0 0 rg BT 409.65 650.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 650.17 Td (61,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 650.17 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 650.17 Td (60,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 636.17 Td (Franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 636.17 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 636.17 Td (17,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 636.17 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 636.17 Td (15,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 636.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 636.17 Td (13,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 622.17 Td (Full Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 622.17 Td (226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 622.17 Td (90,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 622.17 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 622.17 Td (76,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 622.17 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 622.17 Td (74,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 608.17 Td (Select Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 594.17 Td (Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 594.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 594.17 Td (8,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 594.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 594.17 Td (9,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 594.17 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 594.17 Td (9,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 580.17 Td (Franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 580.17 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 580.17 Td (44,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 580.17 Td (293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 580.17 Td (40,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 580.17 Td (260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 580.17 Td (35,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 566.17 Td (Select Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 566.17 Td (383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 566.17 Td (53,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 566.17 Td (357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 566.17 Td (49,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 566.17 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 566.17 Td (45,106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 542.28 Td (ASP) Tj ET Q q 0 0 0 rg BT 70.52 542.28 Td (AC Management and Franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 528.17 Td (Full Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 514.17 Td (Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 514.17 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 514.17 Td (33,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 514.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 514.17 Td (29,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 514.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 514.17 Td (27,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 500.17 Td (Franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 500.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 500.17 Td (1,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 500.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 500.17 Td (1,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 500.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 500.17 Td (1,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 485.27 Td (Full Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.65 485.27 Td (106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 485.27 Td (35,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 485.27 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 485.27 Td (30,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 485.27 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 485.27 Td (28,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 471.17 Td (Select Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 457.17 Td (Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 457.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 457.17 Td (3,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 457.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 457.17 Td (2,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 457.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 457.17 Td (826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 443.17 Td (Select Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 443.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 443.17 Td (3,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 443.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 443.17 Td (2,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 443.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 443.17 Td (826) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 419.28 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 100.25 419.28 Td ( ) Tj ET Q q 0 0 0 rg BT 102.38 419.28 Td (Asia Management and Franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 405.17 Td (Full Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 391.17 Td (Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 391.17 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 391.17 Td (21,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 391.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 391.17 Td (20,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 391.17 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 391.17 Td (19,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 377.17 Td (Franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 377.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 377.17 Td (1,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 377.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 377.17 Td (148) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 377.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 377.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 363.17 Td (Full Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 363.17 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 363.17 Td (22,817) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 363.17 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 363.17 Td (20,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 363.17 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 363.17 Td (19,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 349.17 Td (Select Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 335.17 Td (Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 335.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 335.17 Td (2,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 335.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 335.17 Td (2,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 335.17 Td (1) Tj ET Q q 0 0 0 rg BT 506.65 335.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 335.17 Td (1,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 321.17 Td (Franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 321.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 321.17 Td (451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 321.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 321.17 Td (451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 321.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 321.17 Td (358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 305.27 Td (Select Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 305.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 305.27 Td (2,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 305.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 305.27 Td (2,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 305.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 305.27 Td (2,084) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 275.28 Td (T) Tj ET Q q 0 0 0 rg BT 58.21 275.28 Td (otal Full and Select Service Hotels) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 275.28 Td (843) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.10 275.28 Td (208,207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 275.28 Td (719) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.10 275.28 Td (182,913) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 275.28 Td (657) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.10 275.28 Td (171,133) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 236.28 Td (Americas Management and Franchising - ) Tj ET Q q 0 0 0 rg BT 231.43 236.28 Td (All-inclusive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 221.27 Td (All-inclusive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 206.27 Td (Franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 206.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 206.27 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 206.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 206.27 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 206.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 206.27 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 191.27 Td (All-inclusive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 191.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 191.27 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 191.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 191.27 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 191.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 191.27 Td (2,401) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 160.28 Td (Corporate and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 144.27 Td (W) Tj ET Q q 0 0 0 rg BT 78.64 144.27 Td (ellness) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.00 128.27 Td (Managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 128.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 128.27 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 128.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 128.27 Td (399) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 128.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 128.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 112.27 Td (W) Tj ET Q q 0 0 0 rg BT 96.64 112.27 Td (ellness) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 112.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 112.27 Td (410) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 112.28 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 112.28 Td (399) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 112.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 112.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 80.28 Td (T) Tj ET Q q 0 0 0 rg BT 57.75 80.28 Td (otal Managed and Franchised) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 80.28 Td (852) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.10 80.28 Td (21) Tj ET Q q 0 0 0 rg BT 351.10 80.28 Td (1,018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 80.28 Td (728) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.10 80.28 Td (185,713) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.65 80.28 Td (663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.10 80.28 Td (173,534) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Included in the summary above are the following owned and leased hotels:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.63 742.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 707.60 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 707.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 707.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 707.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 707.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 707.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 707.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 707.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 707.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 707.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 707.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 707.60 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 679.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 679.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 679.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 679.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 679.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 679.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 679.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 649.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 649.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 649.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 649.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 649.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 649.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 649.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 619.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 619.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 619.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 619.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 619.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 619.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 619.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 589.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 589.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 589.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 589.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 589.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 589.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 589.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 559.60 240.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 559.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 559.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 559.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 559.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 559.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 559.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 559.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 559.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 559.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 559.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 559.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 525.60 240.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 525.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 525.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 525.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 525.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 525.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 525.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 525.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 525.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 525.60 42.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 525.60 4.00 -17.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 525.60 42.00 -17.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 719.6 m 331.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 719.6 m 335.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 719.6 m 377.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 719.6 m 423.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 719.6 m 427.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 719.6 m 469.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 719.6 m 515.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 719.6 m 519.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 719.6 m 561.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 707.6 m 331.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 707.6 m 377.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 707.6 m 423.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 707.6 m 469.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 707.6 m 515.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 707.6 m 561.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 559.6 m 331.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 559.6 m 377.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 559.6 m 423.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 559.6 m 469.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 559.6 m 515.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 559.6 m 561.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 525.6 m 331.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 525.6 m 331.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 509.6 m 331.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 507.6 m 331.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 525.6 m 377.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 509.6 m 377.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 507.6 m 377.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 525.6 m 423.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 509.6 m 423.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 507.6 m 423.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 525.6 m 469.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 509.6 m 469.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 507.6 m 469.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 525.6 m 515.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 509.6 m 515.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 507.6 m 515.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 525.6 m 561.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 509.6 m 561.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 507.6 m 561.5 507.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 723.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.75 723.68 Td (December) Tj ET Q q 0 0 0 rg BT 335.32 723.68 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.75 723.68 Td (December) Tj ET Q q 0 0 0 rg BT 427.32 723.68 Td ( 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.75 723.68 Td (December) Tj ET Q q 0 0 0 rg BT 519.32 723.68 Td ( 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.30 711.68 Td (Pr) Tj ET Q q 0 0 0 rg BT 300.67 711.68 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.20 711.68 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.30 711.68 Td (Pr) Tj ET Q q 0 0 0 rg BT 392.67 711.68 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.20 711.68 Td (Rooms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 711.68 Td (Pr) Tj ET Q q 0 0 0 rg BT 484.67 711.68 Td (operties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.20 711.68 Td (Rooms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 698.33 Td (Owned and Leased Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 684.27 Td (Full Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 669.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 669.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 669.27 Td (13,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 669.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.10 669.27 Td (13,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 669.27 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 669.27 Td (16,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 654.27 Td (Other ) Tj ET Q q 0 0 0 rg BT 112.99 654.27 Td (Americas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 654.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 654.27 Td (795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 654.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 654.27 Td (1,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 654.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 654.27 Td (1,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 639.27 Td (ASP) Tj ET Q q 0 0 0 rg BT 105.89 639.27 Td (AC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 639.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 639.27 Td (615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 639.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 639.27 Td (601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 639.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 639.27 Td (601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 624.27 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 134.02 624.27 Td ( ) Tj ET Q q 0 0 0 rg BT 136.15 624.27 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 624.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.10 624.27 Td (1,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 624.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.10 624.27 Td (1,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 624.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.10 624.27 Td (1,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 609.27 Td (Select Service Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 594.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 594.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 594.27 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 594.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 594.27 Td (320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 594.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 594.27 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 579.27 Td (Other ) Tj ET Q q 0 0 0 rg BT 112.99 579.27 Td (Americas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 579.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 579.27 Td (293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 579.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 579.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 579.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 579.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 564.27 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 133.93 564.27 Td ( ) Tj ET Q q 0 0 0 rg BT 135.88 564.27 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 564.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 564.27 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 564.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 564.27 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.65 564.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 564.27 Td (330) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 547.28 Td (T) Tj ET Q q 0 0 0 rg BT 76.21 547.28 Td (otal Full and Select Service Hotels) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 547.28 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.10 547.28 Td (17,235) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 547.28 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.10 547.28 Td (18,373) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 547.28 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.10 547.28 Td (20,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 530.27 Td (W) Tj ET Q q 0 0 0 rg BT 78.64 530.27 Td (ellness) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 530.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 530.27 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 530.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 530.27 Td (399) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 530.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 530.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 513.28 Td (T) Tj ET Q q 0 0 0 rg BT 75.75 513.28 Td (otal Owned and Leased) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 513.28 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.10 513.28 Td (17,645) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 513.28 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.10 513.28 Td (18,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 513.28 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.10 513.28 Td (20,595) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (Corporate Headquarters and Regional Offices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 467.10 Td (In 2017, we relocated our corporate headquarters to 150 North Riverside Plaza, Chicago, Illinois, pursuant to a 17 year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (term operating lease. ) Tj ET Q q 0 0 0 rg BT 135.52 455.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 455.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.61 455.10 Td (, we lease approximately 262,000 square feet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 434.10 Td (In addition to our corporate headquarters, we lease space for our regional of) Tj ET Q q 0 0 0 rg BT 377.31 434.10 Td (fices, service centers, and sales of) Tj ET Q q 0 0 0 rg BT 512.34 434.10 Td (fices in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (multiple locations, including ) Tj ET Q q 0 0 0 rg BT 166.66 422.10 Td (Amsterdam, ) Tj ET Q q 0 0 0 rg BT 218.13 422.10 Td (The Netherlands; ) Tj ET Q q 0 0 0 rg BT 289.22 422.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 320.71 422.10 Td (T) Tj ET Q q 0 0 0 rg BT 326.12 422.10 Td (exas; Beijing, Hong Kong, Shanghai, and Shenzhen, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (People's Republic of China; Bensenville, IL; Cairo, Egypt; Chandler) Tj ET Q q 0 0 0 rg BT 323.57 410.10 Td (, ) Tj ET Q q 0 0 0 rg BT 328.02 410.10 Td (AZ; Coral Gables, Florida; Denver) Tj ET Q q 0 0 0 rg BT 467.31 410.10 Td (, Colorado; Dubai, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (United ) Tj ET Q q 0 0 0 rg BT 79.17 398.10 Td (Arab Emirates; Franklin Park, IL; Gur) Tj ET Q q 0 0 0 rg BT 232.28 398.10 Td (gaon and Mumbai, India; Jakarta, Indonesia; Jeddah, Saudi ) Tj ET Q q 0 0 0 rg BT 470.83 398.10 Td (Arabia; London, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (United Kingdom; Los ) Tj ET Q q 0 0 0 rg BT 139.72 386.10 Td (Angeles, CA; Mainz, Germany; Marion, Illinois; Melbourne, ) Tj ET Q q 0 0 0 rg BT 386.07 386.10 Td (Australia; Mexico City) Tj ET Q q 0 0 0 rg BT 477.63 386.10 Td (, Mexico; Moscow) Tj ET Q q 0 0 0 rg BT 552.25 386.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (Russia; Moore, Oklahoma; Nairobi, Kenya; New ) Tj ET Q q 0 0 0 rg BT 248.48 374.10 Td (Y) Tj ET Q q 0 0 0 rg BT 254.70 374.10 Td (ork, New ) Tj ET Q q 0 0 0 rg BT 294.04 374.10 Td (Y) Tj ET Q q 0 0 0 rg BT 300.26 374.10 Td (ork; Paris, France; Opfikon, Switzerland; San Francisco, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (California; So Paulo, Brazil; Scottsdale, ) Tj ET Q q 0 0 0 rg BT 216.36 362.10 Td (Arizona; Seoul, South Korea; Singapore; and ) Tj ET Q q 0 0 0 rg BT 399.76 362.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.17 362.10 Td (okyo, Japan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 341.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 341.10 Td (e believe our existing of) Tj ET Q q 0 0 0 rg BT 179.09 341.10 Td (fice properties are in good condition and are suf) Tj ET Q q 0 0 0 rg BT 370.51 341.10 Td (ficient and suitable for the conduct of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (business. In the event we need to expand our operations, we believe suitable space will be available on commercially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.10 Td (reasonable terms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (Item 3. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 296.10 Td (Legal Proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.87 296.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 275.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 275.10 Td (e are involved in various claims and lawsuits arising in the normal course of business, including proceedings involving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (tort and other general liability claims, workers' compensation and other employee claims, intellectual property claims, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (claims related to our management of certain hotel properties. Most occurrences involving liability) Tj ET Q q 0 0 0 rg BT 440.62 251.10 Td (, claims of negligence, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (employees are covered by insurance, in each case, with solvent insurance carriers. ) Tj ET Q q 0 0 0 rg BT 380.51 239.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.15 239.10 Td (e recognize a liability when we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (loss is probable and reasonably estimable. ) Tj ET Q q 0 0 0 rg BT 220.61 227.10 Td (W) Tj ET Q q 0 0 0 rg BT 229.25 227.10 Td (e currently believe that the ultimate outcome of such lawsuits and proceedings will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (not, individually or in the aggregate, have a material ef) Tj ET Q q 0 0 0 rg BT 269.46 215.10 Td (fect on our consolidated financial position, results of operations, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 83.24 203.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 177.90 Td (In March 2018, a putative class action was filed against the Company and several other hotel companies in federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.90 Td (district court in Illinois seeking an unspecified amount of damages and equitable relief for an alleged violation of the federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.90 Td (antitrust laws. In December 2018, a second lawsuit was filed against the Company by ) Tj ET Q q 0 0 0 rg BT 394.74 153.90 Td (T) Tj ET Q q 0 0 0 rg BT 400.49 153.90 Td (ravelPass Group, LLC, Partner Fusion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.90 Td (Inc., and Reservation Counter) Tj ET Q q 0 0 0 rg BT 169.29 141.90 Td (, LLC in federal district court in ) Tj ET Q q 0 0 0 rg BT 299.62 141.90 Td (T) Tj ET Q q 0 0 0 rg BT 305.03 141.90 Td (exas for an alleged violation of federal antitrust laws arising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.90 Td (from similar conduct alleged in the Illinois case and seeking an unspecified amount of monetary damages. ) Tj ET Q q 0 0 0 rg BT 477.19 129.90 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.90 Td (disputes the allegations in these lawsuits and will defend its interests vigorously) Tj ET Q q 0 0 0 rg BT 369.02 117.90 Td (. ) Tj ET Q q 0 0 0 rg BT 373.84 117.90 Td (W) Tj ET Q q 0 0 0 rg BT 382.48 117.90 Td (e currently do not believe the ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.90 Td (outcome of this litigation will have a material ef) Tj ET Q q 0 0 0 rg BT 242.54 105.90 Td (fect on our consolidated financial position, results of operation, or liquidity) Tj ET Q q 0 0 0 rg BT 542.38 105.90 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.90 Td (Item 4. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 84.90 Td (Mine Safety Disclosures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 63.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 63.90 Td (Not ) Tj ET Q q 0 0 0 rg BT 89.45 63.90 Td (Applicable.) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 103.41 742.25 Td (ficers of the Registrant. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The following chart names each of the Company's executive of) Tj ET Q q 0 0 0 rg BT 326.37 721.25 Td (ficers and their ages and positions at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.38 721.25 Td (February14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.98 721.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (Also included below is biographical information relating to each of the Company's executive of) Tj ET Q q 0 0 0 rg BT 432.35 709.25 Td (ficers. Each of the executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 697.25 Td (ficers is elected by and serves at the pleasure of the board of directors. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 674.75 m 152.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 156.5 674.75 m 184.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 674.75 m 562.5 674.75 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 53.00 678.81 Td (Name) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 70.49 678.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 164.15 678.81 Td (Age) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 362.90 678.81 Td (Position) Tj ET Q BT /F1 4.00 Tf ET q 0 0 0 rg BT 387.01 678.81 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 663.42 Td (Thomas J. Pritzker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 663.42 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 663.42 Td (Executive Chairman of the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.42 Td (Mark S. Hoplamazian) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 647.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 647.42 Td (President, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 310.88 647.42 Td (ficer and Director \(Principal Executive Of) Tj ET Q q 0 0 0 rg BT 479.23 647.42 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.42 Td (Joan Bottarini) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 631.42 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 631.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.39 631.42 Td (V) Tj ET Q q 0 0 0 rg BT 240.22 631.42 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 371.18 631.42 Td (ficer \(Principal Financial Of) Tj ET Q q 0 0 0 rg BT 484.02 631.42 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.42 Td (Mar) Tj ET Q q 0 0 0 rg BT 69.57 615.42 Td (garet C. Egan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 615.42 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 615.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.39 615.42 Td (V) Tj ET Q q 0 0 0 rg BT 240.22 615.42 Td (ice President, General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.42 Td (H. Charles Floyd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 599.42 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 599.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.39 599.42 Td (V) Tj ET Q q 0 0 0 rg BT 240.22 599.42 Td (ice President, Global President of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.42 Td (Peter Fulton) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 583.42 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 583.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.39 583.42 Td (V) Tj ET Q q 0 0 0 rg BT 240.22 583.42 Td (ice President, Group PresidentEAME/SW) Tj ET Q q 0 0 0 rg BT 417.58 583.42 Td ( ) Tj ET Q q 0 0 0 rg BT 419.71 583.42 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.42 Td (Malaika L. Myers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 567.42 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 567.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.39 567.42 Td (V) Tj ET Q q 0 0 0 rg BT 240.22 567.42 Td (ice President, Chief Human Resources Of) Tj ET Q q 0 0 0 rg BT 407.01 567.42 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.42 Td (Peter J. Sears) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 551.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 551.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.39 551.42 Td (V) Tj ET Q q 0 0 0 rg BT 240.22 551.42 Td (ice President, Group PresidentAmericas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.42 Td (David Udell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 535.42 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 535.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.39 535.42 Td (V) Tj ET Q q 0 0 0 rg BT 240.22 535.42 Td (ice President, Group PresidentASP) Tj ET Q q 0 0 0 rg BT 389.45 535.42 Td (AC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 519.42 Td (Mark R. ) Tj ET Q q 0 0 0 rg BT 88.74 519.42 Td (V) Tj ET Q q 0 0 0 rg BT 95.23 519.42 Td (ondrasek) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 519.42 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 519.42 Td (Executive ) Tj ET Q q 0 0 0 rg BT 233.30 519.42 Td (V) Tj ET Q q 0 0 0 rg BT 239.92 519.42 Td (ice President, Chief Commercial Of) Tj ET Q q 0 0 0 rg BT 383.31 519.42 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 494.25 Td (Thomas J. Pritzker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.33 494.25 Td (has been a member of our board of directors since ) Tj ET Q q 0 0 0 rg BT 352.98 494.25 Td (August 2004 and our Executive Chairman since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (August 2004. Mr) Tj ET Q q 0 0 0 rg BT 118.06 482.25 Td (.Pritzker served as our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 290.04 482.25 Td (ficer from ) Tj ET Q q 0 0 0 rg BT 332.25 482.25 Td (August 2004 to December 2006. Mr) Tj ET Q q 0 0 0 rg BT 476.67 482.25 Td (.Pritzker was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (appointed President of Hyatt Corporation in 1980 and served as Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 443.61 470.25 Td (ficer of Hyatt Corporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (from 1999 to December 2006. Mr) Tj ET Q q 0 0 0 rg BT 184.97 458.25 Td (.Pritzker is Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 369.74 458.25 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 401.20 458.25 Td (The Pritzker Or) Tj ET Q q 0 0 0 rg BT 463.77 458.25 Td (ganization, LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (\("TPO"\), the principal financial and investment advisor to certain Pritzker family business interests. Mr) Tj ET Q q 0 0 0 rg BT 463.34 446.25 Td (.Pritzker also serves as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (a Director of Royal Caribbean Cruises Ltd. He served as a Director of ) Tj ET Q q 0 0 0 rg BT 331.94 434.25 Td (T) Tj ET Q q 0 0 0 rg BT 337.70 434.25 Td (ransUnion Corp., a credit reporting service company) Tj ET Q q 0 0 0 rg BT 547.54 434.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (until June 2010 and as Chairman of Marmon Holdings, Inc. until March 2014. Mr) Tj ET Q q 0 0 0 rg BT 377.18 422.25 Td (.Pritzker is Chairman of the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 410.25 Td (rustees of the Center for Strategic & International Studies; Director and ) Tj ET Q q 0 0 0 rg BT 344.10 410.25 Td (V) Tj ET Q q 0 0 0 rg BT 350.72 410.25 Td (ice President of ) Tj ET Q q 0 0 0 rg BT 415.24 410.25 Td (The Pritzker Foundation, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (charitable foundation; Director and President of the Pritzker Family Philanthropic Fund, a charitable or) Tj ET Q q 0 0 0 rg BT 462.48 398.25 Td (ganization; and Director) Tj ET Q q 0 0 0 rg BT 559.26 398.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (Chairman and President of ) Tj ET Q q 0 0 0 rg BT 159.24 386.25 Td (The Hyatt Foundation, a charitable foundation which established ) Tj ET Q q 0 0 0 rg BT 420.93 386.25 Td (The Pritzker ) Tj ET Q q 0 0 0 rg BT 472.58 386.25 Td (Architecture Prize.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 365.25 Td (Mark S. Hoplamazian) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.55 365.25 Td ( was appointed to the Board of Directors in November 2006 and named President and Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 353.25 Td (ficer of Hyatt Hotels Corporation in December 2006. Prior to being appointed to his present position, Mr) Tj ET Q q 0 0 0 rg BT 521.66 353.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.25 Td (Hoplamazian served as President of ) Tj ET Q q 0 0 0 rg BT 195.61 341.25 Td (TPO. During his 17 year tenure with ) Tj ET Q q 0 0 0 rg BT 344.29 341.25 Td (TPO, he served as advisor to various Pritzker family-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.25 Td (owned companies, including Hyatt Hotels Corporation and its predecessors. He previously worked in international mer) Tj ET Q q 0 0 0 rg BT 526.37 329.25 Td (gers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (acquisitions at ) Tj ET Q q 0 0 0 rg BT 109.81 317.25 Td (The First Boston Corporation in New ) Tj ET Q q 0 0 0 rg BT 261.65 317.25 Td (Y) Tj ET Q q 0 0 0 rg BT 267.87 317.25 Td (ork. Mr) Tj ET Q q 0 0 0 rg BT 297.87 317.25 Td (. Hoplamazian serves on the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 501.51 317.25 Td (VF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.25 Td (Corporation and serves on the Council on the University of Chicago Booth School of Business, the Executive Committee of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.25 Td (Board of Directors of ) Tj ET Q q 0 0 0 rg BT 138.13 293.25 Td (W) Tj ET Q q 0 0 0 rg BT 146.76 293.25 Td (orld Business Chicago, the Board of Directors of Skills for Chicagoland's Future, New Schools for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.25 Td (Chicago, and the Chicago Council on Global ) Tj ET Q q 0 0 0 rg BT 231.64 281.25 Td (Af) Tj ET Q q 0 0 0 rg BT 242.01 281.25 Td (fairs, and the Board of ) Tj ET Q q 0 0 0 rg BT 334.02 281.25 Td (T) Tj ET Q q 0 0 0 rg BT 339.78 281.25 Td (rustees of the ) Tj ET Q q 0 0 0 rg BT 395.04 281.25 Td (Aspen Institute and of the Latin School ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.25 Td (of Chicago. Mr) Tj ET Q q 0 0 0 rg BT 110.83 269.25 Td (. Hoplamazian is a member of the ) Tj ET Q q 0 0 0 rg BT 248.37 269.25 Td (W) Tj ET Q q 0 0 0 rg BT 257.01 269.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 275.44 269.25 Td (T) Tj ET Q q 0 0 0 rg BT 281.20 269.25 Td (ravel & ) Tj ET Q q 0 0 0 rg BT 313.78 269.25 Td (T) Tj ET Q q 0 0 0 rg BT 319.19 269.25 Td (ourism Council and the Commercial Club of Chicago and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (a member of the Discovery Class of the Henry Crown Fellowship.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 236.25 Td (Joan Bottarini ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.05 236.25 Td (was appointed as Executive ) Tj ET Q q 0 0 0 rg BT 246.17 236.25 Td (V) Tj ET Q q 0 0 0 rg BT 252.79 236.25 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 383.96 236.25 Td (ficer in November 2018. In this role, Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (Bottarini is responsible for the global finance function, including financial reporting, planning, treasury) Tj ET Q q 0 0 0 rg BT 462.85 224.25 Td (, tax, investor relations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (internal audit, asset management, global construction, shared services, and procurement. Ms. Bottarini previously served as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (Company's Senior ) Tj ET Q q 0 0 0 rg BT 125.51 200.25 Td (V) Tj ET Q q 0 0 0 rg BT 132.13 200.25 Td (ice President, FinanceAmericas since 2016. Prior to that position, Ms. Bottarini served as ) Tj ET Q q 0 0 0 rg BT 501.60 200.25 Td (V) Tj ET Q q 0 0 0 rg BT 508.22 200.25 Td (ice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.25 Td (President, Hotel FinanceAsia Pacific \(Hong Kong\) of the Company from 2014 to 2016 and as ) Tj ET Q q 0 0 0 rg BT 437.52 188.25 Td (V) Tj ET Q q 0 0 0 rg BT 444.15 188.25 Td (ice President, Strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (Financial Planning and ) Tj ET Q q 0 0 0 rg BT 144.16 176.25 Td (Analysis of the Company from 2007 to 2014. Prior to her roles at Hyatt, Ms. Bottarini served as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (Controller - Development at Essex Property ) Tj ET Q q 0 0 0 rg BT 228.11 164.25 Td (T) Tj ET Q q 0 0 0 rg BT 233.87 164.25 Td (rust and an ) Tj ET Q q 0 0 0 rg BT 279.69 164.25 Td (Assurance Manager at KPMG LLP) Tj ET Q q 0 0 0 rg BT 419.66 164.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 143.25 Td (Mar) Tj ET Q q 0 0 0 rg BT 89.35 143.25 Td (gar) Tj ET Q q 0 0 0 rg BT 102.87 143.25 Td (et C. Egan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.37 143.25 Td (was appointed as Executive ) Tj ET Q q 0 0 0 rg BT 260.98 143.25 Td (V) Tj ET Q q 0 0 0 rg BT 267.60 143.25 Td (ice President, General Counsel and Secretary in January 2018. Ms. Egan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (is responsible for Hyatt's global legal and corporate secretarial services. Ms. Egan served as interim General Counsel and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (Secretary of the Company from October 2017 to January 2018 and previously served as Senior ) Tj ET Q q 0 0 0 rg BT 432.22 119.25 Td (V) Tj ET Q q 0 0 0 rg BT 438.84 119.25 Td (ice President and ) Tj ET Q q 0 0 0 rg BT 509.10 119.25 Td (Associate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (General Counsel at Hyatt from March 2013 to January 2018 overseeing the Company's legal global transactions teams. From ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (October 2003 to March 2013, Ms. Egan held a series of increasingly responsible positions at Hyatt. Prior to entering the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (hospitality industry) Tj ET Q q 0 0 0 rg BT 126.85 83.25 Td (, Ms. Egan practiced law in the litigation practice group of DLA) Tj ET Q q 0 0 0 rg BT 383.16 83.25 Td ( Piper in Chicago, Illinois from 1996 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (2000 and again from 2002 to 2003 and also held a position as ) Tj ET Q q 0 0 0 rg BT 298.02 71.25 Td (Attorney ) Tj ET Q q 0 0 0 rg BT 335.51 71.25 Td (Advisor with the United States Department of Justice in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (London, United Kingdom from January 2001 to January 2002.) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (H. Charles Floyd ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.22 742.10 Td (was appointed Executive ) Tj ET Q q 0 0 0 rg BT 248.50 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 255.12 742.10 Td (ice President, Global President of Operations in ) Tj ET Q q 0 0 0 rg BT 447.86 742.10 Td (August 2014. In this role, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 730.10 Td (. Floyd leads and develops Hyatt's shared operation services or) Tj ET Q q 0 0 0 rg BT 312.67 730.10 Td (ganization known as the Global Operations Center \("GOC"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and is responsible for the successful operation of Hyatt's hotels globally) Tj ET Q q 0 0 0 rg BT 336.65 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 341.46 718.10 Td (The Group Presidents for each of Hyatt's three regions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (as well as hotel business development and product and design, report to Mr) Tj ET Q q 0 0 0 rg BT 350.77 706.10 Td (. Floyd. Prior to his current role, Mr) Tj ET Q q 0 0 0 rg BT 494.09 706.10 Td (. Floyd was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 92.30 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.92 694.10 Td (ice President, Group PresidentGlobal Operations Center from October 2012 to ) Tj ET Q q 0 0 0 rg BT 424.68 694.10 Td (August 2014. Mr) Tj ET Q q 0 0 0 rg BT 492.74 694.10 Td (. Floyd has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (with us since 1981. Mr) Tj ET Q q 0 0 0 rg BT 141.39 682.10 Td (. Floyd served as our Chief Operating Of) Tj ET Q q 0 0 0 rg BT 305.06 682.10 Td (ficerNorth ) Tj ET Q q 0 0 0 rg BT 358.65 682.10 Td (America from January 2006 until October 2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (In this role he was responsible for management of our full service hotels and resorts as well as the Hyatt Place and the Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (House brands in the United States, Canada, and the Caribbean. In addition, he oversaw Hyatt Residential Group, Inc. \(formerly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (known as Hyatt ) Tj ET Q q 0 0 0 rg BT 115.09 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 121.20 646.10 Td (acation Ownership, Inc.\) and the Franchise Owner Relations Group, which supports both full service and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (select service and extended stay franchisees. He also oversaw various corporate functions for North ) Tj ET Q q 0 0 0 rg BT 450.13 634.10 Td (America, including sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (human resources, product and design, rooms, food and beverage, and engineering. Since joining Hyatt, Mr) Tj ET Q q 0 0 0 rg BT 476.00 622.10 Td (. Floyd served in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (number of senior positions, including Executive ) Tj ET Q q 0 0 0 rg BT 244.51 610.10 Td (V) Tj ET Q q 0 0 0 rg BT 251.13 610.10 Td (ice PresidentNorth ) Tj ET Q q 0 0 0 rg BT 337.78 610.10 Td (America Operations and Senior ) Tj ET Q q 0 0 0 rg BT 466.45 610.10 Td (V) Tj ET Q q 0 0 0 rg BT 473.07 610.10 Td (ice President of Sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (as well as various managing director and general manager roles. Mr) Tj ET Q q 0 0 0 rg BT 320.74 598.10 Td (. Floyd serves on the Board of Directors of Kohl's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Corporation and Playa Hotels & Resorts N.V) Tj ET Q q 0 0 0 rg BT 229.52 586.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 565.10 Td (Peter Fulton ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.32 565.10 Td (was appointed Executive ) Tj ET Q q 0 0 0 rg BT 229.61 565.10 Td (V) Tj ET Q q 0 0 0 rg BT 236.23 565.10 Td (ice President, Group PresidentEAME/SW) Tj ET Q q 0 0 0 rg BT 413.79 565.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.74 565.10 Td (Asia in October 2012. Mr) Tj ET Q q 0 0 0 rg BT 518.23 565.10 Td (. Fulton is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (responsible for overseeing hotels in Europe, ) Tj ET Q q 0 0 0 rg BT 228.01 553.10 Td (Africa, the Middle East, India, Central ) Tj ET Q q 0 0 0 rg BT 383.80 553.10 Td (Asia, and Nepal. In 1983, Mr) Tj ET Q q 0 0 0 rg BT 500.44 553.10 Td (. Fulton ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (embarked on his career with Hyatt International as Food & Beverage Manager at Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 437.92 541.10 Td (Auckland. For the next nine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (years, he filled senior food and beverage positions at Hyatt properties in Dubai, Canberra, and Macau before receiving his first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (appointment as Manager at Hyatt Regency ) Tj ET Q q 0 0 0 rg BT 222.72 517.10 Td (Acapulco. In 1994, Mr) Tj ET Q q 0 0 0 rg BT 313.54 517.10 Td (. Fulton was appointed General Manager of the same hotel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (Three years later) Tj ET Q q 0 0 0 rg BT 116.78 505.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 133.45 505.10 Td (. Fulton was appointed General Manager at Hyatt Regency Delhi, where he remained until assuming the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (position of General Manager of Grand Hyatt Dubai. From 2001 until February 2008, Mr) Tj ET Q q 0 0 0 rg BT 402.99 493.10 Td (. Fulton oversaw Grand Hyatt Dubai, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (the lar) Tj ET Q q 0 0 0 rg BT 75.08 481.10 Td (gest 5-star hotel in the region, which opened in March 2003. From February 2008 until October 2012, Mr) Tj ET Q q 0 0 0 rg BT 496.67 481.10 Td (. Fulton was the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (Managing DirectorSouth ) Tj ET Q q 0 0 0 rg BT 162.02 469.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.66 469.10 Td (est ) Tj ET Q q 0 0 0 rg BT 183.72 469.10 Td (Asia. Prior to Hyatt, Mr) Tj ET Q q 0 0 0 rg BT 278.71 469.10 Td (. Fulton worked for ) Tj ET Q q 0 0 0 rg BT 358.80 469.10 Td (T) Tj ET Q q 0 0 0 rg BT 364.56 469.10 Td (ravelodge in Christchurch and ) Tj ET Q q 0 0 0 rg BT 487.30 469.10 Td (Auckland, New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (Zealand, Claridges Hotel in London, and Le Beau Rivage Palace Hotel in Lausanne, Switzerland.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 436.10 Td (Malaika L. Myers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.88 436.10 Td (was selected as Executive ) Tj ET Q q 0 0 0 rg BT 253.76 436.10 Td (V) Tj ET Q q 0 0 0 rg BT 260.38 436.10 Td (ice President, Chief Human Resources Of) Tj ET Q q 0 0 0 rg BT 427.38 436.10 Td (ficer in September 2017. In this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (role, Ms. Myers is responsible for setting and implementing Hyatt's global human resources enterprise strategy worldwide. Ms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (Myers joined Hyatt with over 25 years of experience in human resources across a diverse group of industries. Prior to assuming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (her role at Hyatt, Ms. Myers most recently served as Senior ) Tj ET Q q 0 0 0 rg BT 290.59 400.10 Td (V) Tj ET Q q 0 0 0 rg BT 297.21 400.10 Td (ice President, Human Resources for Jarden Corporation, a $10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (billion global consumer products company) Tj ET Q q 0 0 0 rg BT 220.43 388.10 Td (, where she was responsible for the ef) Tj ET Q q 0 0 0 rg BT 370.75 388.10 Td (fectiveness of human resources strategies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (programs for Jarden Corporation worldwide. Prior to Jarden, Ms. Myers served as Chief Human Resources Of) Tj ET Q q 0 0 0 rg BT 491.39 376.10 Td (ficer for ) Tj ET Q q 0 0 0 rg BT 525.81 376.10 Td (Arysta ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (LifeScience, a global agricultural chemical company) Tj ET Q q 0 0 0 rg BT 260.37 364.10 Td (. Malaika served in various senior management roles at Diageo PLC, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (PepsiCo, including Frito-Lay) Tj ET Q q 0 0 0 rg BT 166.29 352.10 Td (, Pepsi-Cola, and the PepsiCo Corporate Or) Tj ET Q q 0 0 0 rg BT 340.53 352.10 Td (ganization. Ms. Myers began her career with FMC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (Corporation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 319.10 Td (Peter J. Sears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.32 319.10 Td (was appointed Executive ) Tj ET Q q 0 0 0 rg BT 234.60 319.10 Td (V) Tj ET Q q 0 0 0 rg BT 241.22 319.10 Td (ice President, Group PresidentAmericas in September 2014. Mr) Tj ET Q q 0 0 0 rg BT 505.89 319.10 Td (. Sears is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (responsible for the growth and successful operation of Hyatt's portfolio in the United States, Latin ) Tj ET Q q 0 0 0 rg BT 443.94 307.10 Td (America, Canada, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (Caribbean. Prior to his current role, he was the Senior ) Tj ET Q q 0 0 0 rg BT 267.54 295.10 Td (V) Tj ET Q q 0 0 0 rg BT 274.16 295.10 Td (ice PresidentOperations, ) Tj ET Q q 0 0 0 rg BT 383.86 295.10 Td (Asia Pacific. Mr) Tj ET Q q 0 0 0 rg BT 449.12 295.10 Td (. Sears began his career ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (with Hyatt as a corporate trainee at Hyatt Regency San ) Tj ET Q q 0 0 0 rg BT 271.59 283.10 Td (Antonio in 1987 and went on to hold numerous positions of increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (operational responsibility) Tj ET Q q 0 0 0 rg BT 151.27 271.10 Td (. ) Tj ET Q q 0 0 0 rg BT 156.09 271.10 Td (These positions included serving as general manager of five full service hotels in North ) Tj ET Q q 0 0 0 rg BT 507.66 271.10 Td (America at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (properties located in San Francisco, Orange County) Tj ET Q q 0 0 0 rg BT 256.24 259.10 Td (, and Lake ) Tj ET Q q 0 0 0 rg BT 300.48 259.10 Td (T) Tj ET Q q 0 0 0 rg BT 305.89 259.10 Td (ahoe. In 2006, he became Senior ) Tj ET Q q 0 0 0 rg BT 439.00 259.10 Td (V) Tj ET Q q 0 0 0 rg BT 445.62 259.10 Td (ice President of Field ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (Operations for the Central Region, and in 2009, he became Senior ) Tj ET Q q 0 0 0 rg BT 316.69 247.10 Td (V) Tj ET Q q 0 0 0 rg BT 323.31 247.10 Td (ice President, Operations for North ) Tj ET Q q 0 0 0 rg BT 465.50 247.10 Td (America.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 226.10 Td (David Udell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.66 226.10 Td (was appointed as Executive ) Tj ET Q q 0 0 0 rg BT 238.77 226.10 Td (V) Tj ET Q q 0 0 0 rg BT 245.39 226.10 Td (ice President, Group PresidentASP) Tj ET Q q 0 0 0 rg BT 394.46 226.10 Td (AC in July 2014. Mr) Tj ET Q q 0 0 0 rg BT 476.97 226.10 Td (. Udell is responsible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (for overseeing hotels in Southeast ) Tj ET Q q 0 0 0 rg BT 187.48 214.10 Td (Asia, Greater China, ) Tj ET Q q 0 0 0 rg BT 271.62 214.10 Td (Australia, South Korea, Japan, and Micronesia. Prior to his current role, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 202.10 Td (. Udell was the Senior ) Tj ET Q q 0 0 0 rg BT 152.58 202.10 Td (V) Tj ET Q q 0 0 0 rg BT 159.20 202.10 Td (ice President, Operations for the GOC. Mr) Tj ET Q q 0 0 0 rg BT 328.61 202.10 Td (. Udell has also served as Senior ) Tj ET Q q 0 0 0 rg BT 460.63 202.10 Td (V) Tj ET Q q 0 0 0 rg BT 467.25 202.10 Td (ice President) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Operations, ) Tj ET Q q 0 0 0 rg BT 98.33 190.10 Td (Asia Pacific, where he was responsible for overseeing the operation of 55 hotels within the region. Over the last 32 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (years, Mr) Tj ET Q q 0 0 0 rg BT 87.77 178.10 Td (. Udell has held senior management positions in Hyatt properties in Bangkok, Seoul, Hong Kong, and ) Tj ET Q q 0 0 0 rg BT 497.52 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 502.93 178.10 Td (okyo. In 1992, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (he was appointed opening General Manager of Park Hyatt ) Tj ET Q q 0 0 0 rg BT 285.02 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 290.43 166.10 Td (okyo and in 1996, General Manager of Grand Hyatt Hong Kong. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (He began his career with Hyatt as a Corporate Management ) Tj ET Q q 0 0 0 rg BT 291.39 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 297.15 154.10 Td (rainee at Hyatt Regency Singapore in 1982.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 133.10 Td (Mark R. V) Tj ET Q q 0 0 0 rg BT 114.27 133.10 Td (ondrasek ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.43 133.10 Td (was selected as Executive ) Tj ET Q q 0 0 0 rg BT 259.31 133.10 Td (V) Tj ET Q q 0 0 0 rg BT 265.93 133.10 Td (ice President, Chief Commercial Of) Tj ET Q q 0 0 0 rg BT 409.32 133.10 Td (ficer in March 2018. In this role, Mr) Tj ET Q q 0 0 0 rg BT 554.01 133.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.93 121.10 Td (ondrasek oversees global sales, revenue management, distribution strategy) Tj ET Q q 0 0 0 rg BT 353.25 121.10 Td (, corporate marketing, brands, communications, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (digital, consumer insights, global contact centers, and the ) Tj ET Q q 0 0 0 rg BT 281.70 109.10 Td (W) Tj ET Q q 0 0 0 rg BT 290.34 109.10 Td (orld of Hyatt loyalty platform. He is also char) Tj ET Q q 0 0 0 rg BT 473.17 109.10 Td (ged with integrating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (and scaling new business opportunities, products and services, including Miraval and Exhale. Mr) Tj ET Q q 0 0 0 rg BT 437.97 97.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.79 97.10 Td (V) Tj ET Q q 0 0 0 rg BT 448.73 97.10 Td (ondrasek joined Hyatt in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (September 2017 with 15 years of hospitality leadership experience at Starwood Hotels and Resorts, where he most recently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (served in a similar role as Senior ) Tj ET Q q 0 0 0 rg BT 183.39 73.10 Td (V) Tj ET Q q 0 0 0 rg BT 190.01 73.10 Td (ice President, Commercial Services Of) Tj ET Q q 0 0 0 rg BT 345.06 73.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 362.83 73.10 Td (. Prior to entering the hospitality industry) Tj ET Q q 0 0 0 rg BT 527.44 73.10 Td (, he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (spent 10 years in the Financial Services industry) Tj ET Q q 0 0 0 rg BT 242.92 61.10 Td (, overseeing operational teams at Fidelity Investments and Kemper Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (Services. He serves on the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 245.50 49.10 Td (Af) Tj ET Q q 0 0 0 rg BT 255.87 49.10 Td (finion Group Holdings, a global leader in loyalty and customer engagement.) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Pursuant to our employment letter with Mr) Tj ET Q q 0 0 0 rg BT 245.09 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.91 742.10 Td (Thomas J. Pritzker) Tj ET Q q 0 0 0 rg BT 324.77 742.10 Td (, we have agreed that so long as he is a member of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (board of directors we will use our commercially reasonable ef) Tj ET Q q 0 0 0 rg BT 297.78 730.10 Td (forts to appoint him as our executive chairman provided he is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (willing and able to serve in that of) Tj ET Q q 0 0 0 rg BT 186.73 718.10 Td (fice. If he is not re-appointed as executive chairman, he will be entitled to terminate his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (employment with the rights and entitlements available to him under our severance policies as if his employment was terminated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (by us without cause.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 673.10 Td (Pursuant to our employment letter with Mr) Tj ET Q q 0 0 0 rg BT 245.09 673.10 Td (. Mark S. Hoplamazian, we have agreed that so long as he is the president and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (chief executive of) Tj ET Q q 0 0 0 rg BT 121.45 661.10 Td (ficer of Hyatt, we will use our commercially reasonable ef) Tj ET Q q 0 0 0 rg BT 354.50 661.10 Td (forts to nominate him for re-election as a director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (prior to the end of his term. If he is not re-elected to the board of directors, he will be entitled to terminate his employment with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (the rights and entitlements available to him under our severance policies as if his employment was terminated by us without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (cause.) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 74.71 625.10 Td () Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.40 742.25 Td (Part II) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td (Item 5. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 710.45 Td (Market for Registrant's Common Equity) Tj ET Q q 0 0 0 rg BT 261.32 710.45 Td (, Related Stockholder Matters, and Issuer Purchases of Equity ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 698.45 Td (Securities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.06 698.45 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 677.45 Td (Market Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 656.45 Td (Our Class) Tj ET Q q 0 0 0 rg BT 115.67 656.45 Td (A) Tj ET Q q 0 0 0 rg BT 122.34 656.45 Td ( common stock began trading publicly on the New ) Tj ET Q q 0 0 0 rg BT 326.65 656.45 Td (Y) Tj ET Q q 0 0 0 rg BT 332.87 656.45 Td (ork Stock Exchange under the symbol "H" on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.45 Td (November5, 2009. Prior to that time, there was no public market for our Class) Tj ET Q q 0 0 0 rg BT 367.16 644.45 Td (A) Tj ET Q q 0 0 0 rg BT 373.83 644.45 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 439.38 644.45 Td (At January31, 2019, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.45 Td (Class) Tj ET Q q 0 0 0 rg BT 73.62 632.45 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 632.45 Td ( common stock was held by approximately 25 shareholders of record and there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.18 632.45 Td (38,870,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.18 632.45 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 529.61 632.45 Td (A) Tj ET Q q 0 0 0 rg BT 536.28 632.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.45 Td (common stock outstanding. ) Tj ET Q q 0 0 0 rg BT 162.59 620.45 Td (This stockholder figure does not include a substantially greater number of "street name" holders or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.45 Td (beneficial holders of our Class) Tj ET Q q 0 0 0 rg BT 174.14 608.45 Td (A) Tj ET Q q 0 0 0 rg BT 180.81 608.45 Td ( common stock whose shares are held of record by banks, brokers, and other financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.45 Td (institutions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 575.45 Td (There is no established public trading market for our Class B common stock. ) Tj ET Q q 0 0 0 rg BT 383.38 575.45 Td (At January31, 2019, our Class B common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.45 Td (stock was held by approximately 81 shareholders and there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.03 563.45 Td (67,1) Tj ET Q q 0 0 0 rg BT 328.15 563.45 Td (15,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 563.45 Td ( shares of Class B common stock outstanding. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.45 Td (Dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 525.95 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 525.95 Td (e currently pay a quarterly cash dividend and expect to continue paying regular dividends on a quarterly basis. ) Tj ET Q q 0 0 0 rg BT 524.05 525.95 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.95 Td (future determination to pay dividends will be at the discretion of our board of directors and will depend on our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.95 Td (condition, capital requirements, restrictions contained in current or future financing instruments, and such other factors as our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.95 Td (board of directors deems relevant. See Part IV) Tj ET Q q 0 0 0 rg BT 233.64 489.95 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote 16 to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.95 Td (Consolidated Financial Statements" for further detail.) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Performance Graph ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (The following performance graph and r) Tj ET Q q 0 0 0 rg BT 208.79 721.25 Td (elated information shall not be deemed "soliciting material" or to be "filed" with the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (SEC, nor shall such information be incorporated by r) Tj ET Q q 0 0 0 rg BT 263.79 709.25 Td (efer) Tj ET Q q 0 0 0 rg BT 278.96 709.25 Td (ence into any futur) Tj ET Q q 0 0 0 rg BT 353.85 709.25 Td (e filing under the Securities ) Tj ET Q q 0 0 0 rg BT 466.70 709.25 Td (Act or Exchange ) Tj ET Q q 0 0 0 rg BT 535.66 709.25 Td (Act, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (except to the extent we specifically incorporate it by r) Tj ET Q q 0 0 0 rg BT 264.28 697.25 Td (efer) Tj ET Q q 0 0 0 rg BT 279.45 697.25 Td (ence into such filing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 676.25 Td (The following graph compares the cumulative total stockholder return since December 31, 2013, with the S&P) Tj ET Q q 0 0 0 rg BT 517.13 676.25 Td ( 500 Index ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (\("S&P) Tj ET Q q 0 0 0 rg BT 75.94 664.25 Td ( 500"\) and the Russell 1000 Hotel/Motel Index \(the "Russell 1000 Hotel"\). ) Tj ET Q q 0 0 0 rg BT 377.13 664.25 Td (The graph assumes the value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (investment in our Class ) Tj ET Q q 0 0 0 rg BT 146.11 652.25 Td (A) Tj ET Q q 0 0 0 rg BT 152.78 652.25 Td ( common stock and each index was $100 at December 31, 2013 and all dividends and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (distributions were reinvested. ) Tj ET Q /GS0 gs q 481.00 0 0 265.00 65.50 358.25 cm /I40 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 339.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 315.75 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 315.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 315.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 315.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 315.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 315.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 315.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 285.75 186.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 285.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 285.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 285.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 285.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 285.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 285.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 315.75 m 289.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 315.75 m 342.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 315.75 m 397.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 315.75 m 451.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 315.75 m 506.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 315.75 m 561.5 315.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.75 319.98 Td (12/31/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 319.98 Td (12/31/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.25 319.98 Td (12/31/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.75 319.98 Td (12/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.25 319.98 Td (12/31/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.25 319.98 Td (12/31/2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 305.43 Td (Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.75 305.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.25 305.42 Td (121.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 305.42 Td (95.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.75 305.42 Td (1) Tj ET Q q 0 0 0 rg BT 417.75 305.42 Td (1) Tj ET Q q 0 0 0 rg BT 422.75 305.42 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.25 305.42 Td (148.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.25 305.42 Td (137.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 290.43 Td (S&P) Tj ET Q q 0 0 0 rg BT 71.72 290.43 Td ( 500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.75 290.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.25 290.42 Td (1) Tj ET Q q 0 0 0 rg BT 309.25 290.42 Td (13.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.25 290.42 Td (1) Tj ET Q q 0 0 0 rg BT 363.25 290.42 Td (15.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.75 290.42 Td (129.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.25 290.42 Td (157.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.25 290.42 Td (150.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 275.43 Td (Russell 1000 Hotel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.75 275.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.25 275.42 Td (1) Tj ET Q q 0 0 0 rg BT 309.25 275.42 Td (12.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 275.42 Td (94.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.75 275.42 Td (1) Tj ET Q q 0 0 0 rg BT 417.75 275.42 Td (19.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.25 275.42 Td (190.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.25 275.42 Td (151.4) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (Recent Sales of Unr) Tj ET Q q 0 0 0 rg BT 133.97 247.25 Td (egister) Tj ET Q q 0 0 0 rg BT 162.10 247.25 Td (ed Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 226.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (Use of Pr) Tj ET Q q 0 0 0 rg BT 89.25 205.25 Td (oceeds fr) Tj ET Q q 0 0 0 rg BT 127.10 205.25 Td (om Register) Tj ET Q q 0 0 0 rg BT 178.29 205.25 Td (ed Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 184.25 Td (None.) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 742.25 Td (chases of Equity Securities by the Issuer) Tj ET Q q 0 0 0 rg BT 236.86 742.25 Td ( and ) Tj ET Q q 0 0 0 rg BT 257.43 742.25 Td (Affiliated Pur) Tj ET Q q 0 0 0 rg BT 316.41 742.25 Td (chasers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 98.43 721.25 Td ( Pur) Tj ET Q q 0 0 0 rg BT 116.86 721.25 Td (chases of Equity Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 700.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.60 700.25 Td (following ) Tj ET Q q 0 0 0 rg BT 132.04 700.25 Td (table ) Tj ET Q q 0 0 0 rg BT 154.03 700.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 171.58 700.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 193.57 700.25 Td (information ) Tj ET Q q 0 0 0 rg BT 243.33 700.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 284.20 700.25 Td (our ) Tj ET Q q 0 0 0 rg BT 300.08 700.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 342.07 700.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.95 700.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 380.49 700.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.38 700.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 415.03 700.25 Td (A) Tj ET Q q 0 0 0 rg BT 421.70 700.25 Td ( ) Tj ET Q q 0 0 0 rg BT 424.26 700.25 Td (and ) Tj ET Q q 0 0 0 rg BT 441.25 700.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 465.47 700.25 Td (B ) Tj ET Q q 0 0 0 rg BT 474.69 700.25 Td (common ) Tj ET Q q 0 0 0 rg BT 512.24 700.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 535.90 700.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 688.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 95.53 688.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.91 688.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 180.49 688.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.49 688.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 606.75 182.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 606.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 606.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 606.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 606.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 606.75 101.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 576.75 182.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.50 576.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 576.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 576.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 576.75 101.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 561.75 m 294.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 547.75 m 294.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 545.75 m 294.5 545.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 561.75 m 355.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 547.75 m 355.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 545.75 m 355.5 545.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 561.75 m 454.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 547.75 m 454.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 545.75 m 454.5 545.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.25 651.42 Td (T) Tj ET Q q 0 0 0 rg BT 261.01 651.42 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.80 641.42 Td (number of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 631.42 Td (shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.20 621.42 Td (purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.65 611.42 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 641.42 Td (W) Tj ET Q q 0 0 0 rg BT 314.79 641.42 Td (eighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.95 631.42 Td (average) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.60 621.42 Td (price paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.30 611.42 Td (per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.35 641.42 Td (T) Tj ET Q q 0 0 0 rg BT 380.11 641.42 Td (otal number of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.05 631.42 Td (shares purchased as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.65 621.42 Td (part of publicly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 611.42 Td (announced plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.05 651.42 Td (Maximum number \(or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.55 641.42 Td (approximate dollar) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.05 631.42 Td (value\) of shares that) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 621.42 Td (may yet be purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.55 611.42 Td (under the program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 596.42 Td (October 1 to October 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.60 596.42 Td (1,007,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 596.42 Td (71.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 596.42 Td (1,007,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 596.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 596.42 Td (887,448,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.42 Td (November 1 to November 30, 2018 \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.60 581.42 Td (2,317,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 581.42 Td (69.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 581.42 Td (2,317,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 581.42 Td (686,461,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 566.42 Td (December 1 to December 31, 2018 \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.15 566.42 Td (838,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 566.42 Td (68.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 566.42 Td (838,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 566.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 566.42 Td (668,084,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 551.43 Td (T) Tj ET Q q 0 0 0 rg BT 59.75 551.43 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.60 551.42 Td (4,163,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 551.42 Td (70.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 551.42 Td (4,163,883) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.66 526.25 Td (1\) On each of December 14, 2017 and October 30, 2018, we announced the approvals of the expansions of our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (repurchase program. Under each approval, we are authorized to purchase up to an additional $750 million of Class ) Tj ET Q q 0 0 0 rg BT 528.41 514.25 Td (A) Tj ET Q q 0 0 0 rg BT 535.08 514.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (Class B common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (10b5-1 plan or an accelerated share repurchase transaction. ) Tj ET Q q 0 0 0 rg BT 306.87 490.25 Td (The repurchase program does not have an expiration date. ) Tj ET Q q 0 0 0 rg BT 540.67 490.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.58 478.25 Td (, the Company had approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.88 478.25 Td ($668 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.28 478.25 Td ( remaining under the share repurchase authorization. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (During the period, we entered into the November 2018 accelerated share repurchase program \("ASR"\), which also settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (during the quarter) Tj ET Q q 0 0 0 rg BT 139.09 454.25 Td (. See Part IV) Tj ET Q q 0 0 0 rg BT 188.90 454.25 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote 16 to our Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (Financial Statements" for further detail.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 66.48 421.25 Td (The repurchase of shares includes the initial delivery and subsequent settlement of the November 2018 ) Tj ET Q q 0 0 0 rg BT 479.97 421.25 Td (ASR. ) Tj ET Q q 0 0 0 rg BT 504.24 421.25 Td (The initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 409.25 Td (delivery of shares occurred in November 2018 with the final tranches of shares delivered in December 2018 in full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 397.25 Td (settlement of the November 2018 ) Tj ET Q q 0 0 0 rg BT 203.80 397.25 Td (ASR. Overall, we repurchased 2,575,095 shares at a weighted-average price per share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 385.25 Td ($69.90, representing our average share price over the duration of the November 2018 ) Tj ET Q q 0 0 0 rg BT 410.93 385.25 Td (ASR contract less a discount. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 373.25 Td (Part IV) Tj ET Q q 0 0 0 rg BT 95.87 373.25 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote 16 to our Consolidated Financial Statements" for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 361.25 Td (further details regarding the November 2018 ) Tj ET Q q 0 0 0 rg BT 248.50 361.25 Td (ASR.) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 742.25 Td (Selected Financial Data.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 721.25 Td (e derived the selected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.48 721.25 Td (consolidated statements of income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.50 721.25 Td ( data for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.01 721.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.59 721.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.59 721.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 709.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 709.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.52 709.25 Td ( and the selected consolidated balance sheet data at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.37 709.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.96 709.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.40 709.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.98 709.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (from our audited consolidated financial statements included in this annual report. ) Tj ET Q q 0 0 0 rg BT 376.95 697.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.59 697.25 Td (e derived the selected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.43 697.25 Td (consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (statements of income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.98 685.25 Td ( data for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.48 685.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.07 685.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.51 685.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.09 685.25 Td ( and the selected consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (balance sheet data at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.95 673.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.54 673.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.54 673.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.12 673.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.06 673.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.64 673.25 Td ( from our previously audited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (consolidated financial statements which are not included in this annual report. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 640.25 Td (Our selected consolidated balance sheet data for all prior periods has been restated for the adoption of ) Tj ET Q q 0 0 0 rg BT 483.01 640.25 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Standards Update No. 2015-03,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.37 628.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 197.93 628.25 Td (est - Imputation of Inter) Tj ET Q q 0 0 0 rg BT 293.11 628.25 Td (est \(Subtopic 835-30\): Simplifying the Pr) Tj ET Q q 0 0 0 rg BT 457.43 628.25 Td (esentation of Debt ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (Issuance Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.72 616.25 Td (. Our selected consolidated statements of income and balance sheet data as of and for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 604.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 604.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.61 604.25 Td ( have been restated for the adoption of ) Tj ET Q q 0 0 0 rg BT 382.10 604.25 Td (Accounting Standards Update No. 2014-09 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (\("2014-09"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.15 592.25 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 145.82 592.25 Td (om Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 275.47 592.25 Td (opic 606\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.52 592.25 Td (, which we adopted on January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 474.32 592.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 524.22 592.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 83.60 580.25 Td (Accounting Standards Update No. 2016-01 \("ASU 2016-01"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.79 580.25 Td (Financial Instruments - Recognition, Measur) Tj ET Q q 0 0 0 rg BT 515.22 580.25 Td (ement, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 568.25 Td (esentation, and Disclosur) Tj ET Q q 0 0 0 rg BT 161.75 568.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.19 568.25 Td (, on January 1, 2018 on a modified retrospective basis. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 568.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.19 568.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (we recognized unrealized \(gains\) losses due to the change in fair value of our marketable securities, including certain equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (securities, in net income on our consolidated statements of income. Our historical results are not necessarily indicative of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (results expected for any future period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 511.25 Td (The selected historical financial data should be read together with our consolidated financial statements and related notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (appearing in this annual report, as well as Part II, Item7, "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 406.91 499.25 Td (Analysis of Financial Condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (Results of Operations" and the other financial information included elsewhere in this annual report.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.75 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 443.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 443.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 443.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 443.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 443.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 443.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 443.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 443.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 443.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.75 226.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 416.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 416.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 416.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 416.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 416.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 416.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 416.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 416.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 416.75 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.75 226.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 377.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 377.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 377.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 377.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 377.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 348.75 226.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 348.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 348.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 348.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 348.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 348.75 54.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 455.75 m 330.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 455.75 m 334.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 455.75 m 388.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 455.75 m 392.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 455.75 m 446.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 455.75 m 450.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 455.75 m 504.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 455.75 m 508.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 455.75 m 562.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 443.75 m 330.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 443.75 m 388.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 443.75 m 446.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 455.75 m 504.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 443.75 m 504.5 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 455.75 m 562.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 443.75 m 562.5 443.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.70 459.83 Td (Y) Tj ET Q q 0 0 0 rg BT 379.59 459.83 Td (ear) Tj ET Q q 0 0 0 rg BT 390.55 459.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 451.28 459.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.00 447.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 447.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.00 447.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 447.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.00 447.83 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.48 Td (Consolidated statements of income data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 421.32 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 421.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 421.32 Td (4,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 421.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 421.32 Td (4,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 421.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 421.32 Td (4,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 421.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 421.32 Td (4,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 421.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 421.32 Td (4,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.42 Td (Direct and selling, general, and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.42 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 396.42 Td (4,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 396.42 Td (4,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 396.42 Td (3,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 396.42 Td (4,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 396.42 Td (4,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 382.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 382.32 Td (769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 382.32 Td (390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 382.32 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 382.32 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 382.32 Td (346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.32 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 368.32 Td (769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 368.32 Td (389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 368.32 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.65 368.32 Td (124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 368.32 Td (344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 353.42 Td (Net income per sharebasic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 353.42 Td (6.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 353.42 Td (3.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 353.42 Td (1.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 353.42 Td (0.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 353.42 Td (2.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.42 Td (Net income per sharediluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 338.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 338.42 Td (6.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 338.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 338.42 Td (3.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 338.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 338.42 Td (1.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 338.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 338.42 Td (0.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 338.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 338.42 Td (2.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.32 Td (Cash dividends declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 324.32 Td (0.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 324.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 324.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 324.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 324.32 Td () Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 276.75 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 276.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 276.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 276.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 276.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 276.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 276.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 276.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 276.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 276.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 249.75 226.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 249.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 249.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 249.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 249.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 249.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 249.75 54.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 288.75 m 330.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 288.75 m 334.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 288.75 m 388.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 288.75 m 392.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 288.75 m 446.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 288.75 m 450.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 288.75 m 504.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 288.75 m 508.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 288.75 m 562.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 276.75 m 330.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 276.75 m 388.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 276.75 m 446.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 276.75 m 504.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 276.75 m 562.5 276.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.95 292.83 Td (As of December) Tj ET Q q 0 0 0 rg BT 440.00 292.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.00 280.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 280.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.00 280.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 280.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.00 280.83 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 267.48 Td (Consolidated balance sheets data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 254.32 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.00 254.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 254.32 Td (7,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 254.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 254.32 Td (7,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 254.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 254.32 Td (7,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 254.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 254.32 Td (7,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 254.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 254.32 Td (8,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.32 Td (Long-term debt \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 240.32 Td (1,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 240.32 Td (1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 240.32 Td (1,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 240.32 Td (1,370) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 240.32 Td (1,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.32 Td (Redeemable noncontrolling interest in preferred shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 216.32 Td (of a subsidiary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 215.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 215.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 215.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 215.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 215.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 211.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 200.45 Td (\(1\) Includes current maturities of long-term debt, capital lease obligations, unamortized discounts, and deferred financing fees.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 7. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 742.25 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 223.82 742.25 Td (Analysis of Financial Condition and Results of Operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The following discussion and analysis of our financial condition and r) Tj ET Q q 0 0 0 rg BT 354.75 721.25 Td (esults of operations should be r) Tj ET Q q 0 0 0 rg BT 480.21 721.25 Td (ead in conjunction ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (with Part II, Item6, "Selected Financial Data" and Part IV) Tj ET Q q 0 0 0 rg BT 285.95 709.25 Td (, Item 15, "Exhibits and Financial Statement Schedule) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.60 709.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (Consolidated Financial Statements." In addition to historical data, this discussion contains forwar) Tj ET Q q 0 0 0 rg BT 444.66 697.25 Td (d-looking statements about ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (our business, operations, and financial performance based on curr) Tj ET Q q 0 0 0 rg BT 317.39 685.25 Td (ent expectations that involve risks, uncertainties, and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (assumptions. Our actual r) Tj ET Q q 0 0 0 rg BT 154.08 673.25 Td (esults may differ materially fr) Tj ET Q q 0 0 0 rg BT 272.59 673.25 Td (om those discussed in the forwar) Tj ET Q q 0 0 0 rg BT 403.60 673.25 Td (d-looking statements as a r) Tj ET Q q 0 0 0 rg BT 511.56 673.25 Td (esult of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (various factors, including but not limited to those discussed in "Disclosur) Tj ET Q q 0 0 0 rg BT 344.10 661.25 Td (e Regar) Tj ET Q q 0 0 0 rg BT 375.10 661.25 Td (ding Forwar) Tj ET Q q 0 0 0 rg BT 425.57 661.25 Td (d-Looking Statements" and Part ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (I, Item 1A, "Risk Factors" included elsewher) Tj ET Q q 0 0 0 rg BT 228.54 649.25 Td (e in this annual r) Tj ET Q q 0 0 0 rg BT 296.50 649.25 Td (eport.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 607.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 607.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.08 607.25 Td (, our worldwide hotel portfolio consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.72 607.25 Td (843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.72 607.25 Td ( full and select service hotels \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.34 607.25 Td (208,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.84 607.25 Td ( rooms\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 574.25 Td ( managed properties \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.91 574.25 Td (1) Tj ET Q q 0 0 0 rg BT 192.54 574.25 Td (18,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.04 574.25 Td ( rooms\), all of which we operate under management agreements with third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (property owners;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 541.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 541.25 Td (392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 541.25 Td ( franchised properties \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.46 541.25 Td (65,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.96 541.25 Td ( rooms\), all of which are owned by third parties that have franchise agreements with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 529.25 Td (us and are operated by third parties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 508.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 508.25 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 508.25 Td ( owned properties \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.48 508.25 Td (14,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.98 508.25 Td ( rooms\) \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.91 508.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.91 508.25 Td ( consolidated hospitality venture\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.49 508.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.49 508.25 Td ( capital leased property \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.33 508.25 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.33 508.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 496.25 Td (rooms\), and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.27 496.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.27 496.25 Td ( operating leased properties \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.33 496.25 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.83 496.25 Td ( rooms\), all of which we manage; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 475.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.25 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 475.25 Td ( managed properties and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.52 475.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.52 475.25 Td ( franchised properties owned or leased by unconsolidated hospitality ventures \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.09 475.25 Td (6,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.59 475.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 463.25 Td (rooms\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 442.25 Td (Our worldwide property portfolio also included:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 421.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 421.25 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 421.25 Td ( wellness resorts \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.93 421.25 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.93 421.25 Td ( rooms\), all of which we own and operate \(including 1 consolidated hospitality venture\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 400.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 400.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 400.25 Td ( all-inclusive resorts \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.92 400.25 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.42 400.25 Td ( rooms\), all of which are owned by a third party in which we hold common shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.25 Td (which operates the resorts under franchise agreements with us;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 367.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.25 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 367.25 Td ( vacation ownership properties under Hyatt Residence Club brand and operated by third parties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.00 346.25 Td ( residential properties, which consist of branded residences and serviced apartments. ) Tj ET Q q 0 0 0 rg BT 435.98 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 444.62 346.25 Td (e manage all of the serviced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (hotel; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 301.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 301.25 Td (10 condominium ownership properties for which we provide services for the rental programs or homeowners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 289.25 Td (associations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 268.25 Td (Our worldwide property portfolio also included branded spas and fitness studios, comprised of managed and leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (locations. ) Tj ET Q q 0 0 0 rg BT 90.55 256.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 140.45 256.25 Td (, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (that are unaf) Tj ET Q q 0 0 0 rg BT 99.79 244.25 Td (filiated with our hotel portfolio and which operate under other tradenames or marks owned by such hotel or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (licensed by third parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 211.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 211.25 Td (e believe our business model allows us to pursue more diversified revenue and income streams balancing both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (advantages and risks associated with these lines of business. Our expertise and experience in each of these areas gives us the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (flexibility to evaluate growth opportunities across these lines of business. Growth in the number of management and franchise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (agreements and earnings therefrom typically results in higher overall returns on invested capital because the capital investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (under a typical management or franchise agreement is not significant. ) Tj ET Q q 0 0 0 rg BT 331.10 163.25 Td (The capital required to build and maintain hotels we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (manage or franchise for third-party owners is typically provided by the owner of the respective property with minimal capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (required by us as the manager or franchisor) Tj ET Q q 0 0 0 rg BT 222.99 139.25 Td (. During periods of increasing demand, we do not share fully in the incremental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (profits of hotel operations for hotels we manage for third-party owners as our fee arrangements generally include a base amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (calculated using the revenue from the subject hotel and an incentive fee that is, typically) Tj ET Q q 0 0 0 rg BT 402.28 115.25 Td (, a percentage of hotel profits that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (usually less than 20%, with certain financial thresholds to be satisfied, with the actual level depending on the structure and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (terms of the management agreement. ) Tj ET Q q 0 0 0 rg BT 200.31 91.25 Td (W) Tj ET Q q 0 0 0 rg BT 208.95 91.25 Td (e do not share in the benefits of increases in profits from franchised properties because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (franchisees pay us an initial application fee and ongoing royalty fees that are calculated as a percentage of gross room revenues, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.25 Td (and also at times as a percentage of food and beverage revenues, with no fees based on profits. Disputes or disruptions may ) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (arise with third-party owners of hotels we manage, franchise, or license and these disputes can result in termination of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (relevant agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.04 709.10 Td (ith respect to property ownership, we believe ownership of selected hotels in key markets enhances our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (control our brand presence in these markets. Ownership of hotels allows us to capture the full benefit of increases in operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (profits during periods of increasing demand and room rates. ) Tj ET Q q 0 0 0 rg BT 291.98 685.10 Td (The cost structure of a typical hotel is more fixed than variable, so ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (as demand and room rates increase over time, the pace of increase in operating profits typically is higher than the pace of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (increase of revenues. Hotel ownership is, however) Tj ET Q q 0 0 0 rg BT 251.20 661.10 Td (, more capital intensive than managing or franchising hotels for third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (owners, as we are responsible for the costs and all capital expenditures for our owned hotels. ) Tj ET Q q 0 0 0 rg BT 423.04 649.10 Td (The profits realized from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (owned and leased hotels are generally more significantly af) Tj ET Q q 0 0 0 rg BT 287.50 637.10 Td (fected by economic downturns and declines in revenues than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (results of our managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 249.75 625.10 Td (This is because we absorb the full impact of declining profits for our owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (and leased hotels whereas our management and franchise fees do not have the same level of downside exposure to declining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (hotel profitability) Tj ET Q q 0 0 0 rg BT 119.61 601.10 Td (. See also "Principal Factors ) Tj ET Q q 0 0 0 rg BT 244.23 601.10 Td (Af) Tj ET Q q 0 0 0 rg BT 254.60 601.10 Td (fecting Our Results of OperationsExpensesFactors ) Tj ET Q q 0 0 0 rg BT 478.73 601.10 Td (Af) Tj ET Q q 0 0 0 rg BT 489.10 601.10 Td (fecting Our Costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (and ExpensesFixed nature of expenses." and Part I, Item1A, "Risk FactorsRisks Related to Our BusinessW) Tj ET Q q 0 0 0 rg BT 510.07 589.10 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (exposed to the risks resulting from significant investments in owned and leased real estate, which could increase our costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (reduce our profits, limit our ability to respond to market conditions, or restrict our growth strategy) Tj ET Q q 0 0 0 rg BT 441.76 565.10 Td (.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 544.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.08 544.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.67 544.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.67 544.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.25 544.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.19 544.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.77 544.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.77 544.10 Td (80.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.60 544.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 544.10 Td (81.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.43 544.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.37 544.10 Td (81.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.20 544.10 Td ( of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (revenues were derived from operations in the United States, respectively) Tj ET Q q 0 0 0 rg BT 339.80 532.10 Td (. ) Tj ET Q q 0 0 0 rg BT 344.25 532.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.75 532.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.34 532.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.78 532.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.36 532.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (81.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 520.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.27 520.10 Td (78.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 520.10 Td ( of our long-lived assets were located in the United States, respectively) Tj ET Q q 0 0 0 rg BT 404.25 520.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 499.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 499.10 Td (e report our consolidated operations in U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 291.21 499.10 Td (Amounts are reported in millions, unless otherwise noted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td ("NM".Constant-currency disclosures throughout Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 372.14 475.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (Operations are non-GAAP) Tj ET Q q 0 0 0 rg BT 156.27 463.10 Td ( measures. See "Key Business Metrics Evaluated by ManagementConstant Dollar Currency" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (below for further discussion of constant-currency disclosures. ) Tj ET Q q 0 0 0 rg BT 299.19 451.10 Td (W) Tj ET Q q 0 0 0 rg BT 307.83 451.10 Td (e manage our business within four reportable segments, see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (Part IV) Tj ET Q q 0 0 0 rg BT 77.87 439.10 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.35 439.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 439.10 Td ( to our Consolidated Financial Statements.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Key Business Metrics Evaluated by Management) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 376.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 376.10 Td (e primarily derive our revenues from owned and leased hotel operations, management, franchise, and other fees, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (revenues, and revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (uses revenues to assess the overall performance of our business and analyze trends such as consumer demand, brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (preference, and competition. For a detailed discussion of the factors that af) Tj ET Q q 0 0 0 rg BT 348.88 340.10 Td (fect our revenues, see "Principal Factors ) Tj ET Q q 0 0 0 rg BT 522.07 340.10 Td (Af) Tj ET Q q 0 0 0 rg BT 532.44 340.10 Td (fecting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (Our Results of OperationsRevenues.") Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (Net Income ) Tj ET Q q 0 0 0 rg BT 100.18 307.10 Td (Attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 286.10 Td (Net income attributable to Hyatt Hotels Corporation represents the total earnings or profits generated by our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Management uses net income to analyze the performance of our business on a consolidated basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (Adjusted Earnings Before Interest Expense, T) Tj ET Q q 0 0 0 rg BT 239.10 253.10 Td (axes, Depreciation and ) Tj ET Q q 0 0 0 rg BT 335.95 253.10 Td (Amortization \("Adjusted EBITDA"\) and EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 232.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 232.10 Td (e use the terms ) Tj ET Q q 0 0 0 rg BT 144.29 232.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 219.00 232.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 274.55 232.10 Td ( throughout this annual report. ) Tj ET Q q 0 0 0 rg BT 397.87 232.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 472.58 232.10 Td ( and EBITDA, as we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (define them, are non-GAAP) Tj ET Q q 0 0 0 rg BT 162.37 220.10 Td ( measures. ) Tj ET Q q 0 0 0 rg BT 206.90 220.10 Td (W) Tj ET Q q 0 0 0 rg BT 215.54 220.10 Td (e define consolidated ) Tj ET Q q 0 0 0 rg BT 302.45 220.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 377.17 220.10 Td ( as net income attributable to Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Corporation plus our pro rata share of unconsolidated hospitality ventures ) Tj ET Q q 0 0 0 rg BT 347.16 208.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 421.88 208.10 Td ( based on our ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (percentage of each venture, adjusted to exclude the following items:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 175.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 175.10 Td (interest expense;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (provision for income taxes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 133.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 133.10 Td (depreciation and amortization;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 112.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 112.10 Td (amortization of management and franchise agreement assets constituting payments to customers \("Contra revenue"\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 91.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 91.10 Td (revenues for the reimbursement of costs incurred on behalf of managed and franchised properties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (costs incurred on behalf of managed and franchised properties;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 49.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 49.10 Td (equity earnings \(losses\) from unconsolidated hospitality ventures;) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (stock-based compensation expense; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td (gains \(losses\) on sales of real estate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td (asset impairments; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 679.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 679.10 Td (other income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 658.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.76 658.10 Td (fective January 1, 2018, we made two modifications to our definition of ) Tj ET Q q 0 0 0 rg BT 371.13 658.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 445.85 658.10 Td ( with the implementation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (ASU 2014-09. Our definition has been updated to exclude Contra revenue which was previously recognized as amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 86.66 634.10 Td (As this is strictly a matter of financial presentation, we have excluded Contra revenue in order to be consistent with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (our prior treatment and to reflect the way in which we manage our business. ) Tj ET Q q 0 0 0 rg BT 356.67 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 365.30 622.10 Td (e have also excluded revenues for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (franchised properties. ) Tj ET Q q 0 0 0 rg BT 138.95 598.10 Td (These revenues and costs previously netted to zero within ) Tj ET Q q 0 0 0 rg BT 371.94 598.10 Td (Adjusted EBITDA. Under ) Tj ET Q q 0 0 0 rg BT 479.15 598.10 Td (ASU 2014-09, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (recognition of certain revenue dif) Tj ET Q q 0 0 0 rg BT 183.65 586.10 Td (fers from the recognition of related costs, creating timing dif) Tj ET Q q 0 0 0 rg BT 425.61 586.10 Td (ferences that would otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.16 574.10 Td (Adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 159.25 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.89 574.10 Td (e have not changed our management of these revenues or expenses, nor do we consider these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (timing dif) Tj ET Q q 0 0 0 rg BT 89.54 562.10 Td (ferences to be reflective of our core operations. ) Tj ET Q q 0 0 0 rg BT 280.65 562.10 Td (These changes reflect how our chief operating decision maker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (\("CODM"\) evaluates each segment's performance and also facilitate comparison with our competitors. ) Tj ET Q q 0 0 0 rg BT 462.71 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 471.34 550.10 Td (e have applied this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (change to 2017 and 2016 historical results to allow for comparability between the periods presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 517.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 517.10 Td (e calculate consolidated ) Tj ET Q q 0 0 0 rg BT 180.09 517.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 254.81 517.10 Td ( by adding the ) Tj ET Q q 0 0 0 rg BT 313.69 517.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 388.41 517.10 Td ( of each of our reportable segments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (eliminations to corporate and other ) Tj ET Q q 0 0 0 rg BT 191.90 505.10 Td (Adjusted EBITDA. See"Results of Operations." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 484.10 Td (Our board of directors and executive management team focus on ) Tj ET Q q 0 0 0 rg BT 335.02 484.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 409.73 484.10 Td ( as a key performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (compensation measure both on a segment and on a consolidated basis. ) Tj ET Q q 0 0 0 rg BT 333.27 472.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 407.98 472.10 Td ( assists us in comparing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (performance over various reporting periods on a consistent basis because it removes from our operating results the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (items that do not reflect our core operations both on a segment and on a consolidated basis. Our President and Chief Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 436.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 78.29 436.10 Td (, who is our CODM, also evaluates the performance of each of our reportable segments and determines how to allocate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (resources to those segments, in significant part, by assessing the ) Tj ET Q q 0 0 0 rg BT 308.29 424.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 383.00 424.10 Td ( of each segment. In addition, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (compensation committee of our board of directors determines the annual variable compensation for certain members of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (management based in part on consolidated ) Tj ET Q q 0 0 0 rg BT 222.17 400.10 Td (Adjusted EBITDA, segment ) Tj ET Q q 0 0 0 rg BT 337.71 400.10 Td (Adjusted EBITDA, or some combination of both.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 379.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 379.10 Td (e believe ) Tj ET Q q 0 0 0 rg BT 120.40 379.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 195.11 379.10 Td ( is useful to investors because it provides investors the same information we use internally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (for purposes of assessing our operating performance and making compensation decisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 346.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.72 346.10 Td ( and EBITDA) Tj ET Q q 0 0 0 rg BT 204.26 346.10 Td ( are not substitutes for net income attributable to Hyatt Hotels Corporation, net income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (or any other measure prescribed by accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 450.13 334.10 Td (America \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 525.76 334.10 Td (There ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (are limitations to using non-GAAP) Tj ET Q q 0 0 0 rg BT 189.62 322.10 Td ( measures such as ) Tj ET Q q 0 0 0 rg BT 262.93 322.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 337.65 322.10 Td ( and EBITDA. ) Tj ET Q q 0 0 0 rg BT 398.20 322.10 Td (Although we believe that ) Tj ET Q q 0 0 0 rg BT 500.95 322.10 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 310.10 Td ( can make an evaluation of our operating performance more consistent because it removes items that do not reflect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (core operations, other companies in our industry may define ) Tj ET Q q 0 0 0 rg BT 292.71 298.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 367.43 298.10 Td ( dif) Tj ET Q q 0 0 0 rg BT 380.85 298.10 Td (ferently than we do. ) Tj ET Q q 0 0 0 rg BT 462.77 298.10 Td (As a result, it may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 286.10 Td (ficult to use ) Tj ET Q q 0 0 0 rg BT 110.09 286.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 184.80 286.10 Td ( or similarly named non-GAAP) Tj ET Q q 0 0 0 rg BT 310.53 286.10 Td ( measures that other companies may use to compare the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (performance of those companies to our performance. Because of these limitations, ) Tj ET Q q 0 0 0 rg BT 381.27 274.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 455.99 274.10 Td ( should not be considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (as a measure of the income generated by our business. Our management addresses for these limitations by reference to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.86 250.10 Td ( results and using ) Tj ET Q q 0 0 0 rg BT 148.52 250.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 223.24 250.10 Td ( supplementally) Tj ET Q q 0 0 0 rg BT 286.19 250.10 Td (. See our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.96 250.10 Td (consolidated statements of income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.97 250.10 Td ( in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (financial statements included in Part IV) Tj ET Q q 0 0 0 rg BT 207.28 238.10 Td (, Item 15, "Exhibits and Financial Statement ScheduleConsolidated Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Statements.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 205.10 Td (For a reconciliation of net income attributable to Hyatt Hotels Corporation to EBITDA) Tj ET Q q 0 0 0 rg BT 421.14 205.10 Td ( and a reconciliation of EBITDA) Tj ET Q q 0 0 0 rg BT 551.93 205.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (to consolidated ) Tj ET Q q 0 0 0 rg BT 112.77 193.10 Td (Adjusted EBITDA, see "Results of Operations.") Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (Adjusted Selling, General, and ) Tj ET Q q 0 0 0 rg BT 178.54 172.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 151.10 Td (Adjusted selling, general, and administrative expenses, as we define it, is a non-GAAP) Tj ET Q q 0 0 0 rg BT 420.77 151.10 Td ( measure. ) Tj ET Q q 0 0 0 rg BT 461.03 151.10 Td (Adjusted selling, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (general, and administrative expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (based compensation expense. ) Tj ET Q q 0 0 0 rg BT 169.97 127.10 Td (Adjusted selling, general, and administrative expenses assist us in comparing our performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (not reflect our core operations, both on a segment and consolidated basis. See "Results of Operations" for a reconciliation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (selling, general, and administrative expenses to ) Tj ET Q q 0 0 0 rg BT 241.06 91.10 Td (Adjusted selling, general, and administrative expenses.) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Comparable Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td ("Comparable system-wide hotels" represents all properties we manage or franchise \(including owned and leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (properties\) and are operated for the entirety of the periods being compared and have not sustained substantial damage, business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (interruption, or under) Tj ET Q q 0 0 0 rg BT 135.63 697.25 Td (gone lar) Tj ET Q q 0 0 0 rg BT 167.93 697.25 Td (ge scale renovations during the periods being compared or for which comparable results are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (available. ) Tj ET Q q 0 0 0 rg BT 90.91 685.25 Td (W) Tj ET Q q 0 0 0 rg BT 99.55 685.25 Td (e may use variations of comparable system-wide hotels to specifically refer to comparable system-wide ) Tj ET Q q 0 0 0 rg BT 515.52 685.25 Td (Americas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (full service or select service hotels for those properties we manage or franchise within the ) Tj ET Q q 0 0 0 rg BT 410.70 673.25 Td (Americas management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (franchising segment, comparable system-wide ) Tj ET Q q 0 0 0 rg BT 237.45 661.25 Td (ASP) Tj ET Q q 0 0 0 rg BT 254.87 661.25 Td (AC full service or select service hotels for those properties we manage or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (franchise within the ) Tj ET Q q 0 0 0 rg BT 131.37 649.25 Td (ASP) Tj ET Q q 0 0 0 rg BT 148.79 649.25 Td (AC management and franchising segment, or comparable system-wide EAME/SW) Tj ET Q q 0 0 0 rg BT 480.47 649.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.42 649.25 Td (Asia full service or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (select service hotels for those properties we manage or franchise within the EAME/SW) Tj ET Q q 0 0 0 rg BT 399.15 637.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.10 637.25 Td (Asia management and franchising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (segment. "Comparable operated hotels" is defined the same as "comparable system-wide hotels" with the exception that it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (limited to only those hotels we manage or operate and excludes hotels we franchise. "Comparable owned and leased hotels" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (represents all properties we own or lease and are operated and consolidated for the entirety of the periods being compared and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (have not sustained substantial damage, business interruption, or under) Tj ET Q q 0 0 0 rg BT 329.76 589.25 Td (gone lar) Tj ET Q q 0 0 0 rg BT 362.07 589.25 Td (ge scale renovations during the periods being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (compared or for which comparable results are not available. Comparable system-wide hotels and comparable owned and leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (hotels are commonly used as a basis of measurement in our industry) Tj ET Q q 0 0 0 rg BT 322.34 565.25 Td (. "Non-comparable system-wide hotels" or "Non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.25 Td (comparable owned and leased hotels" represent all hotels that do not meet the respective definition of "comparable" as defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.25 Td (above.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (Constant Dollar Currency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 499.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 499.25 Td (e report the results of our operations both on an as-reported basis, as well as on a constant dollar basis. Constant dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (currency) Tj ET Q q 0 0 0 rg BT 84.33 487.25 Td (, which is a non-GAAP) Tj ET Q q 0 0 0 rg BT 177.56 487.25 Td ( measure, excludes the ef) Tj ET Q q 0 0 0 rg BT 278.16 487.25 Td (fects of movements in foreign currency exchange rates between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (comparative periods. ) Tj ET Q q 0 0 0 rg BT 136.18 475.25 Td (W) Tj ET Q q 0 0 0 rg BT 144.81 475.25 Td (e believe constant dollar analysis provides valuable information regarding our results as it removes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (currency fluctuations from our operating results. ) Tj ET Q q 0 0 0 rg BT 246.15 463.25 Td (W) Tj ET Q q 0 0 0 rg BT 254.79 463.25 Td (e calculate constant dollar currency by restating prior) Tj ET Q q 0 0 0 rg BT 467.55 463.25 Td (-period local currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (financial results at the current period's exchange rates. ) Tj ET Q q 0 0 0 rg BT 269.03 451.25 Td (These restated amounts are then compared to our current period reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (amounts to provide operationally driven variances in our results.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Revenue per ) Tj ET Q q 0 0 0 rg BT 103.51 418.25 Td (A) Tj ET Q q 0 0 0 rg BT 109.43 418.25 Td (vailable Room \("RevP) Tj ET Q q 0 0 0 rg BT 200.89 418.25 Td (AR"\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 397.25 Td (RevP) Tj ET Q q 0 0 0 rg BT 94.75 397.25 Td (AR is the product of the average daily rate \("ADR"\) and the average daily occupancy percentage. RevP) Tj ET Q q 0 0 0 rg BT 507.67 397.25 Td (AR does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (include non-room revenues, which consist of ancillary revenues generated by a hotel property) Tj ET Q q 0 0 0 rg BT 424.50 385.25 Td (, such as food and beverage, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (parking, and other guest service revenues. Our management uses RevP) Tj ET Q q 0 0 0 rg BT 332.61 373.25 Td (AR to identify trend information with respect to room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevP) Tj ET Q q 0 0 0 rg BT 493.36 361.25 Td (AR is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (commonly used performance measure in our industry) Tj ET Q q 0 0 0 rg BT 263.18 349.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 328.25 Td (RevP) Tj ET Q q 0 0 0 rg BT 94.75 328.25 Td (AR changes driven predominantly by changes in occupancy have dif) Tj ET Q q 0 0 0 rg BT 369.76 328.25 Td (ferent implications for overall revenue levels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (and incremental profitability than do changes driven predominantly by changes in average room rates. For example, increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (housekeeping services, utilities, and room amenity costs\) and could also result in increased ancillary revenues \(including food ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (and beverage\). In contrast, changes in average room rates typically have a greater impact on mar) Tj ET Q q 0 0 0 rg BT 436.03 280.25 Td (gins and profitability as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (average room rate changes result in minimal impacts to variable operating costs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (A) Tj ET Q q 0 0 0 rg BT 55.93 247.25 Td (verage Daily Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 226.25 Td (ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ) Tj ET Q q 0 0 0 rg BT 469.75 226.25 Td (ADR measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (average room price attained by a hotel, and ) Tj ET Q q 0 0 0 rg BT 224.65 214.25 Td (ADR trends provide useful information concerning the pricing environment and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (nature of the customer base of a hotel or group of hotels. ) Tj ET Q q 0 0 0 rg BT 278.54 202.25 Td (ADR is a commonly used performance measure in our industry) Tj ET Q q 0 0 0 rg BT 531.45 202.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (we use ) Tj ET Q q 0 0 0 rg BT 79.44 190.25 Td (ADR to assess the pricing levels we are able to generate by customer group, as changes in rates have a dif) Tj ET Q q 0 0 0 rg BT 502.72 190.25 Td (ferent ef) Tj ET Q q 0 0 0 rg BT 536.13 190.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (on overall revenues and incremental profitability than changes in occupancy) Tj ET Q q 0 0 0 rg BT 354.51 178.25 Td (, as described above.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (Occupancy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 136.25 Td (Occupancy represents the total number of rooms sold divided by the total number of rooms available at a hotel or group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (of hotels. Occupancy measures the utilization of a hotel's available capacity) Tj ET Q q 0 0 0 rg BT 351.87 124.25 Td (. ) Tj ET Q q 0 0 0 rg BT 356.69 124.25 Td (W) Tj ET Q q 0 0 0 rg BT 365.33 124.25 Td (e use occupancy to gauge demand at a specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ) Tj ET Q q 0 0 0 rg BT 429.05 112.25 Td (ADR levels as demand for hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (rooms increases or decreases.) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Principal Factors ) Tj ET Q q 0 0 0 rg BT 126.10 742.25 Td (Affecting Our) Tj ET Q q 0 0 0 rg BT 185.63 742.25 Td ( Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Revenues) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 700.25 Td (Principal Components) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 679.25 Td (e primarily derive our revenues from the following sources:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 658.25 Td (Revenues fr) Tj ET Q q 0 0 0 rg BT 120.55 658.25 Td (om hotel operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.05 658.25 Td (Represents revenues derived from hotel operations, including room rentals and food ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (and beverage sales, and other ancillary revenues at our owned and leased properties. Revenues from the majority of our hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (operations depend heavily on demand from group and transient travelers, as discussed below) Tj ET Q q 0 0 0 rg BT 420.63 634.25 Td (. Revenues from our owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (leased hotels are primarily derived from hotel operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 601.25 Td (Revenues from room rentals and ancillary revenues are primarily derived from three categories of customers: transient, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (group, and contract. ) Tj ET Q q 0 0 0 rg BT 132.29 589.25 Td (T) Tj ET Q q 0 0 0 rg BT 138.05 589.25 Td (ransient guests are individual travelers who are traveling for business or leisure. Our group guests are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (traveling for group events that reserve a minimum of 10 rooms for meetings or social functions sponsored by associations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.25 Td (corporate, social, military) Tj ET Q q 0 0 0 rg BT 152.09 565.25 Td (, educational, religious, or other or) Tj ET Q q 0 0 0 rg BT 290.20 565.25 Td (ganizations. Group business usually includes a block of room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.25 Td (accommodations as well as other ancillary services, such as catering and banquet services. Our contract guests are traveling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.25 Td (under a contract negotiated for a block of rooms for more than 30 days in duration at agreed-upon rates. ) Tj ET Q q 0 0 0 rg BT 467.08 541.25 Td (Airline crews are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.25 Td (typical generators of contract demand for our hotels.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 508.25 Td (Management, franchise, and other fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.58 508.25 Td (Represents revenues derived from fees earned from hotels and residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (properties managed worldwide \(usually under long-term management agreements\), franchise fees received in connection with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (the franchising of our brands \(usually under long-term franchise agreements\), termination fees, and license fees received in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (connection with the licensing of the Hyatt brand names through our co-branded credit card program and vacation ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.25 Td (properties. For a detailed discussion of our management and franchise fees, see Part I, Item1, "BusinessManagement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.25 Td (AgreementsFees" and Part I, Item1, "BusinessFranchise ) Tj ET Q q 0 0 0 rg BT 298.40 448.25 Td (AgreementsFees.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 427.25 Td (Other r) Tj ET Q q 0 0 0 rg BT 103.35 427.25 Td (evenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 427.25 Td (Represents revenues primarily related to our co-branded credit cards and Exhale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 406.25 Td (Revenues for the r) Tj ET Q q 0 0 0 rg BT 146.66 406.25 Td (eimbursement of costs incurr) Tj ET Q q 0 0 0 rg BT 262.67 406.25 Td (ed on behalf of managed and franchised pr) Tj ET Q q 0 0 0 rg BT 434.78 406.25 Td (operties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.49 406.25 Td (Represents revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (for the reimbursement of costs incurred on behalf of the owners of properties. ) Tj ET Q q 0 0 0 rg BT 363.05 394.25 Td (These costs relate primarily to payroll costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (managed properties where we are the employer) Tj ET Q q 0 0 0 rg BT 238.96 382.25 Td (, as well as costs associated with sales, reservations, technology) Tj ET Q q 0 0 0 rg BT 493.24 382.25 Td (, and marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (services, and the loyalty program operated on behalf of owners. ) Tj ET Q q 0 0 0 rg BT 306.95 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 315.59 370.25 Td (e record these revenues in "Revenues for the reimbursement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (of costs incurred on behalf of managed and franchised properties" and the corresponding costs in "Costs incurred on behalf of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (managed and franchised properties" in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.35 346.25 Td (consolidated statements of income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.37 346.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 325.25 Td (Intersegment eliminations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.65 325.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.29 325.25 Td (e evaluate our reportable segments with intersegment revenues and expenses included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (their results. ) Tj ET Q q 0 0 0 rg BT 101.75 313.25 Td (These intersegment revenues and expenses represent management fee revenues and expenses related to our owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (and leased hotels and promotional award redemption revenues and expenses related to our co-branded credit cards at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (owned and leased hotels, which are eliminated in consolidation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 268.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 107.80 268.25 Td (Af) Tj ET Q q 0 0 0 rg BT 117.62 268.25 Td (fecting Our Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 247.25 Td (For other factors af) Tj ET Q q 0 0 0 rg BT 150.73 247.25 Td (fecting our revenues, see Part I, Item1A, "Risk FactorsRisks Related to Our Business.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 226.25 Td (Consumer demand and global economic conditions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.81 226.25 Td (.Consumer demand for our products and services is closely linked ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (to the performance of the general economy and is sensitive to business and personal discretionary spending levels. Declines in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (consumer demand due to adverse general economic conditions, risks af) Tj ET Q q 0 0 0 rg BT 334.73 202.25 Td (fecting or reducing travel patterns, risks related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (natural or man-made disasters, lower consumer confidence, adverse political conditions, currency volatility) Tj ET Q q 0 0 0 rg BT 478.65 190.25 Td (, impacts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (terrorism, and declining oil prices can lower the revenues and profitability of our owned hotel operations and the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (management and franchising fee revenues we are able to generate from our managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 497.30 166.25 Td (Also, declines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (in hotel profitability during an economic downturn directly impact the incentive portion of our management fees, since it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (based on hotel profit measures. ) Tj ET Q q 0 0 0 rg BT 176.64 142.25 Td (As a result, changes in consumer demand and general business cycles can subject and have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (subjected our revenues to significant volatility) Tj ET Q q 0 0 0 rg BT 234.58 130.25 Td (. See Part I, Item1A, "Risk FactorsRisks Related to the Hospitality Industry) Tj ET Q q 0 0 0 rg BT 548.26 130.25 Td (.") Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (RevP) Tj ET Q q 0 0 0 rg BT 93.80 742.10 Td (AR Statistics) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 676.60 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 676.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 676.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 676.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 676.60 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 676.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 676.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 676.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.60 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 646.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 646.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 646.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 646.60 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 646.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 646.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.60 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 616.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 616.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 616.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 616.60 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 616.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 616.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.60 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 586.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 586.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 586.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 586.60 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 586.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 586.60 48.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 718.6 m 383.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 718.6 m 387.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 718.6 m 434.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 718.6 m 438.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 718.6 m 486.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 718.6 m 490.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 718.6 m 538.5 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 705.6 m 383.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 705.6 m 387.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 705.6 m 434.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 705.6 m 438.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 705.6 m 486.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 705.6 m 538.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 676.6 m 330.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 676.6 m 383.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 676.6 m 434.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 676.6 m 486.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 705.6 m 490.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 705.6 m 538.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 676.6 m 538.5 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 676.6 m 330.5 676.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 680.83 Td (\(Comparable locations\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.90 722.83 Td (RevP) Tj ET Q q 0 0 0 rg BT 439.82 722.83 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.20 709.83 Td (Y) Tj ET Q q 0 0 0 rg BT 397.53 709.83 Td (ear) Tj ET Q q 0 0 0 rg BT 408.12 709.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 468.85 709.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.50 696.83 Td (Number) Tj ET Q q 0 0 0 rg BT 315.87 696.83 Td ( of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.75 688.83 Td (comparable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.30 680.83 Td (hotels \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.00 680.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.50 680.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.85 680.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.20 688.83 Td (Change \(in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.20 680.83 Td (constant $\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 667.17 Td (System-wide hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 666.27 Td (641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 666.27 Td (139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 666.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 666.27 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 666.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 666.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 666.27 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 666.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 652.17 Td (Owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 651.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 651.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 651.27 Td (177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 651.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 651.27 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 651.27 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 651.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 651.27 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 651.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 637.17 Td (Americas full service hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 636.27 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 636.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 636.27 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 636.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 636.27 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 636.27 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 636.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 636.27 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 636.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 622.17 Td (Americas select service hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.00 621.27 Td (323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 621.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 621.27 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 621.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 621.27 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 621.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 621.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 621.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 621.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 607.17 Td (ASP) Tj ET Q q 0 0 0 rg BT 88.89 607.17 Td (AC full service hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 606.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 606.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 606.27 Td (155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 606.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 606.27 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 606.27 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 606.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 606.27 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 606.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 592.17 Td (ASP) Tj ET Q q 0 0 0 rg BT 88.89 592.17 Td (AC select service hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 591.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 591.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 591.27 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 591.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 591.27 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 591.27 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 591.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 591.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 591.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 577.17 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 117.02 577.17 Td ( ) Tj ET Q q 0 0 0 rg BT 119.15 577.17 Td (Asia full service hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 576.27 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 576.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 576.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 576.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 576.27 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 576.27 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 576.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 576.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 576.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 562.17 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 116.93 562.17 Td ( ) Tj ET Q q 0 0 0 rg BT 118.88 562.17 Td (Asia select service hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 561.27 Td (1) Tj ET Q q 0 0 0 rg BT 322.00 561.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.00 561.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 561.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 561.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 561.27 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 561.27 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 561.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.15 561.27 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 561.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.98 545.10 Td (The number of comparable hotels presented above includes owned and leased hotels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 524.10 Td (System-wide RevP) Tj ET Q q 0 0 0 rg BT 147.97 524.10 Td (AR increased 3.1% in constant currency during 2018 compared to 2017 driven by improved transient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (ADR across each of our segments as well as increased group ) Tj ET Q q 0 0 0 rg BT 295.21 512.10 Td (ADR and demand in the ) Tj ET Q q 0 0 0 rg BT 394.36 512.10 Td (Americas and EAME/SW) Tj ET Q q 0 0 0 rg BT 498.04 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 499.99 512.10 Td (Asia. Group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (revenue improved compared to 2017 as a result of higher demand. Group revenue booked in 2018 for stays in 2018 was higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (compared to 2017. Group revenue booked in 2018 for stays in future years increased compared to 2017 driven by strong fourth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (quarter production. See " Segment Results" for discussion of RevP) Tj ET Q q 0 0 0 rg BT 326.10 476.10 Td (AR by segment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.00 455.10 Td (Competition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.94 455.10 Td () Tj ET Q q 0 0 0 rg BT 138.76 455.10 Td (The global lodging industry is highly competitive. ) Tj ET Q q 0 0 0 rg BT 341.89 455.10 Td (While lodging demand has continued to grow over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (last several years, we have also seen an increase in supply) Tj ET Q q 0 0 0 rg BT 281.21 443.10 Td (, particularly in certain key markets. ) Tj ET Q q 0 0 0 rg BT 428.19 443.10 Td (This increased supply can put ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (significant pressure on ) Tj ET Q q 0 0 0 rg BT 142.48 431.10 Td (ADR levels at our properties as well as those of our competitors. Despite this increased supply) Tj ET Q q 0 0 0 rg BT 520.08 431.10 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (system-wide RevP) Tj ET Q q 0 0 0 rg BT 123.80 419.10 Td (AR levels have increased each year since 2009. ) Tj ET Q q 0 0 0 rg BT 316.04 419.10 Td (W) Tj ET Q q 0 0 0 rg BT 324.67 419.10 Td (e also face competition from new channels of distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (in the travel industry) Tj ET Q q 0 0 0 rg BT 132.39 407.10 Td (, including online travel services and peer) Tj ET Q q 0 0 0 rg BT 299.07 407.10 Td (-to-peer inventory sources, as well as industry consolidation. ) Tj ET Q q 0 0 0 rg BT 544.39 407.10 Td (W) Tj ET Q q 0 0 0 rg BT 553.03 407.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (believe our brand strength and ability to manage our operations in an ef) Tj ET Q q 0 0 0 rg BT 335.84 395.10 Td (ficient manner will help us to continue competing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (successfully within the global hospitality industry) Tj ET Q q 0 0 0 rg BT 248.50 383.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 362.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 88.63 362.10 Td (eements with thir) Tj ET Q q 0 0 0 rg BT 157.14 362.10 Td (d-party owners and franchisees and r) Tj ET Q q 0 0 0 rg BT 307.04 362.10 Td (elationships with developers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.91 362.10 Td (.) Tj ET Q q 0 0 0 rg BT 433.23 362.10 Td (W) Tj ET Q q 0 0 0 rg BT 441.87 362.10 Td (e depend on our long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (management and franchise agreements with third-party owners and franchisees for a significant portion of our management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (franchising fee revenues. ) Tj ET Q q 0 0 0 rg BT 152.55 338.10 Td (The success and sustainability of our management and franchising business depends on our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (perform under our management and franchising agreements and maintain good relationships with third-party owners and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (franchisees. Our relationships with these third parties also generate new relationships with developers and opportunities for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (property development that can support our growth. ) Tj ET Q q 0 0 0 rg BT 255.88 302.10 Td (W) Tj ET Q q 0 0 0 rg BT 264.52 302.10 Td (e believe we have good relationships with our third-party owners, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (franchisees, and developers in all of our segments and are committed to the continued growth and development of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (relationships. ) Tj ET Q q 0 0 0 rg BT 105.92 278.10 Td (These relationships exist with a diverse group of owners, franchisees, and developers and are not heavily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (concentrated with any particular third party) Tj ET Q q 0 0 0 rg BT 222.89 266.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 245.10 Td (Access to capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.76 245.10 Td (.) Tj ET Q q 0 0 0 rg BT 154.08 245.10 Td (The hospitality industry is a capital intensive business that requires significant amounts of capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (expenditures to develop, maintain, and renovate properties. ) Tj ET Q q 0 0 0 rg BT 289.18 233.10 Td (Third-party owners are required to fund these capital expenditures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (for the properties they own in accordance with the terms of the applicable management or franchise agreement. ) Tj ET Q q 0 0 0 rg BT 497.04 221.10 Td (Access to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (capital that we or our third-party owners or development partners need to finance the construction of new properties or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (maintain and renovate existing properties is critical to the continued growth of our business and our revenues. ) Tj ET Q q 0 0 0 rg BT 491.37 197.10 Td (The availability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (of capital or the conditions under which we or our third-party owners or development partners can obtain capital can have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (significant impact on the overall level and pace of future development and therefore the ability to grow our revenues. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (Expenses) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 131.10 Td (Principal Components) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 110.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 110.10 Td (e primarily incur the following expenses:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 89.10 Td (Owned and leased hotels expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.80 89.10 Td (Reflects the expenses of our consolidated owned and leased hotels. Expenses to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (operate our hotels include rooms expenses, food and beverage costs, other support costs, and property expenses. Rooms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (expenses generally includes compensation costs for housekeeping, laundry) Tj ET Q q 0 0 0 rg BT 348.71 65.10 Td (, and front desk staf) Tj ET Q q 0 0 0 rg BT 427.68 65.10 Td (f and supply costs for guest room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (amenities and laundry) Tj ET Q q 0 0 0 rg BT 137.66 53.10 Td (. Food and beverage costs include costs for wait and kitchen staf) Tj ET Q q 0 0 0 rg BT 395.18 53.10 Td (f and food andbeverage products. Other ) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (support expenses consist of costs associated with property-level management \(including deferred compensation plans for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (certain employees that are funded through contributions to rabbi trusts\), utilities, sales and marketing, operating hotel spas, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (parking and other guest recreation, entertainment, and services. Property expenses include property taxes, repairs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (maintenance, rent, and insurance.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 685.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 94.18 685.10 Td (eciation and amortization expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.05 685.10 Td (These are non-cash expenses that primarily consist of depreciation of fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (assets such as buildings, furniture, fixtures, and equipment at our consolidated owned and leased hotels. ) Tj ET Q q 0 0 0 rg BT 467.41 673.10 Td (Amortization expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (primarily consists of amortization of management and franchise agreement intangibles and lease related intangibles.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 640.10 Td (Other dir) Tj ET Q q 0 0 0 rg BT 111.13 640.10 Td (ect costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.78 640.10 Td (Represents expenses primarily related to our co-branded credit cards and Exhale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 619.10 Td (Selling, general, and administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.13 619.10 Td (Consists primarily of compensation expense, including deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (compensation plans for certain employees that are funded through contributions to rabbi trusts, for our corporate staf) Tj ET Q q 0 0 0 rg BT 516.63 607.10 Td (f and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (personnel supporting our business segments \(including regional of) Tj ET Q q 0 0 0 rg BT 315.61 595.10 Td (fices that support our management and franchising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (segments\), professional fees \(including consulting, audit, and legal fees\), travel and entertainment expenses, sales and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (marketing expenses, bad debt expenses, and of) Tj ET Q q 0 0 0 rg BT 236.98 571.10 Td (fice administrative and related expenses. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 550.10 Td (Costs incurr) Tj ET Q q 0 0 0 rg BT 123.36 550.10 Td (ed on behalf of managed and franchised pr) Tj ET Q q 0 0 0 rg BT 295.47 550.10 Td (operties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.19 550.10 Td (Represents costs incurred on behalf of the owners of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 94.80 538.10 Td (These costs relate primarily to payroll costs at managed properties where we are the employer) Tj ET Q q 0 0 0 rg BT 470.37 538.10 Td (, as well as costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (associated with sales, reservations, technology) Tj ET Q q 0 0 0 rg BT 235.41 526.10 Td (, marketing services, and the loyalty program operated on behalf of owners.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 505.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 107.80 505.10 Td (Af) Tj ET Q q 0 0 0 rg BT 117.62 505.10 Td (fecting Our Costs and Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 484.10 Td (For other factors af) Tj ET Q q 0 0 0 rg BT 150.73 484.10 Td (fecting our costs and expenses, see Part I, Item1A, "Risk FactorsRisks Related to Our Business.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 463.10 Td (Fixed natur) Tj ET Q q 0 0 0 rg BT 120.56 463.10 Td (e of expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.82 463.10 Td (Many of the expenses associated with developing, owning, operating, managing, franchising, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (and licensing hotels and other properties, including branded spas and fitness studios, and residential, vacation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (condominium ownership units, are relatively fixed. ) Tj ET Q q 0 0 0 rg BT 256.99 439.10 Td (These expenses include personnel costs, rent, property taxes, insurance, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (utilities. If we are unable to decrease these costs significantly or rapidly when demand for our hotels and other properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (decreases, the resulting decline in our revenues can have a particularly adverse ef) Tj ET Q q 0 0 0 rg BT 374.94 415.10 Td (fect on our net cash flow) Tj ET Q q 0 0 0 rg BT 473.42 415.10 Td (, mar) Tj ET Q q 0 0 0 rg BT 493.79 415.10 Td (gins, and profits. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (This ef) Tj ET Q q 0 0 0 rg BT 77.87 403.10 Td (fect can be especially pronounced during periods of economic contraction or slow economic growth. Economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (downturns generally af) Tj ET Q q 0 0 0 rg BT 142.01 391.10 Td (fect the results of our owned and leased hotels segment more significantly than the results of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (management and franchising segments due to the high fixed costs associated with operating an owned or leased property) Tj ET Q q 0 0 0 rg BT 532.27 379.10 Td (. ) Tj ET Q q 0 0 0 rg BT 537.08 379.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 367.10 Td (fectiveness of any cost-cutting ef) Tj ET Q q 0 0 0 rg BT 189.58 367.10 Td (forts is limited by the fixed-cost nature of our business. ) Tj ET Q q 0 0 0 rg BT 412.60 367.10 Td (As a result, we may not always be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (able to of) Tj ET Q q 0 0 0 rg BT 87.58 355.10 Td (fset reductions in revenue through cost cutting. Employees at some of our owned hotels are parties to collective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (bar) Tj ET Q q 0 0 0 rg BT 62.59 343.10 Td (gaining agreements that may also limit our ability to make timely staf) Tj ET Q q 0 0 0 rg BT 340.95 343.10 Td (fing or labor changes in response to declining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (revenues. In addition, ef) Tj ET Q q 0 0 0 rg BT 146.73 331.10 Td (forts to reduce costs, or to defer or cancel capital improvements, could adversely af) Tj ET Q q 0 0 0 rg BT 479.47 331.10 Td (fect the economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (value of our properties and brands. ) Tj ET Q q 0 0 0 rg BT 191.72 319.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.36 319.10 Td (e intend to manage our cost structure at levels appropriate for the degree of demand and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (revenue generated at our hotels.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 286.10 Td (Changes in depr) Tj ET Q q 0 0 0 rg BT 139.74 286.10 Td (eciation expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.49 286.10 Td (Changes in depreciation expenses may be driven by renovations of existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (properties, acquisition or development of new properties, or the disposition of existing properties through sale or closure. ) Tj ET Q q 0 0 0 rg BT 536.93 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 545.57 274.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (intend to consider strategic and complementary acquisitions of and investments in businesses, properties, or other assets. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (consummate such acquisitions in businesses, properties, or other assets, we would likely add depreciable assets, which would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (result in an increase in depreciation expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (Other Items) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 196.10 Td (Asset impairments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 175.10 Td (e hold significant amounts of goodwill, intangible assets, property and equipment, and investments. ) Tj ET Q q 0 0 0 rg BT 483.22 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.86 175.10 Td (e evaluate these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (assets on a quarterly basis for impairment as further discussed in "Critical ) Tj ET Q q 0 0 0 rg BT 356.79 163.10 Td (Accounting Policies and Estimates." ) Tj ET Q q 0 0 0 rg BT 504.83 163.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (evaluations have, in the past, resulted in impairment char) Tj ET Q q 0 0 0 rg BT 278.08 151.10 Td (ges for certain of these assets based on the specific facts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (circumstances surrounding those assets. ) Tj ET Q q 0 0 0 rg BT 211.73 139.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.37 139.10 Td (e may be required to take additional impairment char) Tj ET Q q 0 0 0 rg BT 432.32 139.10 Td (ges to reflect further declines in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (our asset and/or investment values.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 106.10 Td (Acquisitions, divestitures, and significant renovations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 85.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 85.10 Td (e routinely acquire, divest, or undertake lar) Tj ET Q q 0 0 0 rg BT 254.61 85.10 Td (ge scale renovations of hotel properties. ) Tj ET Q q 0 0 0 rg BT 416.32 85.10 Td (The results of operations derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (from these properties do not, therefore, meet the definition of "comparable hotels" as defined in "Key Business Metrics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (Evaluated by Management." ) Tj ET Q q 0 0 0 rg BT 166.08 61.10 Td (The results of operations from these properties, however) Tj ET Q q 0 0 0 rg BT 391.72 61.10 Td (, may have a material ef) Tj ET Q q 0 0 0 rg BT 487.60 61.10 Td (fect on our results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (from period to period and are, therefore, addressed separately in our discussion on results of operations when material.) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (In 2018, we entered into the following key transactions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td (sold Grand Hyatt San Francisco, ) Tj ET Q q 0 0 0 rg BT 218.20 721.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 279.95 721.10 Td (W) Tj ET Q q 0 0 0 rg BT 288.58 721.10 Td (ailea Resort together with adjacent land, and Hyatt Regency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 709.10 Td (Coconut Point Resort and Spa as a portfolio for a net sales price of approximately$992 million and entered into long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 697.10 Td (term management agreements for the properties upon sale;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 676.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td (sold the shares of the entity which owns Hyatt Regency Mexico City) Tj ET Q q 0 0 0 rg BT 360.58 676.10 Td (, an investment in an unconsolidated hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 664.10 Td (venture, and adjacent land, a portion of which will be developed as Park Hyatt Mexico City \("HRMC ) Tj ET Q q 0 0 0 rg BT 493.97 664.10 Td (T) Tj ET Q q 0 0 0 rg BT 499.73 664.10 Td (ransaction"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 652.10 Td (for a net sales price of approximately$405 millionand entered into long-term management agreements for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 640.10 Td (properties upon sale;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 619.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 619.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 122.74 619.10 Td (T) Tj ET Q q 0 0 0 rg BT 128.15 619.10 Td (wo Roads, including long-term management and license agreements, for a purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.86 619.10 Td ($405 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.25 619.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 607.10 Td (plus potential additional consideration of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.13 607.10 Td ($96 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.52 607.10 Td ( if the sellers complete certain actions with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 595.10 Td (certain of the acquired management agreements and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.51 595.10 Td ($8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.90 595.10 Td ( in the event of the execution of certain potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 583.10 Td (new management agreements related to the development of certain potential new deals previously identified and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 571.10 Td (generated by the sellers or af) Tj ET Q q 0 0 0 rg BT 201.04 571.10 Td (filiates of the sellers;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (acquired Hyatt Regency Phoenix for a net purchase price of approximately$139 million; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 529.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 529.10 Td (acquired Hyatt Regency Indian ) Tj ET Q q 0 0 0 rg BT 212.99 529.10 Td (W) Tj ET Q q 0 0 0 rg BT 221.63 529.10 Td (ells Resort & Spa for a net purchase price of approximately$120 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 508.10 Td (In 2017, we entered into the following key transactions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 487.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 487.10 Td (sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa as a portfolio for a net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.10 Td (sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.25 475.10 Td ($296 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.65 475.10 Td ( and entered into long-term management agreements for the properties upon sale;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (sold Hyatt Regency Grand Cypress for a net sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 454.10 Td ($202 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.04 454.10 Td ( and entered into a long-term management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (agreement for the property upon sale;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 421.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 421.10 Td (sold Hyatt Regency Louisville for a net sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.49 421.10 Td ($65 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.88 421.10 Td ( and entered into a long-term franchise agreement for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 409.10 Td (the property upon sale;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 388.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 388.10 Td (sold Hyatt Regency Monterey Hotel&Spa on Del Monte Golf Course for a net sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.02 388.10 Td ($58 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.41 388.10 Td ( and entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 376.10 Td (into a long-term franchise agreement for the property upon sale; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 355.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 355.10 Td (acquired Miraval, the renowned provider of wellness and mindfulness experiences, for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.05 355.10 Td ($237 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.44 355.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 334.10 Td (In 2016, we entered into the following key transactions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 313.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 313.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 122.74 313.10 Td (Thompson Miami Beach for a purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.38 313.10 Td ($238 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.77 313.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.59 313.10 Td (The hotel was subsequently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 301.10 Td (rebranded as ) Tj ET Q q 0 0 0 rg BT 139.13 301.10 Td (The Confidante Miami Beach and added to ) Tj ET Q q 0 0 0 rg BT 314.17 301.10 Td (The Unbound Collection by Hyatt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 280.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 280.10 Td (acquired our partners' share in ) Tj ET Q q 0 0 0 rg BT 208.59 280.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 270.33 280.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.97 280.10 Td (ailea Resort for a net purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.38 280.10 Td ($136 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.77 280.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 268.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 268.10 Td (e accounted for the transaction as a step acquisition and recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.86 268.10 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.25 268.10 Td ( gain in equity earnings from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.10 Td (unconsolidated hospitality ventures. ) Tj ET Q q 0 0 0 rg BT 232.09 256.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 281.99 256.10 Td (, prior to the acquisition the unconsolidated hospitality venture repaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 244.10 Td ($121 million of third-party debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 223.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 223.10 Td (acquired Royal Palms Resort and Spa in Phoenix, ) Tj ET Q q 0 0 0 rg BT 286.81 223.10 Td (Arizona for a net purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.94 223.10 Td ($86 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.34 223.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 211.10 Td (added the hotel to ) Tj ET Q q 0 0 0 rg BT 159.69 211.10 Td (The Unbound Collection by Hyatt; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 104.62 190.10 Td (Andaz 5th ) Tj ET Q q 0 0 0 rg BT 147.94 190.10 Td (A) Tj ET Q q 0 0 0 rg BT 154.42 190.10 Td (venue for a net sales price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.87 190.10 Td ($240 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.26 190.10 Td ( and entered into a long-term management agreement for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (the property upon sale; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 157.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 157.10 Td (sold the shares of the company that owns Hyatt Regency Birmingham \(U.K.\) for a net sales price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 145.10 Td ($49 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.39 145.10 Td ( and entered into a long-term management agreement for the property upon sale.) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 83.82 742.25 Td (fect of foreign currency exchange rate fluctuations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 721.25 Td ( significant portion of our operations are conducted in functional currencies other than our reporting currency which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (the U.S. dollar) Tj ET Q q 0 0 0 rg BT 107.77 709.25 Td (. ) Tj ET Q q 0 0 0 rg BT 112.22 709.25 Td (As a result, we are required to translate those results from the functional currency into U.S. dollars at market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (based average exchange rates during the period reported. ) Tj ET Q q 0 0 0 rg BT 279.99 697.25 Td (When comparing our results of operations between periods, there may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (be material portions of the changes in our revenues or expenses that are derived from fluctuations in exchange rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (experienced between those periods. See Part I, Item 1A, "Risk FactorsRisks Related to the Hospitality IndustryBecause we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (derive a portion of our revenues from operations outside the United States, the risks of doing business internationally could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (lower our revenues, increase our costs, reduce our profits, or disrupt our business.") Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 715.85 Td (Y) Tj ET Q q 0 0 0 rg BT 54.50 715.85 Td (ears Ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.39 715.85 Td (December31, 2018) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 182.54 715.85 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 187.54 715.85 Td (December31, 2017) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 266.68 715.85 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 287.24 715.85 Td (December31, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 366.39 715.85 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 689.45 Td (Discussion on Consolidated Results) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 196.48 689.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 668.45 Td (For additional information regarding our consolidated results, please also refer to our consolidated statements of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.45 Td (included in Part IV) Tj ET Q q 0 0 0 rg BT 124.58 656.45 Td (, Item 15, "Exhibits and Financial Statement ScheduleConsolidated Financial Statements." ) Tj ET Q q 0 0 0 rg BT 498.89 656.45 Td (The impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.45 Td (from our investments in marketable securities held to fund our deferred compensation plans through rabbi trusts was recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.45 Td (on the various financial statement line items discussed below and had no impact on net income. Please refer to the section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.45 Td (below "Net gains \(losses\) and interest income from marketable securities held to fund rabbi trusts." for the allocation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.45 Td (impact to the various financial statement line items.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 587.45 Td (Owned and leased hotels r) Tj ET Q q 0 0 0 rg BT 179.78 587.45 Td (evenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.43 587.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 566.45 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.50 566.45 Td ( compar) Tj ET Q q 0 0 0 rg BT 102.18 566.45 Td (ed to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.40 566.45 Td (2017) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 520.95 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 520.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 520.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 520.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 520.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 520.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 520.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 520.95 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 520.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 520.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 490.95 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 490.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 490.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 490.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 490.95 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 490.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 490.95 40.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 541.95 m 381 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 541.95 m 385 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 541.95 m 425 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 541.95 m 429 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 541.95 m 469 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 541.95 m 473 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 541.95 m 519 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 541.95 m 523 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 541.95 m 563 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 520.95 m 381 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 520.95 m 425 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 520.95 m 469 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 520.95 m 473 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 520.95 m 519 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 520.95 m 563 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 520.95 m 381 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 520.95 m 519 520.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 490.95 m 381 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 476.95 m 381 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 474.95 m 381 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 490.95 m 425 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 476.95 m 425 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 474.95 m 425 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 490.95 m 469 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 476.95 m 469 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 474.95 m 469 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 490.95 m 519 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 476.95 m 519 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 474.95 m 519 474.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 490.95 m 563 490.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 476.95 m 563 476.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 474.95 m 563 474.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.20 546.18 Td (Y) Tj ET Q q 0 0 0 rg BT 412.53 546.18 Td (ear) Tj ET Q q 0 0 0 rg BT 423.12 546.18 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 483.85 546.18 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 525.18 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.50 525.18 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 525.18 Td (Better) Tj ET Q q 0 0 0 rg BT 467.49 525.18 Td (/\(W) Tj ET Q q 0 0 0 rg BT 484.09 525.18 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.10 533.18 Td (Curr) Tj ET Q q 0 0 0 rg BT 543.28 533.18 Td (ency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.25 525.18 Td (Impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 511.52 Td (Comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.50 510.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 510.62 Td (1,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 510.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 510.62 Td (1,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 510.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 510.62 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 510.62 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 510.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.50 510.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 510.62 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 496.52 Td (Non-comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 495.62 Td (21) Tj ET Q q 0 0 0 rg BT 372.15 495.62 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 495.62 Td (541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 495.67 Td (\(330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 495.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.95 495.62 Td (\(61.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.80 495.62 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 495.62 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 481.52 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 481.52 Td (otal owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.50 480.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 480.62 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 480.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 480.62 Td (2,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 480.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 480.67 Td (\(266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 480.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.95 480.62 Td (\(12.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.80 480.62 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.50 480.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 480.62 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 455.45 Td (The decrease in owned and leased hotels revenues for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.71 455.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.29 455.45 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.45 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 443.45 Td (, was driven by non-comparable owned and leased hotels revenues related to dispositions, partially of) Tj ET Q q 0 0 0 rg BT 533.90 443.45 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.45 Td (increased operating results of certain comparable owned and leased hotels, particularly in the United States.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 410.45 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.50 410.45 Td ( compar) Tj ET Q q 0 0 0 rg BT 102.18 410.45 Td (ed to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.40 410.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.40 410.45 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.95 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 364.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 364.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 364.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 364.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 364.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 364.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 364.95 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 364.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 364.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.95 291.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 334.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 334.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 334.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 334.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 334.95 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 334.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 334.95 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 334.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.00 334.95 40.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 385.95 m 381 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 385.95 m 385 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 385.95 m 425 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 385.95 m 429 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 385.95 m 469 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 385.95 m 473 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 385.95 m 519 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 385.95 m 523 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 385.95 m 563 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 385.95 m 381 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 364.95 m 381 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 385.95 m 385 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 385.95 m 425 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 364.95 m 425 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 385.95 m 469 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 364.95 m 469 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 385.95 m 473 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 364.95 m 473 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 385.95 m 519 385.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 364.95 m 519 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 364.95 m 563 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 364.95 m 381 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 364.95 m 425 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 364.95 m 469 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 364.95 m 473 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 364.95 m 519 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 364.95 m 563 364.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 334.95 m 381 334.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 320.95 m 381 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 318.95 m 381 318.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 334.95 m 425 334.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 320.95 m 425 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 318.95 m 425 318.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 334.95 m 469 334.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 320.95 m 469 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 318.95 m 469 318.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 334.95 m 519 334.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 320.95 m 519 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 318.95 m 519 318.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 334.95 m 563 334.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 320.95 m 563 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523 318.95 m 563 318.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.20 390.18 Td (Y) Tj ET Q q 0 0 0 rg BT 412.53 390.18 Td (ear) Tj ET Q q 0 0 0 rg BT 423.12 390.18 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 483.85 390.18 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 369.18 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.50 369.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 369.18 Td (Better) Tj ET Q q 0 0 0 rg BT 467.49 369.18 Td (/\(W) Tj ET Q q 0 0 0 rg BT 484.09 369.18 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.10 377.18 Td (Curr) Tj ET Q q 0 0 0 rg BT 543.28 377.18 Td (ency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.25 369.18 Td (Impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 355.52 Td (Comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.50 354.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 354.62 Td (1,825) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 354.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 354.62 Td (1,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 354.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 354.62 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 354.62 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 354.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.50 354.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 354.62 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 340.52 Td (Non-comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 339.62 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 339.62 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 339.62 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 339.62 Td (21.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 339.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 339.67 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 339.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 325.52 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 325.52 Td (otal owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.50 324.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.60 324.62 Td (2,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 324.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 324.62 Td (2,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 324.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 324.62 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 324.62 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.15 324.62 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.50 324.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 324.62 Td (2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 299.45 Td (The increase in owned and leased hotels revenues for the year ended December31, 2017, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.45 Td (December31, 2016, was driven primarily by acquisitions and improved transient business in the United States and ) Tj ET Q q 0 0 0 rg BT 510.24 287.45 Td (Aruba. ) Tj ET Q q 0 0 0 rg BT 540.05 287.45 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.45 Td (was partially of) Tj ET Q q 0 0 0 rg BT 111.52 275.45 Td (fset by hotels sold in 2016 and 2017 and results of certain international hotels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 254.45 Td (See " Segment Results" for further discussion of owned and leased hotels revenues.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 233.45 Td (Management, franchise, and other fees r) Tj ET Q q 0 0 0 rg BT 234.10 233.45 Td (evenues.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 188.95 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 188.95 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 188.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 188.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 188.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 188.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 188.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 188.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 188.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 188.95 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 188.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 188.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 188.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 188.95 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 160.95 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 160.95 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 160.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 160.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 160.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 160.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 160.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 160.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 160.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 160.95 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 160.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 160.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 160.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 160.95 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 132.95 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 132.95 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 132.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 132.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 132.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 132.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 132.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 132.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 132.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 132.95 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 132.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 132.95 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 132.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 132.95 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 209.95000000000005 m 287 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 209.95000000000005 m 291 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 209.95000000000005 m 331 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 209.95000000000005 m 335 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 209.95000000000005 m 375 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 209.95000000000005 m 379 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 209.95000000000005 m 419 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 209.95000000000005 m 423 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 209.95000000000005 m 469 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 209.95000000000005 m 473 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 209.95000000000005 m 513 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 209.95000000000005 m 517 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 209.95000000000005 m 562 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 188.95000000000005 m 287 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 188.95000000000005 m 331 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 188.95000000000005 m 375 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 209.95000000000005 m 419 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 188.95000000000005 m 419 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 209.95000000000005 m 423 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 188.95000000000005 m 423 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 209.95000000000005 m 469 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 188.95000000000005 m 469 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 209.95000000000005 m 473 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 209.95000000000005 m 513 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 188.95000000000005 m 513 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 209.95000000000005 m 517 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 188.95000000000005 m 517 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 209.95000000000005 m 562 209.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 188.95000000000005 m 562 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 188.95000000000005 m 287 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 188.95000000000005 m 331 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 188.95000000000005 m 375 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 188.95000000000005 m 469 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 188.95000000000005 m 513 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 188.95000000000005 m 562 188.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 132.95000000000005 m 287 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 132.95000000000005 m 375 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 132.95000000000005 m 287 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 119.95000000000005 m 287 119.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 117.95000000000005 m 287 117.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 132.95000000000005 m 331 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 119.95000000000005 m 331 119.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 117.95000000000005 m 331 117.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 132.95000000000005 m 375 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 119.95000000000005 m 375 119.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 117.95000000000005 m 375 117.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 132.95000000000005 m 419 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 119.95000000000005 m 419 119.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 117.95000000000005 m 419 117.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 132.95000000000005 m 469 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 119.95000000000005 m 469 119.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 117.95000000000005 m 469 117.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 132.95000000000005 m 513 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 119.95000000000005 m 513 119.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 117.95000000000005 m 513 117.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 132.95000000000005 m 562 132.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 119.95000000000005 m 562 119.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 117.95000000000005 m 562 117.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.20 214.18 Td (Y) Tj ET Q q 0 0 0 rg BT 364.53 214.18 Td (ear) Tj ET Q q 0 0 0 rg BT 375.12 214.18 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 435.85 214.18 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.00 193.18 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 193.18 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.50 193.18 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 201.18 Td (Better) Tj ET Q q 0 0 0 rg BT 417.42 201.18 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.87 201.18 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.90 193.18 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 201.18 Td (Better) Tj ET Q q 0 0 0 rg BT 510.92 201.18 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.37 201.18 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 193.18 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 179.52 Td (Base management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 179.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 179.52 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 179.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 179.52 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 179.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 179.52 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 179.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 179.52 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 179.52 Td (1) Tj ET Q q 0 0 0 rg BT 447.65 179.52 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 179.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 179.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 179.52 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 179.52 Td (6.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 179.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 165.52 Td (Incentive management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 165.52 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 165.52 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 165.52 Td (1) Tj ET Q q 0 0 0 rg BT 361.15 165.52 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 165.52 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 165.52 Td (9.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 165.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 165.52 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 165.52 Td (15.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 165.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 151.52 Td (Franchise fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 151.52 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 151.52 Td (1) Tj ET Q q 0 0 0 rg BT 317.15 151.52 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 151.52 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 151.52 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 151.52 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 151.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 151.52 Td (1) Tj ET Q q 0 0 0 rg BT 504.15 151.52 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 151.52 Td (1) Tj ET Q q 0 0 0 rg BT 540.65 151.52 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 151.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 137.52 Td (Other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 137.52 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 137.52 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 137.52 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 137.52 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 137.52 Td (1) Tj ET Q q 0 0 0 rg BT 447.65 137.52 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 137.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 137.52 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 137.52 Td (50.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 137.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 123.52 Td (Management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 123.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 123.52 Td (552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 123.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 123.52 Td (498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 123.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 123.52 Td (441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 123.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 123.52 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 123.52 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 123.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 123.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 123.52 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 123.52 Td (13.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 123.52 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (72) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.75 714.50 197.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.75 714.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.75 714.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.75 714.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.75 714.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.75 714.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.75 714.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.75 714.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 714.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.75 714.50 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.75 714.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.75 714.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 714.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.75 714.50 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.75 685.50 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.75 685.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.75 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.75 685.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.75 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.75 685.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.75 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.75 685.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.75 685.50 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.75 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.75 685.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.75 685.50 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 735.5 m 287.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.75 735.5 m 291.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 735.5 m 331.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.75 735.5 m 335.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 735.5 m 375.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.75 735.5 m 379.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 735.5 m 419.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 735.5 m 423.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 735.5 m 467.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 735.5 m 471.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 735.5 m 511.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 735.5 m 515.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 735.5 m 559.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 735.5 m 287.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 714.5 m 287.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.75 735.5 m 291.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 735.5 m 331.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 714.5 m 331.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 735.5 m 375.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 714.5 m 375.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.75 735.5 m 379.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 735.5 m 419.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 714.5 m 419.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 735.5 m 423.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 714.5 m 423.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 735.5 m 467.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 714.5 m 467.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 735.5 m 471.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 735.5 m 511.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 714.5 m 511.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 735.5 m 515.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 714.5 m 515.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 735.5 m 559.75 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 714.5 m 287.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 714.5 m 331.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 714.5 m 375.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 714.5 m 559.75 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 685.5 m 287.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 685.5 m 331.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 685.5 m 375.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 685.5 m 287.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 671.5 m 287.75 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 669.5 m 287.75 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 671.5 m 331.75 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 669.5 m 331.75 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 671.5 m 375.75 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 669.5 m 375.75 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 685.5 m 419.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 671.5 m 419.75 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 669.5 m 419.75 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 685.5 m 467.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 671.5 m 467.75 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 669.5 m 467.75 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 685.5 m 511.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 671.5 m 511.75 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 669.5 m 511.75 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 685.5 m 559.75 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 671.5 m 559.75 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 669.5 m 559.75 669.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.95 739.73 Td (Y) Tj ET Q q 0 0 0 rg BT 363.84 739.73 Td (ear) Tj ET Q q 0 0 0 rg BT 374.80 739.73 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 435.53 739.73 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.25 718.73 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.25 718.73 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 718.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 726.73 Td (Better) Tj ET Q q 0 0 0 rg BT 417.17 726.73 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.62 726.73 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.65 718.73 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.00 726.73 Td (Better) Tj ET Q q 0 0 0 rg BT 509.17 726.73 Td (/\(W) Tj ET Q q 0 0 0 rg BT 525.62 726.73 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.65 718.73 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 705.07 Td (Management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.25 705.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.90 705.07 Td (552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.25 705.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.90 705.07 Td (498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.25 705.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.90 705.07 Td (441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 705.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.90 705.07 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 705.07 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 705.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.25 705.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.90 705.07 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.05 705.07 Td (13.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 705.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.25 690.17 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.55 690.17 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.90 690.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.55 690.22 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.90 690.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.55 690.22 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.90 690.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.55 690.22 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.90 690.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.70 690.17 Td (\(12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.55 690.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.55 690.22 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.90 690.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.70 690.17 Td (\(12.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.55 690.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 675.17 Td (Net management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.25 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.90 675.17 Td (532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.25 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.90 675.17 Td (480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.25 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.90 675.17 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.90 675.17 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 675.17 Td (10.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 675.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.25 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.90 675.17 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.05 675.17 Td (13.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 675.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 650.00 Td (The increase in management, franchise, and other fees, which included an insignificant net unfavorable currency impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.00 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.46 638.00 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.04 638.00 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.34 638.00 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.34 638.00 Td (, was driven primarily by increases in management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.00 Td (fees across all reportable segments, including increased fees due to new hotels and hotel conversions from owned to managed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.00 Td (in the ) Tj ET Q q 0 0 0 rg BT 73.94 614.00 Td (Americas management and franchising segment. ) Tj ET Q q 0 0 0 rg BT 270.54 614.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 320.45 614.00 Td (, the increase in franchise fees was driven primarily by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.00 Td (higher fees in the ) Tj ET Q q 0 0 0 rg BT 120.59 602.00 Td (Americas management and franchising segment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.00 Td (The increase in management, franchise, and other fees, which included an insignificant net favorable currency impact for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.00 Td (the year ended December31, 2017, compared to the same period in 2016, was driven primarily by increases in management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.00 Td (fees across all reportable segments and higher franchise fees in the ) Tj ET Q q 0 0 0 rg BT 318.01 557.00 Td (Americas management and franchising segment due to new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.00 Td (hotel openings and improved performance. ) Tj ET Q q 0 0 0 rg BT 223.34 545.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 273.24 545.00 Td (, other fees revenues increased due to termination fees related to three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.00 Td (hotels in the ) Tj ET Q q 0 0 0 rg BT 100.33 533.00 Td (Americas. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 512.00 Td (See "Segment Results" for further discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 491.00 Td (Other r) Tj ET Q q 0 0 0 rg BT 101.35 491.00 Td (evenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 491.00 Td (Other revenues increased $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.56 491.00 Td (12 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.95 491.00 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.86 491.00 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.44 491.00 Td (, compared to the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.00 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 479.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 479.00 Td (, primarily due to the acquisition of Exhale in the third quarter in 2017 and the acquisition of ) Tj ET Q q 0 0 0 rg BT 527.24 479.00 Td (T) Tj ET Q q 0 0 0 rg BT 532.65 479.00 Td (wo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.00 Td (Roads, partially of) Tj ET Q q 0 0 0 rg BT 123.47 467.00 Td (fset by the sales of villas at ) Tj ET Q q 0 0 0 rg BT 233.72 467.00 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 295.47 467.00 Td (W) Tj ET Q q 0 0 0 rg BT 304.10 467.00 Td (ailea Resort for $13 million in 2017. Other revenues increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.00 Td ($24 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.89 455.00 Td ( during the year ended December31, 2017, compared to the year ended December31, 2016, driven by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.00 Td (aforementioned sales of villas, the acquisition of Exhale, and higher revenue from our co-branded credit card program as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.00 Td (result ofour new agreement which took ef) Tj ET Q q 0 0 0 rg BT 218.98 431.00 Td (fect in the second quarter of 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 410.00 Td (Revenues for the r) Tj ET Q q 0 0 0 rg BT 144.66 410.00 Td (eimbursement of costs incurr) Tj ET Q q 0 0 0 rg BT 260.67 410.00 Td (ed on behalf of managed and franchised pr) Tj ET Q q 0 0 0 rg BT 432.78 410.00 Td (operties.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.50 197.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 364.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 364.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 364.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 364.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 364.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 364.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 364.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 364.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 364.50 44.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 364.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 364.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 364.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 364.50 44.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 315.50 197.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 315.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 315.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 315.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 315.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 315.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 315.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 315.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 315.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 315.50 44.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 315.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 315.50 40.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 315.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 315.50 44.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 385.5 m 287 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 385.5 m 291 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 385.5 m 331 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 385.5 m 335 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 385.5 m 375 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 385.5 m 379 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 385.5 m 419 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 385.5 m 423 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 385.5 m 467 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 385.5 m 471 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 385.5 m 511 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 385.5 m 515 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 385.5 m 559 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 385.5 m 287 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 364.5 m 287 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 385.5 m 331 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 364.5 m 331 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 385.5 m 335 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 385.5 m 375 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 364.5 m 375 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 385.5 m 419 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 364.5 m 419 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 385.5 m 423 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 364.5 m 423 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 385.5 m 467 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 364.5 m 467 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 385.5 m 471 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 385.5 m 511 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 364.5 m 511 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 385.5 m 515 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 364.5 m 515 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 385.5 m 559 385.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 364.5 m 559 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 364.5 m 287 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 364.5 m 331 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 364.5 m 375 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 315.5 m 287 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 315.5 m 331 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 315.5 m 467 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 315.5 m 287 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 281.5 m 287 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 279.5 m 287 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 315.5 m 331 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 281.5 m 331 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 279.5 m 331 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 315.5 m 375 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 281.5 m 375 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 279.5 m 375 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 315.5 m 419 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 281.5 m 419 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 279.5 m 419 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 315.5 m 467 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 281.5 m 467 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 279.5 m 467 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 315.5 m 511 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 281.5 m 511 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 279.5 m 511 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 315.5 m 559 315.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 281.5 m 559 281.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 279.5 m 559 279.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.20 389.73 Td (Y) Tj ET Q q 0 0 0 rg BT 363.53 389.73 Td (ear) Tj ET Q q 0 0 0 rg BT 374.12 389.73 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 434.85 389.73 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.50 368.73 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 368.73 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.50 368.73 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.35 376.73 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.90 368.73 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.35 376.73 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.90 368.73 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 355.07 Td (Revenues for the reimbursement of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 345.07 Td (incurred on behalf of managed and franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 335.07 Td (properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 334.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.60 334.17 Td (1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 334.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.60 334.17 Td (1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 334.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 334.17 Td (1,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 334.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 334.17 Td (194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 334.17 Td (1) Tj ET Q q 0 0 0 rg BT 445.65 334.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 334.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 334.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 334.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 334.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 334.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 320.07 Td (Rabbi trust impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 320.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.80 320.12 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 320.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 320.12 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 320.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 320.07 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.60 320.07 Td (1) Tj ET Q q 0 0 0 rg BT 440.60 320.07 Td (19.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 320.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.80 320.12 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.15 320.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.95 320.07 Td (\(167.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.80 320.07 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 306.07 Td (Revenues for the reimbursement of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 296.07 Td (incurred on behalf of managed and franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 286.07 Td (properties excluding rabbi trust impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 285.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.60 285.17 Td (1,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 285.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.60 285.17 Td (1,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 285.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.60 285.17 Td (1,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 285.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 285.17 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 285.17 Td (12.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 285.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 285.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 285.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 285.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 285.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.50 281.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 260.00 Td (Excluding the impact of rabbi trust, revenues for the reimbursement of costs incurred on behalf of managed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.00 Td (franchised properties increased during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.79 248.00 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.38 248.00 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.38 248.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.96 248.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.00 Td (driven by the growth of our third-party owned full and select service managed and franchised portfolio and higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.00 Td (reimbursements for payroll and related costs, primarily due to sales of owned and leased properties during 2017 and 2018 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.00 Td (the acquisition of ) Tj ET Q q 0 0 0 rg BT 121.25 212.00 Td (T) Tj ET Q q 0 0 0 rg BT 126.66 212.00 Td (wo Roads. ) Tj ET Q q 0 0 0 rg BT 170.83 212.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 220.73 212.00 Td (, revenues increased primarily due to higher redemptions related to the loyalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.00 Td (program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 179.00 Td (Excluding the impact of rabbi trust, revenues for the reimbursement of costs incurred on behalf of managed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.00 Td (franchised properties increased during the year ended December31, 2017, compared to the year ended December31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 155.00 Td (driven by the growth of our third-party owned full and select service managed and franchised portfolio and higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.00 Td (reimbursements for payroll and related costs, primarily due to the sales of owned and leased properties during 2017, partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.00 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 131.00 Td (fset by increased reimbursements to properties related to the loyalty program.) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (Owned and leased hotels expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.30 742.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 721.10 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.50 721.10 Td ( compar) Tj ET Q q 0 0 0 rg BT 102.18 721.10 Td (ed to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.40 721.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 674.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 674.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 674.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 674.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 674.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 644.60 278.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 644.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 644.60 57.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 687.6 m 383 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 687.6 m 387 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 687.6 m 443 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 687.6 m 447 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 687.6 m 502 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 687.6 m 506 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 687.6 m 563 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 674.6 m 383 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 674.6 m 443 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 674.6 m 502 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 674.6 m 506 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 674.6 m 563 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 674.6 m 383 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 674.6 m 443 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 674.6 m 563 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 629.6 m 383 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 629.6 m 443 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 629.6 m 383 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 615.6 m 383 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 613.6 m 383 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 629.6 m 443 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 615.6 m 443 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 613.6 m 443 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 629.6 m 502 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 615.6 m 502 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 613.6 m 502 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 629.6 m 563 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 615.6 m 563 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 613.6 m 563 613.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.70 691.83 Td (Y) Tj ET Q q 0 0 0 rg BT 406.03 691.83 Td (ear) Tj ET Q q 0 0 0 rg BT 416.62 691.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 477.35 691.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.00 678.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.50 678.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.25 678.83 Td (Better) Tj ET Q q 0 0 0 rg BT 498.42 678.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 514.87 678.83 Td (orse\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 665.17 Td (Comparable owned and leased hotels expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.50 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 664.27 Td (1,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 664.27 Td (1,269) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.50 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 664.32 Td (\(27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 664.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 664.27 Td (\(2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 664.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 650.17 Td (Non-comparable owned and leased hotels expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 649.27 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 649.27 Td (387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 649.27 Td (235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 649.27 Td (60.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 649.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 635.17 Td (Rabbi trust impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.80 634.32 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 634.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 634.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 634.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.25 634.27 Td (1) Tj ET Q q 0 0 0 rg BT 533.25 634.27 Td (17.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 634.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 620.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 620.17 Td (otal owned and leased hotels expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.50 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 619.27 Td (1,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 619.27 Td (1,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.50 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 619.27 Td (218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.25 619.27 Td (13.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 619.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 594.10 Td (The decrease in owned and leased hotels expenses,which included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.18 594.10 Td ($6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.57 594.10 Td ( net unfavorable currency impact, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.58 582.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 582.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.17 582.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.75 582.10 Td (, was driven primarily by non-comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.10 Td (owned and leased hotel dispositions. See " Segment Results" for a discussion of the non-comparable owned and leased hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.10 Td (activity in 2018 and 2017. ) Tj ET Q q 0 0 0 rg BT 156.53 558.10 Td (This decrease was partially of) Tj ET Q q 0 0 0 rg BT 275.74 558.10 Td (fset by an increase in comparable owned and leased hotels expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 546.10 Td (driven by increased payroll and related costs. ) Tj ET Q q 0 0 0 rg BT 232.21 546.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 282.12 546.10 Td (, the impact recognized with respect to our employee benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 534.10 Td (programs funded through rabbi trusts was driven by the performance of the underlying invested assets during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.10 Td (December 31, 2018 compared to the year ended December 31, 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 501.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 69.50 501.10 Td ( compar) Tj ET Q q 0 0 0 rg BT 102.18 501.10 Td (ed to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 124.40 501.10 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 454.60 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 454.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 454.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 454.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 454.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 454.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 454.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 454.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 424.60 268.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 424.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 424.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 424.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 424.60 58.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 467.6 m 376 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 467.6 m 380 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 467.6 m 438 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 467.6 m 442 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 467.6 m 500 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 467.6 m 504 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 467.6 m 562 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 467.6 m 376 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 454.6 m 376 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 467.6 m 380 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 467.6 m 438 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 454.6 m 438 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 467.6 m 500 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 454.6 m 500 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 467.6 m 504 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 454.6 m 504 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 467.6 m 562 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 454.6 m 562 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 409.6 m 376 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 395.6 m 376 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 393.6 m 376 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 409.6 m 438 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 395.6 m 438 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 393.6 m 438 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 409.6 m 500 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 395.6 m 500 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 393.6 m 500 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 409.6 m 562 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 395.6 m 562 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 393.6 m 562 393.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.20 471.83 Td (Y) Tj ET Q q 0 0 0 rg BT 400.53 471.83 Td (ear) Tj ET Q q 0 0 0 rg BT 411.12 471.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 471.85 471.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.50 458.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.50 458.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.25 458.83 Td (Better) Tj ET Q q 0 0 0 rg BT 495.42 458.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 511.87 458.83 Td (orse\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 445.17 Td (Comparable owned and leased hotels expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 444.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 444.27 Td (1,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.50 444.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 444.27 Td (1,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.50 444.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 444.32 Td (\(23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 444.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 444.27 Td (\(1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 444.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 430.17 Td (Non-comparable owned and leased hotels expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 429.27 Td (278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 429.27 Td (239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 429.32 Td (\(39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 429.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 429.27 Td (\(16.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 429.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 415.17 Td (Rabbi trust impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 414.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 414.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.80 414.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 414.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 414.27 Td (\(167.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 414.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 400.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 400.17 Td (otal owned and leased hotels expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 399.27 Td (1,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.50 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 399.27 Td (1,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.50 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 399.32 Td (\(67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.15 399.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 399.27 Td (\(4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 399.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 374.10 Td (The increase in owned and leased hotels expenses,which included $3 million net unfavorable currency impact, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (year ended December31, 2017, compared to the year ended December31, 2016, was driven primarily by an increase in non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (comparable owned and leased hotels expense related to acquisitions, partially of) Tj ET Q q 0 0 0 rg BT 370.04 350.10 Td (fset by dispositions in 2017 and 2016. See " ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (Segment Results" for a discussion of the non-comparable owned and leased hotels activity in 2017 and 2016. Comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (owned and leased hotels expense also increased driven by higher payroll and related costs, including severance char) Tj ET Q q 0 0 0 rg BT 513.31 326.10 Td (ges at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (certain properties, and increased technology costs. ) Tj ET Q q 0 0 0 rg BT 252.76 314.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 302.66 314.10 Td (, the impact recognized with respect to our employee benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (programs funded through rabbi trusts was driven by the performance of the underlying invested assets during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (December 31, 2017 compared to the year ended December 31, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 269.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 93.68 269.10 Td (eciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.16 269.10 Td (.Depreciation and amortization expense decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.39 269.10 Td ($21million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.79 269.10 Td ( during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 257.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 257.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.46 257.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.05 257.10 Td (, driven primarily by dispositions in 2017 and 2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (The decreases were partially of) Tj ET Q q 0 0 0 rg BT 174.25 245.10 Td (fset by increased accelerated depreciation related to renovations at certain of our owned hotels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 224.10 Td (Depreciation and amortization expense increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.58 224.10 Td ($22million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.97 224.10 Td ( during the year ended December31, 2017, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (year ended December31, 2016, driven primarily by acquisitions, a hotel opening, and technology assets placed in service in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (2016 and 2017. ) Tj ET Q q 0 0 0 rg BT 113.39 200.10 Td (Additional depreciation expense was recognized due to accelerated depreciation related to renovations at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (certain of our owned hotels during 2017.) Tj ET Q q 0 0 0 rg BT 214.84 188.10 Td (The increase was partially of) Tj ET Q q 0 0 0 rg BT 330.16 188.10 Td (fset by decreased depreciation related to hotels sold in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (2016 and 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 155.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.17 155.10 Td ( portion of the depreciation related primarily to technology projects is recovered from our managed and franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.10 Td (hotels and the corresponding recovery is included in other income \(loss\), net on our consolidated statements of income.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 122.10 Td (Other dir) Tj ET Q q 0 0 0 rg BT 109.13 122.10 Td (ect costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.28 122.10 Td (.Other direct costs increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.07 122.10 Td ($17million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.46 122.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.37 122.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.96 122.10 Td (, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.58 110.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 110.10 Td (, primarily due to the acquisition of Exhale in the third quarter of 2017 and the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 98.10 Td (wo Roads, partially of) Tj ET Q q 0 0 0 rg BT 143.60 98.10 Td (fset by the aforementioned sales of villas. Other direct costs increased $14million during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (December31, 2017, compared to the year ended December31, 2016, primarily due to the aforementioned sales of villas and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (the acquisition of Exhale.) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (Selling, general, and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.63 742.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 687.60 197.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 687.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 687.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 687.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 687.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 687.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 687.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 687.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 659.60 197.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 659.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 659.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 659.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 659.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.00 659.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 659.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 659.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 708.6 m 287 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 708.6 m 291 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 708.6 m 331 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 708.6 m 335 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 708.6 m 375 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 708.6 m 379 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 708.6 m 419 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 708.6 m 423 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 708.6 m 468 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 708.6 m 472 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 708.6 m 512 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 708.6 m 516 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 708.6 m 562 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 708.6 m 287 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 687.6 m 287 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287 708.6 m 291 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 708.6 m 331 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 687.6 m 331 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331 708.6 m 335 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 708.6 m 375 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 687.6 m 375 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 708.6 m 419 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 687.6 m 419 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 708.6 m 423 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 687.6 m 423 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 708.6 m 468 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 687.6 m 468 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 708.6 m 472 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 708.6 m 512 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 687.6 m 512 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 708.6 m 516 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 687.6 m 516 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 708.6 m 562 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 687.6 m 562 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 687.6 m 287 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 687.6 m 331 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 687.6 m 375 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 645.6 m 287 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 645.6 m 331 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 645.6 m 375 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 645.6 m 419 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 645.6 m 468 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 645.6 m 512 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 645.6 m 562 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 645.6 m 287 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 621.6 m 287 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 619.6 m 287 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 645.6 m 331 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 621.6 m 331 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 619.6 m 331 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 645.6 m 375 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 621.6 m 375 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 619.6 m 375 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 645.6 m 419 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 621.6 m 419 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 619.6 m 419 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 645.6 m 468 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 621.6 m 468 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 619.6 m 468 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 645.6 m 512 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 621.6 m 512 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 619.6 m 512 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 645.6 m 562 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 621.6 m 562 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 619.6 m 562 619.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 712.83 Td (Y) Tj ET Q q 0 0 0 rg BT 365.03 712.83 Td (ear) Tj ET Q q 0 0 0 rg BT 375.62 712.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.35 712.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.50 691.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 691.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.50 691.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.85 699.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 691.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.35 699.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.90 691.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 678.17 Td (Selling, general, and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 678.17 Td (320) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 678.17 Td (377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 678.17 Td (315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.80 678.22 Td (\(57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 678.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.95 678.17 Td (\(15.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 678.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 678.17 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 678.17 Td (19.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 678.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 664.17 Td (Less: rabbi trust impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.15 664.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.80 664.22 Td (\(37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 664.22 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 664.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 664.17 Td (123.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 664.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.80 664.22 Td (\(23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 664.17 Td (\(165.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 664.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 650.17 Td (Less: stock-based compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 650.17 Td (\(29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.15 650.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.80 650.22 Td (\(29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 650.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.80 650.22 Td (\(25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 650.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 650.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 650.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 650.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.80 650.22 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 650.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 650.17 Td (\(15.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 650.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 636.17 Td (Adjusted selling, general, and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 626.17 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 625.27 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 625.27 Td (31) Tj ET Q q 0 0 0 rg BT 322.15 625.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.50 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 625.27 Td (276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.50 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.80 625.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 410.13 625.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 625.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.95 625.27 Td (\(3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 625.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 625.27 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 625.27 Td (12.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 625.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 600.10 Td (See "Key Business Metrics Evaluated by Management" for further discussion of adjusted selling, general, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 567.10 Td (Adjusted selling, general, and administrative expenses decreased during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.76 567.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.35 567.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 555.10 Td (the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.59 555.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.59 555.10 Td (, primarily due to marketing initiatives completed during 2017, including master brand marketing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 543.10 Td (expenses to support the launch of the ) Tj ET Q q 0 0 0 rg BT 200.12 543.10 Td (W) Tj ET Q q 0 0 0 rg BT 208.75 543.10 Td (orld of Hyatt loyalty platform and a decrease of $3 million of severance char) Tj ET Q q 0 0 0 rg BT 515.40 543.10 Td (ges in 2018 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.10 Td (as compared to 2017. ) Tj ET Q q 0 0 0 rg BT 137.35 531.10 Td (The decrease was partially of) Tj ET Q q 0 0 0 rg BT 254.33 531.10 Td (fset by integration costs due to the acquisition of ) Tj ET Q q 0 0 0 rg BT 451.06 531.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.47 531.10 Td (wo Roads as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.10 Td (increased payroll and related costs due to the acquisition of Exhale in the third quarter of 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 498.10 Td (Adjusted selling, general, and administrative expenses increased during the year ended December31, 2017, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (the same period in 2016, driven primarily by a $19 million increase in payroll and related costs, including $7 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (severance char) Tj ET Q q 0 0 0 rg BT 108.44 474.10 Td (ges, the acquisitions of Miraval and Exhale, and marketing initiatives during 2017, including master brand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (marketing expenses to support the launch of the ) Tj ET Q q 0 0 0 rg BT 243.16 462.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.79 462.10 Td (orld of Hyatt platform.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 441.10 Td (Costs incurr) Tj ET Q q 0 0 0 rg BT 122.86 441.10 Td (ed on behalf of managed and franchised pr) Tj ET Q q 0 0 0 rg BT 294.97 441.10 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.19 441.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.75 386.60 197.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.75 386.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.75 386.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.75 386.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.75 386.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.75 386.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.75 386.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.75 386.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 386.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.75 386.60 44.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.75 386.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.75 386.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 386.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.75 386.60 44.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.75 347.60 197.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.75 347.60 40.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.75 347.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.75 347.60 40.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.75 347.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.75 347.60 40.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.75 347.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.75 347.60 40.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 347.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.75 347.60 44.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.75 347.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.75 347.60 40.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 347.60 4.00 -36.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.75 347.60 44.00 -36.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 407.6 m 287.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.75 407.6 m 291.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 407.6 m 331.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.75 407.6 m 335.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 407.6 m 375.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.75 407.6 m 379.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 407.6 m 419.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 407.6 m 423.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 407.6 m 467.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 407.6 m 471.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 407.6 m 511.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 407.6 m 515.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 407.6 m 559.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 407.6 m 287.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 386.6 m 287.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 407.6 m 331.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 386.6 m 331.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.75 407.6 m 335.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 407.6 m 375.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 386.6 m 375.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 407.6 m 419.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 386.6 m 419.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 407.6 m 423.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.75 386.6 m 423.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 407.6 m 467.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 386.6 m 467.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.75 407.6 m 471.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 407.6 m 511.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 386.6 m 511.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 407.6 m 515.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 386.6 m 515.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 407.6 m 559.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 386.6 m 559.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 386.6 m 287.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 386.6 m 331.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 386.6 m 375.75 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 347.6 m 287.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 347.6 m 331.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 347.6 m 467.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 347.6 m 287.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 312.6 m 287.75 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.75 310.6 m 287.75 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 347.6 m 331.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 312.6 m 331.75 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.75 310.6 m 331.75 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 347.6 m 375.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 312.6 m 375.75 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.75 310.6 m 375.75 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 347.6 m 419.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 312.6 m 419.75 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.75 310.6 m 419.75 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 347.6 m 467.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 312.6 m 467.75 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 310.6 m 467.75 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 347.6 m 511.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 312.6 m 511.75 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.75 310.6 m 511.75 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 347.6 m 559.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 312.6 m 559.75 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 310.6 m 559.75 310.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.95 411.83 Td (Y) Tj ET Q q 0 0 0 rg BT 364.28 411.83 Td (ear) Tj ET Q q 0 0 0 rg BT 374.87 411.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 435.60 411.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.25 390.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.25 390.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 390.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.10 398.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.65 390.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.10 398.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.65 390.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 377.17 Td (Costs incurred on behalf of managed and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 367.17 Td (franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.25 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.35 366.27 Td (1,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.25 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.35 366.27 Td (1,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.25 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.35 366.27 Td (1,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.90 366.27 Td (199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 366.27 Td (1) Tj ET Q q 0 0 0 rg BT 446.40 366.27 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 366.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.25 366.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.90 366.27 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.05 366.27 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 366.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.25 352.17 Td (Rabbi trust impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.90 352.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.55 352.22 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.90 352.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.55 352.22 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.90 352.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.90 352.17 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.35 352.17 Td (1) Tj ET Q q 0 0 0 rg BT 441.35 352.17 Td (19.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 352.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.55 352.22 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.90 352.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.70 352.17 Td (\(167.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.55 352.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 338.17 Td (Costs incurred on behalf of managed and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 328.17 Td (franchised properties excluding rabbi trust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.25 318.17 Td (impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.35 316.27 Td (1,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.35 316.27 Td (1,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.35 316.27 Td (1,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.90 316.27 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 316.27 Td (12.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.90 316.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.90 316.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.05 316.27 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 316.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 288.10 Td (Excluding the impact of rabbi trust, costs incurred on behalf of managed and franchised properties increased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (year ended December 31, 2018, compared to the year ended December 31, 2017, driven by the growth of our third-party owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (full and select service managed and franchised portfolio and higher reimbursements for payroll and related costs, primarily due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (to sales of owned and leased properties during 2017 and 2018 and the acquisition of ) Tj ET Q q 0 0 0 rg BT 387.85 252.10 Td (T) Tj ET Q q 0 0 0 rg BT 393.26 252.10 Td (wo Roads.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 228.10 Td (Excluding the impact of rabbi trust, costs incurred on behalf of managed and franchised properties increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (during the year ended December 31, 2017, compared to the year ended December 31, 2016, driven by the growth of our third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (party owned full and select service managed and franchised portfolio and higher reimbursements for payroll and related costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (primarily due to sales of owned and leased properties during 2017, partially of) Tj ET Q q 0 0 0 rg BT 362.84 192.10 Td (fset by reduced expenses incurred to operate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (loyalty program.) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (Net gains \(losses\) and inter) Tj ET Q q 0 0 0 rg BT 183.12 742.10 Td (est income fr) Tj ET Q q 0 0 0 rg BT 234.41 742.10 Td (om marketable securities held to fund rabbi trusts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.12 742.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 697.60 196.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 697.60 40.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 697.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 697.60 40.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 697.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 697.60 40.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 697.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 697.60 40.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 697.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 697.60 45.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 697.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 697.60 40.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 697.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 697.60 46.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 649.60 196.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.00 649.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 649.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 649.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 649.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.00 649.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 649.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 649.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 649.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 649.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.00 649.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 649.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 649.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 649.60 46.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 718.6 m 286 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286 718.6 m 290 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 718.6 m 330 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 718.6 m 334 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 718.6 m 374 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 718.6 m 378 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 718.6 m 418 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 718.6 m 422 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 718.6 m 467 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 718.6 m 471 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 718.6 m 511 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 718.6 m 515 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 718.6 m 561 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 697.6 m 286 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 697.6 m 330 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 697.6 m 374 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 718.6 m 418 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 697.6 m 418 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 718.6 m 422 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 697.6 m 422 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 718.6 m 467 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 697.6 m 467 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 718.6 m 471 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 718.6 m 511 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 697.6 m 511 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 718.6 m 515 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 697.6 m 515 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 718.6 m 561 718.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 697.6 m 561 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 697.6 m 374 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 697.6 m 467 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 697.6 m 511 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 697.6 m 515 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 697.6 m 561 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 649.6 m 286 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 625.6 m 286 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 623.6 m 286 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 649.6 m 330 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 625.6 m 330 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 623.6 m 330 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 649.6 m 374 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 625.6 m 374 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334 623.6 m 374 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 649.6 m 418 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 625.6 m 418 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 623.6 m 418 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 649.6 m 467 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 625.6 m 467 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 623.6 m 467 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 649.6 m 511 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 625.6 m 511 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 623.6 m 511 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 649.6 m 561 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 625.6 m 561 625.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515 623.6 m 561 623.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.70 722.83 Td (Y) Tj ET Q q 0 0 0 rg BT 364.03 722.83 Td (ear) Tj ET Q q 0 0 0 rg BT 374.62 722.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 435.35 722.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.50 701.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.50 701.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.50 701.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.75 709.83 Td (Better) Tj ET Q q 0 0 0 rg BT 415.99 709.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 432.59 709.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.40 701.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.25 709.83 Td (Better) Tj ET Q q 0 0 0 rg BT 509.42 709.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 525.87 709.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.90 701.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 688.17 Td (Rabbi trust impact allocated to selling,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 678.17 Td (general, and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.80 678.27 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 678.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 678.27 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 678.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 678.32 Td (\(46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 678.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 678.27 Td (\(123.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 678.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 678.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 678.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.60 678.27 Td (165.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.15 678.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 664.17 Td (Rabbi trust impact allocated to owned and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 654.17 Td (leased hotels expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.80 654.27 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 654.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 654.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 654.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 654.32 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 654.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 654.27 Td (\(1) Tj ET Q q 0 0 0 rg BT 437.28 654.27 Td (17.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 654.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.15 654.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.60 654.27 Td (167.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.15 654.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 639.27 Td (Net gains \(losses\) and interest income from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 629.27 Td (marketable securities held to fund rabbi trusts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 629.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.80 629.27 Td (\(1) Tj ET Q q 0 0 0 rg BT 277.13 629.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 629.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 629.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 629.27 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 629.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 629.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 629.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 629.32 Td (\(56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 629.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.95 629.27 Td (\(122.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.80 629.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.50 629.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 629.27 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.60 629.27 Td (166.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.15 629.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 604.10 Td (Equity earnings fr) Tj ET Q q 0 0 0 rg BT 144.40 604.10 Td (om unconsolidated hospitality ventur) Tj ET Q q 0 0 0 rg BT 292.63 604.10 Td (es.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.60 200.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 559.60 41.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 559.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.00 559.60 41.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 559.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 559.60 41.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 559.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 559.60 41.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 559.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 559.60 41.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.00 559.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 559.60 41.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.00 559.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.00 559.60 41.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 580.6 m 291 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 580.6 m 295 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 580.6 m 336 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 580.6 m 340 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 580.6 m 381 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381 580.6 m 385 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 580.6 m 426 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 580.6 m 430 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 580.6 m 471 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 580.6 m 475 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 580.6 m 516 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 580.6 m 520 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 580.6 m 561 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 580.6 m 291 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 559.6 m 291 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 580.6 m 295 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 580.6 m 336 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295 559.6 m 336 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 580.6 m 340 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 580.6 m 381 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 559.6 m 381 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 580.6 m 426 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 559.6 m 426 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 580.6 m 430 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 559.6 m 430 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 580.6 m 471 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 559.6 m 471 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 580.6 m 475 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 580.6 m 516 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 559.6 m 516 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 580.6 m 520 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 559.6 m 520 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 580.6 m 561 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 559.6 m 561 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 559.6 m 291 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 559.6 m 381 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 559.6 m 471 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 559.6 m 516 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516 559.6 m 520 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520 559.6 m 561 559.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.70 584.83 Td (Y) Tj ET Q q 0 0 0 rg BT 366.03 584.83 Td (ear) Tj ET Q q 0 0 0 rg BT 376.62 584.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 437.35 584.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.00 563.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.00 563.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.00 563.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.25 571.83 Td (Better) Tj ET Q q 0 0 0 rg BT 421.49 571.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 438.09 571.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.90 563.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.25 571.83 Td (Better) Tj ET Q q 0 0 0 rg BT 511.42 571.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.87 571.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.90 563.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 550.17 Td (Equity earnings from unconsolidated hospitality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 540.17 Td (ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 540.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.15 540.27 Td (219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.50 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 540.27 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 540.32 Td (\(21) Tj ET Q q 0 0 0 rg BT 417.13 540.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 540.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.95 540.27 Td (\(95.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 540.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 540.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 540.27 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.60 540.27 Td (224.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.15 540.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 515.10 Td (The decrease in equity earnings during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.02 515.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.60 515.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.61 515.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 503.10 Td (, was primarily attributable to the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 482.10 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 482.10 Td (217 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.89 482.10 Td ( decrease as 2017 included a liquidating distribution from the sale of ) Tj ET Q q 0 0 0 rg BT 412.93 482.10 Td (A) Tj ET Q q 0 0 0 rg BT 419.41 482.10 Td (vendra to ) Tj ET Q q 0 0 0 rg BT 458.84 482.10 Td (Aramark;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 461.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 461.10 Td ($16 million decrease as 2018 included an impairment char) Tj ET Q q 0 0 0 rg BT 319.13 461.10 Td (ge related to unconsolidated hospitality ventures in Brazil; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 449.10 Td (we completed an acquisition of our partner's interest in the unconsolidated hospitality ventures during the second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 437.10 Td (quarter of 2018; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 416.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 416.10 Td ($15 million decrease as 2018 included increased foreign currency losses at one of our unconsolidated hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 404.10 Td (ventures which holds loans denominated in a currency other than its functional currency) Tj ET Q q 0 0 0 rg BT 437.52 404.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 383.10 Td (The decrease in equity earnings during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.52 383.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 383.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.11 383.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 371.10 Td (, was partially of) Tj ET Q q 0 0 0 rg BT 136.52 371.10 Td (fset by $40 million of gains recognized from sales activity related to certain unconsolidated hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.10 Td (ventures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 338.10 Td (The increase during the year ended December31, 2017, compared to the year ended December31, 2016, was attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (to the aforementioned $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.74 326.10 Td (217 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.14 326.10 Td ( liquidating distribution, which was partially of) Tj ET Q q 0 0 0 rg BT 379.54 326.10 Td (fset by the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 305.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 305.10 Td ($37 million decrease as 2016 included earnings attributable to distributions from three of our unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 293.10 Td (hospitality ventures primarily related to debt refinancings;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 272.10 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.89 272.10 Td ( decrease as 2016 included a gain related to the acquisition of our partners' share in ) Tj ET Q q 0 0 0 rg BT 465.80 272.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 527.54 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 536.18 272.10 Td (ailea ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 260.10 Td (Resort that was recorded as a step acquisition; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 239.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 239.10 Td ($7 million decrease as 2016 included earnings related to a forfeited deposit on a sale of hotels by an unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 227.10 Td (hospitality venture that did not close.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 206.10 Td (Gains \(losses\) on sales of r) Tj ET Q q 0 0 0 rg BT 181.74 206.10 Td (eal estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 206.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.92 206.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.50 206.10 Td (, we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.96 206.10 Td ($531 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.35 206.10 Td ( pre-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (gain related to the sales of Grand Hyatt San Francisco, ) Tj ET Q q 0 0 0 rg BT 269.71 194.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 331.46 194.10 Td (W) Tj ET Q q 0 0 0 rg BT 340.10 194.10 Td (ailea Resort, and Hyatt Regency Coconut Point Resort ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (and Spa. ) Tj ET Q q 0 0 0 rg BT 85.89 182.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.79 182.10 Td (, we recognized approximately $238 million of pre-tax gain associated with the HRMC transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 161.10 Td (During the year ended December 31, 2017, we sold Hyatt Regency Louisville, Hyatt Regency Grand Cypress, and Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (Regency Monterey Hotel&Spa on Del Monte Golf Course resulting in pre-tax gains of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.59 149.10 Td (35 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.98 149.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.98 149.10 Td ($26 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.38 149.10 Td ( and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.81 149.10 Td (17 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 137.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.05 137.10 Td (. ) Tj ET Q q 0 0 0 rg BT 135.50 137.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 185.40 137.10 Td (, we sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (and Spa resulting in a $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.65 125.10 Td (159 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.04 125.10 Td ( pre-tax gain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 104.10 Td (During the year ended December 31, 2016, we sold ) Tj ET Q q 0 0 0 rg BT 281.49 104.10 Td (Andaz 5th ) Tj ET Q q 0 0 0 rg BT 324.82 104.10 Td (A) Tj ET Q q 0 0 0 rg BT 331.30 104.10 Td (venue and the shares of the company that owns Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (Regency Birmingham \(U.K.\) resulting in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.35 92.10 Td ($23 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.74 92.10 Td ( pre-tax loss and a $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.00 92.10 Td (17 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.39 92.10 Td ( pre-tax gain, respectively) Tj ET Q q 0 0 0 rg BT 494.58 92.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 71.10 Td (See Part IV) Tj ET Q q 0 0 0 rg BT 118.31 71.10 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.79 71.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.79 71.10 Td ( to the Consolidated Financial Statements" for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (additional information regarding the above transactions.) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (Asset impairments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.61 742.10 Td (During the year ended December 31, 2018, we recognized $25 million of asset impairment char) Tj ET Q q 0 0 0 rg BT 542.63 742.10 Td (ges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (related to goodwill primarily in relation to the HRMC transaction. See Part IV) Tj ET Q q 0 0 0 rg BT 361.20 730.10 Td (, Item 15, "Exhibits and Financial Statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (ScheduleNote 7 to the Consolidated Financial Statements" for additional information. ) Tj ET Q q 0 0 0 rg BT 404.72 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 413.36 718.10 Td (e did not record any asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (impairments during the years ended December 31, 2017 and December 31, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 685.10 Td (Other income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.15 685.10 Td (.Other income \(loss\), net decreased $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.70 685.10 Td (91 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.09 685.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 685.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.58 685.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.50 673.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.09 673.10 Td ( and increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.78 673.10 Td ($30 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.17 673.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.08 673.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.66 673.10 Td ( compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 661.10 Td (to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.58 661.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.16 661.10 Td (. See Part IV) Tj ET Q q 0 0 0 rg BT 248.97 661.10 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.45 661.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.45 661.10 Td ( to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td (Consolidated Financial Statements" for additional information. Ef) Tj ET Q q 0 0 0 rg BT 313.07 649.10 Td (fective January 1, 2018, we recognize unrealized gains and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.10 Td (losses on equity securities from changes in the fair value of the underlying securities within other income \(loss\), net, as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.10 Td (of the adoption of ) Tj ET Q q 0 0 0 rg BT 122.82 625.10 Td (ASU 2016-01.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.00 604.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 81.63 604.10 Td (ovision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.11 604.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 546.60 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 546.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 546.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 546.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 546.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 546.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 516.60 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 516.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 516.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 516.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 516.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 516.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 570.6 m 297 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 570.6 m 301 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 570.6 m 351 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 570.6 m 355 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 570.6 m 405 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 570.6 m 409 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 570.6 m 484 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 570.6 m 488 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 570.6 m 563 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 546.6 m 297 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301 546.6 m 351 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 546.6 m 405 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 570.6 m 484 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 546.6 m 484 546.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 546.6 m 563 546.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.20 574.83 Td (Y) Tj ET Q q 0 0 0 rg BT 365.53 574.83 Td (ear) Tj ET Q q 0 0 0 rg BT 376.12 574.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.85 574.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.50 550.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.50 550.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.50 550.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.75 558.83 Td (Better) Tj ET Q q 0 0 0 rg BT 439.99 558.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 456.59 558.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.40 550.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.75 558.83 Td (Better) Tj ET Q q 0 0 0 rg BT 518.92 558.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 535.37 558.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.40 550.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 536.27 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.00 536.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 536.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.15 536.27 Td (951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 536.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 536.27 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 536.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 536.27 Td (282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 536.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 536.27 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 536.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 536.27 Td (440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 521.27 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.00 521.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.80 521.27 Td (\(182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 521.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 521.32 Td (\(332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 521.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.80 521.32 Td (\(76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 521.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 521.27 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.45 521.27 Td (\(256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 521.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.00 521.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 506.27 Td (Ef) Tj ET Q q 0 0 0 rg BT 61.76 506.27 Td (fective tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 506.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 506.27 Td (19.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 506.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 506.27 Td (45.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 506.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 506.27 Td (27.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 506.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 506.27 Td (26.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 506.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 506.27 Td (\(18.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 506.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.50 478.10 Td (The decreased ef) Tj ET Q q 0 0 0 rg BT 139.05 478.10 Td (fective tax rate and income tax expense during the year ended December 31, 2018, compared to the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (ended December 31, 2017, was primarily driven by the reduced U.S. corporate income tax rate from 35% to 21% as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (the 2017 ) Tj ET Q q 0 0 0 rg BT 86.54 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.95 454.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 103.33 454.10 Td (Act, a 5 percentage point decrease primarily due to the low ef) Tj ET Q q 0 0 0 rg BT 349.71 454.10 Td (fective tax rate on the HRMC transaction, and a one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (time expense recorded in 2017 to revalue U.S. deferred tax assets to the lower corporate income tax rate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 421.10 Td (The increased ef) Tj ET Q q 0 0 0 rg BT 137.89 421.10 Td (fective tax rate during the year ended December31, 2017, compared to the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (2016, was driven primarily by an 8 percentage point impact due to 2017 ) Tj ET Q q 0 0 0 rg BT 340.35 409.10 Td (T) Tj ET Q q 0 0 0 rg BT 345.76 409.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 357.15 409.10 Td (Act, of which 6 percentage points related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (revaluation of U.S. net deferred tax assets at the lower corporate income tax rate of 21% and 2 percentage points related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (impact of a one-time deemed repatriation tax on undistributed foreign earnings. ) Tj ET Q q 0 0 0 rg BT 369.77 385.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 395.40 385.10 Td (fective tax rate increase was also driven ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (by an 8 percentage point favorable impact on the 2016 rate for certain one-time items related to the reversal of uncertain tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (positions and a nonrecurring foreign tax credit benefit. Income tax expense also increased during the year ended December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (2017, compared to the year ended December31, 2016, as a result of an increase in income before taxes driven primarily by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (earnings recognized from the sale of ) Tj ET Q q 0 0 0 rg BT 197.22 337.10 Td (A) Tj ET Q q 0 0 0 rg BT 203.70 337.10 Td (vendra.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 316.10 Td (See Part IV) Tj ET Q q 0 0 0 rg BT 116.81 316.10 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.29 316.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.29 316.10 Td ( to our Consolidated Financial Statements" for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (further detail.) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (Segment Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 721.25 Td (e evaluate segment operating performance using owned and leased hotels revenues, management, franchise, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (fees revenues, and ) Tj ET Q q 0 0 0 rg BT 125.52 709.25 Td (Adjusted EBITDA, as described in Part IV) Tj ET Q q 0 0 0 rg BT 295.59 709.25 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.06 709.25 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.06 709.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (to our Consolidated Financial Statements.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 676.25 Td (Owned and leased hotels segment r) Tj ET Q q 0 0 0 rg BT 215.55 676.25 Td (evenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.20 676.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 655.25 Td (2018 compar) Tj ET Q q 0 0 0 rg BT 102.68 655.25 Td (ed to 2017) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 600.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 600.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 600.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 600.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 600.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 600.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 570.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 570.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 570.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 570.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 570.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 570.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.75 280.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 540.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 540.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 540.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 540.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 540.75 42.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 621.75 m 372.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 621.75 m 376.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 621.75 m 418.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 621.75 m 422.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 621.75 m 464.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 621.75 m 468.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 621.75 m 516.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 621.75 m 520.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 621.75 m 562.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 600.75 m 372.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 600.75 m 418.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 600.75 m 464.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 600.75 m 468.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 600.75 m 516.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 600.75 m 562.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 600.75 m 372.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 600.75 m 516.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 570.75 m 372.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 570.75 m 418.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 570.75 m 464.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 570.75 m 516.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 570.75 m 562.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 570.75 m 418.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 570.75 m 562.5 570.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 540.75 m 464.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 540.75 m 516.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 540.75 m 372.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 526.75 m 372.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 524.75 m 372.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 540.75 m 418.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 526.75 m 418.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 524.75 m 418.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 540.75 m 464.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 526.75 m 464.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 524.75 m 464.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 540.75 m 516.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 526.75 m 516.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 524.75 m 516.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 540.75 m 562.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 526.75 m 562.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 524.75 m 562.5 524.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.70 625.98 Td (Y) Tj ET Q q 0 0 0 rg BT 407.03 625.98 Td (ear) Tj ET Q q 0 0 0 rg BT 417.62 625.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 478.35 625.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.00 604.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.00 604.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.75 604.98 Td (Better) Tj ET Q q 0 0 0 rg BT 462.99 604.98 Td (/\(W) Tj ET Q q 0 0 0 rg BT 479.59 604.98 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.60 612.98 Td (Curr) Tj ET Q q 0 0 0 rg BT 541.78 612.98 Td (ency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.75 604.98 Td (Impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 591.32 Td (Comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 590.42 Td (1,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.10 590.42 Td (1,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 590.42 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.80 590.42 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 590.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 590.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 590.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.32 Td (Non-comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 575.42 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 575.42 Td (478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 575.47 Td (\(329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 575.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.45 575.42 Td (\(68.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 575.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 575.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 561.32 Td (otal owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 560.42 Td (1,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.10 560.42 Td (2,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 560.47 Td (\(270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 560.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.45 560.42 Td (\(12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 560.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 560.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.32 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 545.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 545.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.30 545.47 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 545.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.45 545.42 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 545.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 545.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 531.32 Td (otal segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 530.42 Td (1,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.10 530.42 Td (2,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 530.47 Td (\(283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 530.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.45 530.42 Td (\(13.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 530.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 530.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 505.25 Td (The increase in comparable owned and leased hotels revenues during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.14 505.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.72 505.25 Td (, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.25 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.08 493.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 493.25 Td (, was driven by an increase of $46 million at our hotels in the United States and an increase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.25 Td ($13 million at our international hotels. ) Tj ET Q q 0 0 0 rg BT 206.18 481.25 Td (The revenue growth at our comparable hotels in the United States was driven primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (by improved transient, group, and banquet revenues in major markets. ) Tj ET Q q 0 0 0 rg BT 332.80 469.25 Td (The increase in comparable international hotels was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (driven primarily by improved transient business at properties in Europe and a net favorable currency impact of $5 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 436.25 Td (The decrease in non-comparable owned and leased hotels revenues was driven by the following dispositions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 415.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 415.25 Td (Grand Hyatt San Francisco, ) Tj ET Q q 0 0 0 rg BT 199.03 415.25 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 260.78 415.25 Td (W) Tj ET Q q 0 0 0 rg BT 269.41 415.25 Td (ailea Resort, Hyatt Regency Coconut Point Resort and Spa, and Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 403.25 Td (Regency Mexico City in 2018; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.25 Td (Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Hyatt Regency Monterey Hotel&Spa on Del Monte Golf ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.25 Td (Course, Hyatt Regency Grand Cypress, Royal Palms Resort and Spa, and Hyatt Regency Louisville in 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 349.25 Td (Other revenues decreased $13 million during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.02 349.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.60 349.25 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 337.25 Td (, due to the aforementioned villa sales.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 262.75 81.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 262.75 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.50 262.75 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 262.75 35.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 262.75 44.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 262.75 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 262.75 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 262.75 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 262.75 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 262.75 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 262.75 34.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 262.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 262.75 44.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 304.75 m 163.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 304.75 m 167.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 304.75 m 199.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 304.75 m 203.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 304.75 m 238.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 304.75 m 242.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 304.75 m 286.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 304.75 m 322.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 304.75 m 326.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 304.75 m 358.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 304.75 m 362.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 304.75 m 404.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 304.75 m 408.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 304.75 m 440.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 304.75 m 444.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 304.75 m 476.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 304.75 m 480.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 304.75 m 514.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 304.75 m 518.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 304.75 m 562.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 304.75 m 163.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 291.75 m 163.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 304.75 m 167.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 291.75 m 167.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 304.75 m 199.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 291.75 m 199.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 304.75 m 203.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 291.75 m 203.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 304.75 m 238.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 291.75 m 238.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 304.75 m 242.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 304.75 m 286.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 291.75 m 286.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 304.75 m 290.5 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 291.75 m 322.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 291.75 m 326.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 291.75 m 358.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 291.75 m 362.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 291.75 m 404.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 291.75 m 440.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 291.75 m 444.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 291.75 m 476.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 291.75 m 480.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 291.75 m 514.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 291.75 m 562.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 262.75 m 163.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167.5 262.75 m 199.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 291.75 m 238.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 203.5 262.75 m 238.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 291.75 m 242.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 262.75 m 286.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 262.75 m 322.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 262.75 m 358.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 262.75 m 404.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 262.75 m 440.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 262.75 m 476.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 262.75 m 514.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 291.75 m 518.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 262.75 m 562.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 262.75 m 286.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 262.75 m 562.5 262.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 309.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.20 308.98 Td (Y) Tj ET Q q 0 0 0 rg BT 307.53 308.98 Td (ear) Tj ET Q q 0 0 0 rg BT 318.12 308.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 378.85 308.98 Td (31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 296.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 193.90 295.98 Td (RevP) Tj ET Q q 0 0 0 rg BT 211.82 295.98 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.85 295.98 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 295.98 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 139.00 266.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.00 266.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.80 274.98 Td (Better) Tj ET Q q 0 0 0 rg BT 229.04 274.98 Td (/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.90 266.98 Td (\(W) Tj ET Q q 0 0 0 rg BT 217.34 266.98 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.30 282.98 Td (Better) Tj ET Q q 0 0 0 rg BT 272.54 282.98 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.40 274.98 Td (\(W) Tj ET Q q 0 0 0 rg BT 260.84 274.98 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.40 266.98 Td (Constant $) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.00 266.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.00 266.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.55 274.98 Td (Changein) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.20 266.98 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.00 266.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 266.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 274.98 Td (Better) Tj ET Q q 0 0 0 rg BT 505.47 274.98 Td (/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.40 266.98 Td (\(W) Tj ET Q q 0 0 0 rg BT 493.62 266.98 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 282.98 Td (Better) Tj ET Q q 0 0 0 rg BT 548.47 282.98 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.40 274.98 Td (\(W) Tj ET Q q 0 0 0 rg BT 536.62 274.98 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.40 266.98 Td (Constant $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 253.32 Td (Comparable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 243.32 Td (owned and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 233.32 Td (leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.00 232.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.60 232.42 Td (177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.00 232.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.60 232.42 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.10 232.42 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.65 232.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.15 232.42 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 232.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.10 232.42 Td (76.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 232.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 232.42 Td (75.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 232.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 232.42 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 232.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 232.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.60 232.42 Td (230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 232.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 232.42 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.10 232.42 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 232.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 232.42 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 232.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 207.25 Td (Excluding the net favorable currency impact, the increase in comparable RevP) Tj ET Q q 0 0 0 rg BT 387.12 207.25 Td (AR at our owned and leased hotels during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.25 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 195.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 195.25 Td (, compared to the same period in 2017, was driven primarily by improved group demand and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.25 Td (transient ) Tj ET Q q 0 0 0 rg BT 86.38 183.25 Td (ADR at a majority of our hotels in key markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 162.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 162.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 162.25 Td (, we removed four full service properties from the comparable owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.25 Td (leased hotels results as three hotels were sold and one converted from leased to managed. ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2017 compar) Tj ET Q q 0 0 0 rg BT 102.68 742.10 Td (ed to 2016) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 696.60 267.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 696.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 696.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 696.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 696.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 696.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 666.60 267.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 666.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 666.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 666.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 666.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 666.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 636.60 267.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 636.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 636.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 636.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 636.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 636.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 636.60 45.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 717.6 m 362.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 717.6 m 366.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 717.6 m 411.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 717.6 m 415.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 717.6 m 460.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 717.6 m 464.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 717.6 m 509.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 717.6 m 513.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 717.6 m 558.5 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 696.6 m 362.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 696.6 m 411.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 696.6 m 460.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 696.6 m 464.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 696.6 m 509.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 696.6 m 558.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 696.6 m 362.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 696.6 m 509.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 696.6 m 558.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 666.6 m 362.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 666.6 m 411.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 666.6 m 460.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 666.6 m 509.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 666.6 m 558.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 666.6 m 411.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 666.6 m 558.5 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 636.6 m 460.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 636.6 m 509.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 636.6 m 362.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 622.6 m 362.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 620.6 m 362.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 636.6 m 411.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 622.6 m 411.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 620.6 m 411.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 636.6 m 460.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 622.6 m 460.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 620.6 m 460.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 636.6 m 509.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 622.6 m 509.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 620.6 m 509.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 636.6 m 558.5 636.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 622.6 m 558.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 620.6 m 558.5 620.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.20 721.83 Td (Y) Tj ET Q q 0 0 0 rg BT 398.53 721.83 Td (ear) Tj ET Q q 0 0 0 rg BT 409.12 721.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 469.85 721.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.50 700.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.50 700.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.75 700.83 Td (Better) Tj ET Q q 0 0 0 rg BT 455.99 700.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 472.59 700.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.10 708.83 Td (Curr) Tj ET Q q 0 0 0 rg BT 536.28 708.83 Td (ency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 700.83 Td (Impact) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 687.17 Td (Comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 686.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 686.27 Td (1,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 686.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 686.27 Td (1,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 686.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 686.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 686.27 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 686.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 686.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 686.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 672.17 Td (Non-comparable owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 671.27 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 671.27 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 671.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.45 671.27 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.30 671.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 671.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 671.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 657.17 Td (otal owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 656.27 Td (2,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 656.27 Td (2,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 656.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 656.27 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 656.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 656.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 642.17 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 641.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 641.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 641.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.85 641.27 Td (NM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 641.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 627.17 Td (otal segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.15 626.27 Td (2,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 626.27 Td (2,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 626.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 626.27 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 626.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 626.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 601.10 Td (The increase in comparable owned and leased hotels revenues during the year ended December31, 2017, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (year ended December31, 2016, was driven by increases of $13 million at our hotels in the United States and $7 million at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (international hotels. ) Tj ET Q q 0 0 0 rg BT 131.74 577.10 Td (The revenue growth at our comparable hotels in the United States was driven primarily by improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (transient business and a business interruption settlement of $6 million related to a claim from a prior year) Tj ET Q q 0 0 0 rg BT 470.73 565.10 Td (. ) Tj ET Q q 0 0 0 rg BT 475.55 565.10 Td (The increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (comparable international hotels was driven by a net favorable currency impact of $3 million and increased transient business at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (our hotel in ) Tj ET Q q 0 0 0 rg BT 98.05 541.10 Td (Aruba, partially of) Tj ET Q q 0 0 0 rg BT 172.01 541.10 Td (fset by decreased performance at our hotel in Switzerland. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 520.10 Td (Non-comparable owned and leased hotels revenues were flat due to increased revenues from our 2016 acquisitions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (primarily related to the acquisition of our partners' interest in ) Tj ET Q q 0 0 0 rg BT 295.62 508.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 357.36 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 366.00 508.10 Td (ailea Resort, of) Tj ET Q q 0 0 0 rg BT 426.63 508.10 Td (fset by decreased revenues as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (result of the following dispositions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.10 Td (Hyatt Regency Grand Cypress, Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, Hyatt Regency Louisville, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 463.10 Td (and Hyatt Regency Monterey Hotel&Spa on Del Monte Golf Course in 2017; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (Andaz 5th ) Tj ET Q q 0 0 0 rg BT 129.33 442.10 Td (A) Tj ET Q q 0 0 0 rg BT 135.80 442.10 Td (venue and Hyatt Regency Birmingham \(U.K.\) in 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 421.10 Td (Other revenues increased $13 million during the year ended December31, 2017, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (December31, 2016, due to the aforementioned villa sales.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 334.60 83.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 334.60 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 334.60 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 334.60 35.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 334.60 44.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 334.60 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 334.60 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 334.60 42.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 334.60 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 334.60 32.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 334.60 36.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 334.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 334.60 44.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 376.6 m 165.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 376.6 m 169.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 376.6 m 201.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 376.6 m 205.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 376.6 m 240.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 376.6 m 244.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 376.6 m 288.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 376.6 m 292.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 376.6 m 324.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 376.6 m 328.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 376.6 m 360.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 376.6 m 364.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 376.6 m 406.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 376.6 m 410.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 376.6 m 442.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 376.6 m 446.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 376.6 m 478.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 376.6 m 482.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 376.6 m 518.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 376.6 m 522.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 376.6 m 566.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 376.6 m 165.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 363.6 m 165.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 376.6 m 169.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 363.6 m 169.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 376.6 m 201.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 363.6 m 201.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 376.6 m 205.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 363.6 m 205.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 376.6 m 240.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 363.6 m 240.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 376.6 m 288.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 363.6 m 288.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 363.6 m 324.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 363.6 m 328.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 363.6 m 360.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 363.6 m 364.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 363.6 m 406.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 363.6 m 442.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 363.6 m 446.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 363.6 m 478.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 363.6 m 482.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 363.6 m 518.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 363.6 m 566.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 334.6 m 165.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 334.6 m 201.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 363.6 m 240.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 334.6 m 240.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 363.6 m 244.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 334.6 m 288.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 334.6 m 324.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 334.6 m 360.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 334.6 m 406.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 334.6 m 442.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 334.6 m 478.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 334.6 m 518.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 363.6 m 522.5 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 334.6 m 566.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 334.6 m 288.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 334.6 m 566.5 334.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 380.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.20 380.83 Td (Y) Tj ET Q q 0 0 0 rg BT 310.53 380.83 Td (ear) Tj ET Q q 0 0 0 rg BT 321.12 380.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 381.85 380.83 Td (31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 367.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 195.90 367.83 Td (RevP) Tj ET Q q 0 0 0 rg BT 213.82 367.83 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.85 367.83 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.30 367.83 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 141.00 338.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 338.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.80 346.83 Td (Better) Tj ET Q q 0 0 0 rg BT 230.97 346.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 208.90 338.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 219.12 338.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.30 354.83 Td (Better) Tj ET Q q 0 0 0 rg BT 274.54 354.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.40 346.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 262.84 346.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.40 338.83 Td (Constant $) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.00 338.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.00 338.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.55 346.83 Td (Changein) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.20 338.83 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.00 338.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 338.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.30 346.83 Td (Better) Tj ET Q q 0 0 0 rg BT 508.47 346.83 Td (/) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.40 338.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 496.62 338.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.30 354.83 Td (Better) Tj ET Q q 0 0 0 rg BT 552.47 354.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.40 346.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 540.62 346.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.40 338.83 Td (Constant $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 325.17 Td (Comparable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 315.17 Td (owned and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 305.17 Td (leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.00 304.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.60 304.27 Td (176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.00 304.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.60 304.27 Td (174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.10 304.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.15 304.27 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.10 304.27 Td (76.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.10 304.27 Td (76.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.45 304.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.30 304.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 304.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.60 304.27 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 304.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.60 304.27 Td (226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.10 304.27 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 304.27 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 304.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 279.10 Td (Excluding the net favorable currency impact, the increase in comparable RevP) Tj ET Q q 0 0 0 rg BT 387.12 279.10 Td (AR at our owned and leased hotels during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td (the year ended December31, 2017, compared to the same period in 2016, was driven by improved transient demand and group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.10 Td (ADR in the ) Tj ET Q q 0 0 0 rg BT 98.06 255.10 Td (Americas, partially of) Tj ET Q q 0 0 0 rg BT 185.34 255.10 Td (fset by an overall decrease in group demand.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 234.10 Td (During the year ended December31, 2017, we removed four full service properties that were sold in the period from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (comparable owned and leased hotels results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (Owned and leased hotels segment ) Tj ET Q q 0 0 0 rg BT 187.85 201.10 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.79 201.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 157.60 209.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 157.60 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 157.60 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 157.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 157.60 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 157.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 157.60 38.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 157.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 117.60 209.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 117.60 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 117.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 117.60 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 117.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 117.60 39.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 117.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 117.60 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 117.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 117.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 117.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 117.60 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 117.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 117.60 44.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 178.60000000000002 m 297.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 178.60000000000002 m 301.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 178.60000000000002 m 339.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 178.60000000000002 m 343.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 178.60000000000002 m 382.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 178.60000000000002 m 386.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 178.60000000000002 m 424.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 178.60000000000002 m 428.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 178.60000000000002 m 472.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 178.60000000000002 m 476.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 178.60000000000002 m 514.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 178.60000000000002 m 518.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 178.60000000000002 m 562.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 178.60000000000002 m 297.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 157.60000000000002 m 297.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 178.60000000000002 m 339.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 157.60000000000002 m 339.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 178.60000000000002 m 343.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 178.60000000000002 m 382.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 157.60000000000002 m 382.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 178.60000000000002 m 424.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 157.60000000000002 m 424.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 178.60000000000002 m 428.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 157.60000000000002 m 428.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 178.60000000000002 m 472.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 157.60000000000002 m 472.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 178.60000000000002 m 476.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 178.60000000000002 m 514.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 157.60000000000002 m 514.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 178.60000000000002 m 518.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 157.60000000000002 m 518.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 178.60000000000002 m 562.5 178.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 157.60000000000002 m 562.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 157.60000000000002 m 339.5 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 117.60000000000002 m 297.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 104.60000000000002 m 297.5 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 102.60000000000002 m 297.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 117.60000000000002 m 339.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 104.60000000000002 m 339.5 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 102.60000000000002 m 339.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 117.60000000000002 m 382.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 104.60000000000002 m 382.5 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 102.60000000000002 m 382.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 117.60000000000002 m 424.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 104.60000000000002 m 424.5 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 102.60000000000002 m 424.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 117.60000000000002 m 472.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 104.60000000000002 m 472.5 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 102.60000000000002 m 472.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 117.60000000000002 m 514.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 104.60000000000002 m 514.5 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 102.60000000000002 m 514.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 117.60000000000002 m 562.5 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 104.60000000000002 m 562.5 104.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 102.60000000000002 m 562.5 102.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.20 182.68 Td (Y) Tj ET Q q 0 0 0 rg BT 371.53 182.68 Td (ear) Tj ET Q q 0 0 0 rg BT 382.12 182.68 Td (EndedDecember) Tj ET Q q 0 0 0 rg BT 442.85 182.68 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 161.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.00 161.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 161.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.75 169.83 Td (Better) Tj ET Q q 0 0 0 rg BT 422.92 169.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 439.37 169.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.40 161.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.75 169.83 Td (Better) Tj ET Q q 0 0 0 rg BT 512.92 169.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 529.37 169.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.40 161.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 148.17 Td (Owned and leased hotels ) Tj ET Q q 0 0 0 rg BT 172.92 148.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 147.27 Td (373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 147.27 Td (417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 147.27 Td (416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 147.32 Td (\(44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 147.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.45 147.27 Td (\(10.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 147.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 147.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 147.27 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 133.17 Td (Pro rata share of unconsolidated hospitality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 123.17 Td (ventures ) Tj ET Q q 0 0 0 rg BT 106.83 123.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 122.27 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 122.27 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 122.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 122.32 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 122.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.45 122.27 Td (\(23.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 122.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.30 122.32 Td (\(27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 122.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 122.27 Td (\(28.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 122.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 108.17 Td (Segment ) Tj ET Q q 0 0 0 rg BT 89.94 108.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 108.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 108.17 Td (428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.00 108.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 108.17 Td (490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 108.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 108.17 Td (516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 108.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 108.22 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 108.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.45 108.17 Td (\(12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 108.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 108.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.30 108.22 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 108.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 108.17 Td (\(5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 108.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 83.10 Td (Owned and leased hotels ) Tj ET Q q 0 0 0 rg BT 176.58 83.10 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.52 83.10 Td (.) Tj ET Q q 0 0 0 rg BT 260.46 83.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 335.18 83.10 Td ( at our owned and leased hotels decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.11 83.10 Td ($44 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.50 83.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.41 71.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.99 71.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.28 71.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.28 71.10 Td (, including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.50 71.10 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.89 71.10 Td ( net favorable currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (impact. ) Tj ET Q q 0 0 0 rg BT 81.66 59.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 156.38 59.10 Td ( at our non-comparable owned and leased hotels decreased $80 million due to the aforementioned ) Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (dispositions. ) Tj ET Q q 0 0 0 rg BT 102.61 742.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 235.69 742.10 Td (fset by increases of $36 million at our comparable owned and leased hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (driven by the aforementioned increases in revenues as well as improved operating mar) Tj ET Q q 0 0 0 rg BT 395.81 730.10 Td (gins.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 83.63 709.10 Td (o rata shar) Tj ET Q q 0 0 0 rg BT 127.71 709.10 Td (e of unconsolidated hospitality ventur) Tj ET Q q 0 0 0 rg BT 278.43 709.10 Td (es ) Tj ET Q q 0 0 0 rg BT 289.08 709.10 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.01 709.10 Td (.Our pro rata share of ) Tj ET Q q 0 0 0 rg BT 458.76 709.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 533.47 709.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (our unconsolidated hospitality ventures included a $1 million net unfavorable currency impact during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 685.10 Td ( compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.09 685.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.67 685.10 Td (. ) Tj ET Q q 0 0 0 rg BT 327.49 685.10 Td (The decrease was driven primarily by the Playa Hotels & ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (Resorts B.V) Tj ET Q q 0 0 0 rg BT 97.60 673.10 Td (. \("Playa"\) business combination in the first quarter of 2017. See Part IV) Tj ET Q q 0 0 0 rg BT 386.08 673.10 Td (, Item 15, "Exhibits and Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (Statement ScheduleNote 4 to the Consolidated Financial Statements" for additional information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 640.10 Td (Our pro rata share of ) Tj ET Q q 0 0 0 rg BT 159.24 640.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 233.96 640.10 Td ( from our unconsolidated hospitality ventures included an insignificant net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (favorable currency impact during the year ended December31, 2017 compared to the year ended December31, 2016. ) Tj ET Q q 0 0 0 rg BT 524.34 628.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (decrease was driven primarily by the Playa business combination in the first quarter of 2017 and the acquisition of our partners' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (share of ) Tj ET Q q 0 0 0 rg BT 83.88 604.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 145.62 604.10 Td (W) Tj ET Q q 0 0 0 rg BT 154.26 604.10 Td (ailea Resort.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 583.10 Td (Americas management and franchising segment r) Tj ET Q q 0 0 0 rg BT 270.71 583.10 Td (evenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.36 583.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 539.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 539.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 539.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 539.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 539.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 539.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 539.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 510.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 510.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 510.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 510.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 510.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 510.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 510.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 510.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 458.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 458.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 458.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 458.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 458.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 458.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 458.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 458.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 458.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 560.6 m 286.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 560.6 m 290.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 560.6 m 330.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 560.6 m 334.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 560.6 m 374.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 560.6 m 378.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 560.6 m 418.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 560.6 m 422.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 560.6 m 468.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 560.6 m 472.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 560.6 m 512.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 560.6 m 516.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 560.6 m 562.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 539.6 m 286.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 539.6 m 330.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 560.6 m 374.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 539.6 m 374.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 560.6 m 418.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 539.6 m 418.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 560.6 m 422.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 539.6 m 422.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 560.6 m 468.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 539.6 m 468.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 560.6 m 472.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 560.6 m 512.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 539.6 m 512.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 560.6 m 516.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 539.6 m 516.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 560.6 m 562.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 539.6 m 468.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 458.6 m 286.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 444.6 m 286.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 442.6 m 286.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 458.6 m 330.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 444.6 m 330.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 442.6 m 330.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 458.6 m 374.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 444.6 m 374.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 442.6 m 374.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 458.6 m 418.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 444.6 m 418.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 442.6 m 418.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 458.6 m 468.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 444.6 m 468.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 442.6 m 468.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 458.6 m 512.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 444.6 m 512.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 442.6 m 512.5 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 458.6 m 562.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 444.6 m 562.5 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 442.6 m 562.5 442.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 564.68 Td (Y) Tj ET Q q 0 0 0 rg BT 365.03 564.68 Td (ear) Tj ET Q q 0 0 0 rg BT 375.62 564.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.35 564.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.00 543.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 543.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 543.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 551.83 Td (Better) Tj ET Q q 0 0 0 rg BT 416.92 551.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.37 551.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 543.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 551.83 Td (Better) Tj ET Q q 0 0 0 rg BT 510.92 551.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.37 551.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 543.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.17 Td (Segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 516.17 Td (Management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 515.27 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 515.27 Td (380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 515.27 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 515.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 515.27 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 515.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 515.27 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 515.27 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 515.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.17 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.30 500.27 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.30 500.32 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.30 500.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 365.63 500.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 500.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.45 500.27 Td (\(9.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 500.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 500.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 500.27 Td (\(1) Tj ET Q q 0 0 0 rg BT 537.78 500.27 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 500.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 486.17 Td (Revenues for the reimbursement of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 476.17 Td (incurred on behalf of managed and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 466.17 Td (franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.10 463.27 Td (1,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 463.27 Td (1,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.10 463.27 Td (1,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 463.27 Td (162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 463.27 Td (9.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 463.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 463.27 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 449.17 Td (otal segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.10 448.27 Td (2,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.10 448.27 Td (1,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.10 448.27 Td (1,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 448.27 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 448.27 Td (9.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 448.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 448.27 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 448.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 448.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 423.10 Td (Americas management and franchising revenues included a $1 million net unfavorable currency impact during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 411.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 411.10 Td ( compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.46 411.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.05 411.10 Td (. ) Tj ET Q q 0 0 0 rg BT 353.87 411.10 Td (The increase in management, franchise, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (fees was primarily due to an $1) Tj ET Q q 0 0 0 rg BT 175.15 399.10 Td (1 million increase in franchise fees and $1) Tj ET Q q 0 0 0 rg BT 343.88 399.10 Td (1 million increase in management fees primarily from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (new hotels and improved performance across the segment, as well as $8 million of proceeds from a legal settlement related to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (franchise agreement termination for an unopened property) Tj ET Q q 0 0 0 rg BT 282.59 375.10 Td (. ) Tj ET Q q 0 0 0 rg BT 287.41 375.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 418.83 375.10 Td (fset by $10 million of termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (fees recognized in 2017 for two hotels that left the chain and a hotel that converted from managed to franchised.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 342.10 Td (The increases in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.08 330.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 330.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.67 330.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 330.10 Td (, was driven by increased reimbursements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (payroll and related costs, primarily due to sales of owned and leased properties during 2017 and 2018, the overall growth of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (third-party owned full and select service portfolio, the acquisition of ) Tj ET Q q 0 0 0 rg BT 325.57 306.10 Td (T) Tj ET Q q 0 0 0 rg BT 330.98 306.10 Td (wo Roads, and increased redemptions related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (loyalty program. ) Tj ET Q q 0 0 0 rg BT 118.60 294.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 168.50 294.10 Td (, the changes in the market value of the underlying assets for our benefit programs funded through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (rabbi trusts resulted in a $26 million decrease during the year ended December31, 2018 compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (December31, 2017.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.60 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 187.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 187.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 187.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 187.60 39.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 187.60 32.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 187.60 33.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 187.60 43.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 187.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 187.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 187.60 34.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 187.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.50 187.60 39.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 237.60000000000002 m 171.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 237.60000000000002 m 175.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 237.60000000000002 m 206.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 237.60000000000002 m 210.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 237.60000000000002 m 250.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 237.60000000000002 m 254.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 237.60000000000002 m 293.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 237.60000000000002 m 297.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 237.60000000000002 m 329.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 237.60000000000002 m 333.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 237.60000000000002 m 366.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 237.60000000000002 m 370.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 237.60000000000002 m 413.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 237.60000000000002 m 417.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 237.60000000000002 m 447.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 237.60000000000002 m 451.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 237.60000000000002 m 482.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 237.60000000000002 m 486.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 237.60000000000002 m 520.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 237.60000000000002 m 524.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 237.60000000000002 m 563.5 237.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 224.60000000000002 m 171.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 224.60000000000002 m 175.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 224.60000000000002 m 206.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 224.60000000000002 m 210.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 224.60000000000002 m 250.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 224.60000000000002 m 254.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 224.60000000000002 m 293.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 224.60000000000002 m 329.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 224.60000000000002 m 333.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 224.60000000000002 m 366.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 224.60000000000002 m 370.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 224.60000000000002 m 413.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 224.60000000000002 m 447.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 224.60000000000002 m 451.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 224.60000000000002 m 482.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 224.60000000000002 m 486.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 224.60000000000002 m 520.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 224.60000000000002 m 524.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 224.60000000000002 m 563.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 187.60000000000002 m 171.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 187.60000000000002 m 206.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 187.60000000000002 m 250.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 187.60000000000002 m 293.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 187.60000000000002 m 329.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 187.60000000000002 m 366.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 187.60000000000002 m 413.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 187.60000000000002 m 447.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 187.60000000000002 m 482.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 187.60000000000002 m 520.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524.5 187.60000000000002 m 563.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 187.60000000000002 m 293.5 187.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 199.83 Td (\(Comparable System-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 191.83 Td (wide Hotels\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.70 241.83 Td (Y) Tj ET Q q 0 0 0 rg BT 313.03 241.83 Td (ear) Tj ET Q q 0 0 0 rg BT 323.62 241.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 384.35 241.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.40 228.83 Td (RevP) Tj ET Q q 0 0 0 rg BT 220.32 228.83 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.85 228.83 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 228.83 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 148.00 191.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.50 191.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.30 199.83 Td (Better) Tj ET Q q 0 0 0 rg BT 238.47 199.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.40 191.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 226.62 191.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.80 215.83 Td (Better) Tj ET Q q 0 0 0 rg BT 282.04 215.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.90 207.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 270.34 207.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.90 199.83 Td (Constant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.50 191.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.00 191.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.50 191.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.05 199.83 Td (Change in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.70 191.83 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.00 191.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.50 191.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.30 199.83 Td (Better) Tj ET Q q 0 0 0 rg BT 511.47 199.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.40 191.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 499.62 191.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.80 215.83 Td (Better) Tj ET Q q 0 0 0 rg BT 551.97 215.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.90 207.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 540.12 207.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.90 199.83 Td (Constant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.50 191.83 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 178.17 Td (Americas full) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.17 Td (service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 167.27 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.60 167.27 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 167.27 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 167.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 167.27 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 167.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.10 167.27 Td (75.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 167.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 167.27 Td (75.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 167.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.80 167.27 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 167.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.60 167.27 Td (209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.60 167.27 Td (205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.10 167.27 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 167.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.15 167.27 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 167.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 153.17 Td (Americas select) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 143.17 Td (service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 142.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 142.27 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 142.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.60 142.27 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 142.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.65 142.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 142.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.65 142.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.10 142.27 Td (77.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 142.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 142.27 Td (77.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 142.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.45 142.27 Td (\(0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 142.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 142.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.60 142.27 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 142.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.60 142.27 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.10 142.27 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 142.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.15 142.27 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 142.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 117.10 Td (Excluding the net unfavorable currency impact, comparable full service hotels RevP) Tj ET Q q 0 0 0 rg BT 410.46 117.10 Td (AR increased during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 105.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.59 105.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.17 105.10 Td (, driven primarily by improved group revenue due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (improved demand and ) Tj ET Q q 0 0 0 rg BT 141.37 93.10 Td (ADR in a majority of our top markets as well as strong transient ) Tj ET Q q 0 0 0 rg BT 399.93 93.10 Td (ADR throughout the segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 72.10 Td (Our comparable select service hotels reported a nominal RevP) Tj ET Q q 0 0 0 rg BT 322.44 72.10 Td (AR increase during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.49 72.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.08 72.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (supply growth in the United States outpaced demand as compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 456.28 60.10 Td (.) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 742.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 742.10 Td (, we removed five properties from the comparable ) Tj ET Q q 0 0 0 rg BT 446.64 742.10 Td (Americas full service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (system-wide hotels as two properties converted from franchised to managed, two properties had significant changes in room ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (count, and one property left the chain. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.30 718.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.88 718.10 Td (, we removed one property from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 98.59 706.10 Td (Americas select service system-wide hotel results that left the chain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.10 Td (Americas management and franchising revenues included an insignificant net favorable currency impact during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (ended December31, 2017 compared to the year ended December31, 2016. ) Tj ET Q q 0 0 0 rg BT 353.87 673.10 Td (The increase in management, franchise, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (fees was driven partially by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.96 661.10 Td ($10million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.35 661.10 Td ( increase in other fee revenues due to termination fees for a managed hotel conversion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (to franchised and two hotels that left the chain. ) Tj ET Q q 0 0 0 rg BT 239.39 649.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 289.29 649.10 Td (, franchise fees increased $12 million and base and incentive fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (increased $6 million and $2 million, respectively) Tj ET Q q 0 0 0 rg BT 245.14 637.10 Td (, primarily due to new hotels and improved performance across the region. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (The increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (year ended December31, 2017, compared to the year ended December31, 2016, was due to increased reimbursements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (payroll and related costs, technology costs, of) Tj ET Q q 0 0 0 rg BT 232.55 592.10 Td (fset by increased reimbursements to properties related to the loyalty program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 580.10 Td (, the changes in the value of the underlying assets for our benefit programs funded through rabbi trusts resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td ($14 million increase during the year ended December31, 2017 compared to the year ended December31, 2016. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.60 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 140.50 494.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 494.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 494.60 34.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 494.60 44.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 494.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 494.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 494.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 494.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 494.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 494.60 34.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 494.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 494.60 44.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.5 544.6 m 171.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 544.6 m 175.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 544.6 m 205.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 544.6 m 209.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 544.6 m 243.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 544.6 m 247.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 544.6 m 291.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 544.6 m 295.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 544.6 m 326.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 544.6 m 330.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 544.6 m 361.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 544.6 m 365.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 544.6 m 407.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 544.6 m 411.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 544.6 m 441.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 544.6 m 445.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 544.6 m 475.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 544.6 m 479.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 544.6 m 513.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 544.6 m 517.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 544.6 m 561.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.5 531.6 m 171.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 531.6 m 175.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 531.6 m 205.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 531.6 m 209.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 531.6 m 243.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 531.6 m 247.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 531.6 m 291.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 531.6 m 326.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 531.6 m 330.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 531.6 m 361.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 531.6 m 365.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 531.6 m 407.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 531.6 m 441.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 531.6 m 445.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 531.6 m 475.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 531.6 m 479.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 531.6 m 513.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 531.6 m 517.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 531.6 m 561.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.5 531.6 m 171.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.5 494.6 m 171.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 531.6 m 205.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 494.6 m 205.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 531.6 m 243.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 494.6 m 243.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 531.6 m 247.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 531.6 m 291.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 494.6 m 291.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 531.6 m 326.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 494.6 m 326.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 531.6 m 361.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 494.6 m 361.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 531.6 m 407.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 494.6 m 407.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 531.6 m 441.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 494.6 m 441.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 531.6 m 475.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 494.6 m 475.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 531.6 m 513.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 494.6 m 513.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 531.6 m 517.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 531.6 m 561.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 494.6 m 561.5 494.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 506.83 Td (\(Comparable System-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 498.83 Td (wide Hotels\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.20 548.83 Td (Y) Tj ET Q q 0 0 0 rg BT 311.53 548.83 Td (ear) Tj ET Q q 0 0 0 rg BT 322.12 548.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 382.85 548.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.90 535.83 Td (RevP) Tj ET Q q 0 0 0 rg BT 218.82 535.83 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.85 535.83 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 535.83 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 147.50 498.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.00 498.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.30 506.83 Td (Better) Tj ET Q q 0 0 0 rg BT 234.47 506.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.40 498.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 222.62 498.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.30 514.83 Td (Better) Tj ET Q q 0 0 0 rg BT 277.54 514.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.40 506.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 265.84 506.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.40 498.83 Td (Constant $) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 498.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.50 498.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.55 506.83 Td (Change in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.20 498.83 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.00 498.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 498.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.30 506.83 Td (Better) Tj ET Q q 0 0 0 rg BT 504.47 506.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.40 498.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 492.62 498.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.30 514.83 Td (Better) Tj ET Q q 0 0 0 rg BT 547.47 514.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.40 506.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 535.62 506.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.40 498.83 Td (Constant $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 485.17 Td (Americas full) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.17 Td (service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 474.27 Td (155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.60 474.27 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 474.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.65 474.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 474.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 474.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.10 474.27 Td (75.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 474.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.10 474.27 Td (75.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 474.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 474.27 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 474.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 474.27 Td (204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.60 474.27 Td (201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 474.27 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 474.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 474.27 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 474.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.17 Td (Americas select) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.17 Td (service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.00 449.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.60 449.27 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 449.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.60 449.27 Td (105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 449.27 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 449.27 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.10 449.27 Td (78.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.10 449.27 Td (77.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 449.27 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 449.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 449.27 Td (137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 449.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.60 449.27 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.10 449.27 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 449.27 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 449.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 424.10 Td (Our comparable full service hotels RevP) Tj ET Q q 0 0 0 rg BT 235.53 424.10 Td (AR increased during the year ended December31, 2017, compared to the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (ended December31, 2016, driven primarily by improved group and transient ) Tj ET Q q 0 0 0 rg BT 360.20 412.10 Td (ADR, partially of) Tj ET Q q 0 0 0 rg BT 430.28 412.10 Td (fset by lower group demand. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 391.10 Td (During the year ended December31, 2017, we removed four properties from the comparable ) Tj ET Q q 0 0 0 rg BT 447.75 391.10 Td (Americas full service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (system-wide hotels as three properties left the chain, and one hotel is under) Tj ET Q q 0 0 0 rg BT 350.56 379.10 Td (going a significant renovation. During the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (ended December31, 2017, two properties that left the chain were removed from the comparable ) Tj ET Q q 0 0 0 rg BT 436.80 367.10 Td (Americas select service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (system-wide hotels. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 334.10 Td (Americas management and franchising segment ) Tj ET Q q 0 0 0 rg BT 267.01 334.10 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.95 334.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 290.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 290.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 290.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 290.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 290.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 290.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 290.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 290.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 290.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 290.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 290.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 290.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 290.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 290.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 311.6 m 286.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 311.6 m 290.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 311.6 m 330.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 311.6 m 334.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 311.6 m 374.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 311.6 m 378.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 311.6 m 418.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 311.6 m 422.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 311.6 m 468.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 311.6 m 472.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 311.6 m 512.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 311.6 m 516.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 311.6 m 562.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 290.6 m 286.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 290.6 m 330.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 311.6 m 374.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 290.6 m 374.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 311.6 m 418.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 290.6 m 418.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 311.6 m 422.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 290.6 m 422.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 311.6 m 468.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 290.6 m 468.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 311.6 m 472.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 311.6 m 512.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 290.6 m 512.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 311.6 m 516.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 290.6 m 516.5 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 311.6 m 562.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 290.6 m 562.5 290.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 315.68 Td (Y) Tj ET Q q 0 0 0 rg BT 365.03 315.68 Td (ear) Tj ET Q q 0 0 0 rg BT 375.62 315.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.35 315.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.00 294.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 294.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 294.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 302.83 Td (Better) Tj ET Q q 0 0 0 rg BT 416.92 302.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.37 302.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 294.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 302.83 Td (Better) Tj ET Q q 0 0 0 rg BT 510.92 302.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.37 302.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 294.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 281.17 Td (Segment ) Tj ET Q q 0 0 0 rg BT 89.94 281.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 281.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 281.17 Td (352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 281.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 281.17 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 281.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 281.17 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 281.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 281.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 281.17 Td (7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 281.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 281.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 281.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 281.17 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 281.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 256.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.72 256.10 Td ( increased during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.88 256.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.46 256.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.47 256.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.05 256.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (which included a $1 million net unfavorable currency impact. ) Tj ET Q q 0 0 0 rg BT 299.18 244.10 Td (Theincrease was driven by the increase in management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (franchise, and other fees as discussed above, as well as the recovery of legal fees related to the aforementioned legal settlement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.72 211.10 Td ( increased during the year ended December31, 2017, compared to the year ended December31, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (which included an insignificant net favorable currency impact. ) Tj ET Q q 0 0 0 rg BT 302.78 199.10 Td (Theincrease was driven by the aforementionedincreases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (management, franchise, and other fees. ) Tj ET Q q 0 0 0 rg BT 208.27 187.10 Td (Adjusted selling, general, and administrative expenses were flat due to an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (payroll and related costs, of) Tj ET Q q 0 0 0 rg BT 160.62 175.10 Td (fset by higher bad debt reserves in 2016.) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (81) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (ASP) Tj ET Q q 0 0 0 rg BT 88.43 742.10 Td (AC management and franchising segment r) Tj ET Q q 0 0 0 rg BT 261.65 742.10 Td (evenues.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 698.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 698.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 698.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 698.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 698.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 698.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 698.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 698.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 698.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 669.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 669.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 669.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 669.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 669.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 669.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 669.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 669.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 619.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 619.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 619.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 619.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 619.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 619.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 619.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 619.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 719.6 m 286.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 719.6 m 290.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 719.6 m 330.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 719.6 m 334.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 719.6 m 374.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 719.6 m 378.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 719.6 m 418.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 719.6 m 422.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 719.6 m 468.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 719.6 m 472.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 719.6 m 512.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 719.6 m 516.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 719.6 m 562.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 698.6 m 286.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 698.6 m 330.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 719.6 m 374.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 698.6 m 374.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 719.6 m 418.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 698.6 m 418.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 719.6 m 422.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 698.6 m 422.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 719.6 m 468.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 698.6 m 468.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 719.6 m 472.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 719.6 m 512.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 698.6 m 512.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 719.6 m 516.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 698.6 m 516.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 719.6 m 562.5 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 698.6 m 562.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 619.6 m 286.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 605.6 m 286.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 603.6 m 286.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 619.6 m 330.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 605.6 m 330.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 603.6 m 330.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 619.6 m 374.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 605.6 m 374.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 603.6 m 374.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 619.6 m 418.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 605.6 m 418.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 603.6 m 418.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 619.6 m 468.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 605.6 m 468.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 603.6 m 468.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 619.6 m 512.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 605.6 m 512.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 603.6 m 512.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 619.6 m 562.5 619.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 605.6 m 562.5 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 603.6 m 562.5 603.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 723.68 Td (Y) Tj ET Q q 0 0 0 rg BT 365.03 723.68 Td (ear) Tj ET Q q 0 0 0 rg BT 375.62 723.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.35 723.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.00 702.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 702.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 702.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 710.83 Td (Better) Tj ET Q q 0 0 0 rg BT 416.92 710.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.37 710.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 702.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 710.83 Td (Better) Tj ET Q q 0 0 0 rg BT 510.92 710.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.37 710.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 702.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 689.17 Td (Segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 675.17 Td (Management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 674.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 674.27 Td (1) Tj ET Q q 0 0 0 rg BT 316.65 674.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 674.27 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 674.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 674.27 Td (13.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 674.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 674.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 674.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 674.27 Td (17.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 674.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 660.17 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.30 659.27 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 659.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 659.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 659.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.30 659.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 659.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 659.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 659.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.45 659.27 Td (\(47.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 659.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 659.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 659.27 Td (\(25.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 659.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 645.17 Td (Revenues for the reimbursement of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 635.17 Td (incurred on behalf of managed and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 625.17 Td (franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 624.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 624.27 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 624.27 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 624.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 624.27 Td (19.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 624.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 624.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 624.27 Td (8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 624.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 610.17 Td (otal segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 609.27 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 609.27 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 609.27 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 609.27 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 609.27 Td (15.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 609.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 609.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 609.27 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 609.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 584.10 Td (ASP) Tj ET Q q 0 0 0 rg BT 91.43 584.10 Td (AC management and franchising revenues included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 584.10 Td ($1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.19 584.10 Td ( net favorable currency impact during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 572.10 Td ( compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.09 572.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.67 572.10 Td (. ) Tj ET Q q 0 0 0 rg BT 327.49 572.10 Td (The increase in management, franchise, and other fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (was driven by increases in management fees primarily due to higher base and incentive fees related to new hotels and improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (performance in Greater China and across the remainder of the segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 527.10 Td (The increases in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 515.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 515.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.39 515.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.97 515.10 Td (, was driven by growth of our third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (owned full and select service portfolio and increased redemptions related to the loyalty program.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.60 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 428.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 168.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 428.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 428.60 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 428.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 428.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 428.60 31.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 428.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 428.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 428.60 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 428.60 34.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 428.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 428.60 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 470.6 m 168.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 470.6 m 172.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 470.6 m 202.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 470.6 m 206.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 470.6 m 240.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 470.6 m 244.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 470.6 m 288.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 470.6 m 292.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 470.6 m 323.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 470.6 m 327.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 470.6 m 358.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 470.6 m 362.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 470.6 m 404.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 470.6 m 408.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 470.6 m 438.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 470.6 m 442.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 470.6 m 472.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 470.6 m 476.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 470.6 m 510.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 470.6 m 514.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 470.6 m 558.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 457.6 m 168.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 457.6 m 172.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 457.6 m 202.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 457.6 m 206.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 457.6 m 240.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 457.6 m 244.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 457.6 m 288.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 457.6 m 323.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 457.6 m 327.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 457.6 m 358.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 457.6 m 362.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 457.6 m 404.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 457.6 m 438.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 457.6 m 442.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 457.6 m 472.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 457.6 m 476.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 457.6 m 510.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 457.6 m 514.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 457.6 m 558.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 428.6 m 168.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 428.6 m 202.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 428.6 m 240.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 428.6 m 288.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 428.6 m 323.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 428.6 m 358.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 428.6 m 404.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 428.6 m 438.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 428.6 m 472.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 428.6 m 510.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 428.6 m 558.5 428.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 440.83 Td (\(Comparable System-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 432.83 Td (wide Hotels\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.20 474.83 Td (Y) Tj ET Q q 0 0 0 rg BT 308.53 474.83 Td (ear) Tj ET Q q 0 0 0 rg BT 319.12 474.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 379.85 474.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.90 461.83 Td (RevP) Tj ET Q q 0 0 0 rg BT 215.82 461.83 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.85 461.83 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.30 461.83 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.50 432.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 179.00 432.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.30 440.83 Td (Better) Tj ET Q q 0 0 0 rg BT 231.47 440.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.40 432.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 219.62 432.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.30 448.83 Td (Better) Tj ET Q q 0 0 0 rg BT 274.54 448.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.40 440.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 262.84 440.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.40 432.83 Td (Constant $) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.50 432.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.50 432.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.55 440.83 Td (Change in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.20 432.83 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.00 432.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 432.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.30 440.83 Td (Better) Tj ET Q q 0 0 0 rg BT 501.47 440.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.40 432.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 489.62 432.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.30 448.83 Td (Better) Tj ET Q q 0 0 0 rg BT 544.47 448.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.40 440.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 532.62 440.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.40 432.83 Td (Constant $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 419.17 Td (ASP) Tj ET Q q 0 0 0 rg BT 70.89 419.17 Td (AC full service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.60 418.27 Td (155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 418.27 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.10 418.27 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 418.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.15 418.27 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 418.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 418.27 Td (75.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 418.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 418.27 Td (73.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 418.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 418.27 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 418.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.60 418.27 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 418.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 418.27 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.10 418.27 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 418.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 418.27 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 418.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 404.17 Td (ASP) Tj ET Q q 0 0 0 rg BT 70.43 404.17 Td (AC select) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.17 Td (service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 393.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.60 393.27 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.00 393.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.60 393.27 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.10 393.27 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 393.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.15 393.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 393.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 393.27 Td (71.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 393.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 393.27 Td (71.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 393.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 393.27 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 393.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 393.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.60 393.27 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 393.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 393.27 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.10 393.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 393.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 393.27 Td (4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 393.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 368.10 Td (Excluding the net favorable currency impact, the increase in comparable full service RevP) Tj ET Q q 0 0 0 rg BT 434.32 368.10 Td (AR during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 356.10 Td (, compared to year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.87 356.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.45 356.10 Td (, was driven by increased occupancy across the segment, most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (notably in Greater China. ) Tj ET Q q 0 0 0 rg BT 153.58 344.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 203.49 344.10 Td (, Japan experienced higher ) Tj ET Q q 0 0 0 rg BT 312.05 344.10 Td (ADR due to increased inbound travel. ) Tj ET Q q 0 0 0 rg BT 466.00 344.10 Td (These increases were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 332.10 Td (fset by decreases due to natural disasters in Southeast ) Tj ET Q q 0 0 0 rg BT 309.75 332.10 Td (Asia and Japan, renovations at certain properties, and weak ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (demand in South Korea. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 299.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 299.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 299.10 Td (, we removed one property that left the chain from the comparable ) Tj ET Q q 0 0 0 rg BT 511.61 299.10 Td (ASP) Tj ET Q q 0 0 0 rg BT 529.04 299.10 Td (AC full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (service system-wide hotel results and no properties were removed from the ) Tj ET Q q 0 0 0 rg BT 352.41 287.10 Td (ASP) Tj ET Q q 0 0 0 rg BT 369.83 287.10 Td (AC select service system-wide hotel results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 266.10 Td (ASP) Tj ET Q q 0 0 0 rg BT 91.43 266.10 Td (AC management and franchising revenues included $1 million net unfavorable currency impact during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (ended December31, 2017 compared to the year ended December31, 2016. ) Tj ET Q q 0 0 0 rg BT 353.87 254.10 Td (The increase was driven by a $15 million increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (in management fees primarily due to higher incentive fees attributable to improved performance across the region, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (base and incentive fees related to new hotels in Greater China and ) Tj ET Q q 0 0 0 rg BT 316.01 230.10 Td (Australia.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 209.10 Td (The increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (the year ended December31, 2017, compared to the year ended December31, 2016, was driven by reimbursements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (increased technology costs of) Tj ET Q q 0 0 0 rg BT 167.84 185.10 Td (fset by increased reimbursements to properties related to the loyalty program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 92.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 145.50 92.60 27.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.50 92.60 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 92.60 35.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 92.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 92.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 92.60 32.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 92.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 92.60 27.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 92.60 28.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 92.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 92.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.50 92.60 42.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 141.60000000000002 m 172.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 141.60000000000002 m 176.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 141.60000000000002 m 204.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 141.60000000000002 m 208.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 141.60000000000002 m 243.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 141.60000000000002 m 247.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 141.60000000000002 m 289.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 141.60000000000002 m 293.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 141.60000000000002 m 326.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 141.60000000000002 m 330.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 141.60000000000002 m 362.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 141.60000000000002 m 366.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 141.60000000000002 m 408.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 141.60000000000002 m 412.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 141.60000000000002 m 439.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 141.60000000000002 m 443.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 141.60000000000002 m 471.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 141.60000000000002 m 475.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 141.60000000000002 m 517.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 141.60000000000002 m 521.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 141.60000000000002 m 563.5 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 129.60000000000002 m 172.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 129.60000000000002 m 176.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 129.60000000000002 m 204.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 129.60000000000002 m 208.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 129.60000000000002 m 243.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 129.60000000000002 m 289.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 129.60000000000002 m 326.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 129.60000000000002 m 330.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 129.60000000000002 m 362.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 129.60000000000002 m 366.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 129.60000000000002 m 408.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 129.60000000000002 m 439.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 129.60000000000002 m 443.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 129.60000000000002 m 471.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 129.60000000000002 m 475.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 129.60000000000002 m 517.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 129.60000000000002 m 563.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 92.60000000000002 m 172.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176.5 92.60000000000002 m 204.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 92.60000000000002 m 243.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 129.60000000000002 m 247.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 129.60000000000002 m 289.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 92.60000000000002 m 289.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 92.60000000000002 m 326.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 92.60000000000002 m 362.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 92.60000000000002 m 408.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 92.60000000000002 m 439.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 92.60000000000002 m 471.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 92.60000000000002 m 517.5 92.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 129.60000000000002 m 521.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 92.60000000000002 m 563.5 92.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 104.83 Td (\(Comparable System-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 96.83 Td (wide Hotels\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.70 145.68 Td (Y) Tj ET Q q 0 0 0 rg BT 315.03 145.68 Td (ear) Tj ET Q q 0 0 0 rg BT 325.62 145.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 386.35 145.68 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.40 133.68 Td (RevP) Tj ET Q q 0 0 0 rg BT 220.32 133.68 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.35 133.68 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 133.68 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 150.50 96.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.00 96.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.80 104.83 Td (Better) Tj ET Q q 0 0 0 rg BT 233.97 104.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 211.90 96.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 222.12 96.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.30 120.83 Td (Better) Tj ET Q q 0 0 0 rg BT 276.54 120.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.40 112.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 264.84 112.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.40 104.83 Td (Constant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.00 96.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.50 96.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.00 96.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.55 104.83 Td (Change in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.20 96.83 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.50 96.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 96.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.30 104.83 Td (Better) Tj ET Q q 0 0 0 rg BT 504.47 104.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.40 96.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 492.62 96.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.30 120.83 Td (Better) Tj ET Q q 0 0 0 rg BT 550.47 120.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.40 112.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 538.62 112.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.40 104.83 Td (Constant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.00 96.83 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 83.17 Td (ASP) Tj ET Q q 0 0 0 rg BT 70.89 83.17 Td (AC full service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 82.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.60 82.27 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.00 82.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.60 82.27 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 82.27 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.65 82.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 82.27 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 82.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.10 82.27 Td (72.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 82.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 82.27 Td (68.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 82.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 82.27 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 82.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 82.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 82.27 Td (203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 82.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 82.27 Td (205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.45 82.27 Td (\(0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 82.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.45 82.27 Td (\(0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 82.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 68.17 Td (ASP) Tj ET Q q 0 0 0 rg BT 70.43 68.17 Td (AC select service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 57.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.60 57.27 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.00 57.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.60 57.27 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.60 57.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.65 57.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 57.27 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 57.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.10 57.27 Td (86.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 57.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 57.27 Td (85.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.65 57.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 57.27 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 57.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 57.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.60 57.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 57.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.60 57.27 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.45 57.27 Td (\(1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.30 57.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.80 57.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 57.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Excluding the net unfavorable currency impact, the increase in RevP) Tj ET Q q 0 0 0 rg BT 347.98 742.10 Td (AR during the year ended December31, 2017, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (compared to year ended December31, 2016, was driven by increased occupancy across the region, most notably Greater China, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Southeast ) Tj ET Q q 0 0 0 rg BT 90.83 718.10 Td (Asia, and Japan, partially of) Tj ET Q q 0 0 0 rg BT 202.84 718.10 Td (fset by declines at our hotels in South Korea due to lower visitor arrivals in 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 697.10 Td (During the year ended December31, 2017, we removed one property from the comparable ) Tj ET Q q 0 0 0 rg BT 439.42 697.10 Td (ASP) Tj ET Q q 0 0 0 rg BT 456.85 697.10 Td (AC full service system-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (wide hotels as a result of a seasonal closure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 664.10 Td (ASP) Tj ET Q q 0 0 0 rg BT 88.43 664.10 Td (AC management and franchising segment ) Tj ET Q q 0 0 0 rg BT 257.95 664.10 Td (Adjusted EBITDA.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 620.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 620.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 620.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 620.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 620.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 620.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 620.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 620.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 620.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 620.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 620.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 620.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 620.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 641.6 m 286.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 641.6 m 290.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 641.6 m 330.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 641.6 m 334.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 641.6 m 374.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 641.6 m 378.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 641.6 m 418.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 641.6 m 422.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 641.6 m 468.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 641.6 m 472.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 641.6 m 512.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 641.6 m 516.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 641.6 m 562.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 620.6 m 286.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 620.6 m 330.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 641.6 m 374.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 620.6 m 374.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 641.6 m 418.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 620.6 m 418.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 641.6 m 422.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 620.6 m 422.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 641.6 m 468.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 620.6 m 468.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 641.6 m 472.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 641.6 m 512.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 620.6 m 512.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 641.6 m 516.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 620.6 m 516.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 641.6 m 562.5 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 620.6 m 562.5 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 620.6 m 468.5 620.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 645.68 Td (Y) Tj ET Q q 0 0 0 rg BT 365.03 645.68 Td (ear) Tj ET Q q 0 0 0 rg BT 375.62 645.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.35 645.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.00 624.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 624.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 624.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 632.83 Td (Better) Tj ET Q q 0 0 0 rg BT 416.92 632.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.37 632.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 624.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 632.83 Td (Better) Tj ET Q q 0 0 0 rg BT 510.92 632.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.37 632.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 624.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.17 Td (Segment ) Tj ET Q q 0 0 0 rg BT 89.94 611.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 611.17 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 611.17 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 611.17 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 611.17 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 611.17 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 611.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 611.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 611.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 611.17 Td (23.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 611.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 586.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.72 586.10 Td ( increased during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.88 586.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.46 586.10 Td ( compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.97 586.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.55 586.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.21 574.10 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.60 574.10 Td ( net favorable currency impact. ) Tj ET Q q 0 0 0 rg BT 265.58 574.10 Td (The increase was driven by the aforementioned increases in management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (franchise, and other fees, partially of) Tj ET Q q 0 0 0 rg BT 196.70 562.10 Td (fset by increases in payroll and related costs primarily for development activity in Greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (China.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 529.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.72 529.10 Td ( included an insignificant net unfavorable currency impact during the year ended December31, 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (compared to the year ended December31, 2016. ) Tj ET Q q 0 0 0 rg BT 246.04 517.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 320.75 517.10 Td ( increased due to the aforementioned increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (management, franchise, and other fees, partially of) Tj ET Q q 0 0 0 rg BT 252.79 505.10 Td (fset by a $2 million increase in payroll and related costs primarily due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (development activity in Greater China.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 472.10 Td (EAME/SW ) Tj ET Q q 0 0 0 rg BT 117.58 472.10 Td (Asia management and franchising segment r) Tj ET Q q 0 0 0 rg BT 295.81 472.10 Td (evenues.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 428.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 428.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 428.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 428.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 428.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 428.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 428.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 400.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 400.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 400.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 400.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 400.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 400.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 400.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 348.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 348.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 348.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 348.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 348.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 348.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 348.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 348.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 449.6 m 286.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 449.6 m 290.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 449.6 m 330.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 449.6 m 334.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 449.6 m 374.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 449.6 m 378.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 449.6 m 418.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 449.6 m 422.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 449.6 m 468.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 449.6 m 472.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 449.6 m 512.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 449.6 m 516.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 449.6 m 562.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 428.6 m 286.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 428.6 m 330.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 449.6 m 374.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 428.6 m 374.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 449.6 m 418.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 428.6 m 418.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 449.6 m 422.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 428.6 m 422.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 449.6 m 468.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 428.6 m 468.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 449.6 m 472.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 449.6 m 512.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 428.6 m 512.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 449.6 m 516.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 428.6 m 516.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 449.6 m 562.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 428.6 m 562.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 348.6 m 286.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 334.6 m 286.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 332.6 m 286.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 348.6 m 330.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 334.6 m 330.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 332.6 m 330.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 348.6 m 374.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 334.6 m 374.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 332.6 m 374.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 348.6 m 418.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 334.6 m 418.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 332.6 m 418.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 348.6 m 468.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 334.6 m 468.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 332.6 m 468.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 348.6 m 512.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 334.6 m 512.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 332.6 m 512.5 332.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 348.6 m 562.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 334.6 m 562.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 332.6 m 562.5 332.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 453.68 Td (Y) Tj ET Q q 0 0 0 rg BT 365.03 453.68 Td (ear) Tj ET Q q 0 0 0 rg BT 375.62 453.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.35 453.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.00 432.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 432.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 432.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 440.83 Td (Better) Tj ET Q q 0 0 0 rg BT 416.92 440.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.37 440.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 432.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 440.83 Td (Better) Tj ET Q q 0 0 0 rg BT 510.92 440.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.37 440.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 432.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 419.17 Td (Segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 405.17 Td (Management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 405.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 405.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 405.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 405.17 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 405.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 405.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 405.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 405.17 Td (1) Tj ET Q q 0 0 0 rg BT 409.65 405.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 405.17 Td (14.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 405.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 405.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 405.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 405.17 Td (9.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 405.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 391.17 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.30 390.27 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 390.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 390.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 390.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.30 390.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.65 390.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 390.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.45 390.27 Td (\(8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 390.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 390.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.65 390.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 390.27 Td (\(12.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 390.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 376.17 Td (Revenues for the reimbursement of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 366.17 Td (incurred on behalf of managed and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 356.17 Td (franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 353.27 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 353.27 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 353.27 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 353.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 353.27 Td (17.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 353.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 353.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 353.27 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 353.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 339.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 339.17 Td (otal segment revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 338.27 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 338.27 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 338.27 Td (1) Tj ET Q q 0 0 0 rg BT 360.65 338.27 Td (1) Tj ET Q q 0 0 0 rg BT 365.65 338.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 338.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 338.27 Td (16.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 338.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 338.27 Td (1) Tj ET Q q 0 0 0 rg BT 503.65 338.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 338.27 Td (10.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 338.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 313.10 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 119.93 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.88 313.10 Td (Asia management and franchising revenues included an insignificant net unfavorable currency impact during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 301.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 301.10 Td ( compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.89 301.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.47 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 388.29 301.10 Td (The increase in management, franchise, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (and other fees was driven primarily by improved performance in Europe and new hotels as well as hotels coming out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (renovation in the segment. ) Tj ET Q q 0 0 0 rg BT 158.40 277.10 Td (The increases in Europe were lar) Tj ET Q q 0 0 0 rg BT 289.55 277.10 Td (gely attributable to hotels in Russia, which benefited from hosting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (the FIF) Tj ET Q q 0 0 0 rg BT 78.43 265.10 Td (A) Tj ET Q q 0 0 0 rg BT 85.10 265.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.42 265.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.05 265.10 Td (orld Cup.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.10 Td (The increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 232.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 232.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.39 232.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.97 232.10 Td (, was driven by growth of our third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (owned full and select service portfolio and increased redemptions related to the loyalty program.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 147.60 89.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 147.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 147.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 147.60 34.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 147.60 44.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 147.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 147.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 147.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 147.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 147.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 147.60 34.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 147.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 147.60 44.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 188.60000000000002 m 170.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 188.60000000000002 m 174.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 188.60000000000002 m 205.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 188.60000000000002 m 209.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 188.60000000000002 m 243.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 188.60000000000002 m 247.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 188.60000000000002 m 291.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 188.60000000000002 m 295.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 188.60000000000002 m 326.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 188.60000000000002 m 330.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 188.60000000000002 m 361.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 188.60000000000002 m 365.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 188.60000000000002 m 407.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 188.60000000000002 m 411.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 188.60000000000002 m 441.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 188.60000000000002 m 445.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 188.60000000000002 m 476.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 188.60000000000002 m 480.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 188.60000000000002 m 514.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 188.60000000000002 m 518.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 188.60000000000002 m 562.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 176.60000000000002 m 170.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 176.60000000000002 m 174.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 176.60000000000002 m 205.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 176.60000000000002 m 209.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 176.60000000000002 m 243.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 176.60000000000002 m 247.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 176.60000000000002 m 291.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 176.60000000000002 m 326.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 176.60000000000002 m 330.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 176.60000000000002 m 361.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 176.60000000000002 m 365.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 176.60000000000002 m 407.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 176.60000000000002 m 441.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 176.60000000000002 m 445.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 176.60000000000002 m 476.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 176.60000000000002 m 480.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 176.60000000000002 m 514.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 176.60000000000002 m 518.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 176.60000000000002 m 562.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 147.60000000000002 m 170.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 147.60000000000002 m 205.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 147.60000000000002 m 243.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 147.60000000000002 m 291.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 147.60000000000002 m 326.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 147.60000000000002 m 361.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 147.60000000000002 m 407.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 147.60000000000002 m 441.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 147.60000000000002 m 476.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 147.60000000000002 m 514.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 147.60000000000002 m 562.5 147.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 159.83 Td (\(Comparable System-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 151.83 Td (wide Hotels\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.20 192.68 Td (Y) Tj ET Q q 0 0 0 rg BT 311.53 192.68 Td (ear) Tj ET Q q 0 0 0 rg BT 322.12 192.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 382.85 192.68 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 200.40 180.68 Td (RevP) Tj ET Q q 0 0 0 rg BT 218.32 180.68 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.85 180.68 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.80 180.68 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 146.50 151.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 181.50 151.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.30 159.83 Td (Better) Tj ET Q q 0 0 0 rg BT 234.47 159.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 212.40 151.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 222.62 151.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.30 167.83 Td (Better) Tj ET Q q 0 0 0 rg BT 277.54 167.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.40 159.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 265.84 159.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.40 151.83 Td (Constant $) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.50 151.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.50 151.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.55 159.83 Td (Change in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.20 151.83 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.00 151.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 151.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 159.83 Td (Better) Tj ET Q q 0 0 0 rg BT 505.47 159.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.40 151.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 493.62 151.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.30 167.83 Td (Better) Tj ET Q q 0 0 0 rg BT 548.47 167.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.40 159.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 536.62 159.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.40 151.83 Td (Constant $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 138.17 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 99.02 138.17 Td ( ) Tj ET Q q 0 0 0 rg BT 101.15 138.17 Td (Asia full) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 128.17 Td (service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 127.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.60 127.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 127.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.60 127.27 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 127.27 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 127.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.10 127.27 Td (67.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.10 127.27 Td (64.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 127.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 127.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.60 127.27 Td (188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 127.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.60 127.27 Td (185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.10 127.27 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 127.27 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 127.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 113.17 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 98.93 113.17 Td ( ) Tj ET Q q 0 0 0 rg BT 100.88 113.17 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 103.17 Td (select service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 102.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.60 102.27 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 102.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.60 102.27 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.10 102.27 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 102.27 Td (3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.10 102.27 Td (75.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.10 102.27 Td (72.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 102.27 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.00 102.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.60 102.27 Td (93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 102.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.60 102.27 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.10 102.27 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 102.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 102.27 Td (\(0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 102.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 77.10 Td (Excluding the net unfavorable currency impact, the increase in comparable full service RevP) Tj ET Q q 0 0 0 rg BT 444.32 77.10 Td (AR during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 65.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.59 65.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.17 65.10 Td (, was driven primarily by Russia, ) Tj ET Q q 0 0 0 rg BT 459.97 65.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.61 65.10 Td (estern Europe, ) Tj ET Q q 0 0 0 rg BT 528.68 65.10 Td (T) Tj ET Q q 0 0 0 rg BT 534.44 65.10 Td (urkey) Tj ET Q q 0 0 0 rg BT 556.56 65.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (and India. In particular) Tj ET Q q 0 0 0 rg BT 141.23 53.10 Td (, Russia benefited from hosting the FIF) Tj ET Q q 0 0 0 rg BT 297.41 53.10 Td (A) Tj ET Q q 0 0 0 rg BT 304.08 53.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.40 53.10 Td (W) Tj ET Q q 0 0 0 rg BT 315.04 53.10 Td (orld Cup, and ) Tj ET Q q 0 0 0 rg BT 372.08 53.10 Td (W) Tj ET Q q 0 0 0 rg BT 380.71 53.10 Td (estern Europe benefited from higher ) Tj ET Q endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (transient demand. ) Tj ET Q q 0 0 0 rg BT 123.41 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 129.17 742.10 Td (urkey experienced improved market conditions, while the increase in India was driven by improved group ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 709.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 709.10 Td (, we removed one property that left the chain from the comparable EAME/SW) Tj ET Q q 0 0 0 rg BT 558.09 709.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Asia full service system-wide hotel results, and we removed one property from the comparable EAME/SW) Tj ET Q q 0 0 0 rg BT 478.31 697.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.25 697.10 Td (Asia select service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (system-wide hotel results as a result of significant renovations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 664.10 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 119.93 664.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.88 664.10 Td (Asia management and franchising revenues included $1 million net favorable currency impact during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (ended December31, 2017 compared to the year ended December31, 2016. ) Tj ET Q q 0 0 0 rg BT 353.87 652.10 Td (The increase in management, franchise, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (fees was primarily due to a $5 million increase in incentive fees driven by certain properties in the United Kingdom and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Germany and new hotels in the region. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 607.10 Td (The increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (the year ended December31, 2017, compared to the year ended December31, 2016, was driven by reimbursements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (increased technology costs.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 508.60 87.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 137.50 508.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 168.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 172.50 508.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 508.60 34.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 508.60 44.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 508.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 508.60 31.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 508.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 508.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 508.60 30.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 508.60 34.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 508.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 508.60 44.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 550.6 m 168.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 550.6 m 172.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 550.6 m 202.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 550.6 m 206.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 550.6 m 240.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 550.6 m 244.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 550.6 m 288.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 550.6 m 292.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 550.6 m 323.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 550.6 m 327.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 550.6 m 358.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 550.6 m 362.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 550.6 m 404.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 550.6 m 408.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 550.6 m 438.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 550.6 m 442.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 550.6 m 472.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 550.6 m 476.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 550.6 m 510.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 550.6 m 514.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 550.6 m 558.5 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 537.6 m 168.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 537.6 m 172.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 537.6 m 202.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 537.6 m 206.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 537.6 m 240.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 537.6 m 288.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 537.6 m 323.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 537.6 m 327.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 537.6 m 358.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 537.6 m 362.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 537.6 m 404.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 537.6 m 438.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 537.6 m 442.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 537.6 m 472.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 537.6 m 476.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 537.6 m 510.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 537.6 m 558.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 508.6 m 168.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 508.6 m 202.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 508.6 m 240.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 537.6 m 244.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 537.6 m 288.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 508.6 m 288.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 508.6 m 323.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 508.6 m 358.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 537.6 m 404.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 508.6 m 404.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 508.6 m 438.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 508.6 m 472.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 508.6 m 510.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 537.6 m 514.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 508.6 m 558.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 508.6 m 323.5 508.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 520.83 Td (\(Comparable System-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 512.83 Td (wide Hotels\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.20 554.83 Td (Y) Tj ET Q q 0 0 0 rg BT 308.53 554.83 Td (ear) Tj ET Q q 0 0 0 rg BT 319.12 554.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 379.85 554.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.90 541.83 Td (RevP) Tj ET Q q 0 0 0 rg BT 215.82 541.83 Td (AR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.85 541.83 Td (Occupancy) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.30 541.83 Td (ADR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 144.50 512.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 179.00 512.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.30 520.83 Td (Better) Tj ET Q q 0 0 0 rg BT 231.47 520.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.40 512.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 219.62 512.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.30 528.83 Td (Better) Tj ET Q q 0 0 0 rg BT 274.54 528.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.40 520.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 262.84 520.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 247.40 512.83 Td (Constant $) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.50 512.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.50 512.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.55 520.83 Td (Change in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.20 512.83 Td (Occ%pts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.00 512.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 512.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.30 520.83 Td (Better) Tj ET Q q 0 0 0 rg BT 501.47 520.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.40 512.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 489.62 512.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.30 528.83 Td (Better) Tj ET Q q 0 0 0 rg BT 544.47 528.83 Td ( /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.40 520.83 Td (\(W) Tj ET Q q 0 0 0 rg BT 532.62 520.83 Td (orse\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.40 512.83 Td (Constant $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 499.17 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 99.02 499.17 Td ( ) Tj ET Q q 0 0 0 rg BT 101.15 499.17 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 489.17 Td (full service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 488.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.60 488.27 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.00 488.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.60 488.27 Td (1) Tj ET Q q 0 0 0 rg BT 188.60 488.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.10 488.27 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 488.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.15 488.27 Td (3.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 488.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 488.27 Td (66.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 488.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 488.27 Td (64.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 488.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 488.27 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 488.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 488.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.60 488.27 Td (184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 488.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 488.27 Td (183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.10 488.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 488.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 488.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 488.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 474.17 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 98.93 474.17 Td ( ) Tj ET Q q 0 0 0 rg BT 100.88 474.17 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 464.17 Td (select service) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.60 463.27 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.60 463.27 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.10 463.27 Td (12.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 463.27 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.10 463.27 Td (72.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 463.27 Td (66.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 463.27 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.60 463.27 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.00 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 463.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.10 463.27 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 463.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 463.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 438.10 Td (Excluding the net favorable currency impact, the increase in comparable full service RevP) Tj ET Q q 0 0 0 rg BT 434.32 438.10 Td (AR during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (December31, 2017, compared to the year ended December31, 2016, was driven by increased occupancy and ) Tj ET Q q 0 0 0 rg BT 490.66 426.10 Td (ADR in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (United Kingdom, Germany) Tj ET Q q 0 0 0 rg BT 159.05 414.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.87 414.10 Td (T) Tj ET Q q 0 0 0 rg BT 169.63 414.10 Td (urkey) Tj ET Q q 0 0 0 rg BT 191.75 414.10 Td (, and France. ) Tj ET Q q 0 0 0 rg BT 245.71 414.10 Td (The occupancy gains in Germany were driven by increased group business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (while the United Kingdom benefited from the completion of a renovation at one hotel. France and ) Tj ET Q q 0 0 0 rg BT 444.42 402.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.18 402.10 Td (urkey both experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (higher demand as 2016 was impacted by heightened security concerns. ) Tj ET Q q 0 0 0 rg BT 336.12 390.10 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 467.54 390.10 Td (fset by decreased ) Tj ET Q q 0 0 0 rg BT 538.34 390.10 Td (ADR ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (in the Middle East as a result of supply pressure and geopolitical events which led to lower business travel in the area.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 357.10 Td (During the year ended December31, 2017, one property was removed from the comparable EAME/SW) Tj ET Q q 0 0 0 rg BT 489.79 357.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.74 357.10 Td (Asia full service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (system-wide hotel results as a result of significant renovations, and no properties were removed from the comparable EAME/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (SW) Tj ET Q q 0 0 0 rg BT 64.82 333.10 Td ( ) Tj ET Q q 0 0 0 rg BT 66.77 333.10 Td (Asia select service system-wide hotel results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 312.10 Td (EAME/SW ) Tj ET Q q 0 0 0 rg BT 117.58 312.10 Td (Asia management and franchising segment ) Tj ET Q q 0 0 0 rg BT 292.10 312.10 Td (Adjusted EBITDA.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 268.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 268.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 268.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 268.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 268.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 268.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 268.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 268.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 268.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 268.60 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 268.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 268.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 268.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 268.60 46.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 289.6 m 286.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 289.6 m 290.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 289.6 m 330.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 289.6 m 334.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 289.6 m 374.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 289.6 m 378.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 289.6 m 418.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 289.6 m 422.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 289.6 m 468.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 289.6 m 472.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 289.6 m 512.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 289.6 m 516.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 289.6 m 562.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 268.6 m 286.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 268.6 m 330.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 289.6 m 374.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 268.6 m 374.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 289.6 m 418.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 268.6 m 418.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 289.6 m 422.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 268.6 m 422.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 289.6 m 468.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 268.6 m 468.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 289.6 m 472.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 289.6 m 512.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 268.6 m 512.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 289.6 m 516.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 268.6 m 516.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 289.6 m 562.5 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 268.6 m 562.5 268.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.70 293.68 Td (Y) Tj ET Q q 0 0 0 rg BT 365.03 293.68 Td (ear) Tj ET Q q 0 0 0 rg BT 375.62 293.68 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 436.35 293.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.00 272.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 272.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 272.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 280.83 Td (Better) Tj ET Q q 0 0 0 rg BT 416.92 280.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 433.37 280.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.40 272.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 280.83 Td (Better) Tj ET Q q 0 0 0 rg BT 510.92 280.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 527.37 280.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.40 272.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 259.17 Td (Segment ) Tj ET Q q 0 0 0 rg BT 89.94 259.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 259.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 259.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 259.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 259.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.00 259.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 259.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 259.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 259.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 259.17 Td (22.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 259.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 259.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.65 259.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 259.17 Td (20.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 259.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 234.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.72 234.10 Td ( included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.15 234.10 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.54 234.10 Td ( net unfavorable currency impact during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.61 234.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.19 234.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 222.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.59 222.10 Td (. ) Tj ET Q q 0 0 0 rg BT 246.41 222.10 Td (Theincrease was driven by the aforementionedincrease in management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (franchise, and other fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 189.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 148.72 189.10 Td ( included $1 million net favorable currency impact during the year ended December31, 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (compared to the year ended December31, 2016. ) Tj ET Q q 0 0 0 rg BT 246.41 177.10 Td (Theincrease was driven by the aforementionedincrease in management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (franchise, and other fees.) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Corporate and other) Tj ET Q q 0 0 0 rg BT 155.67 742.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 688.60 182.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 688.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 688.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 688.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 688.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 688.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 688.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 688.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 688.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 688.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 688.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 688.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 688.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 688.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.60 182.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 640.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 640.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 640.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 640.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 640.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 640.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 640.60 48.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 709.6 m 274.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 709.6 m 278.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 709.6 m 320.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 709.6 m 324.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 709.6 m 366.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 709.6 m 370.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 709.6 m 412.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 709.6 m 416.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 709.6 m 464.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 709.6 m 468.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 709.6 m 510.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 709.6 m 514.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 709.6 m 562.5 709.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 688.6 m 274.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 688.6 m 320.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 688.6 m 366.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 688.6 m 412.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 688.6 m 416.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 688.6 m 464.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 688.6 m 510.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 688.6 m 514.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 688.6 m 562.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 688.6 m 274.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 688.6 m 464.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 688.6 m 510.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 688.6 m 514.5 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 688.6 m 562.5 688.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.70 713.83 Td (Y) Tj ET Q q 0 0 0 rg BT 358.03 713.83 Td (ear) Tj ET Q q 0 0 0 rg BT 368.62 713.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 429.35 713.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.00 692.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 692.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.00 692.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.75 700.83 Td (Better) Tj ET Q q 0 0 0 rg BT 410.92 700.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 427.37 700.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.40 692.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.75 700.83 Td (Better) Tj ET Q q 0 0 0 rg BT 508.92 700.83 Td (/\(W) Tj ET Q q 0 0 0 rg BT 525.37 700.83 Td (orse\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.40 692.83 Td (2017 vs 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 679.17 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 679.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 679.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 679.17 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 679.17 Td (31.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 679.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 679.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 679.17 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.10 679.17 Td (414.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 679.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 665.17 Td (Revenues for the reimbursement of costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 655.17 Td (incurred on behalf of managed and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.17 Td (franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 645.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 645.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 645.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 645.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.85 645.27 Td (NM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 645.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.85 645.27 Td (NM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.00 630.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.30 630.27 Td (\(127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 630.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 630.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.30 630.32 Td (\(135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 630.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 630.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.30 630.32 Td (\(138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 630.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 630.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 630.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 630.27 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 630.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.00 630.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 630.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 630.27 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 630.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 605.10 Td (Corporate and other revenues increased during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.17 605.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.75 605.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 593.10 Td (, driven primarily by the acquisition of Exhale. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 572.10 Td (Corporate and other revenues increased during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.17 572.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.75 572.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (December31, 2016, driven primarily by the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 539.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 539.10 Td (increase of$64 million due to the acquisition of Miraval;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 518.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 518.10 Td (increase of $10 million due to the acquisition of Exhale; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 497.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 497.10 Td (increase of $7 million in revenues from our co-branded credit card program primarily due to our new agreement that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 485.10 Td (took ef) Tj ET Q q 0 0 0 rg BT 113.87 485.10 Td (fect in the second quarter of 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 464.10 Td (Corporate and other ) Tj ET Q q 0 0 0 rg BT 154.42 464.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 229.14 464.10 Td ( increased for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.85 464.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.43 464.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 452.10 Td (, driven by decreased adjusted selling, general, and administrative expenses due to marketing initiatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (completed during 2017, including master brand marketing expenses to support the launch of the ) Tj ET Q q 0 0 0 rg BT 436.11 440.10 Td (W) Tj ET Q q 0 0 0 rg BT 444.75 440.10 Td (orld of Hyatt loyalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (program, as well as severance during 2017.) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (85) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 147.80 742.25 Td ( by Segment and Non-GAAP) Tj ET Q q 0 0 0 rg BT 265.77 742.25 Td ( Measure Reconciliation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The charts below illustrate ) Tj ET Q q 0 0 0 rg BT 182.30 721.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 257.02 721.25 Td ( by segment. For a discussion of our definition of ) Tj ET Q q 0 0 0 rg BT 456.16 721.25 Td (Adjusted EBITDA, how ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (we use it, why we present it and material limitations on its usefulness, see "Key Business Metrics Evaluated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (Management.") Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 108.78 697.25 Td () Tj ET Q /GS0 gs q 252.00 0 0 250.00 50.00 433.25 cm /I41 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 438.25 Td ( ) Tj ET Q /GS0 gs q 252.00 0 0 250.00 304.50 433.25 cm /I42 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.25 Td (*Consolidated ) Tj ET Q q 0 0 0 rg BT 109.72 417.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 184.44 417.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.90 417.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.48 417.25 Td ( included eliminations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.69 417.25 Td ($0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.08 417.25 Td ( and corporate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.25 Td (other ) Tj ET Q q 0 0 0 rg BT 72.50 405.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 147.21 405.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.54 405.25 Td ($\(127\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.59 405.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (**Consolidated ) Tj ET Q q 0 0 0 rg BT 114.72 384.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 189.44 384.25 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.90 384.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.48 384.25 Td ( included eliminations of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.69 384.25 Td (3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.08 384.25 Td ( and corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (and other ) Tj ET Q q 0 0 0 rg BT 89.43 372.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 164.15 372.25 Td ( of $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.48 372.25 Td (\(135\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.53 372.25 Td (. ) Tj ET Q /GS0 gs q 252.00 0 0 250.00 50.00 108.25 cm /I43 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (*Consolidated ) Tj ET Q q 0 0 0 rg BT 109.72 92.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 184.44 92.25 Td ( for the year ended December31, 2016 included eliminations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.69 92.25 Td ($0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.08 92.25 Td ( and other ) Tj ET Q q 0 0 0 rg BT 526.01 92.25 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 86.11 80.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.44 80.25 Td ($\(138\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.49 80.25 Td (. ) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 721.10 Td (The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA) Tj ET Q q 0 0 0 rg BT 500.43 721.10 Td ( and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (reconciliation of EBITDA) Tj ET Q q 0 0 0 rg BT 154.41 709.10 Td ( to consolidated ) Tj ET Q q 0 0 0 rg BT 219.68 709.10 Td (Adjusted EBITDA:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.60 182.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 665.60 42.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 665.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 665.60 42.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 665.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 665.60 42.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 665.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 665.60 45.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 665.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 665.60 45.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 665.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 665.60 45.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 665.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 665.60 45.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 626.60 182.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 626.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 626.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 626.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 626.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 626.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 626.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 626.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.60 182.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 596.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 596.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 596.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 596.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 596.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 596.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 596.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 596.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 596.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 596.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 596.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 596.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 596.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 567.60 182.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 567.60 42.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 567.60 4.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 567.60 42.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 567.60 4.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 567.60 42.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 567.60 4.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 567.60 45.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 567.60 4.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 567.60 45.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 567.60 4.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 567.60 45.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 567.60 4.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 567.60 45.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 510.60 182.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 510.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 510.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 510.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 510.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 510.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 510.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 510.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 510.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 510.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 510.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 510.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 510.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 510.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.60 182.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 470.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 470.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 470.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 470.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 470.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 470.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 470.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 440.60 182.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 440.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 440.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 440.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 440.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 440.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 440.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 440.60 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 401.60 182.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 401.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 401.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 401.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 401.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 401.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 401.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 401.60 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 686.6 m 274.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 686.6 m 278.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 686.6 m 320.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 686.6 m 324.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 686.6 m 366.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 686.6 m 415.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 686.6 m 419.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 686.6 m 464.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 686.6 m 468.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 686.6 m 513.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 686.6 m 517.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 686.6 m 562.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 665.6 m 274.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 665.6 m 320.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 686.6 m 366.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 665.6 m 366.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 686.6 m 370.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 686.6 m 415.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 665.6 m 415.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 686.6 m 419.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 665.6 m 419.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 686.6 m 464.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 665.6 m 464.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 686.6 m 468.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 686.6 m 513.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 665.6 m 513.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 686.6 m 517.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 665.6 m 517.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 686.6 m 562.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 665.6 m 562.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 665.6 m 274.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 665.6 m 320.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 665.6 m 366.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 665.6 m 415.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 665.6 m 464.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 665.6 m 513.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 665.6 m 562.5 665.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 596.6 m 274.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 596.6 m 320.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 596.6 m 366.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 596.6 m 415.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 596.6 m 464.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 596.6 m 513.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 596.6 m 562.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 401.6 m 274.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 388.6 m 274.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 386.6 m 274.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 401.6 m 320.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 388.6 m 320.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 386.6 m 320.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 401.6 m 366.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 388.6 m 366.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 386.6 m 366.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 401.6 m 415.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 388.6 m 415.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 386.6 m 415.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 401.6 m 464.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 388.6 m 464.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 386.6 m 464.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 401.6 m 513.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 388.6 m 513.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 386.6 m 513.5 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 401.6 m 562.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 388.6 m 562.5 388.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 386.6 m 562.5 386.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.70 690.68 Td (Y) Tj ET Q q 0 0 0 rg BT 358.03 690.68 Td (ear) Tj ET Q q 0 0 0 rg BT 368.62 690.68 Td (EndedDecember) Tj ET Q q 0 0 0 rg BT 429.35 690.68 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.00 669.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 669.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.00 669.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.85 677.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.40 669.83 Td (2018 vs 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.85 677.83 Td (Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.40 669.83 Td (2017 vs 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 656.33 Td (Net income attributable to Hyatt Hotels) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.33 Td (Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 646.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.65 646.28 Td (769) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.00 646.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.65 646.28 Td (389) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.00 646.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.65 646.28 Td (206) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 646.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 646.28 Td (380) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.10 646.28 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 646.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 646.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 646.28 Td (183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 646.28 Td (89.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.95 646.28 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 632.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 631.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 631.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 631.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.30 631.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 631.32 Td (\(5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 631.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 631.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 631.27 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 631.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 617.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 616.27 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 616.27 Td (332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 616.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 616.32 Td (\(150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 616.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 616.32 Td (\(45.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 616.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 616.27 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 616.27 Td (337.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 616.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 601.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 601.27 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 601.27 Td (348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 601.27 Td (326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 601.32 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 601.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 601.32 Td (\(6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 601.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 601.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 601.27 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 601.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 587.33 Td (EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.10 587.28 Td (1,354) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.10 587.28 Td (1,149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.65 587.28 Td (684) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 587.28 Td (205) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.10 587.28 Td (17.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 587.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 587.28 Td (465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 587.28 Td (68.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.95 587.28 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 573.17 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 572.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 572.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 572.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 572.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.10 572.27 Td (12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 572.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 572.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 572.27 Td (12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 572.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 558.17 Td (Revenues for the reimbursement of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 548.17 Td (costs incurred on behalf of managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 538.17 Td (and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.80 539.27 Td (\(1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.80 539.32 Td (\(1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.80 539.32 Td (\(1,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 539.32 Td (\(194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 539.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 438.13 539.32 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 539.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.30 539.32 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 539.27 Td (\(1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 539.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 525.17 Td (Costs incurred on behalf of managed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 515.17 Td (and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.10 515.27 Td (1,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.10 515.27 Td (1,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.10 515.27 Td (1,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 515.27 Td (199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.10 515.27 Td (1) Tj ET Q q 0 0 0 rg BT 438.10 515.27 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 515.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 515.27 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 515.27 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 515.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.17 Td (Equity earnings from unconsolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 491.17 Td (hospitality ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.30 490.27 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 490.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.30 490.32 Td (\(219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 490.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.30 490.32 Td (\(67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 490.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.65 490.27 Td (21) Tj ET Q q 0 0 0 rg BT 406.65 490.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.10 490.27 Td (95.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 490.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.30 490.32 Td (\(152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 490.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 490.27 Td (\(227.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 490.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 476.17 Td (Stock-based compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 475.27 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 475.27 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 475.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 475.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 475.32 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 475.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 475.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 475.27 Td (15.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 475.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 461.17 Td (\(Gains\) losses on sales of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.30 460.27 Td (\(772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 460.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.30 460.32 Td (\(236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 460.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.65 460.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.30 460.32 Td (\(536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 460.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.80 460.32 Td (\(226.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 460.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.30 460.32 Td (\(242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 460.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.85 460.27 Td (NM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 446.17 Td (Asset impairments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 445.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 445.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.65 445.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 445.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.85 445.27 Td (NM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 445.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.85 445.27 Td (NM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 431.17 Td (Other \(income\) loss, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 430.27 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.30 430.32 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 430.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.30 430.32 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 430.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 430.27 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.10 430.27 Td (216.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 430.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.30 430.32 Td (\(30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 430.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 430.27 Td (\(250.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 430.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 416.17 Td (Pro rata share of unconsolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 406.17 Td (hospitality ventures ) Tj ET Q q 0 0 0 rg BT 151.55 406.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 406.27 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 406.27 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 406.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 406.32 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 406.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 406.32 Td (\(23.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.25 406.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.30 406.32 Td (\(27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 406.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 406.27 Td (\(28.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 406.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 392.33 Td (Adjusted EBITDA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.00 392.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.65 392.28 Td (777) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.00 392.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.65 392.28 Td (792) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.00 392.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.65 392.28 Td (763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 392.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.30 392.33 Td (\(15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 392.28 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.80 392.33 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 392.28 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 392.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 392.28 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 392.28 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.95 392.28 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 346.10 Td (e do not believe inflation had a material ef) Tj ET Q q 0 0 0 rg BT 251.83 346.10 Td (fect on our business in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.32 346.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.32 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.32 346.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.32 346.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 346.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 346.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 325.10 Td (ces) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 304.10 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 283.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 283.10 Td (e finance our business primarily with existing cash, short-term investments, and cash generated from our operations. ) Tj ET Q q 0 0 0 rg BT 550.02 283.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (part of our business strategy) Tj ET Q q 0 0 0 rg BT 162.10 271.10 Td (, we also recycle capital by using net proceeds from dispositions to support our acquisitions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (new investment opportunities. ) Tj ET Q q 0 0 0 rg BT 173.13 259.10 Td (When appropriate, we borrow cash under our revolving credit facility or from other third-party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (sources and may also raise funds by issuing debt or equity securities as necessary) Tj ET Q q 0 0 0 rg BT 374.55 247.10 Td (. ) Tj ET Q q 0 0 0 rg BT 379.37 247.10 Td (W) Tj ET Q q 0 0 0 rg BT 388.00 247.10 Td (e maintain a cash investment policy that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (emphasizes preservation of capital. ) Tj ET Q q 0 0 0 rg BT 192.82 235.10 Td (W) Tj ET Q q 0 0 0 rg BT 201.46 235.10 Td (e believe our cash position, short-term investments, and cash from operations, together ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (with borrowing capacity under our revolving credit facility and our access to the capital markets, will be adequate to meet all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (our funding requirements and capital deployment objectives for the foreseeable future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 190.10 Td (e may) Tj ET Q q 0 0 0 rg BT 106.14 190.10 Td (, from time to time, seek to retire or purchase additional amounts of our outstanding equity and/or debt securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (through cash purchases and/or exchanges for other securities, in open market purchases, privately negotiated transactions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction. Such repurchases or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (exchanges, if any) Tj ET Q q 0 0 0 rg BT 119.04 154.10 Td (, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 82.03 142.10 Td (The amounts involved may be material. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 121.10 Td (Recent T) Tj ET Q q 0 0 0 rg BT 109.06 121.10 Td (ransactions ) Tj ET Q q 0 0 0 rg BT 158.98 121.10 Td (Af) Tj ET Q q 0 0 0 rg BT 168.80 121.10 Td (fecting Our Liquidity and Capital Resources) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 100.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.52 100.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.11 100.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.11 100.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.69 100.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.63 100.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.21 100.10 Td ( several transactions impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (our liquidity) Tj ET Q q 0 0 0 rg BT 99.07 88.10 Td (. See "Sources and Uses of Cash.") Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (87) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Sources and Uses of Cash) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 707.75 300.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 707.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 707.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 707.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 707.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 707.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 679.75 300.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 679.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 679.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 679.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 679.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 679.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.75 300.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 651.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 651.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 651.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 651.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 651.75 68.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 719.75 m 418.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 719.75 m 422.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 719.75 m 490.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 719.75 m 494.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 719.75 m 562.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 707.75 m 418.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 707.75 m 490.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 707.75 m 562.5 707.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 637.75 m 418.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 637.75 m 490.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 637.75 m 562.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 624.75 m 418.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 622.75 m 418.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 624.75 m 490.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 622.75 m 490.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 624.75 m 562.5 624.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 622.75 m 562.5 622.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 723.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.70 723.83 Td (Y) Tj ET Q q 0 0 0 rg BT 416.59 723.83 Td (ear) Tj ET Q q 0 0 0 rg BT 427.55 723.83 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 488.28 723.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.00 711.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 711.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.00 711.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.32 Td (Cash provided by \(used in\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 684.32 Td (Operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 684.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 684.32 Td (341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 684.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 684.32 Td (587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 684.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 684.32 Td (462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 670.32 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 670.32 Td (374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 670.32 Td (457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 670.37 Td (\(372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 670.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 656.32 Td (Financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.30 656.37 Td (\(850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 656.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 656.37 Td (\(858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 656.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 656.37 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 656.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.32 Td (Ef) Tj ET Q q 0 0 0 rg BT 62.26 642.32 Td (fect of exchange rate changes on cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 642.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 642.37 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 642.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 642.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.32 Td (Net increase \(decrease\) in cash, cash equivalents, and restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.30 628.37 Td (\(130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 628.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 628.32 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 628.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 628.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 603.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 603.25 Td (e have foreign capital investment needs in excess of foreign earnings, and we have not changed our assertion that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.25 Td (undistributed net earnings with respect to certain foreign subsidiaries are indefinitely reinvested outside the U.S. See Part IV) Tj ET Q q 0 0 0 rg BT 546.63 591.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.25 Td (Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.48 579.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.48 579.25 Td ( to our Consolidated Financial Statements" for further detail.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 558.25 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 191.43 558.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 537.25 Td (Cash provided by operating activities decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.82 537.25 Td ($246 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.21 537.25 Td ( in the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.79 537.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.38 537.25 Td (, compared to the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 525.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 525.25 Td (, primarily due to higher tax payments in the current year driven by certain transactions in 2018 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.25 Td (2017 and $94 million of interest income received upon the redemption of our Playa preferred shares in 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 492.25 Td (Cash provided by operating activities increased $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.16 492.25 Td (125 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.55 492.25 Td ( in the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.13 492.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.72 492.25 Td (, compared to the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 480.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 480.25 Td (, primarily due to the aforementioned $94 million of interest income. ) Tj ET Q q 0 0 0 rg BT 432.76 480.25 Td (The increase was also due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (improved performance across all reportable segments, increases in taxes payable driven by transactions, and the timing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (accruals. ) Tj ET Q q 0 0 0 rg BT 87.57 456.25 Td (These increases were partially of) Tj ET Q q 0 0 0 rg BT 218.99 456.25 Td (fset by higher income tax payments in 2017.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 435.25 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 188.10 435.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 414.25 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 414.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 414.25 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 393.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 393.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 393.25 Td (e sold Grand Hyatt San Francisco, ) Tj ET Q q 0 0 0 rg BT 233.78 393.25 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 295.52 393.25 Td (W) Tj ET Q q 0 0 0 rg BT 304.16 393.25 Td (ailea Resort, and Hyatt Regency Coconut Point Resort and Spa ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 381.25 Td (to an unrelated third party as a portfolio for approximately$992 million, net of closing costs and proration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 369.25 Td (adjustments. Proceeds from the sale of Hyatt Regency Coconut Point Resort and Spa of$221 millionwere held as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 357.25 Td (restricted for use in a potential like-kind exchange, of which approximately $198 million were subsequently used for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 345.25 Td (acquisitions and the remaining$23 millionwere released.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 324.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 324.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 324.25 Td (e received $360 million of proceeds from the HRMC transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 303.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 303.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 303.25 Td (e sold a Hyatt House hotel for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.37 303.25 Td ($48 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.76 303.25 Td (, net of closing costs and proration adjustments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 282.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 282.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 282.25 Td (e received $43 millionof proceeds from sales activity related to certain equity method investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 261.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 261.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 261.25 Td (e acquired ) Tj ET Q q 0 0 0 rg BT 138.32 261.25 Td (T) Tj ET Q q 0 0 0 rg BT 143.73 261.25 Td (wo Roads for cash of $415 million, net of $37 million cash acquired, and including the payment of $36 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 249.25 Td (million of additional consideration of) Tj ET Q q 0 0 0 rg BT 235.23 249.25 Td (fset by $4 million of other purchase price adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 228.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 228.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 228.25 Td (e invested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.40 228.25 Td ($297 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.79 228.25 Td (in capital expenditures \(see "Capital Expenditures"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 207.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 207.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 207.25 Td (e acquired Hyatt Regency Phoenix for a purchase price of approximately$139 million, net of proration adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 186.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 186.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 186.25 Td (e acquired Hyatt Regency Indian ) Tj ET Q q 0 0 0 rg BT 228.57 186.25 Td (W) Tj ET Q q 0 0 0 rg BT 237.21 186.25 Td (ells Resort & Spa for a net purchase price of approximately $120 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 165.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 165.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 165.25 Td (e had $41 million of net purchases of marketable securities and short-term investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 144.25 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 144.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 144.25 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 123.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 123.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 123.25 Td (e sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 111.25 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 111.25 Td (296 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.39 111.25 Td (, net of closing costs and proration adjustments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 90.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 90.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 90.25 Td (e received a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.88 90.25 Td ($217 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.27 90.25 Td ( liquidating distribution from the sale of ) Tj ET Q q 0 0 0 rg BT 358.19 90.25 Td (A) Tj ET Q q 0 0 0 rg BT 364.67 90.25 Td (vendra to ) Tj ET Q q 0 0 0 rg BT 404.11 90.25 Td (Aramark.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 69.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 69.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 69.25 Td (e sold Hyatt Regency Grand Cypress for approximately$202 million, net of closing costs and proration adjustments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 48.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 48.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 48.25 Td (e received $196 million of distributions related to the redemption of our Playa preferred shares.) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 742.10 Td (e sold Hyatt Regency Louisville for approximately$65 million, net of closing costs and proration adjustments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 721.10 Td (e sold Hyatt Regency Monterey Hotel&Spa on Del Monte Golf Course for approximately $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.95 721.10 Td (58 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.34 721.10 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 709.10 Td (closing costs and proration adjustments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 688.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 688.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 688.10 Td (e sold land and construction in progress for $29 million to an unconsolidated hospitality venture in which we have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td (50% ownership interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 655.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 655.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 655.10 Td (e received $15 million of pre-condemnation proceeds primarily related to a relinquishment of subterranean space at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 643.10 Td (an owned hotel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 622.10 Td (e invested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.40 622.10 Td ($298 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.79 622.10 Td (in capital expenditures \(see "Capital Expenditures"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 601.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 601.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 601.10 Td (e acquired Miraval for approximately $237 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 580.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 580.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 580.10 Td (e contributed a total of$89 millionin investments and held-to-maturity debt securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 559.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 559.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 559.10 Td (e acquired Exhale for$16 million, net of cash acquired. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 538.10 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 538.10 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 517.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 517.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 517.10 Td (e acquired ) Tj ET Q q 0 0 0 rg BT 138.32 517.10 Td (Thompson Miami Beach for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.67 517.10 Td ($238 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.06 517.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 496.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 496.10 Td (e invested $21) Tj ET Q q 0 0 0 rg BT 152.03 496.10 Td (1 million in capital expenditures \(see "Capital Expenditures"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 475.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 475.10 Td (e purchased our partners' interest in ) Tj ET Q q 0 0 0 rg BT 238.61 475.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 300.36 475.10 Td (W) Tj ET Q q 0 0 0 rg BT 308.99 475.10 Td (ailea Resort for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.13 475.10 Td ($136 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.53 475.10 Td (, net of cash acquired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 463.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.90 463.10 Td (, prior to the acquisition, we contributed $71 million to the unconsolidated hospitality venture and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 451.10 Td (provided $37 million of financing receivables to our partners to repay the venture's third-party debt. Our partners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 439.10 Td (repaid the financing receivables during 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 418.10 Td (e invested $33 million in unconsolidated hospitality ventures, excluding our contribution to ) Tj ET Q q 0 0 0 rg BT 462.08 418.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 523.83 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.46 418.10 Td (ailea ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (Resort discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 385.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 385.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 385.10 Td (e acquired Royal Palms Resort and Spa for a net purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.31 385.10 Td ($86 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.70 385.10 Td (, net of proration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 373.10 Td (adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 352.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 352.10 Td (e acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 352.10 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.89 352.10 Td ( of land for future development in Philadelphia.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 331.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 331.10 Td (e sold ) Tj ET Q q 0 0 0 rg BT 120.19 331.10 Td (Andaz 5th ) Tj ET Q q 0 0 0 rg BT 163.52 331.10 Td (A) Tj ET Q q 0 0 0 rg BT 170.00 331.10 Td (venue for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.79 331.10 Td ($240 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.19 331.10 Td (, net of closing costs and proration adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 310.10 Td (e received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.94 310.10 Td ($132 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.33 310.10 Td ( of distributions from unconsolidated hospitality ventures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 289.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 289.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 289.10 Td (e sold the shares of the company that owns Hyatt Regency Birmingham \(U.K.\) for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.04 289.10 Td ($49 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.43 289.10 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 277.10 Td (closing costs and proration adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 256.10 Td (Periodically) Tj ET Q q 0 0 0 rg BT 121.67 256.10 Td (, we enter into like-kind exchange agreements upon the disposition or acquisition of certain hotels. Pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (intermediary and are unavailable for our use until released. ) Tj ET Q q 0 0 0 rg BT 288.05 232.10 Td (The proceeds are recorded as restricted cash on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (balance sheets and released \(i\) if they are utilized as part of a like-kind exchange agreement, \(ii\) if we do not identify a suitable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (replacement property within) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.79 208.10 Td (45 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.62 208.10 Td (after the agreement date, or \(iii\) when a like-kind exchange agreement is not completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (within the remaining allowable time period.) Tj ET Q endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (89) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 193.11 742.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 721.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 721.25 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 700.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 700.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 700.25 Td (e repurchased12,723,895shares of Class ) Tj ET Q q 0 0 0 rg BT 261.82 700.25 Td (A) Tj ET Q q 0 0 0 rg BT 268.49 700.25 Td ( and Class B common stockfor an aggregate purchase price of $946 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 688.25 Td (million, including shares repurchased under the ) Tj ET Q q 0 0 0 rg BT 277.89 688.25 Td (ASR programs and 244,260 shares delivered in settlement of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.25 Td (November 2017 ) Tj ET Q q 0 0 0 rg BT 152.66 676.25 Td (ASR in 2018, for which payment was made during 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 655.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 655.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 655.25 Td (e repaid our outstanding senior notes due 2019 for approximately $203 million, inclusive of a $7 million make-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 643.25 Td (whole premium.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 622.25 Td (e paid four quarterly cash dividends of $0.15 per share on Class ) Tj ET Q q 0 0 0 rg BT 351.52 622.25 Td (A) Tj ET Q q 0 0 0 rg BT 358.19 622.25 Td ( common stock and Class B common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (totaling $68 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 589.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 589.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 589.25 Td (e had$20 millionof borrowings and $20 million of repayments on our revolving credit facility) Tj ET Q q 0 0 0 rg BT 473.63 589.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 568.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 568.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 568.25 Td (e redeemed the Miraval preferred shares for approximately$10 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 547.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 547.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 547.25 Td (e issued our senior notes due 2028 and received $396 million of net proceeds, after deducting approximately $4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 535.25 Td (million of underwriting discounts and of) Tj ET Q q 0 0 0 rg BT 247.74 535.25 Td (fering expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 514.25 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 514.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 514.25 Td (Activity:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 493.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 493.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 493.25 Td (e had $670 million of borrowings and $770 million of repayments on our revolving credit facility) Tj ET Q q 0 0 0 rg BT 483.63 493.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 472.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 472.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 472.25 Td (e repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.38 472.25 Td (12,186,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.38 472.25 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 261.82 472.25 Td (A) Tj ET Q q 0 0 0 rg BT 268.49 472.25 Td ( and Class B common stock for an aggregate purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.19 472.25 Td ($723 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 460.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 460.25 Td (. Included in the repurchases are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.78 460.25 Td (8,213,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.78 460.25 Td ( shares repurchased under the ) Tj ET Q q 0 0 0 rg BT 407.01 460.25 Td (ASR programs for an aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 448.25 Td (purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.35 448.25 Td ($480 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.74 448.25 Td (. Subsequent to December31, 2017, the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.97 448.25 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.37 448.25 Td ( of shares under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 436.25 Td (November 2017 ) Tj ET Q q 0 0 0 rg BT 152.66 436.25 Td (ASR was settled as discussed above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 415.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 415.25 Td (In conjunction with the acquisition of Miraval, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.06 415.25 Td ($9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.46 415.25 Td ( of redeemable preferred shares of a subsidiary) Tj ET Q q 0 0 0 rg BT 545.22 415.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 394.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.00 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 95.95 394.25 Td (Activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 373.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 373.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 373.25 Td (e issued our senior notes due 2026 and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.19 373.25 Td ($396 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.58 373.25 Td ( of net proceeds, after deducting approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.18 373.25 Td ($4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 361.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 361.25 Td ( of underwriting discounts and of) Tj ET Q q 0 0 0 rg BT 247.74 361.25 Td (fering expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 340.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 340.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 340.25 Td (e repaid our outstanding senior notes due 2016 for approximately $254 million, inclusive of a $2 million make-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 328.25 Td (whole premium.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 307.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 307.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 307.25 Td (e repaid the senior secured term loan of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.13 307.25 Td ($64 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.52 307.25 Td ( related to Hyatt Regency Lost Pines Resort and Spa.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 286.25 Td (e repurchased 5,631,557 shares of Class ) Tj ET Q q 0 0 0 rg BT 256.82 286.25 Td (A) Tj ET Q q 0 0 0 rg BT 263.49 286.25 Td ( and Class B common stock for an aggregate purchase price of $272 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 253.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 253.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 253.25 Td (e had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.51 253.25 Td ($210 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.91 253.25 Td ( of borrowings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.23 253.25 Td ($1) Tj ET Q q 0 0 0 rg BT 257.86 253.25 Td (10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.25 253.25 Td ( of repayments on our revolving credit facility) Tj ET Q q 0 0 0 rg BT 483.26 253.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 232.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 232.25 Td (Excluding the ef) Tj ET Q q 0 0 0 rg BT 151.91 232.25 Td (fects of currency) Tj ET Q q 0 0 0 rg BT 218.44 232.25 Td (, we drew ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.09 232.25 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.48 232.25 Td ( on the construction loan for the development of Grand Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 220.25 Td (Rio de Janeiro.) Tj ET Q endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 742.10 Td (e define net debt as total debt less the total of cash and cash equivalents and short-term investments. ) Tj ET Q q 0 0 0 rg BT 484.84 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.48 742.10 Td (e consider net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (debt and its components to be an important indicator of liquidity and a guiding measure of capital structure strategy) Tj ET Q q 0 0 0 rg BT 511.45 730.10 Td (. Net debt is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (a non-GAAP) Tj ET Q q 0 0 0 rg BT 102.12 718.10 Td ( measure and may not be computed the same as similarly titled measures used by other companies. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 685.60 357.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 685.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 685.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 685.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 657.60 357.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 657.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 657.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 657.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.60 357.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 629.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 629.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 629.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.60 357.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 601.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 601.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 601.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 685.6 m 481.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 685.6 m 560.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 657.6 m 481.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 657.6 m 560.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 601.6 m 481.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 601.6 m 560.5 601.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.75 689.83 Td (December) Tj ET Q q 0 0 0 rg BT 446.32 689.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.25 689.83 Td (December) Tj ET Q q 0 0 0 rg BT 524.75 689.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 676.17 Td (Consolidated debt \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 676.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 676.17 Td (1,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 676.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 676.17 Td (1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.17 Td (Stockholders' equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 662.17 Td (3,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 662.17 Td (3,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 648.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.76 648.17 Td (otal capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 648.17 Td (5,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 648.17 Td (5,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 634.17 Td (otal debt to total capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 634.17 Td (30.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 634.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 634.17 Td (27.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 634.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 620.17 Td (Consolidated debt \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 620.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 620.17 Td (1,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 620.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 620.17 Td (1,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.17 Td (Less: Cash and cash equivalents and short-term investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 606.22 Td (\(686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 606.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 606.22 Td (\(552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 606.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 592.17 Td (Net consolidated debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 592.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 592.17 Td (948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 592.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 592.17 Td (899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 578.17 Td (Net debt to total capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 578.17 Td (17.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 578.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 578.17 Td (17.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 578.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.00 574.10 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 552.50 Td (\(1\) Excludes approximately $528 million and $580 million of our share of unconsolidated hospitality venture indebtedness at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.16 552.50 Td (December31, ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 541.70 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 81.50 541.70 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 98.99 541.70 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.72 541.70 Td (, respectively) Tj ET Q q 0 0 0 rg BT 217.12 541.70 Td (, substantially all of which is non-recourse to us and a portion of which we guarantee pursuant ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 530.90 Td (to separate agreements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 509.90 Td (Capital Expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 488.90 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 488.90 Td (e routinely make capital expenditures to enhance our business. ) Tj ET Q q 0 0 0 rg BT 335.15 488.90 Td (W) Tj ET Q q 0 0 0 rg BT 343.79 488.90 Td (e classify our capital expenditures into maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.90 Td (and technology) Tj ET Q q 0 0 0 rg BT 110.72 476.90 Td (, enhancements to existing properties, and investment in new properties under development or recently opened. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 464.90 Td (e have been and will continue to be prudent with respect to our capital spending, taking into account our cash flow from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.90 Td (operations.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.40 310.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 418.40 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 418.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 418.40 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 418.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 418.40 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 390.40 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 390.40 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 390.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 390.40 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 390.40 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 390.40 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 430.4 m 423.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 430.4 m 427.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 430.4 m 489.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 430.4 m 493.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 430.4 m 557.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 418.4 m 423.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 430.4 m 489.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 418.4 m 489.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 430.4 m 557.5 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 418.4 m 557.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 418.4 m 423.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 418.4 m 489.5 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 375.4 m 423.5 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 375.4 m 489.5 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 375.4 m 423.5 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 362.4 m 423.5 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 360.4 m 423.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 375.4 m 489.5 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 362.4 m 489.5 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 360.4 m 489.5 360.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 375.4 m 557.5 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 362.4 m 557.5 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 360.4 m 557.5 360.4 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 434.35 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.20 434.48 Td (Y) Tj ET Q q 0 0 0 rg BT 419.09 434.48 Td (ear) Tj ET Q q 0 0 0 rg BT 430.05 434.48 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 490.78 434.48 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 422.48 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 422.48 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 422.48 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 408.97 Td (Maintenance and technology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 408.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 408.97 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 408.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 408.97 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 408.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 408.97 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 394.97 Td (Enhancements to existing properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 394.97 Td (137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 394.97 Td (166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 394.97 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 380.97 Td (Investment in new properties under development or recently opened) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 380.07 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 380.07 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 380.07 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 365.97 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 365.97 Td (otal capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.00 365.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 365.97 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 365.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 365.97 Td (298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 365.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 365.97 Td (21) Tj ET Q q 0 0 0 rg BT 548.65 365.97 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 340.90 Td (The decrease in enhancements to existing properties in 2018 compared to 2017 is driven by 2017 expenditures related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.90 Td (our new corporate of) Tj ET Q q 0 0 0 rg BT 133.39 328.90 Td (fice partially of) Tj ET Q q 0 0 0 rg BT 194.85 328.90 Td (fset by increased renovation activity at domestic and international owned full service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.90 Td (properties. ) Tj ET Q q 0 0 0 rg BT 94.80 316.90 Td (The increase in investment in new properties under development or recently opened is driven by renovation spend in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.90 Td (2018 at certain Miraval properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 283.90 Td (The increase in enhancements to existing properties in 2017 compared to 2016 is driven by increased renovation activity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.90 Td (at domestic and international owned full service properties and expenditures related to our new corporate of) Tj ET Q q 0 0 0 rg BT 481.05 271.90 Td (fice. ) Tj ET Q q 0 0 0 rg BT 500.85 271.90 Td (The decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.90 Td (in investment in new properties under development or recently owned from 2016 to 2017 is due to the opening of a property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.90 Td (that was previously under construction and the sale of an owned property under development to an unconsolidated hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.90 Td (venture. ) Tj ET Q q 0 0 0 rg BT 84.80 235.90 Td (The decreases were partially of) Tj ET Q q 0 0 0 rg BT 209.56 235.90 Td (fset by renovation spend in 2017 at our Miraval properties. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 214.90 Td (Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 193.90 Td (The table below sets forth the outstanding principal balance of our various series of senior unsecured notes \(the "Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.90 Td (Notes"\) at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.96 181.90 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.54 181.90 Td (, as described in Part IV) Tj ET Q q 0 0 0 rg BT 266.34 181.90 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.81 181.90 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.81 181.90 Td ( to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.90 Td (Consolidated Financial Statements." Interest on the Senior Notes is payable semi-annually) Tj ET Q q 0 0 0 rg BT 410.85 169.90 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 138.40 427.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 138.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 138.40 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 110.40 427.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 110.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 110.40 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 82.40 427.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 82.40 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 82.40 80.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 138.39999999999998 m 477.5 138.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 138.39999999999998 m 561.5 138.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 138.39999999999998 m 477.5 138.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 82.39999999999998 m 561.5 82.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 82.39999999999998 m 561.5 82.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 69.39999999999998 m 561.5 69.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 67.39999999999998 m 561.5 67.39999999999998 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 142.63 Td (Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.20 150.63 Td (Principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.95 142.63 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 128.97 Td ($250 million senior unsecured notes maturing in 20215.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 128.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 128.97 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 114.97 Td ($350 million senior unsecured notes maturing in 20233.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 114.97 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 100.97 Td ($400 million senior unsecured notes maturing in 20264.850%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 100.97 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 86.97 Td ($400 million senior unsecured notes maturing in 20284.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 86.97 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 72.97 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 72.97 Td (otal Senior Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 72.97 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 72.97 Td (1,400) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (In the indenture that governs the Senior Notes, we agreed not to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 721.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 721.10 Td (create any liens on our principal properties, or on the capital stock or debt of our subsidiaries that own or lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 709.10 Td (principal properties, to secure debt without also ef) Tj ET Q q 0 0 0 rg BT 286.31 709.10 Td (fectively providing that the Senior Notes are secured equally and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 697.10 Td (ratably with such debt for so long as such debt is so secured; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 676.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.10 Td (enter into any sale and leaseback transactions with respect to our principal properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 655.10 Td (These limitations are subject to significant exceptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 634.10 Td (The indenture also limits our ability to enter into mer) Tj ET Q q 0 0 0 rg BT 286.27 634.10 Td (gers or consolidations or transfer all or substantially all of our assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (unless certain conditions are satisfied.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 601.10 Td (If a change of control triggering event occurs, as defined in the indenture governing the Senior Notes, we will be required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (to of) Tj ET Q q 0 0 0 rg BT 68.43 589.10 Td (fer to purchase the Senior Notes at a price equal to 101% of their principal amount, together with accrued and unpaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (interest, if any) Tj ET Q q 0 0 0 rg BT 106.83 577.10 Td (, to the date of purchase. ) Tj ET Q q 0 0 0 rg BT 207.17 577.10 Td (W) Tj ET Q q 0 0 0 rg BT 215.81 577.10 Td (e may also redeem some or all of the Senior Notes at any time prior to their maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (at a redemption price equal to 100% of the principal amount of the Senior Notes redeemed plus accrued and unpaid interest, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (any) Tj ET Q q 0 0 0 rg BT 63.79 553.10 Td (, to the date of redemption plus a make-whole amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 532.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 532.10 Td (e are in compliance with all applicable covenants under the indenture governing our Senior Notes at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.28 532.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 520.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 499.10 Td (Revolving Credit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 478.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 478.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 478.10 Td (, we refinanced our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.90 478.10 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.01 478.10 Td ( senior unsecured revolving credit facility with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (a syndicate of lenders, extending the maturity of the facility to January 2023. ) Tj ET Q q 0 0 0 rg BT 360.00 466.10 Td (The revolving credit facility is intended to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (financing for working capital and general corporate purposes, including commercial paper backup and permitted investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (and acquisitions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 421.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 421.10 Td (e had no outstanding undrawn letters of credit issued under our revolving credit facility \(which would reduce the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (availability thereunder\) at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.79 409.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.37 409.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.81 409.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.39 409.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 385.05 409.10 Td (. ) Tj ET Q q 0 0 0 rg BT 389.50 409.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 409.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.59 409.10 Td (, we had available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (borrowing capacity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.80 397.10 Td ($1.5billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.91 397.10 Td ( under our revolving credit facility) Tj ET Q q 0 0 0 rg BT 324.27 397.10 Td (, as there was no outstanding revolver balance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 376.10 Td (All of our borrowings under our revolving credit facility are guaranteed by substantially all of our material domestic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (subsidiaries, as defined in the revolving credit facility) Tj ET Q q 0 0 0 rg BT 264.29 364.10 Td (. ) Tj ET Q q 0 0 0 rg BT 268.74 364.10 Td (All guarantees are guarantees of payment and performance and not of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (collection. Hotel Investors I, Inc., a wholly owned subsidiary) Tj ET Q q 0 0 0 rg BT 293.74 352.10 Td (, is an additional borrower under our revolving credit facility) Tj ET Q q 0 0 0 rg BT 536.35 352.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 331.10 Td (Interest rates on outstanding borrowings are either LIBOR-based or based on an alternate base rate, with mar) Tj ET Q q 0 0 0 rg BT 509.50 331.10 Td (gins in each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (case based on our credit rating or) Tj ET Q q 0 0 0 rg BT 182.32 319.10 Td (, in certain circumstances, our credit rating and leverage ratio. ) Tj ET Q q 0 0 0 rg BT 431.94 319.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.44 319.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.02 319.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (interest rate for a one month LIBOR borrowing under our revolving credit facility would have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.43 307.10 Td (3.553%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.26 307.10 Td (, or LIBOR of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (2.503%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 295.10 Td ( plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 295.10 Td (1.050%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.33 295.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 274.10 Td (Borrowings under our revolving credit facility bear interest, at our option, at either one-, two-, three-, or six-month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (LIBOR plus a mar) Tj ET Q q 0 0 0 rg BT 123.97 262.10 Td (gin ranging from 0.900% to 1.500%per annum \(plus any mandatory costs, if applicable\) or the alternative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (base rate plus a mar) Tj ET Q q 0 0 0 rg BT 129.23 250.10 Td (gin ranging from 0.000% to 0.500%per annum, in each case depending on our credit rating by either S&P) Tj ET Q q 0 0 0 rg BT 554.58 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (or Moody's or) Tj ET Q q 0 0 0 rg BT 105.84 238.10 Td (, in certain circumstances, our credit rating and leverage ratio. Borrowings under our swingline subfacility will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (bear interest at a per annum rate equal to the alternate base rate plus the applicable percentage for revolving loans that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (alternate base rate loans. ) Tj ET Q q 0 0 0 rg BT 150.60 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 159.24 214.10 Td (e are also required to pay letter of credit fees with respect to each letter of credit equal to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (applicable mar) Tj ET Q q 0 0 0 rg BT 108.96 202.10 Td (gin for LIBOR on the face amount of each letter of credit. In addition, we must pay a fronting fee to the issuer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (each letter of credit of 0.10%per annum on the face amount of such letter of credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 169.10 Td (The revolving credit facility also provides for a facility fee ranging from 0.100% to 0.250% of the total commitment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (the lenders under the revolving credit facility \(depending on our credit rating by either S&P) Tj ET Q q 0 0 0 rg BT 416.19 157.10 Td ( or Moody's\). ) Tj ET Q q 0 0 0 rg BT 472.25 157.10 Td (The facility fee is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 145.10 Td (ged regardless of the level of borrowings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 124.10 Td (In the event we no longer have a credit rating from either S&P) Tj ET Q q 0 0 0 rg BT 323.55 124.10 Td ( or Moody's or our rating falls at or below BBB-/Baa3, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (with respect to borrowings under our revolving credit facility \(a\)such borrowings will bear interest at either LIBOR plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (1.300%or 1.500% per annum or the alternative base rate referenced above plus 0.300%or 0.500% per annum, in each case, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (depending on our leverage ratio and \(b\)the facility fee will be 0.200% or 0.250%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 67.10 Td (Our revolving credit facility contains a number of af) Tj ET Q q 0 0 0 rg BT 283.19 67.10 Td (firmative and restrictive covenants including limitations on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (ability to place liens on our or our direct or indirect subsidiaries' assets; to mer) Tj ET Q q 0 0 0 rg BT 363.21 55.10 Td (ge, consolidate, and dissolve; to sell assets; to ) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (engage in transactions with af) Tj ET Q q 0 0 0 rg BT 169.22 742.10 Td (filiates; to change our or our direct or indirect subsidiaries' fiscal year or or) Tj ET Q q 0 0 0 rg BT 468.79 742.10 Td (ganizational ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (documents; and to make restricted payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (Our revolving credit facility also requires us to meet Leverage Ratio and Secured Funded Debt Ratio financial covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (in each case measured quarterly as defined in our revolving credit facility) Tj ET Q q 0 0 0 rg BT 343.39 697.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 676.10 Td (The revolving credit facility contains certain covenants, including financial covenants that limit our maximum leverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (\(consisting of the ratio of ) Tj ET Q q 0 0 0 rg BT 153.04 664.10 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 191.46 664.10 Td (T) Tj ET Q q 0 0 0 rg BT 196.88 664.10 Td (otal Debt to Consolidated EBITDA, each as defined in the revolving credit facility\) to not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (more than 4.5 to 1, and limit our Secured Funded Debt Ratio \(consisting of the ratio of Secured Funded Debt to Property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (Equipment, each as defined in the revolving credit facility\), to not more than 0.30 to 1. Our outstanding Senior Notes do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (contain a corresponding financial covenant or a requirement that we maintain certain financial ratios. ) Tj ET Q q 0 0 0 rg BT 456.60 628.10 Td (W) Tj ET Q q 0 0 0 rg BT 465.23 628.10 Td (e currently satisfy all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (the covenants in our revolving credit facility and Senior Notes and do not expect the covenants will restrict our ability to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (our anticipated borrowing and guarantee levels, or increase those levels should we decide to do so in the future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 583.10 Td (Letters of Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 562.10 Td (e issue letters of credit either under the revolving credit facility or directly with financial institutions. ) Tj ET Q q 0 0 0 rg BT 488.17 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 496.80 562.10 Td (e had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td ($277million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 550.10 Td ($309 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.22 550.10 Td ( in letters of credit issued directly with financial institutions outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.16 550.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.75 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 538.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 538.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 198.18 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.00 538.10 Td (These letters of credit had weighted-average fees of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.60 538.10 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.60 538.10 Td ( basis points and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (range of maturity of up to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.79 526.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.77 526.10 Td ( years at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.59 526.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.17 526.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 505.10 Td (Other Indebtedness and Future Debt Maturities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 484.10 Td (Excluding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.32 484.10 Td ($1,400 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.21 484.10 Td ( of Senior Notes, all other third-party indebtedness was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.49 484.10 Td ($234 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.88 484.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 484.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.69 484.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 463.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 463.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.08 463.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.08 463.10 Td ($1) Tj ET Q q 0 0 0 rg BT 179.71 463.10 Td (1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 463.10 Td ( of our outstanding debt will mature in the following 12 months. ) Tj ET Q q 0 0 0 rg BT 475.62 463.10 Td (W) Tj ET Q q 0 0 0 rg BT 484.25 463.10 Td (e believe we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (have adequate liquidity) Tj ET Q q 0 0 0 rg BT 142.65 451.10 Td (, including our capacity to borrow under our revolving credit facility) Tj ET Q q 0 0 0 rg BT 416.08 451.10 Td (, and/or the ability to execute on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (refinancing or new issuances of debt to meet requirements for scheduled maturities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 418.10 Td (Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 397.10 Td (The following table summarizes our contractual obligations at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.04 397.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.62 397.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 358.60 138.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 358.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 358.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 358.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 358.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 358.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 358.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 358.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 358.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 330.60 138.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 330.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 330.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 330.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 330.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 330.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 330.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 330.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 330.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 302.60 138.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 302.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 302.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 302.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 302.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 302.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 302.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 302.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 372.6 m 292.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 372.6 m 296.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 372.6 m 346.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 372.6 m 350.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 372.6 m 400.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 372.6 m 404.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 372.6 m 454.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 372.6 m 458.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 372.6 m 508.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 372.6 m 512.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 372.6 m 562.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 358.6 m 238.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 358.6 m 292.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 358.6 m 346.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 358.6 m 400.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 358.6 m 454.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 372.6 m 508.5 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 358.6 m 508.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 358.6 m 562.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 358.6 m 454.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 358.6 m 508.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 358.6 m 562.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 288.6 m 238.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 288.6 m 292.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 288.6 m 346.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 288.6 m 400.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 288.6 m 454.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 288.6 m 508.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 288.6 m 562.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 288.6 m 238.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 275.6 m 238.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 273.6 m 238.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 288.6 m 292.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 275.6 m 292.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 273.6 m 292.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 275.6 m 346.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 273.6 m 346.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 288.6 m 400.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 275.6 m 400.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 273.6 m 400.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 288.6 m 454.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 275.6 m 454.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 273.6 m 454.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 288.6 m 508.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 275.6 m 508.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 273.6 m 508.5 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 288.6 m 562.5 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 275.6 m 562.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 273.6 m 562.5 273.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.00 376.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.85 376.83 Td (Payments Due by Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.25 362.83 Td (T) Tj ET Q q 0 0 0 rg BT 209.22 362.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 362.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 362.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.00 362.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 362.83 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.00 362.83 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.70 362.83 Td (Ther) Tj ET Q q 0 0 0 rg BT 535.44 362.83 Td (eafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.17 Td (Debt \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 349.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.15 349.17 Td (2,206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 349.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 349.17 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 349.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 349.17 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 349.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 349.17 Td (334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 349.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 349.17 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 349.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 349.17 Td (420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 349.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 349.17 Td (1,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 335.17 Td (Capital lease obligations \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.65 335.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 335.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 335.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 335.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 335.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 335.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 335.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 321.17 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 321.17 Td (651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 321.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 321.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 321.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 321.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 321.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 321.17 Td (448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 307.17 Td (Purchase obligations \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 307.17 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 307.17 Td (232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 307.17 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 307.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 307.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 307.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 307.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.17 Td (Other long-term liabilities \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 293.17 Td (387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 293.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 293.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 293.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 293.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 293.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 293.17 Td (382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 279.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 279.17 Td (otal contractual obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.15 279.17 Td (3,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 279.17 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 279.17 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 279.17 Td (379) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 279.17 Td (1) Tj ET Q q 0 0 0 rg BT 440.65 279.17 Td (1) Tj ET Q q 0 0 0 rg BT 445.65 279.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 279.17 Td (458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 279.17 Td (2,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 275.10 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 253.50 Td (\(1\) Includes principal and interest payments; assumes constant foreign exchange rates for floating-rate debt at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.11 253.50 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.83 253.50 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 242.70 Td (\(2\) Includes an obligation to purchase land and a to-be-constructed hotel located in Portland, Oregon from the developer for a remaining ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 231.90 Td (purchase price of approximately ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 181.95 231.90 Td ($136 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 228.20 231.90 Td ( upon substantial completion of construction.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (\(3\) Primarily consists of deferred compensation plan liabilities; excludes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 313.68 221.10 Td ($131 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.93 221.10 Td ( in long-term taxes payable due to the uncertainty ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 210.30 Td (related to the timing of the reversal of those liabilities. ) Tj ET Q endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (93) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Guarantee Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The following table summarizes our guarantee commitments at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.48 721.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.06 721.25 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 682.75 138.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 682.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 682.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 682.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 682.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 682.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 682.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 682.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 682.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 682.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 682.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 682.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 682.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 682.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.75 138.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 644.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 644.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 644.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 644.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 644.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 644.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 644.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 644.75 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 696.75 m 292.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 696.75 m 296.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 696.75 m 346.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 696.75 m 350.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 696.75 m 400.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 696.75 m 404.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 696.75 m 454.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 696.75 m 458.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 696.75 m 508.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 696.75 m 512.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 696.75 m 562.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 682.75 m 238.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 682.75 m 292.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 682.75 m 346.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 682.75 m 400.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 682.75 m 454.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 696.75 m 508.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 682.75 m 508.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 682.75 m 292.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 682.75 m 346.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 682.75 m 400.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 682.75 m 454.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 682.75 m 508.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 644.75 m 292.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 644.75 m 346.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 644.75 m 400.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 644.75 m 454.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 644.75 m 508.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 644.75 m 562.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 644.75 m 238.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 631.75 m 238.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 629.75 m 238.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 644.75 m 292.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 631.75 m 292.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 629.75 m 292.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 644.75 m 346.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 631.75 m 346.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 629.75 m 346.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 644.75 m 400.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 631.75 m 400.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 629.75 m 400.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 644.75 m 454.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 631.75 m 454.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 629.75 m 454.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 644.75 m 508.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 631.75 m 508.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 629.75 m 508.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 644.75 m 562.5 644.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 631.75 m 562.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 629.75 m 562.5 629.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.00 701.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.20 700.98 Td (AmountofGuaranteeCommitmentsExpirationbyPeriod) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.25 686.98 Td (T) Tj ET Q q 0 0 0 rg BT 209.22 686.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 686.98 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 686.98 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.00 686.98 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 686.98 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.00 686.98 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.70 686.98 Td (Ther) Tj ET Q q 0 0 0 rg BT 535.44 686.98 Td (eafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.32 Td (Performance guarantees \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 673.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 673.32 Td (257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 673.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 673.32 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 673.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 673.32 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 673.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 673.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 673.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 673.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 673.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 673.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 673.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 673.32 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 659.32 Td (Debt repayment and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.32 Td (guarantees \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 649.42 Td (717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 649.42 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 649.42 Td (556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 649.42 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 649.42 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 649.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 635.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 635.32 Td (otal guarantee commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 635.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 635.32 Td (974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 635.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 635.32 Td (1) Tj ET Q q 0 0 0 rg BT 278.65 635.32 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 635.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 635.32 Td (731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 635.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 635.32 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 635.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 635.32 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 635.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 635.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 635.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 635.32 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 631.25 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 609.65 Td (\(1\) Consists of contractual agreements with third-party owners which require us to guarantee payments to the owners if specified levels of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 598.85 Td (operating profit are not achieved by their hotels. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 588.05 Td (\(2\) Consists of various debt repayment and other guarantees related to our unconsolidated hospitality ventures, managed and franchised ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 577.25 Td (hotels, and other properties. Certain of these underlying debt agreements have extension periods which are not reflected in the table ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 566.45 Td (above. ) Tj ET Q q 0 0 0 rg BT 89.33 566.45 Td (W) Tj ET Q q 0 0 0 rg BT 97.46 566.45 Td (ith respect to certain of these guarantees, we have agreements with our unconsolidated hospitality venture partners, the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 555.65 Td (respective hotel owners, or other third parties which reduce our maximum guarantee and are not reflected in the table above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 534.65 Td (See Part IV) Tj ET Q q 0 0 0 rg BT 117.31 534.65 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.79 534.65 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.79 534.65 Td ( to our Consolidated Financial Statements.") Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 513.65 Td (Investment Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 492.65 Td (The following table summarizes our investment commitments, which represent our commitment to fund contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.65 Td (acquisition costs and other investments such as unconsolidated hospitality ventures, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.16 480.65 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.74 480.65 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.15 138.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 442.15 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 442.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 442.15 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 442.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 442.15 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 442.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 442.15 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 442.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 442.15 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 442.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 442.15 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 442.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 442.15 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 456.15 m 292.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 456.15 m 296.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 456.15 m 346.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 456.15 m 350.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 456.15 m 400.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 456.15 m 404.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 456.15 m 454.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 456.15 m 458.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 456.15 m 508.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 456.15 m 512.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 456.15 m 562.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 442.15 m 238.5 442.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 442.15 m 292.5 442.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 442.15 m 346.5 442.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 442.15 m 400.5 442.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 442.15 m 454.5 442.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 456.15 m 508.5 456.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 442.15 m 508.5 442.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 442.15 m 562.5 442.15 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.00 460.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.55 460.38 Td (AmountofInvestmentCommitmentsExpected FundingbyPeriod) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 204.25 446.38 Td (T) Tj ET Q q 0 0 0 rg BT 209.22 446.38 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.00 446.38 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 446.38 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.00 446.38 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 446.38 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.00 446.38 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.70 446.38 Td (Ther) Tj ET Q q 0 0 0 rg BT 535.44 446.38 Td (eafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.72 Td (Investment commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 432.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.65 432.72 Td (283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 432.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 432.72 Td (154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.00 432.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 432.72 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 432.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 432.72 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.00 432.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 432.72 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 432.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 432.72 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.00 432.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 432.72 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.00 428.65 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 407.65 Td (Of) Tj ET Q q 0 0 0 rg BT 82.87 407.65 Td (f-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 150.83 407.65 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 386.65 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 386.65 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.08 386.65 Td (, our of) Tj ET Q q 0 0 0 rg BT 194.06 386.65 Td (f-balance sheet arrangements included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.10 386.65 Td ($256 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.49 386.65 Td ( of purchase obligations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.30 386.65 Td ($277million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.69 386.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.65 Td (of letters of credit, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.30 374.65 Td ($35million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.69 374.65 Td ( of surety bonds. ) Tj ET Q q 0 0 0 rg BT 258.67 374.65 Td (These amounts are discussed in "Sources and Uses of CashRevolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.65 Td (Credit Facility and Letters of Credit," "Contractual Obligations," and Part IV) Tj ET Q q 0 0 0 rg BT 376.45 362.65 Td (, Item 15, "Exhibits and Financial Statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.65 Td (ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.59 350.65 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.59 350.65 Td ( to our Consolidated Financial Statements.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 329.65 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 329.65 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 308.65 Td (Preparing financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 301.92 308.65 Td ( requires management to make estimates and assumptions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.65 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 296.65 Td (fect the reported amounts of assets and liabilities as of the date of the financial statements, the reported amounts of revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.65 Td (and expenses during the reporting periods, and the related disclosures in our consolidated financial statements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.65 Td (accompanying notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 251.65 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 251.65 Td ( number of our accounting policies, which are described in Part IV) Tj ET Q q 0 0 0 rg BT 344.46 251.65 Td (, Item 15, "Exhibits and Financial Statement Schedule) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.65 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.94 239.65 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 239.65 Td ( to our Consolidated Financial Statements," are critical due to the fact they involve a higher degree of judgment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.65 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 92.03 227.65 Td (Those accounting policies and other critical estimates are included below) Tj ET Q q 0 0 0 rg BT 384.33 227.65 Td (. ) Tj ET Q q 0 0 0 rg BT 388.78 227.65 Td (As a result, these accounting policies could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.65 Td (materially af) Tj ET Q q 0 0 0 rg BT 100.63 215.65 Td (fect our financial position and results of operations. ) Tj ET Q q 0 0 0 rg BT 309.00 215.65 Td (While we have used our best estimates based on the facts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.65 Td (circumstances available to us at the time, dif) Tj ET Q q 0 0 0 rg BT 227.53 203.65 Td (ferent estimates reasonably could have been used in the current period. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.65 Td (changes in the accounting estimates that we use are reasonably likely to occur from period to period, which may have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.65 Td (material impact on the presentation of our financial condition and results of operations. ) Tj ET Q q 0 0 0 rg BT 400.45 179.65 Td (Although we believe our estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.65 Td (assumptions, and judgments are reasonable, they are based upon information presently available. ) Tj ET Q q 0 0 0 rg BT 439.61 167.65 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 528.02 167.65 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.65 Td (significantly from these estimates under dif) Tj ET Q q 0 0 0 rg BT 223.38 155.65 Td (ferent assumptions, judgments, or conditions. Management has discussed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.65 Td (development and selection of these critical accounting policies and estimates with the audit committee of the board of directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 122.65 Td (Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 101.65 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 101.65 Td (e enter into performance guarantees related to certain hotels we manage. ) Tj ET Q q 0 0 0 rg BT 373.04 101.65 Td (W) Tj ET Q q 0 0 0 rg BT 381.67 101.65 Td (e also enter into debt repayment and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.65 Td (guarantees with respect to unconsolidated hospitality ventures, certain managed or franchised hotels, and other properties. ) Tj ET Q q 0 0 0 rg BT 540.21 89.65 Td (W) Tj ET Q q 0 0 0 rg BT 548.85 89.65 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.65 Td (record a liability for the fair value of these guarantees at their inception date. In order to estimate the fair value, we use a Monte ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.65 Td (Carlo simulation to model the probability of possible outcomes. ) Tj ET Q q 0 0 0 rg BT 307.56 65.65 Td (The valuation methodology requires that we make certain ) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (assumptions and judgments in our determination of the fair value, which are based on our knowledge of the hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (industry) Tj ET Q q 0 0 0 rg BT 82.13 730.10 Td (, market conditions, location of the property) Tj ET Q q 0 0 0 rg BT 257.54 730.10 Td (, and specific information available at the time of the valuation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (Goodwill and Indefinite-Lived Intangible ) Tj ET Q q 0 0 0 rg BT 221.86 709.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 688.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 688.10 Td (e evaluate goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (year using balances at October 1 and at an interim date if indications of impairment exist. ) Tj ET Q q 0 0 0 rg BT 409.98 676.10 Td (The Company has nine reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (units which have goodwill at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.04 664.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.62 664.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 643.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 643.10 Td (e are required to apply judgment when determining whether or not indications of impairment exist. ) Tj ET Q q 0 0 0 rg BT 479.18 643.10 Td (The determination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (of the occurrence of a triggering event is based on our knowledge of the hospitality industry) Tj ET Q q 0 0 0 rg BT 417.30 631.10 Td (, historical experience, location of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (the property or properties, market conditions, and specific information available at the time of the assessment. ) Tj ET Q q 0 0 0 rg BT 492.18 619.10 Td (W) Tj ET Q q 0 0 0 rg BT 500.82 619.10 Td (e realize, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (however) Tj ET Q q 0 0 0 rg BT 84.03 607.10 Td (, that the results of our analysis could vary from period to period depending on how our judgment is applied and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (facts and circumstances available at the time of the analysis. Judgment is also required in determining the assumptions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (estimates used when calculating the fair value of the reporting unit or the indefinite-lived intangible asset.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 562.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 119.06 562.10 Td (, changes in estimates used in the goodwill and indefinite-lived intangible assets impairment valuations have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (not resulted in material impairment char) Tj ET Q q 0 0 0 rg BT 210.60 550.10 Td (ges in subsequent periods as a result of changes in those estimates. However) Tj ET Q q 0 0 0 rg BT 515.95 550.10 Td (, changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (in the economic and operating conditions impacting the assumptions and estimates could result in an impairment char) Tj ET Q q 0 0 0 rg BT 520.82 538.10 Td (ge which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (could be material to our earnings. ) Tj ET Q q 0 0 0 rg BT 186.35 526.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.85 526.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.43 526.10 Td (, a change in our assumptions and estimates that could reduce the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (value of each of our reporting units or indefinite-lived intangible assets by 10% would not result in an impairment char) Tj ET Q q 0 0 0 rg BT 525.53 514.10 Td (ge. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (periods which are close to an acquisition, we would expect fair value to approximate carrying value and do not consider this to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (be indicative of an impairment risk, absent other factors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 448.10 Td (Assets acquired and liabilities assumed in acquisitions are recorded at fair value as of the acquisition date. ) Tj ET Q q 0 0 0 rg BT 498.85 448.10 Td (W) Tj ET Q q 0 0 0 rg BT 507.49 448.10 Td (e use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (judgment to determine the fair value of the assets or businesses acquired and to allocate the fair value to identifiable tangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (and intangible assets. Generally) Tj ET Q q 0 0 0 rg BT 176.53 424.10 Td (, tangible assets acquired include property and equipment, and intangible assets acquired may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (include management agreement intangibles, brand intangibles, advanced bookings, or goodwill in a business combination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Changes to the significant assumptions or factors used to determine fair value could af) Tj ET Q q 0 0 0 rg BT 395.56 400.10 Td (fect the measurement and allocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (fair value.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (Property and Equipment and Definite-Lived Intangible ) Tj ET Q q 0 0 0 rg BT 279.07 367.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 346.10 Td (e evaluate property and equipment and definite-lived intangible assets for impairment quarterly) Tj ET Q q 0 0 0 rg BT 461.74 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.56 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 475.20 346.10 Td (e use judgment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (determine whether indications of impairment exist. ) Tj ET Q q 0 0 0 rg BT 256.70 334.10 Td (The determination of the occurrence of a triggering event is based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (knowledge of the hospitality industry) Tj ET Q q 0 0 0 rg BT 198.77 322.10 Td (, historical experience, location of the property) Tj ET Q q 0 0 0 rg BT 385.27 322.10 Td (, market conditions, and property-specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (information available at the time of the assessment. ) Tj ET Q q 0 0 0 rg BT 257.81 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 266.45 310.10 Td (e realize, however) Tj ET Q q 0 0 0 rg BT 339.06 310.10 Td (, that the results of our analysis could vary from period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (to period depending on how our judgment is applied and the facts and circumstances available at the time of the analysis. ) Tj ET Q q 0 0 0 rg BT 536.90 298.10 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (a triggering event occurs, judgment is also required in determining the assumptions and estimates to use within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (recoverability analysis and when calculating the fair value of the asset or asset group, if applicable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 253.10 Td (Changes in economic and operating conditions impacting the judgments used could result in impairments to our long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (lived assets in future periods, which could be material to our earnings. Historically) Tj ET Q q 0 0 0 rg BT 379.82 241.10 Td (, changes in estimates used in the property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (and equipment and definite-lived intangible assets impairment assessment process have not resulted in material impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 217.10 Td (ges in subsequent periods as a result of changes made to those estimates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (Unconsolidated Hospitality V) Tj ET Q q 0 0 0 rg BT 170.01 196.10 Td (entures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 175.10 Td (e assess investments in unconsolidated hospitality ventures for impairment quarterly) Tj ET Q q 0 0 0 rg BT 419.42 175.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.23 175.10 Td (W) Tj ET Q q 0 0 0 rg BT 432.87 175.10 Td (e use judgment to determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (whether or not there is an indication that a loss in value has occurred and whether a decline is deemed to be other than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (temporary) Tj ET Q q 0 0 0 rg BT 90.44 151.10 Td (. ) Tj ET Q q 0 0 0 rg BT 95.26 151.10 Td (The determination of whether a loss in value has occurred is based on our knowledge of the hospitality industry) Tj ET Q q 0 0 0 rg BT 541.17 151.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (historical experience, location of the underlying venture property) Tj ET Q q 0 0 0 rg BT 309.81 139.10 Td (, market conditions, and venture-specific information available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (at the time of the assessment. ) Tj ET Q q 0 0 0 rg BT 169.51 127.10 Td (When there is an indication that a loss in value has occurred, judgment is also required in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (determining the assumptions and estimates to use when calculating the fair value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 94.10 Td (Changes in economic and operating conditions impacting these estimates and judgments could result in impairments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (our investments in unconsolidated hospitality ventures in future periods. Historically) Tj ET Q q 0 0 0 rg BT 388.18 82.10 Td (, changes in estimates used in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (unconsolidated hospitality ventures impairment assessment process have not resulted in material impairment char) Tj ET Q q 0 0 0 rg BT 504.14 70.10 Td (ges in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (subsequent periods as a result of changes made to those estimates. ) Tj ET Q endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (95) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 88.80 742.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Judgment is required in addressing the future tax consequences of events that have been recognized in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (financial statements or tax returns \(e.g., realization of deferred tax assets, changes in tax laws, or interpretations thereof\). In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (addition, we are subject to examination of our income tax returns by the IRS and other tax authorities. ) Tj ET Q q 0 0 0 rg BT 459.89 697.25 Td (A) Tj ET Q q 0 0 0 rg BT 466.56 697.25 Td ( change in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (assessment of the outcomes of such matters could materially impact our consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 663.25 Td (As a result of the 2017 ) Tj ET Q q 0 0 0 rg BT 165.63 663.25 Td (T) Tj ET Q q 0 0 0 rg BT 171.04 663.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 182.43 663.25 Td (Act, we recorded provisional estimates in accordance with Staf) Tj ET Q q 0 0 0 rg BT 434.66 663.25 Td (f ) Tj ET Q q 0 0 0 rg BT 439.94 663.25 Td (Accounting Bulletin No. 1) Tj ET Q q 0 0 0 rg BT 545.66 663.25 Td (18 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 651.25 Td (\("SAB 1) Tj ET Q q 0 0 0 rg BT 83.99 651.25 Td (18"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 106.41 651.25 Td (Income T) Tj ET Q q 0 0 0 rg BT 142.98 651.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 154.74 651.25 Td (Accounting Implications of the T) Tj ET Q q 0 0 0 rg BT 284.91 651.25 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 355.84 651.25 Td (Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.17 651.25 Td (, during the year ended December 31, 2017 in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 639.25 Td (relation to the revaluation of our net deferred tax assets at the lower U.S. corporate income tax rate and the additional tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.25 Td (expense associated with the deemed repatriation tax. ) Tj ET Q q 0 0 0 rg BT 262.14 627.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 312.05 627.25 Td (, we recorded a valuation allowance against foreign tax credits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 615.25 Td (which we anticipated would no longer be realizable based upon the taxation of foreign earnings under the new tax legislation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 603.25 Td (During the year ended December 31, 2018, we recorded measurement period adjustments related to the provisional estimates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 591.25 Td (including a reduction to the foreign tax credit valuation allowance recognized in the year ended December 31, 2017. ) Tj ET Q q 0 0 0 rg BT 517.42 591.25 Td (W) Tj ET Q q 0 0 0 rg BT 526.05 591.25 Td (e now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 579.25 Td (consider our accounting for the 2017 ) Tj ET Q q 0 0 0 rg BT 199.78 579.25 Td (T) Tj ET Q q 0 0 0 rg BT 205.19 579.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 216.57 579.25 Td (Act complete. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 557.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 557.25 Td (e evaluate tax positions taken or expected to be taken on a tax return to determine whether they are "more likely than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (not" of being sustained assuming that the tax reporting positions will be examined by taxing authorities with full knowledge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.25 Td (all relevant information prior to recording the related tax benefit in our consolidated financial statements. If a position drops ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 Td (below the "more likely than not" standard, the benefit can no longer be recognized. ) Tj ET Q q 0 0 0 rg BT 384.17 521.25 Td (Assumptions, judgment, and the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (estimates are required in determining if the "more likely than not" standard has been met when developing the provision for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (income taxes. ) Tj ET Q q 0 0 0 rg BT 106.93 497.25 Td (A) Tj ET Q q 0 0 0 rg BT 113.60 497.25 Td ( change in the assessment of the "more likely than not" standard with respect to a position could materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (impact our consolidated financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 464.25 Td (For information regarding the impact of the 2017 ) Tj ET Q q 0 0 0 rg BT 273.21 464.25 Td (T) Tj ET Q q 0 0 0 rg BT 278.62 464.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 290.01 464.25 Td (Act and the measurement period adjustments recorded in 2018, see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.25 Td (Part IV) Tj ET Q q 0 0 0 rg BT 77.87 452.25 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.35 452.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.35 452.25 Td ( to our Consolidated Financial Statements.") Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (Loyalty Program Future Redemption Obligation and Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 410.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 410.25 Td (e utilize an actuary to assist with the valuation of the deferred revenue liability related to the loyalty program. Changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (in the estimates, including the estimate of the breakage for points that will not be redeemed, could result in a material change to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (our liability and the amount of revenue we recognize when redemptions occur) Tj ET Q q 0 0 0 rg BT 361.84 386.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 365.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 365.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.58 365.25 Td (, our total deferred revenue liability related to the loyalty program was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 365.25 Td ($596 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.04 365.25 Td (. ) Tj ET Q q 0 0 0 rg BT 503.49 365.25 Td (A) Tj ET Q q 0 0 0 rg BT 510.16 365.25 Td ( 10% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.25 Td (decrease in the breakage assumption would result in an increase in the liability of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.93 353.25 Td ($30 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.32 353.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.54 353.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 341.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (Future ) Tj ET Q q 0 0 0 rg BT 81.03 320.25 Td (Adoption of ) Tj ET Q q 0 0 0 rg BT 131.78 320.25 Td (Accounting Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 299.25 Td (See Part IV) Tj ET Q q 0 0 0 rg BT 117.31 299.25 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.79 299.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.79 299.25 Td ( to our Consolidated Financial Statements" for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (the Company's current evaluation of the impact of adopting ) Tj ET Q q 0 0 0 rg BT 289.79 287.25 Td (Accounting Standards Update No. 2016-02 \("ASU 2016-02"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 87.70 275.25 Td (opic 842\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.74 275.25 Td (and other accounting standards ef) Tj ET Q q 0 0 0 rg BT 264.96 275.25 Td (fective in future periods. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (Item 7A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 254.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 264.64 254.25 Td (About Market Risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 233.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 233.25 Td (e are exposed to market risk primarily from changes in interest rates and foreign currency exchange rates. In certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.25 Td (situations, we seek to reduce earnings and cash flow volatility associated with changes in interest rates and foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (exchange rates by entering into financial arrangements to provide a hedge against a portion of the risks associated with such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 85.46 197.25 Td (. ) Tj ET Q q 0 0 0 rg BT 90.28 197.25 Td (W) Tj ET Q q 0 0 0 rg BT 98.92 197.25 Td (e continue to have exposure to such risks to the extent they are not hedged. ) Tj ET Q q 0 0 0 rg BT 400.87 197.25 Td (W) Tj ET Q q 0 0 0 rg BT 409.51 197.25 Td (e enter into derivative financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (arrangements to the extent they meet the objectives described above, and we do not use derivatives for trading or speculative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 90.00 173.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 173.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.08 173.25 Td (, we were a party to hedging transactions including the use of derivative financial instruments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (as discussed below) Tj ET Q q 0 0 0 rg BT 125.45 161.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.48 140.25 Td (est Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 119.25 Td (In the normal course of business, we are exposed to the impact of interest rate changes due to our borrowing activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (Our objective is to manage the risk of interest rate changes on the results of operations, cash flows, and the market value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (debt by creating an appropriate balance between our fixed and floating-rate debt. ) Tj ET Q q 0 0 0 rg BT 375.51 95.25 Td (W) Tj ET Q q 0 0 0 rg BT 384.15 95.25 Td (e enter into interest rate derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.25 Td (transactions from time to time, including interest rate swaps and interest rate locks, in order to maintain a level of exposure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (interest rate variability that we deem acceptable. ) Tj ET Q endstream endobj 197 0 obj <>] /Rotate 0 /Contents 198 0 R>> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 742.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 742.10 Td (, we entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.36 742.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.36 742.10 Td ( interest rate locks with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.10 742.10 Td ($425 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.49 742.10 Td ( total notional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (value to hedge a portion of the risk of changes in the benchmark interest rate associated with long-term debt we anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (issuing in the future. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.34 718.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.93 718.10 Td (, we settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.69 718.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.13 718.10 Td ( of the interest rate locks with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.42 718.10 Td ($225 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.81 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (notional value at the date of the issuance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.77 706.10 Td ($400 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.16 706.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.49 706.10 Td (4.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.32 706.10 Td ( senior notes due 2028. ) Tj ET Q q 0 0 0 rg BT 416.13 706.10 Td (The outstanding interest rate lock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.22 694.10 Td ($200 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.61 694.10 Td ( notional value remains highly ef) Tj ET Q q 0 0 0 rg BT 260.34 694.10 Td (fective at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.76 694.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.34 694.10 Td (. See Part IV) Tj ET Q q 0 0 0 rg BT 428.15 694.10 Td (, Item 15, "Exhibits and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Financial Statement ScheduleNote ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.80 682.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.80 682.10 Td ( to the Consolidated Financial Statements." ) Tj ET Q q 0 0 0 rg BT 385.69 682.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.19 682.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.77 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.21 682.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 670.10 Td (, we did not hold any interest rate swap contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 649.10 Td (The following table sets forth the contractual maturities and the total fair values at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 649.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.08 649.10 Td ( for our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (instruments materially af) Tj ET Q q 0 0 0 rg BT 149.79 637.10 Td (fected by interest rate risk:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 576.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 548.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 548.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 548.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 548.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 548.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 548.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 548.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 548.60 44.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 613.6 m 226.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 613.6 m 230.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 613.6 m 274.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 613.6 m 278.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 613.6 m 322.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 613.6 m 326.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 613.6 m 370.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 613.6 m 374.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 613.6 m 418.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 613.6 m 422.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 613.6 m 466.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 613.6 m 418.5 613.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.45 617.83 Td (Maturities by Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.00 580.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.00 580.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.00 580.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.00 580.83 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.00 580.83 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.70 580.83 Td (Ther) Tj ET Q q 0 0 0 rg BT 442.51 580.83 Td (eafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.25 596.83 Td (T) Tj ET Q q 0 0 0 rg BT 488.22 596.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 588.83 Td (carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.20 580.83 Td (amount \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.10 588.83 Td (T) Tj ET Q q 0 0 0 rg BT 528.70 588.83 Td (otal fair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.85 580.83 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.17 Td (Fixed-rate debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 567.17 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 567.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 567.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 567.17 Td (255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 567.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 567.17 Td (355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 567.17 Td (959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.10 567.17 Td (1,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 567.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 567.17 Td (1,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.17 Td (A) Tj ET Q q 0 0 0 rg BT 59.85 553.17 Td (verage interest rate \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 553.17 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 553.17 Td (4.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 553.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.17 Td (Floating-rate debt \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 539.17 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 539.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 539.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 539.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 539.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 539.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 539.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 539.17 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 539.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 539.17 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 525.17 Td (A) Tj ET Q q 0 0 0 rg BT 59.48 525.17 Td (verage interest rate \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 525.17 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 525.17 Td (7.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 525.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 499.50 Td (\(1\) Excludes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 97.98 499.50 Td ($12 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 139.74 499.50 Td ( of capital lease obligations and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.70 499.50 Td ($16 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.45 499.50 Td ( of unamortized discounts and deferred financing fees.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 488.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.25 488.70 Td (A) Tj ET Q q 0 0 0 rg BT 68.08 488.70 Td (verage interest rate at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 147.53 488.70 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.26 488.70 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 477.90 Td (\(3\) Includes Grand Hyatt Rio de Janeiro construction loan which had a 7.95% interest rate at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.65 477.90 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.37 477.90 Td (. For additional information ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 467.10 Td (on floating-rate debt, see Part IV) Tj ET Q q 0 0 0 rg BT 180.30 467.10 Td (, Item 15, "Exhibits and Financial Statement ScheduleNote ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.93 467.10 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.93 467.10 Td ( to our Consolidated Financial ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 456.30 Td (Statements.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 435.30 Td (For) Tj ET Q q 0 0 0 rg BT 65.37 435.30 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 107.12 435.30 Td (ency Exposur) Tj ET Q q 0 0 0 rg BT 165.00 435.30 Td (es and Exchange Rate Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 414.30 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 414.30 Td (e transact business in various foreign currencies and utilize foreign currency forward contracts to of) Tj ET Q q 0 0 0 rg BT 481.19 414.30 Td (fset our exposure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.30 Td (associated with the fluctuations of certain foreign currencies. ) Tj ET Q q 0 0 0 rg BT 296.11 402.30 Td (The U.S. dollar equivalents of the notional amount of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.30 Td (outstanding forward contracts, the majority of which relate to intercompany transactions, with terms of less than one year) Tj ET Q q 0 0 0 rg BT 535.29 390.30 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.30 Td ($210 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 378.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 378.30 Td ($254 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.22 378.30 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.44 378.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.02 378.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.46 378.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.04 378.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 413.71 378.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 357.30 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 357.30 Td (e intend to of) Tj ET Q q 0 0 0 rg BT 135.50 357.30 Td (fset the gains and losses related to our third-party debt and intercompany transactions with gains or losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.30 Td (on our foreign currency forward contracts such that there is a negligible ef) Tj ET Q q 0 0 0 rg BT 346.92 345.30 Td (fect on net income. ) Tj ET Q q 0 0 0 rg BT 425.51 345.30 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.01 345.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.59 345.30 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.30 Td (hypothetical 10% change in foreign currency exchange rates would result in an immaterial change in the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.30 Td (hedging instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 300.30 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.08 300.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.67 300.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.67 300.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.25 300.30 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.19 300.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.77 300.30 Td (, the ef) Tj ET Q q 0 0 0 rg BT 445.08 300.30 Td (fects of these derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.30 Td (instruments resulted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.60 288.30 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.99 288.30 Td ( of net gains, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.15 288.30 Td ($19 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.54 288.30 Td ( of net losses, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.41 288.30 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.81 288.30 Td ( of net gains, respectively) Tj ET Q q 0 0 0 rg BT 512.62 288.30 Td (, recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.30 Td (in other income \(loss\), net on our consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 323.08 276.30 Td (W) Tj ET Q q 0 0 0 rg BT 331.72 276.30 Td (e of) Tj ET Q q 0 0 0 rg BT 346.81 276.30 Td (fset the gains and losses on our foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.30 Td (forward contracts with gains and losses related to our intercompany loans and transactions, such that there is a negligible ef) Tj ET Q q 0 0 0 rg BT 543.56 264.30 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.30 Td (to net income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.30 Td (Item 8. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 231.30 Td (Financial Statements and Supplementary Data.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 210.30 Td (The consolidated financial statements and supplementary data required by Item8 are contained in Item15 of this annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.30 Td (report and are incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.30 Td (Item 9. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 177.30 Td (Changes in and Disagreements with ) Tj ET Q q 0 0 0 rg BT 246.05 177.30 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 312.92 177.30 Td (Accounting and Financial Disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 156.30 Td (None.) Tj ET Q endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 9A. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 742.25 Td (Controls and Procedures. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 721.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 721.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 721.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 721.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 721.25 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 700.25 Td (The Company maintains a set of disclosure controls and procedures designed to provide reasonable assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (information required to be disclosed by the Company in reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 477.69 688.25 Td (Act, is recorded, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.25 Td (processed, summarized, and reported within the time periods specified in SEC rules and forms. In accordance with Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (13a-15\(b\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 158.85 664.25 Td (Act, as of the end of the period covered by this annual report, an evaluation was carried out under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (the supervision and with the participation of the Company's management, including its Principal Executive Of) Tj ET Q q 0 0 0 rg BT 490.69 652.25 Td (ficer and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (Principal Financial Of) Tj ET Q q 0 0 0 rg BT 138.69 640.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 156.60 640.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 194.74 640.25 Td (fectiveness of its disclosure controls and procedures. Based on that evaluation, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Company's Principal Executive Of) Tj ET Q q 0 0 0 rg BT 188.54 628.25 Td (ficer and Principal Financial Of) Tj ET Q q 0 0 0 rg BT 314.98 628.25 Td (ficer concluded that the Company's disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (procedures, as of the end of the period covered by this annual report, were ef) Tj ET Q q 0 0 0 rg BT 356.92 616.25 Td (fective to provide reasonable assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (information required to be disclosed by the Company in reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 477.69 604.25 Td (Act is recorded, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (processed, summarized, and reported within the time periods specified in SEC rules and forms and is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (communicated to the Company's management, including the Principal Executive Of) Tj ET Q q 0 0 0 rg BT 385.98 580.25 Td (ficer and Principal Financial Of) Tj ET Q q 0 0 0 rg BT 512.42 580.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 530.33 580.25 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (appropriate to allow timely decisions regarding required disclosure. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 541.85 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 112.87 541.85 Td (ol over) Tj ET Q q 0 0 0 rg BT 141.85 541.85 Td ( Financial Reporting ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.00 515.45 Td (Management's Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 222.64 515.45 Td (ol Over Financial Reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 494.45 Td (Management's Report on Internal Control Over Financial Reporting is included in Part IV) Tj ET Q q 0 0 0 rg BT 432.21 494.45 Td (, Item15 of this annual report. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.00 473.45 Td (Attestation Report of Independent Register) Tj ET Q q 0 0 0 rg BT 232.70 473.45 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 273.06 473.45 Td (Accounting Firm. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 452.45 Td (The ) Tj ET Q q 0 0 0 rg BT 91.50 452.45 Td (Attestation Report of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 303.12 452.45 Td (Accounting Firm is included in Part IV) Tj ET Q q 0 0 0 rg BT 458.47 452.45 Td (, Item15 of this annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.45 Td (report. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.00 419.45 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 167.46 419.45 Td (ol. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 398.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 398.45 Td (e are in the process of integrating ) Tj ET Q q 0 0 0 rg BT 218.24 398.45 Td (T) Tj ET Q q 0 0 0 rg BT 223.65 398.45 Td (wo Roads into our overall internal control over financial reporting process.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 377.45 Td (Except as described above, there has been no change in the Company's internal control over financial reporting during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.45 Td (Company's most recent fiscal quarter that has materially af) Tj ET Q q 0 0 0 rg BT 284.87 365.45 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 466.29 365.45 Td (fect, the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.45 Td (internal control over financial reporting. ) Tj ET Q q 0 0 0 rg BT 213.09 353.45 Td (The Company implemented internal controls to ensure the Company adequately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.45 Td (evaluated the contracts and properly assessed the impact of the new accounting standards related to revenue recognition on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.45 Td (Company's financial statements to facilitate the adoption on January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 360.16 329.45 Td (There were no significant changes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.45 Td (Company's internal control over financial reporting due to the adoption of the new standards.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 296.45 Td (The scope of management's assessment of the ef) Tj ET Q q 0 0 0 rg BT 267.50 296.45 Td (fectiveness of our internal control over financial reporting included all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.45 Td (our consolidated operations except for ) Tj ET Q q 0 0 0 rg BT 205.60 284.45 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 284.45 Td (wo Roads as it was acquired on November 30, 2018. ) Tj ET Q q 0 0 0 rg BT 424.12 284.45 Td (This exclusion is in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.45 Td (with the SEC staf) Tj ET Q q 0 0 0 rg BT 120.09 272.45 Td (f's general guidance that an assessment of a recently acquired business may be omitted from the scope of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.45 Td (management's assessment for one year following the acquisition. ) Tj ET Q q 0 0 0 rg BT 311.83 260.45 Td (The business that we acquired in the ) Tj ET Q q 0 0 0 rg BT 459.66 260.45 Td (T) Tj ET Q q 0 0 0 rg BT 465.07 260.45 Td (wo Roads transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.45 Td (represented approximately 8% of the Company's total assets as of December 31, 2018. ) Tj ET Q q 0 0 0 rg BT 398.47 248.45 Td (The revenues and net income from this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.45 Td (business for the year ended December 31, 2018 were not significant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.45 Td (Item 9B. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 215.45 Td (Other Information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 194.45 Td (None) Tj ET Q endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.45 742.25 Td (Part III) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.45 Td (Item 10.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.99 710.45 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 710.45 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 191.74 710.45 Td (ficers, and Corporate Governance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.23 710.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 689.45 Td (The information required by this Item 10 is incorporated by reference to the information set forth in the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.45 Td (definitive proxy statement, to be filed with the SEC within 120 days after the end of the Company's fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 665.45 Td ( pursuant to Regulation 14A) Tj ET Q q 0 0 0 rg BT 241.35 665.45 Td ( under the Exchange ) Tj ET Q q 0 0 0 rg BT 325.21 665.45 Td (Act in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 665.45 Td (2019 ) Tj ET Q q 0 0 0 rg BT 456.86 665.45 Td (Annual Meeting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.45 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 653.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 632.45 Td (Information required by this Item 10 appears under the captions: "CORPORA) Tj ET Q q 0 0 0 rg BT 384.69 632.45 Td (TE GOVERNANCEPROPOSAL) Tj ET Q q 0 0 0 rg BT 529.05 632.45 Td ( 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.45 Td (ELECTION OF DIRECT) Tj ET Q q 0 0 0 rg BT 152.59 620.45 Td (ORS," "CORPORA) Tj ET Q q 0 0 0 rg BT 231.33 620.45 Td (TE GOVERNANCEOUR BOARD OF DIRECT) Tj ET Q q 0 0 0 rg BT 437.27 620.45 Td (ORS," "CORPORA) Tj ET Q q 0 0 0 rg BT 516.01 620.45 Td (TE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.45 Td (GOVERNANCE," "CORPORA) Tj ET Q q 0 0 0 rg BT 178.18 608.45 Td (TE GOVERNANCECOMMITTEES OF ) Tj ET Q q 0 0 0 rg BT 354.38 608.45 Td (THE BOARD OF DIRECT) Tj ET Q q 0 0 0 rg BT 465.04 608.45 Td (ORSNominating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.45 Td (Corporate Governance Committee," "ST) Tj ET Q q 0 0 0 rg BT 212.38 596.45 Td (OCKSECTION 16\(a\) BENEFICIAL) Tj ET Q q 0 0 0 rg BT 369.78 596.45 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 430.24 596.45 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 464.37 596.45 Td (TING ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.45 Td (COMPLIANCE," and "CORPORA) Tj ET Q q 0 0 0 rg BT 191.24 584.45 Td (TE GOVERNANCECOMMITTEES OF ) Tj ET Q q 0 0 0 rg BT 367.44 584.45 Td (THE BOARD OF DIRECT) Tj ET Q q 0 0 0 rg BT 478.10 584.45 Td (ORSAudit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.45 Td (Committee" in the definitive proxy statement. See Part I, "Executive Of) Tj ET Q q 0 0 0 rg BT 336.80 572.45 Td (ficers of the Registrant" of this annual report for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.45 Td (information regarding executive of) Tj ET Q q 0 0 0 rg BT 189.49 560.45 Td (ficers of the Company) Tj ET Q q 0 0 0 rg BT 277.98 560.45 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.45 Td (Code of Business Conduct and Ethics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 518.45 Td (The Company has adopted the Hyatt Hotels Corporation Code of Business Conduct and Ethics \(the "Code of Ethics"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.45 Td (which is applicable to all of the Hyatt directors, of) Tj ET Q q 0 0 0 rg BT 250.87 506.45 Td (ficers, and colleagues, including the Company's President and Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.45 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 494.45 Td (ficer) Tj ET Q q 0 0 0 rg BT 120.77 494.45 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 200.57 494.45 Td (ficer) Tj ET Q q 0 0 0 rg BT 218.48 494.45 Td (, Principal ) Tj ET Q q 0 0 0 rg BT 261.53 494.45 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 321.06 494.45 Td (ficer or Controller) Tj ET Q q 0 0 0 rg BT 393.41 494.45 Td (, and other senior financial of) Tj ET Q q 0 0 0 rg BT 510.96 494.45 Td (ficers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.45 Td (performing similar functions. ) Tj ET Q q 0 0 0 rg BT 169.79 482.45 Td (The Code of Ethics is posted on the Company's website at http://www) Tj ET Q q 0 0 0 rg BT 449.52 482.45 Td (.hyatt.com. ) Tj ET Q q 0 0 0 rg BT 496.55 482.45 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.45 Td (will furnish a copy of the Code of Ethics to any person, without char) Tj ET Q q 0 0 0 rg BT 324.20 470.45 Td (ge, upon written request directed to: ) Tj ET Q q 0 0 0 rg BT 470.92 470.45 Td (T) Tj ET Q q 0 0 0 rg BT 476.68 470.45 Td (reasurer and Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.45 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 458.45 Td (ice President, Investor Relations and Corporate Finance, Hyatt Hotels Corporation, 150 North Riverside Plaza, Chicago, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.45 Td (Illinois 60606. In the event that the Company amends or waives any of the provisions of the Code of Ethics that applies to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.45 Td (Company's Chief Executive Of) Tj ET Q q 0 0 0 rg BT 174.65 434.45 Td (ficer) Tj ET Q q 0 0 0 rg BT 192.56 434.45 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 272.36 434.45 Td (ficer) Tj ET Q q 0 0 0 rg BT 290.28 434.45 Td (, Principal ) Tj ET Q q 0 0 0 rg BT 333.33 434.45 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 392.86 434.45 Td (ficer or Controller) Tj ET Q q 0 0 0 rg BT 465.21 434.45 Td (, and other senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.45 Td (financial of) Tj ET Q q 0 0 0 rg BT 95.63 422.45 Td (ficers performing similar functions, the Company intends to disclose the subsequent information on its website. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.45 Td (Item 1) Tj ET Q q 0 0 0 rg BT 76.94 401.45 Td (1.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.44 401.45 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 401.45 Td (Executive Compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.00 401.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 380.45 Td (The information required by this Item 1) Tj ET Q q 0 0 0 rg BT 232.48 380.45 Td (1 is incorporated by reference to the information set forth in the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.45 Td (definitive proxy statement, to be filed with the SEC within 120 days after the end of the Company's fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 356.45 Td ( pursuant to Regulation 14A) Tj ET Q q 0 0 0 rg BT 241.35 356.45 Td ( under the Exchange ) Tj ET Q q 0 0 0 rg BT 325.21 356.45 Td (Act in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 356.45 Td (2019 ) Tj ET Q q 0 0 0 rg BT 456.86 356.45 Td (Annual Meeting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.45 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 344.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 323.45 Td (Information related to this Item 1) Tj ET Q q 0 0 0 rg BT 206.65 323.45 Td (1 appears under the captions: "EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 441.80 323.45 Td (TION," "CORPORA) Tj ET Q q 0 0 0 rg BT 524.98 323.45 Td (TE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.45 Td (GOVERNANCECOMPENSA) Tj ET Q q 0 0 0 rg BT 182.24 311.45 Td (TION COMMITTEE INTERLOCKS ) Tj ET Q q 0 0 0 rg BT 334.73 311.45 Td (AND INSIDER P) Tj ET Q q 0 0 0 rg BT 405.48 311.45 Td (AR) Tj ET Q q 0 0 0 rg BT 418.77 311.45 Td (TICIP) Tj ET Q q 0 0 0 rg BT 442.85 311.45 Td (A) Tj ET Q q 0 0 0 rg BT 448.96 311.45 Td (TION," "CORPORA) Tj ET Q q 0 0 0 rg BT 532.14 311.45 Td (TE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.45 Td (GOVERNANCECOMPENSA) Tj ET Q q 0 0 0 rg BT 182.24 299.45 Td (TION OF DIRECT) Tj ET Q q 0 0 0 rg BT 259.83 299.45 Td (ORS," "CORPORA) Tj ET Q q 0 0 0 rg BT 338.57 299.45 Td (TE GOVERNANCECOMPENSA) Tj ET Q q 0 0 0 rg BT 485.53 299.45 Td (TION ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.45 Td (COMMITTEE REPOR) Tj ET Q q 0 0 0 rg BT 143.57 287.45 Td (T) Tj ET Q q 0 0 0 rg BT 148.94 287.45 Td (," and "CORPORA) Tj ET Q q 0 0 0 rg BT 225.17 287.45 Td (TE GOVERNANCECOMMITTEES OF ) Tj ET Q q 0 0 0 rg BT 401.37 287.45 Td (THE BOARD OF DIRECT) Tj ET Q q 0 0 0 rg BT 512.03 287.45 Td (ORS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.45 Td (Compensation CommitteeCompensation Risk Considerations" in the definitive proxy statement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.45 Td (Item 12.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.99 254.45 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 254.45 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.03 254.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 233.45 Td (The information required by this Item12 is incorporated by reference to the information set forth in the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.45 Td (definitive proxy statement, to be filed with the SEC within 120 days after the end of the Company's fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 209.45 Td ( pursuant to Regulation 14A) Tj ET Q q 0 0 0 rg BT 241.35 209.45 Td ( under the Exchange ) Tj ET Q q 0 0 0 rg BT 325.21 209.45 Td (Act in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 209.45 Td (2019 ) Tj ET Q q 0 0 0 rg BT 456.86 209.45 Td (Annual Meeting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.45 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 197.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 176.45 Td ( Information related to this Item12 appears under the caption "ST) Tj ET Q q 0 0 0 rg BT 337.54 176.45 Td (OCKSECURITY) Tj ET Q q 0 0 0 rg BT 417.18 176.45 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 477.64 176.45 Td ( OF CER) Tj ET Q q 0 0 0 rg BT 514.27 176.45 Td (T) Tj ET Q q 0 0 0 rg BT 519.58 176.45 Td (AIN ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.45 Td (BENEFICIAL) Tj ET Q q 0 0 0 rg BT 107.96 164.45 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 154.63 164.45 Td (AND MANAGEMENT" in the definitive proxy statement. ) Tj ET Q endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 93.60 742.25 Td (Authorized for) Tj ET Q q 0 0 0 rg BT 157.02 742.25 Td ( Issuance Under) Tj ET Q q 0 0 0 rg BT 225.74 742.25 Td ( Equity Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (The following table provides certain information at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.94 721.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.52 721.25 Td ( about Class ) Tj ET Q q 0 0 0 rg BT 409.36 721.25 Td (A) Tj ET Q q 0 0 0 rg BT 416.03 721.25 Td ( common stock that may be issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (under our existing equity compensation plans:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.75 205.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 629.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 629.75 86.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 629.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 629.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 629.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 629.75 18.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 629.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 629.75 81.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 629.75 19.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 579.75 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 579.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 579.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 579.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 579.75 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 579.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 579.75 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 540.50 579.75 19.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 629.75 m 255.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 629.75 m 345.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 629.75 m 363.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 629.75 m 437.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 629.75 m 455.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 629.75 m 540.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 629.75 m 559.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 579.75 m 255.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 579.75 m 345.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 579.75 m 363.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 579.75 m 437.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 579.75 m 455.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 579.75 m 540.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 540.5 579.75 m 559.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 579.75 m 255.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 579.75 m 345.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 579.75 m 437.5 579.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 579.75 m 540.5 579.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 129.05 633.98 Td (Plan category) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.15 657.98 Td (Number) Tj ET Q q 0 0 0 rg BT 290.52 657.98 Td (ofsecuritiesto) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.40 649.98 Td (be issued upon exer) Tj ET Q q 0 0 0 rg BT 329.23 649.98 Td (cise) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.95 641.98 Td (of outstanding options,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.95 633.98 Td (warrants, and rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.10 657.98 Td (W) Tj ET Q q 0 0 0 rg BT 378.88 657.98 Td (eighted-average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.50 649.98 Td (exer) Tj ET Q q 0 0 0 rg BT 389.08 649.98 Td (cise price of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.75 641.98 Td (outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.55 633.98 Td (options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 689.98 Td (Number) Tj ET Q q 0 0 0 rg BT 492.30 689.98 Td ( of securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.65 681.98 Td (r) Tj ET Q q 0 0 0 rg BT 469.06 681.98 Td (emaining available) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.60 673.98 Td (for) Tj ET Q q 0 0 0 rg BT 477.67 673.98 Td ( futur) Tj ET Q q 0 0 0 rg BT 497.30 673.98 Td (e issuance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.65 665.98 Td (under) Tj ET Q q 0 0 0 rg BT 497.95 665.98 Td ( equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 657.98 Td (compensation plans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.70 649.98 Td (\(excludingsecurities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.90 641.98 Td (r) Tj ET Q q 0 0 0 rg BT 469.31 641.98 Td (eflected in the first) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.50 633.98 Td (column\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.42 Td (Equity Compensation Plans ) Tj ET Q q 0 0 0 rg BT 166.33 619.42 Td (Approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 609.42 Td (Security Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 609.42 Td (4,893,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 609.42 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 609.42 Td ($50.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 609.42 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 609.42 Td (4,349,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 609.42 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 594.42 Td (Equity Compensation Plans Not ) Tj ET Q q 0 0 0 rg BT 183.83 594.42 Td (Approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.42 Td (Security Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 584.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.65 584.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 584.42 Td (1,469,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 584.42 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 569.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 569.42 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 569.42 Td (4,893,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 569.42 Td ($50.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 569.42 Td (5,818,617) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 554.45 Td (\(1\) Includes \(a\) Stock ) Tj ET Q q 0 0 0 rg BT 129.98 554.45 Td (Appreciation Rights \("SARs"\) to purchase 3,569,014 shares of Class ) Tj ET Q q 0 0 0 rg BT 379.04 554.45 Td (A) Tj ET Q q 0 0 0 rg BT 385.05 554.45 Td ( common stock issued under the L) Tj ET Q q 0 0 0 rg BT 507.70 554.45 Td (TIP) Tj ET Q q 0 0 0 rg BT 520.87 554.45 Td ( with a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 543.65 Td (weighted-average exercise price of $50.71 \(calculated on a one-for) Tj ET Q q 0 0 0 rg BT 303.95 543.65 Td (-one basis\), \(b\) 1,305,082 shares of Class ) Tj ET Q q 0 0 0 rg BT 454.42 543.65 Td (A) Tj ET Q q 0 0 0 rg BT 460.43 543.65 Td ( common stock to be issued ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 532.85 Td (or retained, as applicable, upon the vesting of Restricted Stock Units \("RSUs"\) and Performance Share Units \("PSUs"\) issued under the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 522.05 Td (L) Tj ET Q q 0 0 0 rg BT 68.17 522.05 Td (TIP) Tj ET Q q 0 0 0 rg BT 81.34 522.05 Td ( for which no exercise price will be paid \(assuming maximum payout of PSU awards\), and \(c\) 19,245 shares of Class ) Tj ET Q q 0 0 0 rg BT 504.99 522.05 Td (A) Tj ET Q q 0 0 0 rg BT 511.00 522.05 Td ( common ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 511.25 Td (stock issued pursuant to the ESPP) Tj ET Q q 0 0 0 rg BT 185.42 511.25 Td ( in connection with the October 2018 to December 2018 purchase period \(which shares will be issued in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 500.45 Td (January 2019\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 489.65 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.58 489.65 Td (The calculation of weighted-average exercise price only includes outstanding SARs. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 478.85 Td (\(3\) Includes \(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 107.72 478.85 Td (3,932,815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.72 478.85 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 201.72 478.85 Td (A) Tj ET Q q 0 0 0 rg BT 207.72 478.85 Td ( common stock that remain available for issuance under the L) Tj ET Q q 0 0 0 rg BT 428.82 478.85 Td (TIP) Tj ET Q q 0 0 0 rg BT 441.98 478.85 Td ( and \(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 472.22 478.85 Td (416,607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.47 478.85 Td ( shares of Class ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 468.05 Td (A) Tj ET Q q 0 0 0 rg BT 69.50 468.05 Td ( common stock that remain available for issuance pursuant to the ESPP) Tj ET Q q 0 0 0 rg BT 325.20 468.05 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (\(4\) Includes \(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 107.72 457.25 Td (1,169,195) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.72 457.25 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 201.72 457.25 Td (A) Tj ET Q q 0 0 0 rg BT 207.72 457.25 Td ( common stock that remain available for issuance pursuant to the DCP) Tj ET Q q 0 0 0 rg BT 461.07 457.25 Td ( and \(b\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.31 457.25 Td (300,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.56 457.25 Td ( shares of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 446.45 Td (Class ) Tj ET Q q 0 0 0 rg BT 84.76 446.45 Td (A) Tj ET Q q 0 0 0 rg BT 90.76 446.45 Td ( common stock that remain available for issuance pursuant to the FRP) Tj ET Q q 0 0 0 rg BT 341.96 446.45 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 425.45 Td (The DCP) Tj ET Q q 0 0 0 rg BT 109.63 425.45 Td ( provides eligible participants employed in the United States with the opportunity to defer a portion of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.45 Td (compensation and receive employer contributions. Compensation deferred under the DCP) Tj ET Q q 0 0 0 rg BT 409.53 413.45 Td ( as well as employer contributions, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.45 Td (any) Tj ET Q q 0 0 0 rg BT 63.79 401.45 Td (, are credited to a participant's account under the DCP) Tj ET Q q 0 0 0 rg BT 279.03 401.45 Td ( and are held in a rabbi trust on behalf of the participants. ) Tj ET Q q 0 0 0 rg BT 510.06 401.45 Td (A) Tj ET Q q 0 0 0 rg BT 516.73 401.45 Td ( participant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.45 Td (may direct the investment of funds in such participant's account in certain investment funds. In 2010, certain participants were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.45 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 377.45 Td (fered a one-time election to have up to 15% of certain fully vested and nonforfeitable accounts invested in Class ) Tj ET Q q 0 0 0 rg BT 508.83 377.45 Td (A) Tj ET Q q 0 0 0 rg BT 515.50 377.45 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.45 Td (stock \(with the account balances calculated as of June 1, 2010\). In connection with such elections, 30,805 shares of Class ) Tj ET Q q 0 0 0 rg BT 537.09 365.45 Td (A) Tj ET Q q 0 0 0 rg BT 543.76 365.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.45 Td (common stock were issued to the trustee of the DCP) Tj ET Q q 0 0 0 rg BT 258.57 353.45 Td (. ) Tj ET Q q 0 0 0 rg BT 263.39 353.45 Td (The number of shares of Class ) Tj ET Q q 0 0 0 rg BT 387.26 353.45 Td (A) Tj ET Q q 0 0 0 rg BT 393.93 353.45 Td ( common stock to be allocated to each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.45 Td (electing participant's account was determined by dividing the dollar amount of such participant's elected percentage of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.45 Td (participant's account balance by the closing price of Class ) Tj ET Q q 0 0 0 rg BT 283.12 329.45 Td (A) Tj ET Q q 0 0 0 rg BT 289.79 329.45 Td ( common stock on June 2, 2010. ) Tj ET Q q 0 0 0 rg BT 421.54 329.45 Td (The shares of Class ) Tj ET Q q 0 0 0 rg BT 501.52 329.45 Td (A) Tj ET Q q 0 0 0 rg BT 508.19 329.45 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.45 Td (stock held in such accounts are held in the trust on behalf of the participant until distributed upon termination of employment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.45 Td (Participants' accounts under the DCP) Tj ET Q q 0 0 0 rg BT 198.07 305.45 Td ( generally are distributed in cash. However) Tj ET Q q 0 0 0 rg BT 369.55 305.45 Td (, the portion of the participant's account ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.45 Td (invested in Class ) Tj ET Q q 0 0 0 rg BT 119.72 293.45 Td (A) Tj ET Q q 0 0 0 rg BT 126.39 293.45 Td ( common stock will be distributed in shares of Class ) Tj ET Q q 0 0 0 rg BT 337.48 293.45 Td (A) Tj ET Q q 0 0 0 rg BT 344.15 293.45 Td ( common stock. ) Tj ET Q q 0 0 0 rg BT 410.07 293.45 Td (The material terms of the FRP) Tj ET Q q 0 0 0 rg BT 531.06 293.45 Td ( are the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.45 Td (same as the material terms of the DCP) Tj ET Q q 0 0 0 rg BT 202.46 281.45 Td (. Participants in the FRP) Tj ET Q q 0 0 0 rg BT 299.59 281.45 Td ( are employees located outside of the United States. Participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.45 Td (in the FRP) Tj ET Q q 0 0 0 rg BT 92.42 269.45 Td ( have not been given an election to invest their accounts in Class ) Tj ET Q q 0 0 0 rg BT 352.63 269.45 Td (A) Tj ET Q q 0 0 0 rg BT 359.30 269.45 Td ( common stock due to international securities law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.45 Td (considerations. However) Tj ET Q q 0 0 0 rg BT 149.01 257.45 Td (, the board of directors has reserved 300,000 shares of Class ) Tj ET Q q 0 0 0 rg BT 391.45 257.45 Td (A) Tj ET Q q 0 0 0 rg BT 398.12 257.45 Td ( common stock for issuance under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.45 Td (FRP) Tj ET Q q 0 0 0 rg BT 67.42 245.45 Td ( in the event that participants in the FRP) Tj ET Q q 0 0 0 rg BT 228.13 245.45 Td ( are given such an election in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.45 Td (Item 13.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.99 224.45 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 224.45 Td (Certain Relationships and Related T) Tj ET Q q 0 0 0 rg BT 244.65 224.45 Td (ransactions, and Director Independence.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.71 224.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 203.45 Td (The information required by this Item 13 is incorporated by reference to the information set forth in the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.45 Td (definitive proxy statement, to be filed with the SEC within 120 days after the end of the Company's fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 179.45 Td ( pursuant to Regulation 14A) Tj ET Q q 0 0 0 rg BT 241.35 179.45 Td ( under the Exchange ) Tj ET Q q 0 0 0 rg BT 325.21 179.45 Td (Act in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 179.45 Td (2019 ) Tj ET Q q 0 0 0 rg BT 456.86 179.45 Td (Annual Meeting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.45 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 167.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 146.45 Td (Information related to this Item13 appears under the captions: "CER) Tj ET Q q 0 0 0 rg BT 349.07 146.45 Td (T) Tj ET Q q 0 0 0 rg BT 354.38 146.45 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 399.65 146.45 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 452.72 146.45 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 501.89 146.45 Td (TED P) Tj ET Q q 0 0 0 rg BT 528.47 146.45 Td (AR) Tj ET Q q 0 0 0 rg BT 541.76 146.45 Td (TY) Tj ET Q q 0 0 0 rg BT 554.72 146.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.45 Td (TRANSACTIONS" and "CORPORA) Tj ET Q q 0 0 0 rg BT 199.85 134.45 Td (TE GOVERNANCEDIRECT) Tj ET Q q 0 0 0 rg BT 329.38 134.45 Td (OR INDEPENDENCE" in the definitive proxy statement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.00 113.45 Td (Item 14.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.99 113.45 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 113.45 Td (Principal ) Tj ET Q q 0 0 0 rg BT 135.46 113.45 Td (Accountant Fees and Services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.13 113.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 92.45 Td (The information required by this Item 14 is incorporated by reference to the information set forth in the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.45 Td (definitive proxy statement, to be filed with the SEC within 120 days after the end of the Company's fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 68.45 Td ( pursuant to Regulation 14A) Tj ET Q q 0 0 0 rg BT 241.35 68.45 Td ( under the Exchange ) Tj ET Q q 0 0 0 rg BT 325.21 68.45 Td (Act in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 68.45 Td (2019 ) Tj ET Q q 0 0 0 rg BT 456.86 68.45 Td (Annual Meeting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.45 Td (Stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 56.45 Td (.) Tj ET Q endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Information related to this Item 14 appears under the caption "INDEPENDENT) Tj ET Q q 0 0 0 rg BT 392.81 742.10 Td ( REGISTERED PUBLIC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ACCOUNTING FIRM" in the definitive proxy statement. ) Tj ET Q endstream endobj 207 0 obj <><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (Part IV) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.00 710.45 Td (Item 15.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.99 710.45 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 710.45 Td (Exhibits and Financial Statement Schedule.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.98 710.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 689.45 Td (The following documents are filed as part of this annual report. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 668.45 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 668.45 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.72 668.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 647.45 Td (The following consolidated financial statements are included in this annual report on the pages indicated: ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.48 647.45 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 615.95 m 561.5 615.95 l s BT /F1 4.00 Tf ET q 0 0 0 rg BT 52.00 619.33 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 529.30 620.01 Td (Page) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 605.1833984375 m 323.4599609375 605.1833984375 l s q 0 0 1 rg BT 52.00 606.52 Td (Management's Report on Internal Control Over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 606.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 606.52 Td (F- 1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 591.1833984375 m 285.8427734375 591.1833984375 l s q 0 0 1 rg BT 52.00 592.52 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 217.24 592.52 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 592.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 592.52 Td (F- 2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 577.1833984375 m 285.8427734375 577.1833984375 l s q 0 0 1 rg BT 52.00 578.52 Td (Report of Independent Registered Public ) Tj ET Q q 0 0 1 rg BT 217.24 578.52 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 578.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 578.52 Td (F- 3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 560.2833984375 m 506.033203125 560.2833984375 l s q 0 0 1 rg BT 52.00 561.62 Td (Consolidated Statements of Income for the ) Tj ET Q q 0 0 1 rg BT 225.48 561.62 Td (Y) Tj ET Q q 0 0 1 rg BT 231.70 561.62 Td (ears Ended December 31, 2018, December 31, 2017, and December ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 550.2833984375 m 87 550.2833984375 l s q 0 0 1 rg BT 52.00 551.62 Td (31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 551.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 551.62 Td (F- 4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 533.2833984375 m 510.7744140625 533.2833984375 l s q 0 0 1 rg BT 52.00 534.62 Td (Consolidated Statements of Comprehensive Income for the ) Tj ET Q q 0 0 1 rg BT 290.74 534.62 Td (Y) Tj ET Q q 0 0 1 rg BT 296.96 534.62 Td (ears Ended December 31, 2018, December 31, 2017, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 523.2833984375 m 147.5224609375 523.2833984375 l s q 0 0 1 rg BT 52.00 524.62 Td (and December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 524.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 524.62 Td (F- 5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 509.1833984375 m 368.8505859375 509.1833984375 l s q 0 0 1 rg BT 52.00 510.52 Td (Consolidated Balance Sheets as of December31, 2018 and December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 510.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 510.52 Td (F- 6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 492.28339843749995 m 479.4169921875 492.28339843749995 l s q 0 0 1 rg BT 52.00 493.62 Td (Consolidated Statements of Cash Flows for the ) Tj ET Q q 0 0 1 rg BT 242.44 493.62 Td (Y) Tj ET Q q 0 0 1 rg BT 248.67 493.62 Td (ears Ended December31, 2018, December 31, 2017, and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 482.28339843749995 m 130.583984375 482.28339843749995 l s q 0 0 1 rg BT 52.00 483.62 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 483.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 483.62 Td (F- 7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 465.28339843749995 m 505.92578125 465.28339843749995 l s q 0 0 1 rg BT 52.00 466.62 Td (Consolidated Statements of Changes in Stockholders' Equity for the ) Tj ET Q q 0 0 1 rg BT 325.89 466.62 Td (Y) Tj ET Q q 0 0 1 rg BT 332.11 466.62 Td (ears Ended December31, 2018, December ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 455.28339843749995 m 187.5224609375 455.28339843749995 l s q 0 0 1 rg BT 52.00 456.62 Td (31, 2017, and December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.50 456.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.30 456.62 Td (F- 10) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52 441.1833984375 m 226.9755859375 441.1833984375 l s q 0 0 1 rg BT 52.00 442.52 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 442.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 442.52 Td (F- 1) Tj ET Q q 0 0 0 rg BT 545.47 442.52 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.00 438.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 417.45 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 417.45 Td (Financial Statement Schedule) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 396.45 Td (The following financial statement schedule is included in this annual report on the page indicated:) Tj ET Q 1 1 1 rg /GS0 gs 50.50 373.95 470.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 373.95 m 562.5 373.95 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.30 378.01 Td (Page) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 362.2833984375 m 515.7490234375 362.2833984375 l s q 0 0 1 rg BT 53.00 363.62 Td (Schedule II - ) Tj ET Q q 0 0 1 rg BT 106.96 363.62 Td (V) Tj ET Q q 0 0 1 rg BT 113.08 363.62 Td (aluation and Qualifying ) Tj ET Q q 0 0 1 rg BT 210.00 363.62 Td (Accounts for the ) Tj ET Q q 0 0 1 rg BT 278.78 363.62 Td (Y) Tj ET Q q 0 0 1 rg BT 285.00 363.62 Td (ears Ended December31, 2018, December 31, 2017, and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 352.2833984375 m 131.583984375 352.2833984375 l s q 0 0 1 rg BT 53.00 353.62 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 353.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.75 353.62 Td (SCHII-1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 328.45 Td (\(c\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 328.45 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.57 328.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 307.45 Td (The Exhibit Index follows Schedule II - ) Tj ET Q q 0 0 0 rg BT 235.72 307.45 Td (V) Tj ET Q q 0 0 0 rg BT 241.84 307.45 Td (aluation and Qualifying ) Tj ET Q q 0 0 0 rg BT 338.76 307.45 Td (Accounts for the ) Tj ET Q q 0 0 0 rg BT 407.54 307.45 Td (Y) Tj ET Q q 0 0 0 rg BT 413.76 307.45 Td (ears Ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.40 307.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.99 307.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.45 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 295.45 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.52 295.45 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.11 295.45 Td ( and is incorporated herein by reference. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.00 274.45 Td (Item 16.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.99 274.45 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 95.00 274.45 Td (Form 10-K Summary) Tj ET Q q 0 0 0 rg BT 182.98 274.45 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.48 274.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 253.45 Td (Omitted at registrant's option.) Tj ET Q endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 742.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 742.25 Td (TURES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 390.87 721.25 Td (Act of 1934, the registrant has duly caused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (this report to be signed on its behalf by the undersigned, thereunto duly authorized. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 658.75 m 560 658.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.50 689.48 Td (HY) Tj ET Q q 0 0 0 rg BT 365.58 689.48 Td (A) Tj ET Q q 0 0 0 rg BT 372.06 689.48 Td (TT) Tj ET Q q 0 0 0 rg BT 385.22 689.48 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 481.16 689.48 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.50 663.42 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 663.42 Td (/s/Mark S. Hoplamazian) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.50 649.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 649.32 Td (Mark S. Hoplamazian) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.50 635.32 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 507.81 635.32 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 607.32 Td (Date: February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 582.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 300.05 582.25 Td (Act of 1934, this report has been signed below by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.25 Td (persons, on behalf of the registrant and in the capacities and on the dates indicated. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 524.75 m 263.5 524.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 494.75 m 263.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 464.75 m 263.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 434.75 m 263.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 404.75 m 263.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 374.75 m 263.5 374.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 344.75 m 263.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 314.75 m 263.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 284.75 m 263.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 254.75 m 263.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 224.75 m 263.5 224.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 194.75 m 263.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 164.75 m 263.5 164.75 l s BT /F2 7.00 Tf ET 0 0 0 RG /GS0 gs 0.67 w 0 i [] 0 d 1 J 1 j 3 M 142.45 547.713818359375 m 171.49248046875 547.713818359375 l s q 0 0 0 rg BT 142.45 548.81 Td (Signatur) Tj ET Q q 0 0 0 rg BT 168.39 548.81 Td (e) Tj ET Q BT /F2 7.00 Tf ET 0 0 0 RG /GS0 gs 0.67 w 0 i [] 0 d 1 J 1 j 3 M 361.2 547.713818359375 m 377.79423828125 547.713818359375 l s q 0 0 0 rg BT 361.20 548.81 Td (T) Tj ET Q q 0 0 0 rg BT 365.74 548.81 Td (itles) Tj ET Q BT /F2 7.00 Tf ET 0 0 0 RG /GS0 gs 0.67 w 0 i [] 0 d 1 J 1 j 3 M 510.5 547.713818359375 m 524.4931640625 547.713818359375 l s q 0 0 0 rg BT 510.50 548.81 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 529.87 Td (/s/ Mark S. Hoplamazian) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 527.37 Td (President, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 385.88 527.37 Td (ficer and Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 517.37 Td (\(Principal Executive Of) Tj ET Q q 0 0 0 rg BT 360.88 517.37 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 530.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 514.42 Td (Mark S. Hoplamazian) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 499.87 Td (/s/ Joan Bottarini) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 497.37 Td (Executive ) Tj ET Q q 0 0 0 rg BT 308.39 497.37 Td (V) Tj ET Q q 0 0 0 rg BT 315.22 497.37 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 446.18 497.37 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 487.37 Td (\(Principal Financial Of) Tj ET Q q 0 0 0 rg BT 358.11 487.37 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 500.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 484.42 Td (Joan Bottarini) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 469.87 Td (/s/ Bradley O'Bryan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 467.37 Td (Senior ) Tj ET Q q 0 0 0 rg BT 294.52 467.37 Td (V) Tj ET Q q 0 0 0 rg BT 301.35 467.37 Td (ice President, Corporate Controller) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 457.37 Td (\(Principal ) Tj ET Q q 0 0 0 rg BT 307.66 457.37 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 367.00 457.37 Td (ficer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 470.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 454.42 Td (Bradley O'Bryan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 439.87 Td (/s/ ) Tj ET Q q 0 0 0 rg BT 63.86 439.87 Td (Thomas J. Pritzker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 439.42 Td (Executive Chairman of the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 440.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 424.42 Td (Thomas J. Pritzker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 409.87 Td (/s/ Paul D. Ballew) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 409.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 410.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 394.42 Td (Paul D. Ballew) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 379.87 Td (/s/ Susan D. Kronick) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 379.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 380.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 364.42 Td (Susan D. Kronick) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 349.87 Td (/s/ Mackey J. McDonald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 349.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 350.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 334.42 Td (Mackey J. McDonald) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 319.42 Td (/s/ Cary D. McMillan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 319.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 320.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 304.42 Td (Cary D. McMillan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 289.42 Td (/s/ Pamela M. Nicholson) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 289.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 290.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 274.42 Td (Pamela M. Nicholson) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 259.42 Td (/s/ Jason Pritzker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 259.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 260.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 244.42 Td (Jason Pritzker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 229.42 Td (/s/ Michael ) Tj ET Q q 0 0 0 rg BT 98.94 229.42 Td (A. Rocca) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 229.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 230.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 214.42 Td (Michael ) Tj ET Q q 0 0 0 rg BT 86.99 214.42 Td (A. Rocca) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 199.42 Td (/s/ Richard C. ) Tj ET Q q 0 0 0 rg BT 109.68 199.42 Td (T) Tj ET Q q 0 0 0 rg BT 115.53 199.42 Td (uttle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 199.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 200.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 184.42 Td (Richard C. ) Tj ET Q q 0 0 0 rg BT 97.73 184.42 Td (T) Tj ET Q q 0 0 0 rg BT 103.58 184.42 Td (uttle) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 169.42 Td (/s/ James H. ) Tj ET Q q 0 0 0 rg BT 105.52 169.42 Td (W) Tj ET Q q 0 0 0 rg BT 114.47 169.42 Td (ooten, Jr) Tj ET Q q 0 0 0 rg BT 148.23 169.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 169.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 170.32 Td (February 14, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 154.42 Td (James H. ) Tj ET Q q 0 0 0 rg BT 90.98 154.42 Td (W) Tj ET Q q 0 0 0 rg BT 99.62 154.42 Td (ooten, Jr) Tj ET Q q 0 0 0 rg BT 133.50 154.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.45 742.25 Td (MANAGEMENT'S REPOR) Tj ET Q q 0 0 0 rg BT 354.49 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 360.98 742.25 Td ( ON) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.25 730.25 Td (INTERNAL) Tj ET Q q 0 0 0 rg BT 229.49 730.25 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 282.00 730.25 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 372.01 730.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 409.15 730.25 Td (TING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.25 Td (The management of Hyatt Hotels Corporation is responsible for establishing and maintaining adequate internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (over financial reporting as such term is defined in Rules13a-15\(f\) and 15d-15\(f\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 497.91 697.25 Td (Act of 1934, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (amended. Hyatt Hotels Corporation's internal control over financial reporting is designed to provide reasonable assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (with generally accepted accounting principles in the United States of ) Tj ET Q q 0 0 0 rg BT 327.13 661.25 Td (America. Our internal control over financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (includes those policies and procedures that \(1\)pertain to the maintenance of records that, in reasonable detail, accurately and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.25 Td (fairly reflect the transactions and dispositions of the assets of Hyatt Hotels Corporation; \(2\)provide reasonable assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.25 Td (transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.25 Td (accounting principles, and that receipts and expenditures of Hyatt Hotels Corporation are being made only in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.25 Td (authorizations of Hyatt Hotels Corporation's management and directors; and \(3\)provide reasonable assurance regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.25 Td (prevention or timely detection of unauthorized acquisition, use or disposition of assets of Hyatt Hotels Corporation that could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.25 Td (have a material ef) Tj ET Q q 0 0 0 rg BT 121.16 577.25 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 556.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (Also, projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 211.16 544.25 Td (fectiveness to future periods are subject to the risk that controls may become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 511.25 Td (Management assessed the ef) Tj ET Q q 0 0 0 rg BT 187.39 511.25 Td (fectiveness of Hyatt Hotels Corporation's internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 499.25 Td (. In making this assessment, management used the criteria set forth by the Committee of Sponsoring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (Or) Tj ET Q q 0 0 0 rg BT 60.37 487.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 133.78 487.25 Td (T) Tj ET Q q 0 0 0 rg BT 139.54 487.25 Td (readway Commission \(COSO\) in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 275.08 487.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 332.77 487.25 Td (olIntegrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.41 487.25 Td (. Based on this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (assessment, management determined that Hyatt Hotels Corporation maintained ef) Tj ET Q q 0 0 0 rg BT 376.67 475.25 Td (fective internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.82 463.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.40 463.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 442.25 Td (The scope of managements' assessment of the ef) Tj ET Q q 0 0 0 rg BT 267.50 442.25 Td (fectiveness of our internal control over financial reporting included all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (our consolidated operations except for ) Tj ET Q q 0 0 0 rg BT 205.60 430.25 Td (T) Tj ET Q q 0 0 0 rg BT 211.01 430.25 Td (wo Roads as it was acquired on November 30, 2018. ) Tj ET Q q 0 0 0 rg BT 424.12 430.25 Td (This exclusion is in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (with the SEC staf) Tj ET Q q 0 0 0 rg BT 120.09 418.25 Td (f's general guidance that an assessment of a recently acquired business may be omitted from the scope of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (management's assessment for one year following the acquisition. ) Tj ET Q q 0 0 0 rg BT 311.83 406.25 Td (The business that we acquired in the ) Tj ET Q q 0 0 0 rg BT 459.66 406.25 Td (T) Tj ET Q q 0 0 0 rg BT 465.07 406.25 Td (wo Roads transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (represented approximately 8% of the Company's total assets as of December 31, 2018. ) Tj ET Q q 0 0 0 rg BT 398.47 394.25 Td (The revenues and net income from this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (business for the year ended December 31, 2018 were not significant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 361.25 Td (Deloitte& ) Tj ET Q q 0 0 0 rg BT 118.81 361.25 Td (T) Tj ET Q q 0 0 0 rg BT 124.22 361.25 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 167.27 361.25 Td (, the independent registered public accounting firm that has audited the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (statements included in this ) Tj ET Q q 0 0 0 rg BT 158.32 349.25 Td (Annual Report on Form 10-K, has issued an attestation report on Hyatt Hotels Corporation's internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.39 337.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.97 337.25 Td (. ) Tj ET Q q 0 0 0 rg BT 282.79 337.25 Td (That report is included in Item15 of this ) Tj ET Q q 0 0 0 rg BT 446.93 337.25 Td (Annual Report on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (10-K.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 73.05 325.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 280.95000000000005 m 300.5 280.95000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.52 Td (/s/ Mark S. Hoplamazian) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 137.10 273.03 Td (Mark S. Hoplamazian) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 113.35 265.03 Td (Pr) Tj ET Q q 0 0 0 rg BT 121.64 265.03 Td (esident& Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 261.45 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.5 280.95000000000005 m 557.5 280.95000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 285.52 Td (/s/ Joan Bottarini) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.20 273.03 Td (Joan Bottarini ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.35 265.03 Td (Executive ) Tj ET Q q 0 0 0 rg BT 383.53 265.03 Td (V) Tj ET Q q 0 0 0 rg BT 389.01 265.03 Td (ice Pr) Tj ET Q q 0 0 0 rg BT 408.63 265.03 Td (esident, Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 2) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 143.90 742.60 Td (REPOR) Tj ET Q q 0 0 0 rg BT 176.82 742.60 Td (T) Tj ET Q q 0 0 0 rg BT 182.98 742.60 Td ( OF) Tj ET Q q 0 0 0 rg BT 198.20 742.60 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 269.55 742.60 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 374.35 742.60 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 721.20 Td (T) Tj ET Q q 0 0 0 rg BT 55.14 721.20 Td (o the Stockholders and the Board of Directors of) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 709.80 Td (Hyatt Hotels Corporation) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 698.40 Td (Chicago, Illinois) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 50.00 675.60 Td (Opinion on the Financial Statements) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 652.80 Td (W) Tj ET Q q 0 0 0 rg BT 58.21 652.80 Td (e have audited the accompanying consolidated balance sheets of Hyatt Hotels Corporation and subsidiaries \(the "Company"\) as of ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 641.40 Td (December 31, 2018 and 2017, the related consolidated statements of income, comprehensive income, stockholders' equity) Tj ET Q q 0 0 0 rg BT 512.78 641.40 Td (, and cash ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 630.00 Td (flows, for each of the three years in the period ended December 31, 2018, and the related notes and financial statement schedule listed ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 618.60 Td (in the Index at Item 15 \(collectively referred to as the "financial statements"\). In our opinion, the financial statements present fairly) Tj ET Q q 0 0 0 rg BT 547.28 618.60 Td (, in ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 607.20 Td (all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 595.80 Td (cash flows for each of the three years in the period ended December 31, 2018, in conformity with accounting principles generally ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 584.40 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 172.41 584.40 Td (America.) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 561.60 Td (W) Tj ET Q q 0 0 0 rg BT 58.21 561.60 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 351.57 561.60 Td (Accounting Oversight Board \(United States\) ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 550.20 Td (\("PCAOB"\), the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in ) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 50.00 538.80 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 104.80 538.80 Td (ol - Integrated Framework \(2013\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 234.09 538.80 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 398.84 538.80 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 468.58 538.80 Td (T) Tj ET Q q 0 0 0 rg BT 474.05 538.80 Td (readway Commission ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 527.40 Td (and our report dated February 14, 2019, expressed an unqualified opinion on the Company's internal control over financial reporting. ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 50.00 504.60 Td (Change in ) Tj ET Q q 0 0 0 rg BT 93.29 504.60 Td (Accounting Principle) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 483.20 Td (As discussed in Note 2 to the financial statements, the Company has changed its method of accounting for revenue from contracts ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 471.80 Td (with customers on January 1, 2018 due to the full retrospective adoption of F) Tj ET Q q 0 0 0 rg BT 342.16 471.80 Td (ASB ) Tj ET Q q 0 0 0 rg BT 362.49 471.80 Td (Accounting Standards Update \("ASU"\) 2014-09, ) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 50.00 460.40 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 90.53 460.40 Td (om Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 213.70 460.40 Td (opic 606\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 249.85 460.40 Td ( and related ) Tj ET Q q 0 0 0 rg BT 296.01 460.40 Td (ASUs.) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 50.00 439.00 Td (Basis for) Tj ET Q q 0 0 0 rg BT 85.45 439.00 Td ( Opinion) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 416.20 Td (These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 404.80 Td (Company's financial statements based on our audits. ) Tj ET Q q 0 0 0 rg BT 251.00 404.80 Td (W) Tj ET Q q 0 0 0 rg BT 259.21 404.80 Td (e are a public accounting firm registered with the PCAOB and are required to ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 393.40 Td (be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 382.00 Td (regulations of the Securities and Exchange Commission and the PCAOB.) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 359.20 Td (W) Tj ET Q q 0 0 0 rg BT 58.21 359.20 Td (e conducted our audits in accordance with the standards of the PCAOB. ) Tj ET Q q 0 0 0 rg BT 333.20 359.20 Td (Those standards require that we plan and perform the audit ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 347.80 Td (to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 336.40 Td (Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 325.00 Td (error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 313.60 Td (regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 302.20 Td (and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. ) Tj ET Q q 0 0 0 rg BT 511.76 302.20 Td (W) Tj ET Q q 0 0 0 rg BT 519.97 302.20 Td (e believe ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 290.80 Td (that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 268.00 Td (/s/ Deloitte & ) Tj ET Q q 0 0 0 rg BT 103.92 268.00 Td (T) Tj ET Q q 0 0 0 rg BT 109.06 268.00 Td (ouche LLP) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 245.20 Td (Chicago, Illinois) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 233.80 Td (February 14, 2019) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 211.00 Td (W) Tj ET Q q 0 0 0 rg BT 58.21 211.00 Td (e have served as the Company's auditor since 2003.) Tj ET Q endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 3) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 143.90 742.60 Td (REPOR) Tj ET Q q 0 0 0 rg BT 176.82 742.60 Td (T) Tj ET Q q 0 0 0 rg BT 182.98 742.60 Td ( OF) Tj ET Q q 0 0 0 rg BT 198.20 742.60 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 269.55 742.60 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 374.35 742.60 Td (ACCOUNTING FIRM) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 721.20 Td (T) Tj ET Q q 0 0 0 rg BT 55.14 721.20 Td (o the Stockholders and the Board of Directors of) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 709.80 Td (Hyatt Hotels Corporation) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 698.40 Td (Chicago, Illinois) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 50.00 675.60 Td (Opinion on Internal Contr) Tj ET Q q 0 0 0 rg BT 157.78 675.60 Td (ol over) Tj ET Q q 0 0 0 rg BT 185.31 675.60 Td ( Financial Reporting) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 654.20 Td (W) Tj ET Q q 0 0 0 rg BT 58.21 654.20 Td (e have audited the internal control over financial reporting of Hyatt Hotels Corporation and subsidiaries \(the "Company"\) as of ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 642.80 Td (December 31, 2018, based on criteria established in ) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 248.91 642.80 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 303.71 642.80 Td (ol ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 313.48 642.80 Td ( ) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 325.35 642.80 Td (Integrated Framework \(2013\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 439.33 642.80 Td ( issued by the Committee of ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 631.40 Td (Sponsoring Or) Tj ET Q q 0 0 0 rg BT 105.51 631.40 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 175.25 631.40 Td (T) Tj ET Q q 0 0 0 rg BT 180.72 631.40 Td (readway Commission \("COSO"\). In our opinion, the Company maintained, in all material respects, ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 620.00 Td (ef) Tj ET Q q 0 0 0 rg BT 57.21 620.00 Td (fective internal control over financial reporting as of December 31, 2018, based on criteria established in ) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 457.65 620.00 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 512.46 620.00 Td (ol ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 522.22 620.00 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 531.72 620.00 Td ( ) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 50.00 608.60 Td (Integrated Framework \(2013\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 163.98 608.60 Td ( issued by COSO. ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 587.20 Td (W) Tj ET Q q 0 0 0 rg BT 58.21 587.20 Td (e have also audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 351.57 587.20 Td (Accounting Oversight Board \(United States\) ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 575.80 Td (\("PCAOB"\), the consolidated financial statements and financial statement schedule as of and for the year ended December 31, 2018, ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 564.40 Td (of the Company and our report dated February 14, 2019, expressed an unqualified opinion on those consolidated financial statements ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 553.00 Td (and financial statement schedule and included an explanatory paragraph related to the Company's change in method of accounting for ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 541.60 Td (revenue from contracts with customers on January 1, 2018 due to the full retrospective adoption of F) Tj ET Q q 0 0 0 rg BT 432.11 541.60 Td (ASB ) Tj ET Q q 0 0 0 rg BT 452.44 541.60 Td (Accounting Standards ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 530.20 Td (Update \("ASU"\) 2014-09, ) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 151.69 530.20 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 192.22 530.20 Td (om Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 315.39 530.20 Td (opic 606\)) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 351.54 530.20 Td ( and related ) Tj ET Q q 0 0 0 rg BT 397.70 530.20 Td (ASUs. ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 508.80 Td (As described in Management's Report on Internal Control Over Financial Reporting, management excluded from its assessment the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 497.40 Td (internal control over financial reporting at ) Tj ET Q q 0 0 0 rg BT 211.80 497.40 Td (T) Tj ET Q q 0 0 0 rg BT 216.94 497.40 Td (wo Roads Hospitality LLC, which was acquired by the Company on November 30, 2018 ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 486.00 Td (and whose financial statements constitute approximately 8% of total assets and immaterial revenues and net income of the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 474.60 Td (consolidated financial statement amounts as of and for the year ended December 31, 2018. ) Tj ET Q q 0 0 0 rg BT 396.12 474.60 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 442.99 474.60 Td (, our audit did not include the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 463.20 Td (internal control over financial reporting at ) Tj ET Q q 0 0 0 rg BT 211.80 463.20 Td (T) Tj ET Q q 0 0 0 rg BT 216.94 463.20 Td (wo Roads Hospitality LLC. ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 50.00 441.80 Td (Basis for) Tj ET Q q 0 0 0 rg BT 85.45 441.80 Td ( Opinion) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 420.40 Td (The Company's management is responsible for maintaining ef) Tj ET Q q 0 0 0 rg BT 285.56 420.40 Td (fective internal control over financial reporting and for its assessment of ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 409.00 Td (the ef) Tj ET Q q 0 0 0 rg BT 71.19 409.00 Td (fectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 397.60 Td (Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 386.20 Td (on our audit. ) Tj ET Q q 0 0 0 rg BT 100.49 386.20 Td (W) Tj ET Q q 0 0 0 rg BT 108.69 386.20 Td (e are a public accounting firm registered with the PCAOB and are required to be independent with respect to the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 374.80 Td (Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 363.40 Td (Commission and the PCAOB.) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 342.00 Td (W) Tj ET Q q 0 0 0 rg BT 58.21 342.00 Td (e conducted our audit in accordance with the standards of the PCAOB. ) Tj ET Q q 0 0 0 rg BT 329.51 342.00 Td (Those standards require that we plan and perform the audit ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 330.60 Td (to obtain reasonable assurance about whether ef) Tj ET Q q 0 0 0 rg BT 231.84 330.60 Td (fective internal control over financial reporting was maintained in all material ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 319.20 Td (respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 307.80 Td (weakness exists, testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 303.63 307.80 Td (fectiveness of internal control based on the assessed risk, and ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 296.40 Td (performing such other procedures as we considered necessary in the circumstances. ) Tj ET Q q 0 0 0 rg BT 369.55 296.40 Td (W) Tj ET Q q 0 0 0 rg BT 377.76 296.40 Td (e believe that our audit provides a reasonable ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 285.00 Td (basis for our opinion. ) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 50.00 263.60 Td (Definition and Limitations of Internal Contr) Tj ET Q q 0 0 0 rg BT 230.08 263.60 Td (ol over) Tj ET Q q 0 0 0 rg BT 257.60 263.60 Td ( Financial Reporting) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 341.53 263.60 Td ( ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 242.20 Td (A) Tj ET Q q 0 0 0 rg BT 56.34 242.20 Td ( company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 230.80 Td (financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 219.40 Td (principles. ) Tj ET Q q 0 0 0 rg BT 91.69 219.40 Td (A) Tj ET Q q 0 0 0 rg BT 98.03 219.40 Td ( company's internal control over financial reporting includes those policies and procedures that \(1\) pertain to the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 208.00 Td (maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 196.60 Td (company; \(2\) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 185.20 Td (accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 173.80 Td (accordance with authorizations of management and directors of the company; and \(3\) provide reasonable assurance regarding ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 162.40 Td (prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 546.74 162.40 Td (fect ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 151.00 Td (on the financial statements. ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 129.60 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 494.80 129.60 Td (Also, projections ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 118.20 Td (of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 135.82 118.20 Td (fectiveness to future periods are subject to the risk that controls may become inadequate because of changes in ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 106.80 Td (conditions, or that the degree of compliance with the policies or procedures may deteriorate. ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 85.40 Td (/s/ Deloitte & ) Tj ET Q q 0 0 0 rg BT 103.92 85.40 Td (T) Tj ET Q q 0 0 0 rg BT 109.06 85.40 Td (ouche LLP) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 64.00 Td (Chicago, Illinois) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 50.00 52.60 Td (February 14, 2019) Tj ET Q endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.75 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 260.57 725.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 295.13 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 301.60 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 366.52 725.25 Td ( INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 713.25 Td (For) Tj ET Q q 0 0 0 rg BT 141.12 713.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 159.08 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.19 713.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 258.88 713.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 713.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 344.50 713.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 713.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.62 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 448.75 713.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 713.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.45 701.25 Td (\(In millions of dollars, except per) Tj ET Q q 0 0 0 rg BT 342.37 701.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 363.58 701.25 Td (e amounts\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 678.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 678.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 678.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 678.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 678.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 678.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 652.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 652.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 652.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 652.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 652.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 652.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 626.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 626.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 626.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 626.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 626.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 626.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 600.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 600.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 600.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 600.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 600.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 600.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 574.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 574.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 574.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 574.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 574.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 574.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 548.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 548.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 548.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 548.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 548.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 548.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 522.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 522.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 522.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 522.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 522.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 522.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 496.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 496.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 496.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 496.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 496.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 496.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 470.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 470.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 470.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 470.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 444.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 444.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 444.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 444.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 444.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 444.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 418.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 418.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 418.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 418.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 418.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 418.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 392.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 392.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 392.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 392.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 392.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 392.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 366.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 366.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 366.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 366.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 366.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 366.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 340.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 340.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 340.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 340.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 340.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 340.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 314.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 314.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 314.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 314.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 314.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 314.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 288.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 288.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 288.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 288.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 288.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 288.75 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 678.75 m 443.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 678.75 m 502.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 678.75 m 561.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 626.75 m 443.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 626.75 m 502.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 626.75 m 561.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 587.75 m 443.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 587.75 m 502.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 587.75 m 561.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 496.75 m 443.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 496.75 m 502.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 496.75 m 561.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 405.75 m 443.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 405.75 m 502.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 405.75 m 561.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 379.75 m 443.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 379.75 m 502.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 379.75 m 561.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 353.75 m 443.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 353.75 m 502.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 353.75 m 561.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 341.75 m 443.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 339.75 m 443.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 341.75 m 502.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 339.75 m 502.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 341.75 m 561.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 339.75 m 561.5 339.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.50 682.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 682.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.50 682.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 670.83 Td (REVENUES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 657.70 Td (Owned and leased hotels) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 657.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 657.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 657.00 Td (1,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 657.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 657.00 Td (2,184) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 657.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 657.00 Td (2,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 644.70 Td (Management, franchise, and other fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 195.00 644.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 644.00 Td (552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 644.00 Td (498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 644.00 Td (441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 631.70 Td (Amortization of management and franchise agreement assets constituting payments to customers) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.00 631.70 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 631.00 Td (\(20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 631.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 631.00 Td (\(18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 631.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 631.00 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 631.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 618.70 Td ( Net management, franchise, and other fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.00 618.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 618.00 Td (532) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 618.00 Td (480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 618.00 Td (425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 605.70 Td (Other revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.00 605.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 605.00 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 605.00 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 605.00 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 592.70 Td (Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 592.00 Td (1,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 592.00 Td (1,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 592.00 Td (1,731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 579.70 Td (T) Tj ET Q q 0 0 0 rg BT 92.61 579.70 Td (otal revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.00 579.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 579.00 Td (4,454) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 579.00 Td (4,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 579.00 Td (4,265) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 566.83 Td (DIRECT) Tj ET Q q 0 0 0 rg BT 83.04 566.83 Td ( ) Tj ET Q q 0 0 0 rg BT 84.75 566.83 Td (AND SELLING, GENERAL, ) Tj ET Q q 0 0 0 rg BT 186.78 566.83 Td (AND ) Tj ET Q q 0 0 0 rg BT 205.67 566.83 Td (ADMINISTRA) Tj ET Q q 0 0 0 rg BT 257.60 566.83 Td (TIVE EXPENSES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 553.70 Td (Owned and leased hotels) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 553.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 553.00 Td (1,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 553.00 Td (1,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 553.00 Td (1,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 540.70 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.00 540.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 540.00 Td (327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 540.00 Td (348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 540.00 Td (326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 527.70 Td (Other direct costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 127.00 527.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 527.00 Td (48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 527.00 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 527.00 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 514.70 Td (Selling, general, and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 514.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 514.00 Td (320) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 514.00 Td (377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 514.00 Td (315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 501.70 Td (Costs incurred on behalf of managed and franchised properties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.00 501.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 501.00 Td (1,981) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 501.00 Td (1,782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 501.00 Td (1,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 488.70 Td (Direct and selling, general, and administrative expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.00 488.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 488.00 Td (4,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 488.00 Td (4,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 488.00 Td (3,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 475.70 Td (Net gains \(losses\) and interest income from marketable securities held to fund rabbi trusts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 475.70 Td (. . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 475.00 Td (\(1) Tj ET Q q 0 0 0 rg BT 436.26 475.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 475.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 475.00 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 475.00 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 462.70 Td (Equity earnings from unconsolidated hospitality ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.00 462.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 462.00 Td (8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 462.00 Td (219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 462.00 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 449.70 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 449.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 449.00 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 449.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 449.00 Td (\(80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 449.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 449.00 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 449.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 436.70 Td (Gains \(losses\) on sales of real estate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.00 436.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 436.00 Td (772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 436.00 Td (236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.60 436.00 Td (\(6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 436.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 423.70 Td (Asset impairments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 115.00 423.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 423.00 Td (\(25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 423.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 423.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 423.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 410.70 Td (Other income \(loss\), net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 131.00 410.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 410.00 Td (\(49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 410.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 410.00 Td (42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 410.00 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 397.70 Td (INCOME BEFORE INCOME ) Tj ET Q q 0 0 0 rg BT 151.71 397.70 Td (T) Tj ET Q q 0 0 0 rg BT 156.20 397.70 Td (AXES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 397.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 397.00 Td (951) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 397.00 Td (722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 397.00 Td (282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 384.70 Td (PROVISION FOR INCOME ) Tj ET Q q 0 0 0 rg BT 147.72 384.70 Td (T) Tj ET Q q 0 0 0 rg BT 152.21 384.70 Td (AXES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.00 384.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 384.00 Td (\(182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 384.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 384.00 Td (\(332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 384.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 384.00 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 384.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 371.70 Td (NET) Tj ET Q q 0 0 0 rg BT 67.48 371.70 Td ( INCOME) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.00 371.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 371.00 Td (769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 371.00 Td (390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 371.00 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 358.00 Td (NET) Tj ET Q q 0 0 0 rg BT 67.41 358.00 Td ( INCOME ) Tj ET Q q 0 0 0 rg BT 102.52 358.00 Td (AND ) Tj ET Q q 0 0 0 rg BT 121.41 358.00 Td (ACCRETION ) Tj ET Q q 0 0 0 rg BT 168.75 358.00 Td (A) Tj ET Q q 0 0 0 rg BT 173.64 358.00 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 206.77 358.00 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 229.51 358.00 Td (T) Tj ET Q q 0 0 0 rg BT 234.25 358.00 Td (O NONCONTROLLING INTERESTS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.00 357.70 Td (. . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 358.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 358.00 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 358.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 358.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 344.98 Td (NET) Tj ET Q q 0 0 0 rg BT 68.30 344.98 Td ( INCOME ) Tj ET Q q 0 0 0 rg BT 105.64 344.98 Td (A) Tj ET Q q 0 0 0 rg BT 110.82 344.98 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 146.24 344.98 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 169.88 344.98 Td (T) Tj ET Q q 0 0 0 rg BT 175.07 344.98 Td (O HY) Tj ET Q q 0 0 0 rg BT 194.56 344.98 Td (A) Tj ET Q q 0 0 0 rg BT 199.75 344.98 Td (TT) Tj ET Q q 0 0 0 rg BT 210.27 344.98 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 287.02 344.98 Td (TION) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.00 344.70 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.00 344.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 344.98 Td (769) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 344.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.30 344.98 Td (389) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.00 344.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.30 344.98 Td (206) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 332.83 Td (EARNINGS PER SHAREBasic) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 319.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 319.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 319.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 319.00 Td (6.79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 319.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 319.00 Td (3.13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 319.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.30 319.00 Td (1.55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 306.70 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.00 306.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 306.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 306.00 Td (6.79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 306.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 306.00 Td (3.12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 306.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.30 306.00 Td (1.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 293.83 Td (EARNINGS PER SHAREDiluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 280.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 280.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 280.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 280.00 Td (6.68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 280.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 280.00 Td (3.09) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 280.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.30 280.00 Td (1.53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 267.70 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.00 267.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 267.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 267.00 Td (6.68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 267.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 267.00 Td (3.08) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 267.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.30 267.00 Td (1.53) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 53.25 Td (See accompanying Notes to consolidated financial statements.) Tj ET Q endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.75 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 214.57 725.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 249.13 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 255.60 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 320.52 725.25 Td ( COMPREHENSIVE INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 708.25 Td (For) Tj ET Q q 0 0 0 rg BT 141.12 708.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 159.08 708.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.19 708.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 708.25 Td (December) Tj ET Q q 0 0 0 rg BT 258.88 708.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 708.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 708.25 Td (December) Tj ET Q q 0 0 0 rg BT 344.50 708.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 708.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.62 708.25 Td (December) Tj ET Q q 0 0 0 rg BT 448.75 708.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 708.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.35 696.25 Td (\(In millions of dollars\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 672.75 318.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 672.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 672.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 672.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 672.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 672.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 646.75 318.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 646.75 62.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 646.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 646.75 62.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 646.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 646.75 62.00 -29.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 617.75 318.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 596.75 318.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 596.75 62.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 596.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 596.75 62.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 596.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 596.75 62.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 530.75 318.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 530.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 530.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 530.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 530.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 530.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 504.75 318.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 504.75 62.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 504.75 62.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 504.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 504.75 62.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 672.75 m 429.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 672.75 m 495.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 672.75 m 561.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 672.75 m 429.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 672.75 m 495.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 672.75 m 561.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 530.75 m 429.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 530.75 m 495.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 530.75 m 561.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 517.75 m 429.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 517.75 m 495.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 517.75 m 561.5 517.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 483.75 m 429.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 483.75 m 495.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 483.75 m 429.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 471.75 m 429.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 469.75 m 429.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 483.75 m 495.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 471.75 m 495.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 469.75 m 495.5 469.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 483.75 m 561.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 471.75 m 561.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 469.75 m 561.5 469.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 676.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.00 676.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.00 676.98 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 664.00 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 90.00 663.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.00 664.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 664.00 Td (769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 664.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 664.00 Td (390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.00 664.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 664.00 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 651.00 Td (Other comprehensive income \(loss\), net of taxes:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 638.00 Td (Foreign currency translation adjustments, net of tax \(benefit\) expense of $\(1\), $1, and $- for) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 630.00 Td (the years ended December 31, 2018, December 31, 2017, and December 31, 2016,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 622.00 Td (respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 621.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.30 622.00 Td (52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 622.00 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 622.00 Td (\(42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 622.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 609.00 Td (Unrecognized pension cost, net of tax expense of $1, $-, and $- for the years ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 601.00 Td (December 31, 2018, December 31, 2017, and December 31, 2016, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.00 600.70 Td (. . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 601.00 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 601.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 601.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 588.00 Td (Unrealized gains \(losses\) on available-for) Tj ET Q q 0 0 0 rg BT 203.20 588.00 Td (-sale debt securities, net of tax expense of $- for) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 580.00 Td (the years ended December 31, 2018, December 31, 2017, and December 31, 2016,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 572.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 108.39 572.00 Td (, and unrealized gains \(losses\) on available-for) Tj ET Q q 0 0 0 rg BT 257.10 572.00 Td (-sale equity securities, net of tax) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 564.00 Td (expense \(benefit\) of $23 and $\(4\) for the years ended December 31, 2017 and December) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 556.00 Td (31, 2016, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 142.00 555.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.30 556.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 556.00 Td (35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.60 556.00 Td (\(6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 556.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 543.00 Td (Unrealized gains \(losses\) on derivative activity) Tj ET Q q 0 0 0 rg BT 219.88 543.00 Td (, net of tax expense of $-, $-, and $1 for the) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 535.00 Td (years ended December 31, 2018, December 31, 2017, and December 31, 2016, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.60 535.00 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 535.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 535.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 535.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 522.00 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 166.00 521.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.30 522.00 Td (53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 522.00 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 522.00 Td (\(47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 522.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 509.00 Td (COMPREHENSIVE INCOME) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 154.00 508.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 509.00 Td (822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 509.00 Td (482) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 509.00 Td (159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 496.00 Td (COMPREHENSIVE INCOME ) Tj ET Q q 0 0 0 rg BT 154.45 496.00 Td (AND ) Tj ET Q q 0 0 0 rg BT 173.34 496.00 Td (ACCRETION ) Tj ET Q q 0 0 0 rg BT 220.68 496.00 Td (A) Tj ET Q q 0 0 0 rg BT 225.79 496.00 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 258.80 496.00 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 281.29 496.00 Td (T) Tj ET Q q 0 0 0 rg BT 286.04 496.00 Td (O) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 488.00 Td (NONCONTROLLING INTERESTS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 174.00 487.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.30 488.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.60 488.00 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 488.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 488.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 475.00 Td (COMPREHENSIVE INCOME ) Tj ET Q q 0 0 0 rg BT 154.23 475.00 Td (A) Tj ET Q q 0 0 0 rg BT 159.12 475.00 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 192.25 475.00 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 215.00 475.00 Td (T) Tj ET Q q 0 0 0 rg BT 219.74 475.00 Td (O HY) Tj ET Q q 0 0 0 rg BT 238.18 475.00 Td (A) Tj ET Q q 0 0 0 rg BT 243.07 475.00 Td (TT) Tj ET Q q 0 0 0 rg BT 252.70 475.00 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 324.27 475.00 Td (TION) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.00 474.70 Td (. . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.00 475.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.30 475.00 Td (822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.00 475.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.30 475.00 Td (481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.00 475.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 475.00 Td (159) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 57.25 Td (See accompanying Notes to consolidated financial statements.) Tj ET Q endstream endobj 221 0 obj <>] /Rotate 0 /Contents 222 0 R>> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.40 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 725.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.55 708.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.99 708.25 Td (December) Tj ET Q q 0 0 0 rg BT 270.12 708.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.62 708.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.74 708.25 Td (December) Tj ET Q q 0 0 0 rg BT 371.87 708.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.37 708.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.30 696.25 Td (\(In millions of dollars, except shar) Tj ET Q q 0 0 0 rg BT 324.68 696.25 Td (e and per) Tj ET Q q 0 0 0 rg BT 364.50 696.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 385.71 696.25 Td (e amounts\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 672.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 672.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 672.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 672.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 646.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 646.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 646.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 646.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 620.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 620.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 620.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 620.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 594.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 594.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 594.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 594.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 568.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 568.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 568.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 568.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 542.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 542.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 542.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 542.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 516.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 516.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 516.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 516.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 490.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 490.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 490.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 490.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 464.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 464.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 464.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 464.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 438.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 438.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 438.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 438.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 412.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 412.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 412.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 386.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 386.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 386.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 386.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 360.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 360.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 360.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 360.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 334.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 334.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 334.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 334.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 308.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 308.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 308.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 308.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 282.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 282.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 282.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 282.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 256.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 256.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 256.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 256.75 55.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 243.75 398.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 222.75 398.00 -53.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 222.75 55.00 -53.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 222.75 4.00 -53.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 222.75 55.00 -53.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 156.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 156.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 156.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 156.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 130.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 130.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 130.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 130.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 104.75 398.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 104.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 104.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 104.75 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 672.75 m 502.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 672.75 m 561.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 555.75 m 502.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 555.75 m 561.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 555.75 m 502.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 451.75 m 502.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 451.75 m 561.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 439.75 m 502.5 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 437.75 m 502.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 439.75 m 561.5 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 437.75 m 561.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 347.75 m 502.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 347.75 m 561.5 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 295.75 m 502.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 295.75 m 561.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 130.75 m 502.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 130.75 m 561.5 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 117.75 m 502.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 117.75 m 561.5 117.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 104.75 m 502.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 104.75 m 561.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 91.75 m 502.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 91.75 m 561.5 91.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 79.75 m 502.5 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 77.75 m 502.5 77.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 79.75 m 561.5 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 77.75 m 561.5 77.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 676.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.50 676.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 664.83 Td (ASSETS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 651.70 Td (CURRENT) Tj ET Q q 0 0 0 rg BT 89.26 651.70 Td ( ) Tj ET Q q 0 0 0 rg BT 90.97 651.70 Td (ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 638.70 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 158.00 638.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 638.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 638.00 Td (570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 638.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 638.00 Td (503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 625.70 Td (Restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 122.00 625.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 625.00 Td (33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 625.00 Td (234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 612.70 Td (Short-term investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.00 612.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 612.00 Td (1) Tj ET Q q 0 0 0 rg BT 491.30 612.00 Td (16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 612.00 Td (49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 599.70 Td (Receivables, net of allowances of $26 and $21 at December 31, 2018 and December 31, 2017, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 599.00 Td (427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 599.00 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 586.70 Td (Inventories) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 106.00 586.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 586.00 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 586.00 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 573.70 Td (Prepaids and other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 154.00 573.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 573.00 Td (149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 573.00 Td (153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 560.70 Td (Prepaid income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 142.00 560.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 560.00 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 560.00 Td (24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 547.70 Td (T) Tj ET Q q 0 0 0 rg BT 92.61 547.70 Td (otal current assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 150.00 547.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 547.00 Td (1,345) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 547.00 Td (1,327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 534.70 Td (Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.00 534.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 534.00 Td (233) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 534.00 Td (212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 521.70 Td (Property and equipment, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.00 521.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 521.00 Td (3,608) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 521.00 Td (4,034) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 508.70 Td (Financing receivables, net of allowances) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 182.00 508.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 508.00 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 508.00 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 495.70 Td (Goodwill) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 86.00 495.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 495.00 Td (283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 495.00 Td (150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 482.70 Td (Intangibles, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 102.00 482.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 482.00 Td (628) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 482.00 Td (305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 469.70 Td (Deferred tax assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 114.00 469.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 469.00 Td (180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 469.00 Td (141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 456.70 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 94.00 456.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 456.00 Td (1,353) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 456.00 Td (1,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 443.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.81 443.70 Td (OT) Tj ET Q q 0 0 0 rg BT 67.09 443.70 Td (AL) Tj ET Q q 0 0 0 rg BT 77.28 443.70 Td ( ) Tj ET Q q 0 0 0 rg BT 78.91 443.70 Td (ASSETS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 110.00 443.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 443.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 443.00 Td (7,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 443.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 443.00 Td (7,572) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 430.83 Td (LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST) Tj ET Q q 0 0 0 rg BT 284.80 430.83 Td (, ) Tj ET Q q 0 0 0 rg BT 288.36 430.83 Td (AND EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 417.70 Td (CURRENT) Tj ET Q q 0 0 0 rg BT 89.26 417.70 Td ( LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 404.70 Td (Current maturities of long-term debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.00 404.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 404.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 404.00 Td (1) Tj ET Q q 0 0 0 rg BT 495.30 404.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 404.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 404.00 Td (1) Tj ET Q q 0 0 0 rg BT 554.30 404.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 391.70 Td (Accounts payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 130.00 391.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 391.00 Td (151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 391.00 Td (136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 378.70 Td (Accrued expenses and other current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 218.00 378.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 378.00 Td (361) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 378.00 Td (352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 365.70 Td (Current contract liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 154.00 365.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 365.00 Td (388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 365.00 Td (348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 352.70 Td (Accrued compensation and benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 186.00 352.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 352.00 Td (150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 352.00 Td (145) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 339.70 Td (T) Tj ET Q q 0 0 0 rg BT 92.61 339.70 Td (otal current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 162.00 339.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 339.00 Td (1,061) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 339.00 Td (992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 326.70 Td (Long-term debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 102.00 326.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 326.00 Td (1,623) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 326.00 Td (1,440) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 313.70 Td (Long-term contract liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 146.00 313.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 313.00 Td (442) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 313.00 Td (424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 300.70 Td (Other long-term liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.00 300.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 300.00 Td (840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 300.00 Td (863) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 287.70 Td (T) Tj ET Q q 0 0 0 rg BT 92.61 287.70 Td (otal liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 138.00 287.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 287.00 Td (3,966) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 287.00 Td (3,719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 274.00 Td (Commitments and contingencies \(see Note 15\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 261.70 Td (Redeemable noncontrolling interest in preferred shares of a subsidiary) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.00 261.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 261.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 261.00 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 248.70 Td (EQUITY) Tj ET Q q 0 0 0 rg BT 81.40 248.70 Td (:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 235.00 Td (Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of December31, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 227.00 Td (2018 and December 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 166.00 226.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 227.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 227.00 Td () Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.00 219.55 343.05 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.00 214.00 Td (Class) Tj ET Q q 0 0 0 rg BT 88.89 214.00 Td (A) Tj ET Q q 0 0 0 rg BT 94.23 214.00 Td ( common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,507,817 issued and ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.00 211.55 353.41 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.00 206.00 Td (outstanding at December 31, 2018, and Class B common stock, $0.01 par value per share, 399,1) Tj ET Q q 0 0 0 rg BT 377.41 206.00 Td (10,240 shares ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.00 203.55 375.63 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.00 198.00 Td (authorized, 67,1) Tj ET Q q 0 0 0 rg BT 121.46 198.00 Td (15,828 shares issued and outstanding at December31, 2018. Class) Tj ET Q q 0 0 0 rg BT 335.88 198.00 Td (A) Tj ET Q q 0 0 0 rg BT 341.21 198.00 Td ( common stock, $0.01 par value ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.00 195.55 368.59 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.00 190.00 Td (per share, 1,000,000,000 shares authorized, 48,231,149 issued and outstanding at December31, 2017, and Class B ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.00 187.55 372.14 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.00 182.00 Td (common stock, $0.01 par value per share, 402,748,249 shares authorized, 70,753,837 shares issued and outstanding ) Tj ET Q BT /F1 8.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.00 179.55 70.64 -7.27 re f /GS0 gs q 0 0 0 rg BT 70.00 174.00 Td (at December31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 142.00 173.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 174.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 174.00 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 161.70 Td (Additional paid-in capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 154.00 161.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 161.00 Td (50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 161.00 Td (967) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 148.70 Td (Retained earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 130.00 148.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 148.00 Td (3,819) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 148.00 Td (3,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 135.70 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 135.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 135.00 Td (\(200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 135.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 135.00 Td (\(185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 135.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 122.70 Td (T) Tj ET Q q 0 0 0 rg BT 92.61 122.70 Td (otal stockholders' equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 174.00 122.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 122.00 Td (3,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 122.00 Td (3,837) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 109.70 Td (Noncontrolling interests in consolidated subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 238.00 109.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 109.00 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 109.00 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 96.70 Td (T) Tj ET Q q 0 0 0 rg BT 92.33 96.70 Td (otal equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 130.00 96.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 96.00 Td (3,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 96.00 Td (3,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 83.70 Td (T) Tj ET Q q 0 0 0 rg BT 56.74 83.70 Td (OT) Tj ET Q q 0 0 0 rg BT 66.77 83.70 Td (AL) Tj ET Q q 0 0 0 rg BT 77.13 83.70 Td ( LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST) Tj ET Q q 0 0 0 rg BT 298.07 83.70 Td (, ) Tj ET Q q 0 0 0 rg BT 301.63 83.70 Td (AND EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.00 83.70 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 83.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 83.00 Td (7,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 83.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 83.00 Td (7,572) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 58.25 Td (See accompanying Notes to consolidated financial statements.) Tj ET Q endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.65 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 725.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 725.25 Td ( CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 713.25 Td (For) Tj ET Q q 0 0 0 rg BT 141.12 713.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 159.08 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.19 713.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 258.88 713.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 713.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 344.50 713.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 713.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.62 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 448.75 713.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.35 701.25 Td (\(In millions of dollars\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 678.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 678.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 678.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 678.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 654.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 654.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 654.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 654.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 630.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 630.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 630.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 630.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 630.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 630.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 605.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 605.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 605.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 605.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 605.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 605.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 580.75 339.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 580.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 580.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 580.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 580.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 580.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 547.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 547.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 547.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 547.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 547.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 547.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 523.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 523.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 523.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 523.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 523.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 523.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 499.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 499.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 499.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 499.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 499.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 499.75 55.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 487.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 475.75 339.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 475.75 55.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 475.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 475.75 55.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 475.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 475.75 55.00 -11.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 464.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 452.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 452.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 452.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 452.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 452.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 452.75 55.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 440.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 428.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 428.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 428.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 428.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 428.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 428.75 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 678.75 m 443.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 678.75 m 502.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 678.75 m 561.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 416.75 m 502.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 416.75 m 561.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 416.75 m 443.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 404.75 m 443.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 416.75 m 502.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 404.75 m 502.5 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 416.75 m 561.5 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 404.75 m 561.5 404.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.50 682.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 682.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.50 682.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 670.70 Td (CASH FLOWS FROM OPERA) Tj ET Q q 0 0 0 rg BT 154.47 670.70 Td (TING ) Tj ET Q q 0 0 0 rg BT 175.13 670.70 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 658.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 658.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 658.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 658.70 Td (769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 658.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 658.70 Td (390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 658.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 658.70 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 646.70 Td (Adjustments to reconcile net income to net cash provided by operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 634.70 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 634.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 634.70 Td (327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 634.70 Td (348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 634.70 Td (326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 622.70 Td (Amortization of share awards) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 183.00 622.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 622.00 Td (28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 622.00 Td (32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 622.00 Td (26) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 609.70 Td (Deferred income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.00 609.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 609.70 Td (\(33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 609.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 609.70 Td (56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 609.70 Td (\(12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 609.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 597.70 Td (Impairment of assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.00 597.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 597.70 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 597.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 597.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 585.00 Td (Equity earnings from unconsolidated hospitality ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.00 584.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.60 585.00 Td (\(8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 585.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 585.00 Td (\(219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 585.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 585.00 Td (\(67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 585.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 572.70 Td (Amortization of management and franchise agreement assets constituting payments to) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 564.70 Td (customers) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 123.00 564.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 564.00 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 564.00 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 564.00 Td (16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 551.70 Td (\(Gains\) losses on sales of real estate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.00 551.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 551.70 Td (\(772) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 551.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 551.70 Td (\(236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 551.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 551.70 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 539.70 Td (Realized losses, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 539.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 539.70 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 539.70 Td (41) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 539.70 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 527.70 Td (Distributions from unconsolidated hospitality ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.00 527.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 527.70 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 527.70 Td (29) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 527.70 Td (35) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 515.70 Td (Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 515.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 515.70 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 515.70 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 515.70 Td (\(42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 515.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 88.00 503.70 Td (Increase \(decrease\) in cash attributable to changes in assets and liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 491.70 Td (Receivables, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 491.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 491.70 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 491.70 Td (\(37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 491.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 491.70 Td (\(14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 491.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 479.70 Td (Inventories) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 479.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 479.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 479.70 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 479.70 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 467.70 Td (Prepaid income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 183.00 467.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.60 467.70 Td (\(5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 467.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 467.70 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 467.70 Td (21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 456.70 Td (Accounts payable, accrued expenses, and other current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.00 456.70 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 456.70 Td (\(80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 456.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 456.70 Td (102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 456.70 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 444.70 Td (Accrued compensation and benefits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.00 444.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 444.70 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 444.70 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 444.70 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 432.70 Td (Other long-term liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.00 432.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 432.70 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 432.70 Td (53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 432.70 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 420.70 Td (Other) Tj ET Q q 0 0 0 rg BT 129.89 420.70 Td (, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 147.00 420.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 420.70 Td (\(65) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 420.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 420.70 Td (\(41) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 420.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 420.70 Td (\(93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 420.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 130.00 408.70 Td (Net cash provided by operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.00 408.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 408.70 Td (341) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 408.70 Td (587) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 408.70 Td (462) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 386.65 Td (\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 56.45 Td (See accompanying Notes to consolidated financial statements.) Tj ET Q endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.65 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 725.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 725.25 Td ( CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 713.25 Td (For) Tj ET Q q 0 0 0 rg BT 141.12 713.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 159.08 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.19 713.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 258.88 713.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 713.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 344.50 713.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 713.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.62 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 448.75 713.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 713.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.35 701.25 Td (\(In millions of dollars\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 678.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 678.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 678.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 678.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 678.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 654.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 654.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 654.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 654.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 654.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 630.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 630.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 630.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 630.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 630.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 630.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 606.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 606.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 606.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 606.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 606.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 606.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 582.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 582.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 582.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 582.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 582.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 582.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 558.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 558.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 558.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 558.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 558.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 534.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 534.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 534.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 534.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 534.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 534.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 510.75 339.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 510.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 510.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 510.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 510.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 510.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 485.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 485.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 485.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 485.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 485.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 485.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 461.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 461.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 461.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 461.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 461.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 461.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 437.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 437.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 437.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 437.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 437.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 437.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 413.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 413.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 413.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 413.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 413.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 413.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 389.75 339.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 389.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 389.75 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 389.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 389.75 55.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 678.75 m 443.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 678.75 m 502.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 678.75 m 561.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 534.75 m 443.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 534.75 m 502.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 534.75 m 561.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 522.75 m 443.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 522.75 m 502.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 522.75 m 561.5 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 425.75 m 443.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 425.75 m 502.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 425.75 m 561.5 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 413.75 m 443.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 413.75 m 502.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 413.75 m 561.5 413.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 377.75 m 443.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 377.75 m 502.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 377.75 m 561.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 366.75 m 443.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 364.75 m 443.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 366.75 m 502.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 364.75 m 502.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 366.75 m 561.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 364.75 m 561.5 364.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.50 682.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 682.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.50 682.83 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 670.70 Td (CASH FLOWS FROM INVESTING ) Tj ET Q q 0 0 0 rg BT 173.57 670.70 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 658.70 Td (Purchases of marketable securities and short-term investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.00 658.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 658.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 658.70 Td (\(665) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 658.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 658.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 658.70 Td (\(469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 658.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 658.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 658.70 Td (\(464) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 658.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 646.70 Td (Proceeds from marketable securities and short-term investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 279.00 646.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 646.70 Td (624) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 646.70 Td (480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 646.70 Td (457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 634.70 Td (Contributions to equity method and other investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 243.00 634.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 634.70 Td (\(60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 634.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 634.70 Td (\(89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 634.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 634.70 Td (\(107) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 634.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 622.70 Td (Return of equity method and other investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.00 622.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 622.70 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 622.70 Td (425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 622.70 Td (132) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 610.70 Td (Acquisitions, net of cash acquired) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 610.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 610.70 Td (\(678) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 610.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 610.70 Td (\(259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 610.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 610.70 Td (\(492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 610.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 598.70 Td (Capital expenditures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.00 598.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 598.70 Td (\(297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 598.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 598.70 Td (\(298) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 598.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 598.70 Td (\(21) Tj ET Q q 0 0 0 rg BT 554.26 598.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 598.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 586.70 Td (Issuance of financing receivables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 586.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.60 586.70 Td (\(2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 586.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 586.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 586.70 Td (\(38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 586.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 574.70 Td (Proceeds from financing receivables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 187.00 574.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 574.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 574.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 574.70 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 562.70 Td (Proceeds from sales of real estate, net of cash disposed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.00 562.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.30 562.70 Td (1,382) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 562.70 Td (663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 562.70 Td (289) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 550.70 Td (Pre-condemnation proceeds) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 163.00 550.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 550.70 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 550.70 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 550.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 538.70 Td (Other investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 538.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 538.70 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 538.70 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.26 538.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 538.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 538.70 Td (24) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 526.70 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.00 526.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 526.70 Td (374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 526.70 Td (457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 526.70 Td (\(372) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 526.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 514.70 Td (CASH FLOWS FROM FINANCING ) Tj ET Q q 0 0 0 rg BT 174.91 514.70 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 502.70 Td (Proceeds from debt, net of issuance costs of $4, $-, and $4, respectively) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.00 502.70 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 502.00 Td (416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 502.00 Td (670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 502.00 Td (620) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 489.70 Td (Repayments of debt) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.00 489.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 489.70 Td (\(231) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 489.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 489.70 Td (\(782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 489.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 489.70 Td (\(438) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 489.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 477.70 Td (Repurchase of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 477.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 477.70 Td (\(946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 477.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 477.70 Td (\(743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 477.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 477.70 Td (\(272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 477.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 465.70 Td (Proceeds from redeemable noncontrolling interest in preferred shares in a subsidiary) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 465.70 Td (. . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 465.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 465.70 Td (9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 465.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 453.70 Td (Repayments of redeemable noncontrolling interest in preferred shares in a subsidiary) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 453.70 Td (. . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 453.70 Td (\(10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 453.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 453.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 453.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 441.70 Td (Dividends paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.00 441.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 441.70 Td (\(68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 441.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.30 441.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 441.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 429.70 Td (Other financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.00 429.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 429.70 Td (\(1) Tj ET Q q 0 0 0 rg BT 436.26 429.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 429.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.60 429.70 Td (\(12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 429.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.60 429.70 Td (\(6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 429.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 417.70 Td (Net cash used in financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 417.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 417.70 Td (\(850) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 417.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.60 417.70 Td (\(858) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 417.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 417.70 Td (\(96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 417.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 405.70 Td (EFFECT) Tj ET Q q 0 0 0 rg BT 80.82 405.70 Td ( OF EXCHANGE RA) Tj ET Q q 0 0 0 rg BT 151.64 405.70 Td (TE CHANGES ON CASH) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.00 405.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.30 405.70 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 405.70 Td (\(7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.30 405.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 405.70 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 393.70 Td (NET) Tj ET Q q 0 0 0 rg BT 67.48 393.70 Td ( INCREASE \(DECREASE\) IN CASH, CASH EQUIV) Tj ET Q q 0 0 0 rg BT 242.67 393.70 Td (ALENTS, ) Tj ET Q q 0 0 0 rg BT 276.60 393.70 Td (AND RESTRICTED CASH) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.00 393.70 Td (. . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.60 393.70 Td (\(130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 393.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 393.70 Td (179) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 393.70 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 381.70 Td (CASH, CASH EQUIV) Tj ET Q q 0 0 0 rg BT 125.05 381.70 Td (ALENTS, ) Tj ET Q q 0 0 0 rg BT 158.97 381.70 Td (AND RESTRICTED CASHBEGINNING OF ) Tj ET Q q 0 0 0 rg BT 316.39 381.70 Td (YEAR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.00 381.70 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 381.70 Td (752) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 381.70 Td (573) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 381.70 Td (567) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 369.70 Td (CASH, CASH EQUIV) Tj ET Q q 0 0 0 rg BT 124.53 369.70 Td (ALENTS, ) Tj ET Q q 0 0 0 rg BT 158.75 369.70 Td (AND RESTRICTED CASHEND OF PERIOD) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.00 369.70 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.00 369.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.30 369.70 Td (622) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.00 369.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 369.70 Td (752) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.00 369.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 369.70 Td (573) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.30 347.65 Td (\(Continued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 57.85 Td (See accompanying Notes to consolidated financial statements.) Tj ET Q endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 31.60 Td (F- 9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.65 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 725.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 725.25 Td ( CASH FLOWS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 713.25 Td (For) Tj ET Q q 0 0 0 rg BT 141.12 713.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 159.08 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.19 713.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 258.88 713.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 713.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 344.50 713.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 713.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.62 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 448.75 713.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 713.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.35 701.25 Td (\(In millions of dollars\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 680.85 Td (Supplemental disclosur) Tj ET Q q 0 0 0 rg BT 139.60 680.85 Td (e of cash flow information: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 657.35 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 657.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 657.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 657.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 657.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 657.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 631.35 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 631.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 631.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 631.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 631.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 631.35 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 657.35 m 440.5 657.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 657.35 m 499.5 657.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 657.35 m 558.5 657.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 657.35 m 440.5 657.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 657.35 m 558.5 657.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 618.35 m 440.5 618.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 606.35 m 440.5 606.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 604.35 m 440.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 618.35 m 499.5 618.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 606.35 m 499.5 606.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 604.35 m 499.5 604.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 618.35 m 558.5 618.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 606.35 m 558.5 606.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 604.35 m 558.5 604.35 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 661.58 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 661.58 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.50 661.58 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 648.60 Td (Cash and cash equivalents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.00 648.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 648.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 648.60 Td (570) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 648.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 648.60 Td (503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 648.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 648.60 Td (482) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 635.60 Td (Restricted cash \(see Note 2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.00 635.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 635.60 Td (33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 635.60 Td (234) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 635.60 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 622.60 Td (Restricted cash included in other assets \(see Note 2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.00 622.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 622.60 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 622.60 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 622.60 Td (15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 609.60 Td (T) Tj ET Q q 0 0 0 rg BT 57.33 609.60 Td (otal cash, cash equivalents, and restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.00 609.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 609.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 609.60 Td (622) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 609.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 609.60 Td (752) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 609.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 609.60 Td (573) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 578.35 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 578.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 578.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 578.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 578.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 578.35 55.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 565.35 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.35 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 552.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 552.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 552.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 552.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 552.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 526.35 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 526.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 526.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 526.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 526.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 526.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.35 335.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 500.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 500.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 500.35 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 500.35 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 500.35 55.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 578.35 m 440.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 578.35 m 499.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 578.35 m 558.5 578.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 566.35 m 440.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 564.35 m 440.5 564.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 566.35 m 499.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 564.35 m 499.5 564.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 566.35 m 558.5 566.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 564.35 m 558.5 564.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 553.35 m 440.5 553.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 551.35 m 440.5 551.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 553.35 m 499.5 553.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 551.35 m 499.5 551.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 553.35 m 558.5 553.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 551.35 m 558.5 551.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 527.35 m 440.5 527.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 525.35 m 440.5 525.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 527.35 m 499.5 527.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 525.35 m 499.5 525.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 527.35 m 558.5 527.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 525.35 m 558.5 525.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 514.35 m 440.5 514.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 512.35 m 440.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 514.35 m 499.5 514.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 512.35 m 499.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 514.35 m 558.5 514.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 512.35 m 558.5 512.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 501.35 m 440.5 501.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 499.35 m 440.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 501.35 m 499.5 501.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 499.35 m 499.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 501.35 m 558.5 501.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 499.35 m 558.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 499.35 m 440.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 501.35 m 440.5 501.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 488.35 m 440.5 488.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 486.35 m 440.5 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 499.35 m 499.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 501.35 m 499.5 501.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 488.35 m 499.5 488.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 486.35 m 499.5 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 499.35 m 558.5 499.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 501.35 m 558.5 501.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 488.35 m 558.5 488.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 486.35 m 558.5 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 486.35 m 440.5 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 488.35 m 440.5 488.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 475.35 m 440.5 475.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 473.35 m 440.5 473.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 486.35 m 499.5 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 488.35 m 499.5 488.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 475.35 m 499.5 475.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 473.35 m 499.5 473.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 486.35 m 558.5 486.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 488.35 m 558.5 488.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 475.35 m 558.5 475.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 473.35 m 558.5 473.35 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.50 582.58 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 582.58 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.50 582.58 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 569.60 Td (Cash paid during the period for interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 180.00 569.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 569.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 569.60 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 569.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 569.60 Td (80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 569.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 569.60 Td (75) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 556.60 Td (Cash paid during the period for income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.00 556.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 556.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.30 556.60 Td (292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 556.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.30 556.60 Td (175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 556.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 556.60 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 543.60 Td (Non-cash investing and financing activities are as follows:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 531.30 Td (Non-cash contributions to equity method investments \(see Note 4, Note 15\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.00 531.30 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 530.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 530.60 Td (61) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 530.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 530.60 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 530.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 530.60 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 518.30 Td (Non-cash issuance of financing receivables \(see Note 6, Note 7\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.00 518.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 517.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 517.60 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 517.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 517.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 517.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 517.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 505.30 Td (Change in accrued capital expenditures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.00 505.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 504.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 504.60 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 504.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 504.60 Td (9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 504.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 504.60 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 492.30 Td (Non-cash management and franchise agreement assets constituting payments to customers) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 364.00 492.30 Td (. . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 491.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 491.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 491.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 491.60 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 491.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 491.60 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 479.30 Td (Contingent liability \(see Note 7\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 176.00 479.30 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.00 478.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 478.60 Td (57) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.00 478.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 488.30 478.60 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 478.60 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 478.60 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.00 452.25 Td (\(Concluded\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 53.25 Td (See accompanying Notes to consolidated financial statements.) Tj ET Q endstream endobj 229 0 obj <>] /Rotate 0 /Contents 230 0 R>> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.00 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 184.82 725.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 219.38 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 225.85 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 290.77 725.25 Td ( CHANGES IN ST) Tj ET Q q 0 0 0 rg BT 370.89 725.25 Td (OCKHOLDERS' EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 713.25 Td (For) Tj ET Q q 0 0 0 rg BT 141.12 713.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 159.08 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.19 713.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 258.88 713.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 713.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 344.50 713.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 713.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.62 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 448.75 713.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 713.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.35 701.25 Td (\(In millions of dollars\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 653.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 653.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 653.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 653.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 653.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 653.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 653.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 653.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 653.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 653.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 653.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 629.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 629.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 629.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 629.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 629.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 629.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 629.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 629.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 629.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 629.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 629.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 605.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 605.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 605.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 605.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 605.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 605.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 605.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 605.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 605.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 605.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 605.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 581.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 581.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 581.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 581.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 581.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 581.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 581.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 581.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 581.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 581.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 581.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 557.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 557.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 557.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 557.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 557.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 557.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 557.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 557.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 557.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 557.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 557.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 557.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 533.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 533.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 533.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 533.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 533.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 533.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 533.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 533.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 533.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 533.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 533.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 509.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 509.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 509.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 509.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 509.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 509.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 509.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 509.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 509.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 509.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 509.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 485.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 485.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 485.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 485.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 485.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 485.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 485.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 485.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 485.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 485.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 485.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 452.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 452.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 452.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 452.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 452.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 452.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 452.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 452.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 452.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 452.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 452.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 428.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 428.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 428.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 428.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 428.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 428.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 428.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 428.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 428.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 428.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 428.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 404.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 404.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 404.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 404.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 404.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 404.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 404.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 404.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 404.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 404.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 404.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 380.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 380.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 380.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 380.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 380.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 380.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 380.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 380.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 380.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 380.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 380.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 356.75 190.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 356.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 356.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 356.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 356.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 356.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 356.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 356.75 45.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 356.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 356.75 60.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 356.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 356.75 60.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 653.75 m 285.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 653.75 m 334.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 653.75 m 383.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 653.75 m 432.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 653.75 m 496.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 653.75 m 560.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 569.75 m 285.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 569.75 m 334.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 569.75 m 383.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 569.75 m 432.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 569.75 m 496.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 569.75 m 560.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 485.75 m 285.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 485.75 m 334.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 485.75 m 383.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 485.75 m 432.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 485.75 m 496.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 485.75 m 560.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 452.75 m 285.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 452.75 m 334.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 452.75 m 383.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 452.75 m 432.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 452.75 m 496.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 452.75 m 560.5 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 356.75 m 334.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 356.75 m 338.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 356.75 m 383.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 356.75 m 387.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 356.75 m 432.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 356.75 m 436.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 356.75 m 496.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 356.75 m 500.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 356.75 m 560.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 356.75 m 285.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 345.75 m 285.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 343.75 m 285.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 356.75 m 289.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 345.75 m 289.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 343.75 m 289.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 356.75 m 334.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 345.75 m 334.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 343.75 m 334.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 356.75 m 338.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 345.75 m 338.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 343.75 m 338.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 356.75 m 383.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 345.75 m 383.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 343.75 m 383.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 356.75 m 387.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 345.75 m 387.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 343.75 m 387.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 356.75 m 432.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 345.75 m 432.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 343.75 m 432.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 356.75 m 436.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 345.75 m 436.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 343.75 m 436.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 356.75 m 496.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 345.75 m 496.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 343.75 m 496.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 356.75 m 500.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 345.75 m 500.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 343.75 m 500.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 356.75 m 560.5 356.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 345.75 m 560.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 343.75 m 560.5 343.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 253.75 657.98 Td (T) Tj ET Q q 0 0 0 rg BT 258.72 657.98 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.70 673.98 Td (Common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.90 665.98 Td (Stock) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.45 657.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.25 673.98 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.05 665.98 Td (Paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.80 657.98 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.15 673.98 Td (Retained) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.90 665.98 Td (Earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.80 657.98 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.30 681.98 Td (Accumulated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.85 673.98 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.40 665.98 Td (Compr) Tj ET Q q 0 0 0 rg BT 463.77 665.98 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.20 657.98 Td (Loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.25 681.98 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 536.55 681.98 Td (olling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.15 673.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 532.33 673.98 Td (ests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.20 665.98 Td (inConsolidated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.10 657.98 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 645.83 Td (BALANCEJanuary 1, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.00 645.70 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 645.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.25 645.83 Td (4,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.00 645.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 645.83 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.00 645.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.25 645.83 Td (1,931) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 645.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.25 645.83 Td (2,459) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 645.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.60 645.83 Td (\(230) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.30 645.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 645.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 645.83 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 633.70 Td (T) Tj ET Q q 0 0 0 rg BT 75.61 633.70 Td (otal comprehensive income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 633.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.30 633.70 Td (159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 633.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 633.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.30 633.70 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 633.70 Td (\(47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 633.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 633.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 621.70 Td (Contributions from noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 621.70 Td (. . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 621.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 621.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 621.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 621.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 621.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 553.30 621.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 609.70 Td (Repurchase of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 609.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.60 609.70 Td (\(272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.30 609.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 609.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.60 609.70 Td (\(272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 609.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 609.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 609.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 609.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 597.70 Td (Directors compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 597.70 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 597.70 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 597.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 597.70 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 597.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 597.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 597.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 585.70 Td (Employee stock plan issuance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.00 585.70 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 585.70 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 585.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 585.70 Td (3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 585.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 585.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 585.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 573.70 Td (Share-based payment activity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 573.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.30 573.70 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 573.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 573.70 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 573.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 573.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 573.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 561.83 Td (BALANCEDecember) Tj ET Q q 0 0 0 rg BT 134.69 561.83 Td ( 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 561.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 561.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.25 561.83 Td (4,080) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.00 561.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 561.83 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.00 561.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.25 561.83 Td (1,686) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 561.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.25 561.83 Td (2,665) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 561.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.60 561.83 Td (\(277) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.30 561.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 561.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 561.83 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 549.70 Td (T) Tj ET Q q 0 0 0 rg BT 75.61 549.70 Td (otal comprehensive income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 549.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.30 549.70 Td (481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 549.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 549.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.30 549.70 Td (389) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 549.70 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 549.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 537.70 Td (Contributions from noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 537.70 Td (. . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 537.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 537.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 553.30 537.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 525.70 Td (Repurchase of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 525.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.60 525.70 Td (\(743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.30 525.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 525.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.60 525.70 Td (\(743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 525.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 525.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 525.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 525.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 513.70 Td (Directors compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 513.70 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 513.70 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 513.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 513.70 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 513.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 513.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 513.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 501.70 Td (Employee stock plan issuance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.00 501.70 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 501.70 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 501.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 501.70 Td (4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 501.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 501.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 501.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 489.70 Td (Share-based payment activity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 489.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.30 489.70 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 489.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 489.70 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 489.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 489.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 489.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 477.83 Td (BALANCEDecember) Tj ET Q q 0 0 0 rg BT 134.69 477.83 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 477.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 477.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.25 477.83 Td (3,843) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.00 477.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 477.83 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.00 477.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.30 477.83 Td (967) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 477.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.25 477.83 Td (3,054) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 477.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.60 477.83 Td (\(185) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.30 477.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 477.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 477.83 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 465.70 Td (Ef) Tj ET Q q 0 0 0 rg BT 78.48 465.70 Td (fect of the adoption of ) Tj ET Q q 0 0 0 rg BT 151.27 465.70 Td (ASU 2016-01 and ) Tj ET Q q 0 0 0 rg BT 211.05 465.70 Td (ASU) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 457.70 Td (2016-16 \(see Note 2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.00 457.70 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.60 457.00 Td (\(4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.30 457.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 457.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 457.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 457.00 Td (64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 457.00 Td (\(68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 457.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 457.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 444.83 Td (BALANCEJanuary 1, 2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 155.00 444.70 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.25 444.83 Td (3,839) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.00 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 444.83 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.00 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.30 444.83 Td (967) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.25 444.83 Td (3,1) Tj ET Q q 0 0 0 rg BT 421.25 444.83 Td (18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.60 444.83 Td (\(253) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.30 444.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 444.83 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 432.70 Td (T) Tj ET Q q 0 0 0 rg BT 75.61 432.70 Td (otal comprehensive income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 432.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.30 432.70 Td (822) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 432.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 432.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.30 432.70 Td (769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 432.70 Td (53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 432.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 420.70 Td (Contributions from noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 420.70 Td (. . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 420.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 420.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 420.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 420.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 420.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 553.30 420.70 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 408.70 Td (Repurchase of common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 408.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.60 408.70 Td (\(946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.30 408.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 408.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.60 408.70 Td (\(946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.30 408.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 408.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 408.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 408.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 396.70 Td (Directors compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 396.70 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 396.70 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 396.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 396.70 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 396.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 396.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 396.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 384.70 Td (Employee stock plan issuance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.00 384.70 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.30 384.70 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 384.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.30 384.70 Td (5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 384.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 384.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 384.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 372.70 Td (Share-based payment activity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 372.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.30 372.70 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 372.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 372.70 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 372.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 372.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 372.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 360.70 Td (Cash dividends \(see Note 16\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 360.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 271.60 360.70 Td (\(68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 282.30 360.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 360.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.30 360.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.60 360.70 Td (\(68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.30 360.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.30 360.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 360.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 348.83 Td (BALANCEDecember) Tj ET Q q 0 0 0 rg BT 134.62 348.83 Td ( 31, 2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 167.00 348.70 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.00 348.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.25 348.83 Td (3,677) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.00 348.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 348.83 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.00 348.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.30 348.83 Td (50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 348.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.25 348.83 Td (3,819) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 348.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.60 348.83 Td (\(200) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.30 348.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 348.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 348.83 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 336.00 Td (\(1\) Includes cumulative adjustments of $312 million, $172 million, and $170 million for the years ended December 31, 2017 and December 31, 2016, and at) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 328.00 Td (January 1, 2016, respectively) Tj ET Q q 0 0 0 rg BT 155.01 328.00 Td (, as a result of the adoption of ) Tj ET Q q 0 0 0 rg BT 251.65 328.00 Td (ASU 2014-09 as of January 1, 2016 \(see Note 2\).) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 50.65 Td (See accompanying Notes to consolidated financial statements.) Tj ET Q endstream endobj 231 0 obj <>] /Rotate 0 /Contents 232 0 R>> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.45 31.60 Td (F- 1) Tj ET Q q 0 0 0 rg BT 311.47 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.30 730.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 730.25 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 730.25 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 730.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 730.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 730.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.35 718.25 Td (\(amounts in millions, unless otherwise indicated\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 707.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.45 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 686.45 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 686.45 Td (ORGANIZA) Tj ET Q q 0 0 0 rg BT 126.76 686.45 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 665.45 Td (Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries \(collectively "Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.45 Td (Corporation"\) provide hospitality and other services on a worldwide basis through the development, ownership, operation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.45 Td (management, franchising, and licensing of hospitality and wellness related businesses. ) Tj ET Q q 0 0 0 rg BT 397.79 641.45 Td (W) Tj ET Q q 0 0 0 rg BT 406.43 641.45 Td (e develop, own, operate, manage, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.45 Td (franchise, license, or provide services to a portfolio of properties consisting of full service hotels, select service hotels, resorts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.45 Td (and other properties, including branded spas and fitness studios, and timeshare, fractional, and other forms of residential, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.45 Td (vacation, and condominium ownership units. ) Tj ET Q q 0 0 0 rg BT 231.92 605.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.42 605.45 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 605.45 Td (, \(i\) we operated or franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 605.45 Td (419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.00 605.45 Td ( full service hotels, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.45 Td (comprising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 593.45 Td (148,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.00 593.45 Td ( rooms throughout the world, \(ii\) we operated or franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.21 593.45 Td (424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.21 593.45 Td ( select service hotels, comprising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.17 593.45 Td (60,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.67 593.45 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.45 Td (rooms, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.77 581.45 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.77 581.45 Td ( hotels are located in the United States, and \(iii\) our portfolio of properties included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.34 581.45 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.34 581.45 Td ( franchised all-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.45 Td (inclusive Hyatt-branded resorts, comprising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.01 569.45 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.51 569.45 Td ( rooms, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 569.45 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.95 569.45 Td ( wellness resorts, comprising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.54 569.45 Td (410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.54 569.45 Td ( rooms. ) Tj ET Q q 0 0 0 rg BT 470.49 569.45 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.99 569.45 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.45 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 557.45 Td (, our portfolio of properties operated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 557.45 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.84 557.45 Td ( countries around the world. ) Tj ET Q q 0 0 0 rg BT 353.26 557.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 403.16 557.45 Td (, through strategic relationships, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.45 Td (provide certain reservation and/or loyalty program services to hotels that are unaf) Tj ET Q q 0 0 0 rg BT 375.53 545.45 Td (filiated with our hotel portfolio and which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.45 Td (operate under other tradenames or marks owned by such hotel or licensed by third parties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.45 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 512.45 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 512.45 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 118.25 512.45 Td (Y) Tj ET Q q 0 0 0 rg BT 125.10 512.45 Td ( OF) Tj ET Q q 0 0 0 rg BT 141.12 512.45 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 210.12 512.45 Td ( ) Tj ET Q q 0 0 0 rg BT 212.07 512.45 Td (ACCOUNTING POLICIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 491.45 Td (Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.57 491.45 Td (Our consolidated financial statements present the results of operations, financial position, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.45 Td (and cash flows of Hyatt Hotels Corporation and its majority owned and controlled subsidiaries. ) Tj ET Q q 0 0 0 rg BT 432.98 479.45 Td (All intercompany accounts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.45 Td (transactions have been eliminated in consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 446.45 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.54 446.45 Td (W) Tj ET Q q 0 0 0 rg BT 163.18 446.45 Td (e are required to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 388.76 446.45 Td (fect the amounts reported in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.45 Td (consolidated financial statements and accompanying Notes. ) Tj ET Q q 0 0 0 rg BT 290.76 434.45 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 384.17 434.45 Td (fer materially from such estimated amounts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 413.45 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.27 413.45 Td (Our revenues are primarily derived from the products and services provided to our customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.45 Td (and are generally recognized when control of the product or service has transferred to the customer) Tj ET Q q 0 0 0 rg BT 445.67 401.45 Td (. Our customers include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.45 Td (third-party hotel owners, guests at owned and leased hotels and spa and fitness centers, and a third-party partner through our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.45 Td (co-branded credit card program. ) Tj ET Q q 0 0 0 rg BT 180.77 377.45 Td (A) Tj ET Q q 0 0 0 rg BT 187.44 377.45 Td ( summary of our revenue streams is as follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 356.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 356.45 Td (Owned and leased hotels r) Tj ET Q q 0 0 0 rg BT 192.28 356.45 Td (evenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.93 356.45 Td (Owned and leased hotels revenues are derived from room rentals and services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 344.45 Td (provided at our owned and leased hotels. ) Tj ET Q q 0 0 0 rg BT 251.88 344.45 Td (W) Tj ET Q q 0 0 0 rg BT 260.52 344.45 Td (e present revenues net of sales, occupancy) Tj ET Q q 0 0 0 rg BT 428.96 344.45 Td (, and other taxes. ) Tj ET Q q 0 0 0 rg BT 499.32 344.45 Td (T) Tj ET Q q 0 0 0 rg BT 504.73 344.45 Td (axes collected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 332.45 Td (on behalf of and remitted to governmental taxing authorities are excluded from the transaction price of the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 320.45 Td (products and services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 299.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 299.45 Td (Management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.08 299.45 Td (Management fees primarily consist of a base fee, which is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 287.45 Td (calculated as a percentage of gross revenues, and an incentive fee, which is generally computed based on a hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 275.45 Td (profitability measure. Included within the aforementioned management fees are royalty fees that we earn in exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 263.45 Td (for providing access to Hyatt's intellectual property \("IP"\). Franchise fees consist of an initial fee and ongoing royalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 251.45 Td (fees computed as a percentage of gross room revenues and, as applicable, food and beverage revenues. Other fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 239.45 Td (include license fee revenues associated with the licensing of the Hyatt brand names through our co-branded credit card ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 227.45 Td (program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 206.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 206.45 Td (Net management, franchise, and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.36 206.45 Td (Management, franchise, and other fees are reduced by the amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 194.45 Td (of management and franchise agreement assets constituting payments to customers. Consideration provided to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 182.45 Td (customers is recognized in other assets and amortized over the expected customer life, which is typically the initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 170.45 Td (term of the management or franchise agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 149.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 149.45 Td (Other r) Tj ET Q q 0 0 0 rg BT 115.35 149.45 Td (evenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 149.45 Td (Other revenues include revenues from the sale of promotional awards through our co-branded credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 137.45 Td (cards and spa and fitness revenues from Exhale.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 116.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 116.45 Td (Revenues for the r) Tj ET Q q 0 0 0 rg BT 158.66 116.45 Td (eimbursement of costs incurr) Tj ET Q q 0 0 0 rg BT 274.67 116.45 Td (ed on behalf of managed and franchised pr) Tj ET Q q 0 0 0 rg BT 446.78 116.45 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.99 116.45 Td (Revenues for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 104.45 Td (reimbursement of costs incurred on behalf of managed and franchised properties represent the reimbursement of costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 92.45 Td (incurred on behalf of the owners of properties. ) Tj ET Q q 0 0 0 rg BT 274.36 92.45 Td (These costs relate primarily to payroll costs at managed properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 80.45 Td (where we are the employer) Tj ET Q q 0 0 0 rg BT 193.88 80.45 Td (, cost associated with sales, reservations, technology) Tj ET Q q 0 0 0 rg BT 402.89 80.45 Td (, and marketing services \(collectively) Tj ET Q q 0 0 0 rg BT 551.91 80.45 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 68.45 Td ("system-wide services"\), and the cost of the loyalty program operated on behalf of owners.) Tj ET Q endstream endobj 233 0 obj <>] /Rotate 0 /Contents 234 0 R>> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The products and services we of) Tj ET Q q 0 0 0 rg BT 202.94 742.10 Td (fer to our customers are comprised of the following performance obligations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 721.10 Td (Management and franchise agr) Tj ET Q q 0 0 0 rg BT 205.92 721.10 Td (eements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 700.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 700.10 Td (License to Hyatt's IP) Tj ET Q q 0 0 0 rg BT 186.22 700.10 Td (, including the Hyatt brand names) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.87 700.10 Td (W) Tj ET Q q 0 0 0 rg BT 341.51 700.10 Td (e receive variable consideration from third-party hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 688.10 Td (owners in exchange for providing access to our IP) Tj ET Q q 0 0 0 rg BT 303.39 688.10 Td (, including the Hyatt brand names. ) Tj ET Q q 0 0 0 rg BT 443.73 688.10 Td (The license represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 676.10 Td (license of symbolic IP) Tj ET Q q 0 0 0 rg BT 192.78 676.10 Td ( and in exchange for providing the license, Hyatt receives sales-based royalty fees. Fees are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 664.10 Td (generally payable on a monthly basis as the third-party hotel owners derive value from access to our IP) Tj ET Q q 0 0 0 rg BT 515.26 664.10 Td (. Royalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 652.10 Td (fees are recognized over time as services are rendered. Under our franchise agreements, we also receive initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 640.10 Td (fees from third-party hotel owners. ) Tj ET Q q 0 0 0 rg BT 246.00 640.10 Td (The initial fees do not represent a distinct performance obligation and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 628.10 Td (therefore, are combined with the royalty fees and deferred and recognized through management, franchise, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 616.10 Td (other fees over the expected customer life, which is typically the initial term of the franchise agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 595.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 595.10 Td (System-wide services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.69 595.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.33 595.10 Td (e provide system-wide services on behalf of owners of managed and franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 583.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 148.80 583.10 Td (The promise to provide system-wide services is not a distinct performance obligation because it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 571.10 Td (attendant to the license of our IP) Tj ET Q q 0 0 0 rg BT 232.85 571.10 Td (. ) Tj ET Q q 0 0 0 rg BT 237.67 571.10 Td (Therefore, the promise to provide system-wide services is combined with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 559.10 Td (license of our IP) Tj ET Q q 0 0 0 rg BT 169.44 559.10 Td ( to form a single performance obligation. ) Tj ET Q q 0 0 0 rg BT 335.88 559.10 Td (W) Tj ET Q q 0 0 0 rg BT 344.52 559.10 Td (e have two accounting models depending on the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 547.10 Td (of the agreements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 526.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.00 526.10 Td (Cost r) Tj ET Q q 0 0 0 rg BT 164.36 526.10 Td (eimbursement model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.40 526.10 Td (Third-party hotel owners are required to reimburse us for all costs incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 514.10 Td (to operate the system-wide programs with no added mar) Tj ET Q q 0 0 0 rg BT 364.76 514.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 382.35 514.10 Td (The reimbursements are recognized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 502.10 Td (time within revenues for the reimbursement of costs incurred on behalf of managed and franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 490.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 184.80 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.44 490.10 Td (e have discretion over how we spend program revenues and, therefore, we are the principal. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 478.10 Td (Expenses incurred related to the system-wide programs are recognized within costs incurred on behalf of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 466.10 Td (managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 284.48 466.10 Td (The reimbursement of system-wide services is billed monthly based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 454.10 Td (upon an annual estimate of costs to be incurred and recognized as revenue commensurate with incurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 442.10 Td (the cost. ) Tj ET Q q 0 0 0 rg BT 175.64 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 181.05 442.10 Td (o the extent that actual costs vary from estimated costs, a true-up billing or refund is issued to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 430.10 Td (the hotels. ) Tj ET Q q 0 0 0 rg BT 183.05 430.10 Td (Any amounts collected and not yet recognized as revenues are deferred and classified as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 418.10 Td (contract liabilities. ) Tj ET Q q 0 0 0 rg BT 216.37 418.10 Td (Any costs incurred in excess of revenues collected are classified as receivables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 397.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 140.00 397.10 Td (Fund model) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.05 397.10 Td (Third-party hotel owners are invoiced a system-wide assessment fee primarily based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 385.10 Td (percentage of hotel revenues on a monthly basis. ) Tj ET Q q 0 0 0 rg BT 337.26 385.10 Td (W) Tj ET Q q 0 0 0 rg BT 345.89 385.10 Td (e recognize the revenues over time as services are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 373.10 Td (provided through revenues for the reimbursement of costs incurred on behalf of managed and franchised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 361.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 184.80 361.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.44 361.10 Td (e have discretion over how we spend program revenues and, therefore, we are the principal. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 349.10 Td (Expenses related to the system-wide programs are recognized as incurred through costs incurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 337.10 Td (behalf of managed and franchised properties. Over time, we manage the system-wide programs to break-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 325.10 Td (even, but the timing of the revenue received from the owners may not align with the timing of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 313.10 Td (expenses to operate the programs. ) Tj ET Q q 0 0 0 rg BT 278.11 313.10 Td (Therefore, the dif) Tj ET Q q 0 0 0 rg BT 348.16 313.10 Td (ference between the revenues and expenses may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.00 301.10 Td (impact our net income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 280.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 280.10 Td (Hotel management agr) Tj ET Q q 0 0 0 rg BT 195.84 280.10 Td (eement services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.86 280.10 Td (Under the terms of our management agreements, we provide hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 268.10 Td (management agreement services, which form a single performance obligation that qualifies as a series. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 256.10 Td (exchange, we receive variable consideration in the form of management fees, which are comprised of base and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 244.10 Td (incentive fees. Incentive fees are typically subject to the achievement of certain profitability tar) Tj ET Q q 0 0 0 rg BT 484.76 244.10 Td (gets, and therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 232.10 Td (we apply judgment in determining the amount of incentive fees recognized each period. Incentive fees revenue is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 220.10 Td (recognized to the extent it is probable that we will not reverse a significant portion of the fees in a subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 208.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 134.37 208.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.00 208.10 Td (e rely on internal financial forecasts and historical trends to estimate the amount of incentive fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 196.10 Td (revenue recognized and the probability that incentive fees will reverse in the future. Generally) Tj ET Q q 0 0 0 rg BT 479.86 196.10 Td (, base management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 184.10 Td (fees are due and payable on a monthly basis as services are provided, and incentive fees are due and payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 172.10 Td (based on the terms of the agreement, but at a minimum, incentive fees are billed and collected annually) Tj ET Q q 0 0 0 rg BT 516.26 172.10 Td (. Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 160.10 Td (is recognized over time as services are rendered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 139.10 Td (Under the terms of certain management agreements, primarily within the United States, we are the employer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 127.10 Td (of hotel employees. ) Tj ET Q q 0 0 0 rg BT 184.91 127.10 Td (When we are the employer) Tj ET Q q 0 0 0 rg BT 292.23 127.10 Td (, we are reimbursed for costs incurred related to the employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 115.10 Td (management services with no added mar) Tj ET Q q 0 0 0 rg BT 266.82 115.10 Td (gin, and the reimbursements are recognized over time as services are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 103.10 Td (rendered within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 91.10 Td (In jurisdictions in which we are the employer) Tj ET Q q 0 0 0 rg BT 284.94 91.10 Td (, we have discretion over how employee management services are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 79.10 Td (provided and, therefore, we are the principal and revenues are recognized on a gross basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 104.00 58.10 Td (Loyalty pr) Tj ET Q q 0 0 0 rg BT 145.02 58.10 Td (ogram administration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.53 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.16 58.10 Td (e administer the loyalty program for the benefit of Hyatt's portfolio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 46.10 Td (properties during the period of their participation in the loyalty program. Under the program, members earn ) Tj ET Q endstream endobj 235 0 obj <>] /Rotate 0 /Contents 236 0 R>> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 742.10 Td (loyalty points that can be redeemed for future products and services. Points earned by loyalty program members ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 730.10 Td (represent a material right to free or discounted goods or services in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 709.10 Td (The loyalty program has one performance obligation that consists of marketing and managing the program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 697.10 Td (and arranging for award redemptions by members. ) Tj ET Q q 0 0 0 rg BT 308.75 697.10 Td (The costs of administering the loyalty program are char) Tj ET Q q 0 0 0 rg BT 530.72 697.10 Td (ged to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 685.10 Td (the properties through an assessment fee based on members' qualified expenditures. ) Tj ET Q q 0 0 0 rg BT 441.08 685.10 Td (The assessment fee is billed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 673.10 Td (and collected monthly) Tj ET Q q 0 0 0 rg BT 192.21 673.10 Td (, and the revenue received by the program is deferred until a member redeems points. Upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 661.10 Td (redemption of points at managed and franchised properties, we recognize the previously deferred revenue through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 649.10 Td (revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 637.10 Td (redemption expense paid to managed and franchised hotels. ) Tj ET Q q 0 0 0 rg BT 345.13 637.10 Td (W) Tj ET Q q 0 0 0 rg BT 353.77 637.10 Td (e are responsible for arranging for the redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 625.10 Td (of promotional awards, but we do not directly fulfill the award night obligation except at owned and leased hotels. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 613.10 Td (Therefore, we are the agent with respect to this performance obligation for managed and franchised hotels, and we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 601.10 Td (are the principal with respect to owned and leased hotels. In relation to the loyalty program, a portion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 589.10 Td (owned and leased hotels revenues is deferred upon initial stay as points are earned by program members at owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 577.10 Td (or leased hotels, and revenues are recognized upon redemption at owned or leased hotels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.14 556.10 Td (e actuarially determine the amount to recognize as revenue based on statistical formulas that estimate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 544.10 Td (timing of future point redemptions based on historical experience. ) Tj ET Q q 0 0 0 rg BT 370.41 544.10 Td (The revenue recognized each period includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 532.10 Td (an estimate of the loyalty points that will eventually be redeemed and includes an estimate of breakage for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 520.10 Td (loyalty points that will not be redeemed. Determining breakage involves significant judgment, and we engage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 508.10 Td (third-party actuaries to estimate the ultimate redemption ratios used in the breakage calculations and the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 496.10 Td (of revenue recognized upon redemption. Changes to the expected ultimate redemption assumptions are reflected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 484.10 Td (in the current period. ) Tj ET Q q 0 0 0 rg BT 189.81 484.10 Td (Any revenues in excess of the anticipated future redemptions are used to fund the other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 472.10 Td (operational expenses of the program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 451.10 Td (Room r) Tj ET Q q 0 0 0 rg BT 104.81 451.10 Td (entals and other) Tj ET Q q 0 0 0 rg BT 173.52 451.10 Td ( services pr) Tj ET Q q 0 0 0 rg BT 221.66 451.10 Td (ovided at owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 430.10 Td (e provide room rentals and other services to our guests, including but not limited to spa, laundry) Tj ET Q q 0 0 0 rg BT 487.35 430.10 Td (, and parking. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 418.10 Td (These products and services each represent individual performance obligations and, in exchange for these services, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 406.10 Td (receive fixed amounts based on published rates or negotiated contracts. Payment is due in full at the time the services are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 394.10 Td (rendered or the goods are provided. If a guest enters into a package including multiple goods or services, the fixed price is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 382.10 Td (allocated to each distinct good or service based on the stand-alone selling price for each item. Revenue is recognized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 370.10 Td (time when we transfer control of the good or service to the customer) Tj ET Q q 0 0 0 rg BT 345.75 370.10 Td (. Room rental revenue is recognized on a daily basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 358.10 Td (as the guest occupies the room, and revenue related to other products and services is recognized when the product or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 346.10 Td (service is provided to the guest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 325.10 Td (Hotels commonly enter into arrangements with online travel agencies, trade associations, and other entities. ) Tj ET Q q 0 0 0 rg BT 527.37 325.10 Td (As part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 313.10 Td (of these arrangements, Hyatt may pay the other party a commission or rebate based on the revenue generated through that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 301.10 Td (channel. ) Tj ET Q q 0 0 0 rg BT 108.41 301.10 Td (The determination of whether to recognize revenues gross or net of rebates and commission is made based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 289.10 Td (terms of each contract.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 268.10 Td (Spa and fitness services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 247.10 Td (Exhale spa and fitness studios provide guests with spa and fitness services as well as retail products in exchange for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 235.10 Td (fixed consideration. Each spa and fitness service represents an individual performance obligation. Payment is due in full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 223.10 Td (and revenue is recognized at the point in time the services are rendered or the products are provided to the customer) Tj ET Q q 0 0 0 rg BT 535.10 223.10 Td (. If a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 211.10 Td (guest purchases a spa or fitness package, the fixed price is allocated to each distinct product or service based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 199.10 Td (published stand-alone selling price for each item.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 178.10 Td (Co-branded cr) Tj ET Q q 0 0 0 rg BT 135.37 178.10 Td (edit cards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 157.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.64 157.10 Td (e have a co-branded credit card agreement with a third party and under the terms of the agreement, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 145.10 Td (various performance obligations: granting a license to the Hyatt name, arranging for the fulfillment of points issued to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 133.10 Td (cardholders through the loyalty program, and awarding cardholders with free room nights upon achievement of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 121.10 Td (program milestones. ) Tj ET Q q 0 0 0 rg BT 156.47 121.10 Td (The loyalty points and free room nights represent material rights that can be redeemed for free or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 109.10 Td (discounted services in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 88.10 Td (In exchange for the products and services provided, we receive fixed and variable consideration which is allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 76.10 Td (between the performance obligations based upon the relative stand-alone selling prices. Significant judgment is involved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 64.10 Td (in determining the relative stand-alone selling prices, and therefore, we engaged a third-party valuation specialist to assist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 52.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 86.21 52.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.85 52.10 Td (e utilize a relief from royalty method to determine the revenue allocated to the license, which is recognized over ) Tj ET Q endstream endobj 237 0 obj <>] /Rotate 0 /Contents 238 0 R>> endobj 238 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (time as the licensee derives value from access to Hyatt's brand names. ) Tj ET Q q 0 0 0 rg BT 354.85 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 363.49 742.10 Td (e utilize observable transaction prices and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 730.10 Td (adjusted market assumptions to determine the stand-alone selling price of a loyalty point, and we utilize a cost plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 718.10 Td (mar) Tj ET Q q 0 0 0 rg BT 87.87 718.10 Td (gin approach to determine the stand-alone selling price of the free room nights. ) Tj ET Q q 0 0 0 rg BT 406.47 718.10 Td (The revenues allocated to loyalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 706.10 Td (program points and free night awards are deferred and recognized upon redemption or expiration of a card member's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 694.10 Td (promotional awards, net of redemption expense, as we are deemed to be the agent in the transaction. ) Tj ET Q q 0 0 0 rg BT 476.06 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 484.70 694.10 Td (e are responsible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 682.10 Td (for arranging for the redemption of promotional awards, but we do not directly fulfill the award night obligation except at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 670.10 Td (owned and leased hotels. ) Tj ET Q q 0 0 0 rg BT 174.79 670.10 Td (Therefore, we are the agent for managed and franchised hotels, and we are the principal with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 658.10 Td (respect to owned and leased hotels. ) Tj ET Q q 0 0 0 rg BT 215.88 658.10 Td (When loyalty points and free nights are redeemed at owned and leased hotels, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 646.10 Td (recognize revenue through owned and leased hotels revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 625.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 625.10 Td (e satisfy the following performance obligations over time: the license of Hyatt's symbolic IP) Tj ET Q q 0 0 0 rg BT 450.74 625.10 Td (, hotel management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (agreement services, administration of the loyalty program, and the license to our brand name through our co-branded credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (card agreement. Each of these performance obligations is considered a sales-based royalty or a series of distinct services, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (although the activities to fulfill each of these promises may vary from day to day) Tj ET Q q 0 0 0 rg BT 372.59 589.10 Td (, the nature of each promise is the same and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (the customer benefits from the services every day) Tj ET Q q 0 0 0 rg BT 247.89 577.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 556.10 Td (For each performance obligation satisfied over time, we recognize revenue using an output method based on the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (transferred to the customer) Tj ET Q q 0 0 0 rg BT 156.90 544.10 Td (. Revenue is recognized based on the transaction price and the observable outputs related to each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (performance obligation. ) Tj ET Q q 0 0 0 rg BT 148.39 532.10 Td (W) Tj ET Q q 0 0 0 rg BT 157.03 532.10 Td (e deem the following to be a faithful depiction of our progress in satisfying these performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (obligations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 499.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 499.10 Td (revenues and operating profits earned by the hotels during the reporting period for access to Hyatt's IP) Tj ET Q q 0 0 0 rg BT 493.79 499.10 Td (, as it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 487.10 Td (indicative of the value third-party owners derive;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (revenues and operating profits of the hotels for the promise to provide management agreement services to the hotels;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 445.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 445.10 Td (award night redemptions for the administration of the loyalty program performance obligation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 424.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 424.10 Td (cardholder spend for the license to the Hyatt name through our co-branded credit cards, as it is indicative of the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 412.10 Td (our partner derives from the use of our name.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 391.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.32 391.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.36 391.10 Td (ithin our management agreements, we have two performance obligations: providing a license to Hyatt's IP) Tj ET Q q 0 0 0 rg BT 509.72 391.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (providing management agreement services. ) Tj ET Q q 0 0 0 rg BT 225.77 379.10 Td (Although these constitute two separate performance obligations, both obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (represent services that are satisfied over time, and Hyatt recognizes revenue using an output method based on the performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (of the hotel. ) Tj ET Q q 0 0 0 rg BT 100.36 355.10 Td (Therefore, we have not allocated the transaction price between these two performance obligations as the allocation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (would result in the same pattern of revenue recognition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 322.10 Td (Revenue is adjusted for the ef) Tj ET Q q 0 0 0 rg BT 192.95 322.10 Td (fects of a significant financing component when the period between the transfer of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (promised goods or services to the customer and payment by the customer exceeds one year) Tj ET Q q 0 0 0 rg BT 413.78 310.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 289.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 289.10 Td (e have applied the practical expedient that permits the omission of prior) Tj ET Q q 0 0 0 rg BT 369.29 289.10 Td (-period information about revenue allocated to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (future performance obligations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 256.10 Td (Contract Balances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.10 256.10 Td (Our payments from customers are based on the billing terms established in our contracts. Customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (billings are classified as accounts receivable when our right to consideration is unconditional. If our right to consideration is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (conditional on future performance under the contract, the balance is classified as a contract asset. Due to certain profitability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (hurdles in our management agreements, incentive fees are considered contract assets until the risk related to the achievement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (the profitability metric no longer exists. Once the profitability hurdle has been met, the incentive fee receivable balance will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (reflected within accounts receivable. Contract assets are included in receivables, net on our consolidated balance sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Payments received in advance of performance under the contract are classified as current or long-term contract liabilities on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (consolidated balance sheets and are recognized as revenue as we perform under the contract.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 151.10 Td (Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.75 151.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.38 151.10 Td (e consider all highly liquid investments purchased with an original maturity of three months or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (less at the date of purchase to be cash equivalents.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 118.10 Td (Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.04 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 160.68 118.10 Td (e had restricted cash of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.36 118.10 Td ($33million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.75 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.19 118.10 Td ($234million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.58 118.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 118.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.38 118.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.82 118.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 106.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 106.10 Td (, which includes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 85.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 85.10 Td ($16 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.39 85.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.83 85.10 Td ($12 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.22 85.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 250.88 85.10 Td (, related to debt service on bonds acquired in connection with the acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 73.10 Td (of the entity that owned Grand Hyatt San ) Tj ET Q q 0 0 0 rg BT 252.63 73.10 Td (Antonio \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.45 73.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.45 73.10 Td (\); in addition, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.64 73.10 Td ($12 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.04 73.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.47 73.10 Td ($1) Tj ET Q q 0 0 0 rg BT 506.10 73.10 Td (1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.49 73.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 61.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 133.66 61.10 Td (, recorded in other assets;) Tj ET Q endstream endobj 239 0 obj <>] /Rotate 0 /Contents 240 0 R>> endobj 240 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ($9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.39 742.10 Td ( related to our captive insurance subsidiary for minimum capital and surplus requirements in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (with local insurance regulations \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 730.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.50 730.10 Td (\); and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 709.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 709.10 Td ($207 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.39 709.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.61 709.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.19 709.10 Td ( related to sale proceeds from the disposition of Hyatt Regency Scottsdale Resort ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 697.10 Td (& Spa at Gainey Ranch pursuant to a like-kind exchange \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.47 697.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.47 697.10 Td (\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 676.10 Td (The remaining restricted cash balances of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.81 676.10 Td ($8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.21 676.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.64 676.10 Td ($6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.04 676.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.25 676.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.84 676.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.27 676.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.86 676.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 664.10 Td (, relate to escrow deposits and other arrangements. ) Tj ET Q q 0 0 0 rg BT 302.41 664.10 Td (These amounts are invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.98 664.10 Td (interest-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.75 664.10 Td (bearing accounts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 643.10 Td (Equity Method Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.40 643.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.03 643.10 Td (e have investments in unconsolidated hospitality ventures accounted for under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (equity method. ) Tj ET Q q 0 0 0 rg BT 112.31 631.10 Td (These investments are an integral part of our business and are strategically and operationally important to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (overall results. ) Tj ET Q q 0 0 0 rg BT 111.19 619.10 Td (When we receive a distribution from an investment, we determine whether it is a return on our investment or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (return of our investment based on the underlying nature of the distribution. ) Tj ET Q q 0 0 0 rg BT 351.69 607.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.33 607.10 Td (e assess investments in unconsolidated hospitality ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (ventures for impairment quarterly) Tj ET Q q 0 0 0 rg BT 184.58 595.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.40 595.10 Td (When there is indication a loss in value has occurred, we evaluate the carrying value in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (comparison to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending of) Tj ET Q q 0 0 0 rg BT 461.35 571.10 Td (fers. ) Tj ET Q q 0 0 0 rg BT 481.16 571.10 Td (The principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (factors used in the discounted cash flow analysis requiring judgment are the projected future cash flows, the discount rate, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (the capitalization rate assumptions. Our estimates of projected future cash flows are based on historical data, various internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (estimates, and a variety of external sources, and are developed as part of our routine, long-term planning process. If the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (estimated fair value is less than carrying value, we use our judgment to determine if the decline in value is other than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (temporary) Tj ET Q q 0 0 0 rg BT 90.44 511.10 Td (. In determining this, we consider factors including, but not limited to, the length of time and extent of the decline, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (loss of value as a percentage of the cost, financial condition and near) Tj ET Q q 0 0 0 rg BT 324.97 499.10 Td (-term financial projections, our intent and ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (recover the lost value, and current economic conditions. Impairments deemed other than temporary are char) Tj ET Q q 0 0 0 rg BT 481.31 487.10 Td (ged to equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (earnings \(losses\) from unconsolidated hospitality ventures on our consolidated statements of income. For additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (information about equity method investments, see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.40 463.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.40 463.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 442.10 Td (Debt and Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.23 442.10 Td (Excluding equity securities classified as equity method investments, debt and equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (securities consist of various investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 409.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 409.10 Td (Equity securities consist of interest-bearing money market funds, mutual funds, common shares, and preferred shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 397.10 Td (Equity securities with a readily determinable fair value are recorded at fair value on our consolidated balance sheets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 385.10 Td (based on listed market prices or dealer quotations where available. Equity securities without a readily determinable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 373.10 Td (fair value are recognized at cost less any impairment, plus or minus changes resulting from observable price changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 361.10 Td (in orderly transactions for the identical or similar investment of the same issuer) Tj ET Q q 0 0 0 rg BT 402.58 361.10 Td (. Net gains and losses, both realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 349.10 Td (and unrealized, on equity securities are recognized in other income \(loss\), net on our consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 337.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 316.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 316.10 Td (Debt securities include preferred shares, time deposits, and fixed income securities, including U.S. government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 304.10 Td (obligations, obligations of other government agencies, corporate debt, mortgage-backed and asset-backed securities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 292.10 Td (and municipal and provincial notes and bonds. Debt securities are classified as either trading, available-for) Tj ET Q q 0 0 0 rg BT 512.32 292.10 Td (-sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 280.10 Td (\("AFS"\), or held-to-maturity \("HTM"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 259.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 259.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.76 259.10 Td (rading securitiesrecognized at fair value based on listed market prices or dealer price quotations, where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 247.10 Td (available. Net gains and losses, both realized and unrealized, on trading securities are recognized in net gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 235.10 Td (\(losses\) and interest income from marketable securities held to fund rabbi trusts or other income \(loss\), net, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 223.10 Td (depending on the nature of the investment, on our consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 202.10 Td (AFS securitiesrecognized at fair value based on listed market prices or dealer price quotations, where ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 190.10 Td (available. Unrealized gains and losses on ) Tj ET Q q 0 0 0 rg BT 288.34 190.10 Td (AFS debt securities are recognized in accumulated other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 178.10 Td (comprehensive loss on our consolidated balance sheets. Realized gains and losses on debt securities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 166.10 Td (recognized in other income \(loss\), net on our consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 145.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 145.10 Td (HTM securitiesdebt security investments which we have the ability to hold until maturity and are recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 133.10 Td (at amortized cost.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 112.10 Td (AFS and HTM securities are assessed for impairment quarterly) Tj ET Q q 0 0 0 rg BT 324.56 112.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.38 112.10 Td (T) Tj ET Q q 0 0 0 rg BT 334.79 112.10 Td (o determine if an impairment is other than temporary for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (debt securities, we consider the duration and severity of the loss position, the strength of the underlying collateral, the term to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 83.23 88.10 Td (, credit rating, and our intent to sell. For debt securities that are deemed other than temporarily impaired and there is no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (intent to sell, impairments are separated into the amount related to the credit loss, which is typically recognized in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.92 76.10 Td (other income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (\(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 64.10 Td ( on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.27 64.10 Td (consolidated statements of income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.29 64.10 Td ( and the amount related to all other factors, which is recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (accumulated other comprehensive loss on our consolidated balance sheets. For debt securities that are deemed other than ) Tj ET Q endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (temporarily impaired and there is intent to sell, impairments in their entirety are recognized on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.26 742.10 Td (consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.43 730.10 Td (. For additional information about debt and equity securities, see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.87 730.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.87 730.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (For) Tj ET Q q 0 0 0 rg BT 89.37 709.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 131.12 709.10 Td (ency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.56 709.10 Td (The functional currency of our consolidated entities located outside the United States of ) Tj ET Q q 0 0 0 rg BT 514.07 709.10 Td (America is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (generally the local currency) Tj ET Q q 0 0 0 rg BT 160.68 697.10 Td (. ) Tj ET Q q 0 0 0 rg BT 165.50 697.10 Td (The assets and liabilities of these entities are translated into U.S. dollars at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.14 697.10 Td (year) Tj ET Q q 0 0 0 rg BT 482.15 697.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.48 697.10 Td (end exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (rates, and the related gains and losses, net of applicable deferred income taxes, are reflected in accumulated other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (comprehensive loss on our consolidated balance sheets. Gains and losses from foreign currency transactions are included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (earnings. Gains and losses from foreign exchange rate changes related to intercompany receivables and payables of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.92 661.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.03 661.10 Td (term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (nature are generally included in accumulated other comprehensive loss. Gains and losses from foreign exchange rate movement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (related to intercompany receivables and payables that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.84 637.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.94 637.10 Td (term are included in earnings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (Financing Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.27 616.10 Td (Financing receivables represent contractual rights to receive money either on demand or on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (fixed or determinable dates and are recognized on our consolidated balance sheets at amortized cost. ) Tj ET Q q 0 0 0 rg BT 454.10 604.10 Td (W) Tj ET Q q 0 0 0 rg BT 462.73 604.10 Td (e recognize interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (income as earned and provide an allowance for cancellations and defaults. Our financing receivables are composed of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (individual unsecured loans and other types of unsecured financing arrangements provided to hotel owners. ) Tj ET Q q 0 0 0 rg BT 478.31 580.10 Td (These financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (receivables generally have stated maturities and interest rates, however) Tj ET Q q 0 0 0 rg BT 333.64 568.10 Td (, the repayment terms vary and may be dependent upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (future cash flows of the hotel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 535.10 Td (On an ongoing basis, we monitor the credit quality of our financing receivables based on payment activity) Tj ET Q q 0 0 0 rg BT 496.46 535.10 Td (. ) Tj ET Q q 0 0 0 rg BT 501.27 535.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.91 535.10 Td (e determine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (our financing to hotel owners to be non-performing if interest or principal is greater than 90 days past due based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (contractual terms of the individual financing receivables, if an impairment char) Tj ET Q q 0 0 0 rg BT 366.64 511.10 Td (ge is recognized for a loan, or if a provision is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (established for our other financing arrangements. If we consider a financing receivable to be non-performing, we place the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (financing receivable on non-accrual status.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 466.10 Td (e individually assess all loans within financing receivables for impairment quarterly) Tj ET Q q 0 0 0 rg BT 415.95 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 420.77 466.10 Td (This assessment is based on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (analysis of several factors including current economic conditions and industry trends, as well as the specific risk characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (of these loans including capital structure, loan performance, market factors, and the underlying hotel performance. ) Tj ET Q q 0 0 0 rg BT 509.92 442.10 Td (When it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (probable that we will be unable to collect all amounts due in accordance with the contractual terms of the individual loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (agreement or if projected future cash flows available for repayment of unsecured receivables indicate there is a collection risk, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (we measure the impairment based on the present value of projected future cash flows discounted at the loan's ef) Tj ET Q q 0 0 0 rg BT 496.46 406.10 Td (fective interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (rate. For impaired loans, we establish a specific loan loss reserve for the dif) Tj ET Q q 0 0 0 rg BT 351.67 394.10 Td (ference between the recorded investment in the loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (and the estimated fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 361.10 Td (In addition to loans, we include other types of financing arrangements in unsecured financing to hotel owners which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (do not assess individually for impairment. ) Tj ET Q q 0 0 0 rg BT 220.63 349.10 Td (W) Tj ET Q q 0 0 0 rg BT 229.27 349.10 Td (e regularly evaluate our reserves for these other financing arrangements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 328.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 328.10 Td (e write of) Tj ET Q q 0 0 0 rg BT 119.27 328.10 Td (f financing to hotel owners when we determine the receivables are uncollectible and when all commercially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (reasonable means of recovering the receivable balances have been exhausted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 295.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 295.10 Td (e recognize interest income when received for impaired loans and financing receivables on non-accrual status which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (recognized in other income \(loss\), net in our consolidated statements of income. ) Tj ET Q q 0 0 0 rg BT 372.13 283.10 Td (Accrual of interest income is resumed when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (the receivable becomes contractually current and collection doubts are removed. For additional information about financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (receivables, see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.18 259.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.18 259.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 238.10 Td (Accounts Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.54 238.10 Td (Our accounts receivable primarily consist of trade receivables due from guests for services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (rendered at our owned and leased properties and from hotel owners with whom we have management and franchise agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (for services rendered and for reimbursements of costs incurred on behalf of managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 498.26 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 506.89 214.10 Td (e record an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (accounts receivable reserve when losses are probable, based on an assessment of past collection activity and current business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 169.10 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 169.10 Td (Inventories are comprised of operating supplies and equipment that have a period of consumption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.88 169.10 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.10 157.10 Td ( or less and food and beverage items at our owned and leased hotels which are generally valued at the lower of cost \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.88 157.10 Td (first-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (in, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.78 145.10 Td (first-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.22 145.10 Td (out\) or net realizable value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 124.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 84.37 124.10 Td (operty and Equipment and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.17 124.10 Td (Definite-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.38 124.10 Td (Lived Intangible ) Tj ET Q q 0 0 0 rg BT 312.18 124.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.84 124.10 Td (Property and equipment is stated at cost, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (interest incurred during development and construction periods, less accumulated depreciation. Definite-lived intangible assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (are recorded at the acquisition-date fair value, less accumulated amortization. Depreciation and amortization are recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (over the estimated useful lives of the assets, primarily on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.94 88.10 Td (straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.26 88.10 Td (line method. ) Tj ET Q endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Useful lives assigned to property and equipment are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 731.60 274.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 731.60 214.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 703.60 274.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 703.60 214.00 -14.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 722.17 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 722.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 722.17 Td (10-50 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 708.17 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 708.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 708.17 Td (The shorter of the lease term or useful life of asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.17 Td (Furniture and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 694.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 694.17 Td (3-20 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 680.17 Td (Computers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 680.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 680.17 Td (3-7 years) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 655.10 Td (Useful lives assigned to definite-lived intangible assets are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.60 274.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 644.60 214.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.60 274.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 594.60 214.00 -14.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.27 Td (Management and franchise agreement intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 614.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 634.27 Td (Expected customer life, which is generally the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 624.27 Td (initial term of the management or franchise) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 614.27 Td (agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.17 Td (Lease related intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 600.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 599.27 Td (Lease term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.17 Td (Advanced booking intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 585.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.00 585.17 Td (Period of the advanced bookings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 560.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 560.10 Td (e assess property and equipment and definite-lived intangible assets for impairment quarterly) Tj ET Q q 0 0 0 rg BT 452.88 560.10 Td (. ) Tj ET Q q 0 0 0 rg BT 457.70 560.10 Td (When events or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (circumstances indicate the carrying amount may not be recoverable, we evaluate the net book value of the assets for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (impairment by comparison to the projected undiscounted future cash flows of the assets. ) Tj ET Q q 0 0 0 rg BT 405.84 536.10 Td (The principal factor used in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (undiscounted cash flow analysis requiring judgment is the projected future operating cash flows, which are based on historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (data, various internal estimates, and a variety of external resources, and are developed as part of our routine, long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (planning process. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 479.10 Td (If the projected undiscounted future cash flows are less than the net book value of the assets, the fair value is determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (based upon internally developed discounted cash flows of the assets, third-party appraisals or broker valuations, and if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (appropriate, current estimated net sales proceeds from pending of) Tj ET Q q 0 0 0 rg BT 311.67 455.10 Td (fers. ) Tj ET Q q 0 0 0 rg BT 331.47 455.10 Td (The principal factors used in the discounted cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (analysis requiring judgment are the projected future operating cash flows, the discount rates, and the capitalization rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 104.27 431.10 Td (The excess of the net book value over the estimated fair value is recognized in asset impairments on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 398.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 398.10 Td (e evaluate the carrying value of our property and equipment and definite-lived intangible assets based on our plans, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (the time, for such assets and consider qualitative factors such as future development in the surrounding area, status of local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (competition, and any significant adverse changes in the business climate. Changes to our plans, including a decision to dispose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (of or change the intended use of an asset, may have a material impact on the carrying value of the asset.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 341.10 Td (For additional information about property and equipment and definite-lived intangible assets, see Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.06 341.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.06 341.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.50 341.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.50 341.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 329.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 308.10 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.79 308.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.43 308.10 Td (e evaluate the facts and circumstances of each acquisition to determine whether the transaction should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (be accounted for as an asset acquisition or a business combination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 275.10 Td (Under the supervision of management, independent third-party valuation specialists estimate the fair value of the assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (businesses acquired using various recognized valuation methods including the income approach, cost approach, relief from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (royalty approach, and sales comparison approach, which are primarily based on Level ) Tj ET Q q 0 0 0 rg BT 396.36 251.10 Td (Three assumptions. ) Tj ET Q q 0 0 0 rg BT 476.07 251.10 Td (Assumptions utilized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (in determining the fair value under these approaches include, but are not limited to, historical financial results when applicable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (projected cash flows, discount rates, capitalization rates, royalty rates, current market conditions, likelihood of contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (renewals, and comparable transactions. In a business combination, the fair value is allocated to tangible assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (and identifiable intangible assets, with any remaining value assigned to goodwill, if applicable. In an asset acquisition, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 191.10 Td (ference between the consideration paid and the fair value of the assets acquired is allocated across the identified assets based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (on the relative fair value. ) Tj ET Q q 0 0 0 rg BT 152.55 179.10 Td (When we acquire the remaining ownership interest in or the property from an unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (hospitality venture in a step acquisition, we estimate the fair value of our equity interest using the assumed cash proceeds we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (would receive from sale to a third party at a market sales price, which is determined using the aforementioned fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (methodologies and assumptions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 122.10 Td (The results of operations of properties or businesses have been included in our consolidated statements of income since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (their respective dates of acquisition. ) Tj ET Q q 0 0 0 rg BT 196.06 110.10 Td (Assets acquired and liabilities assumed in acquisitions are recorded on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (balance sheets at the respective acquisition dates based upon their estimated fair values \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.24 98.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.24 98.10 Td (\). In business combinations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (the purchase price allocations may be based upon preliminary estimates and assumptions. ) Tj ET Q q 0 0 0 rg BT 410.18 86.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 459.52 86.10 Td (, the allocations are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (subject to revision when we receive final information, including appraisals and other analyses.) Tj ET Q endstream endobj 245 0 obj <>] /Rotate 0 /Contents 246 0 R>> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Acquisition-related costs incurred in conjunction with a business combination are recognized in other income \(loss\), net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (on our consolidated statements of income. In an asset acquisition, these costs are included in the total consideration paid and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (allocated to the acquired assets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 697.10 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.90 697.10 Td (Goodwill represents the future economic benefits arising from other assets acquired in a business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (combination that are not individually identified and separately recognized. ) Tj ET Q q 0 0 0 rg BT 349.90 685.10 Td (As required, we evaluate goodwill for impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (annually during the fourth quarter of each year using balances at October 1 and at an interim date if indications of impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (exist. Goodwill impairment is determined by comparing the fair value of a reporting unit to its carrying amount. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 640.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 640.10 Td (e evaluate the fair value of the reporting unit either by performing a qualitative or quantitative assessment. In any given ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 628.10 Td (, we can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (value, or we elect to bypass the qualitative assessment, we proceed to the quantitative assessment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 583.10 Td (When determining fair value, we utilize internally developed discounted future cash flow models, third-party appraisals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (or broker valuations and, if appropriate, current estimated net sales proceeds from pending of) Tj ET Q q 0 0 0 rg BT 422.74 571.10 Td (fers. Under the discounted cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (flow approach, we utilize various assumptions requiring judgment, including projected future cash flows, discount rates, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (capitalization rates. Our estimates of projected future cash flows are based on historical data, various internal estimates, and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (variety of external sources, and are developed as part of our routine, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.89 535.10 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 535.10 Td (term planning process. ) Tj ET Q q 0 0 0 rg BT 439.13 535.10 Td (W) Tj ET Q q 0 0 0 rg BT 447.76 535.10 Td (e then compare the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (estimated fair value to our carrying value. If the carrying value is in excess of the fair value, we recognize an impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 511.10 Td (ge in asset impairments on our consolidated statements of income based on the amount by which the reporting unit's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (carrying value exceeded its fair value, limited to the carrying amount of goodwill. For additional information about goodwill, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.21 487.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.21 487.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 466.10 Td (Indefinite-Lived Intangible ) Tj ET Q q 0 0 0 rg BT 191.80 466.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.46 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.10 466.10 Td (e have certain brand and other indefinite-lived intangibles that were acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (through various business combinations. ) Tj ET Q q 0 0 0 rg BT 210.27 454.10 Td (At the time of each respective acquisition, fair value was estimated using a relief from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (royalty methodology) Tj ET Q q 0 0 0 rg BT 132.95 442.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 421.10 Td (As required, we evaluate indefinite-lived intangible assets for impairment annually during the fourth quarter of each year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (using balances at October 1 and at an interim date if indications of impairment exist. ) Tj ET Q q 0 0 0 rg BT 390.27 409.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.91 409.10 Td (e use the relief from royalty method to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (estimate the fair value. ) Tj ET Q q 0 0 0 rg BT 143.39 397.10 Td (When determining fair value, we utilize internally developed discounted future cash flow models, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (include various assumptions requiring judgment, including projected future cash flows and market royalty rates. Our estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (of projected cash flows are based on historical data, various internal estimates, and a variety of external sources, and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (developed as part of our routine, long-term planning process. ) Tj ET Q q 0 0 0 rg BT 296.69 361.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.33 361.10 Td (e then compare the estimated fair value to our carrying value. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (the carrying value is in excess of the fair value, we recognize an impairment char) Tj ET Q q 0 0 0 rg BT 374.40 349.10 Td (ge in asset impairments on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (statements of income. For additional information about indefinite-lived intangible assets, see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.46 337.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.46 337.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 316.10 Td (Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.44 316.10 Td (W) Tj ET Q q 0 0 0 rg BT 142.08 316.10 Td (e enter into performance guarantees related to certain hotels we manage. ) Tj ET Q q 0 0 0 rg BT 433.98 316.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.61 316.10 Td (e also enter into debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (repayment and other guarantees with respect to unconsolidated hospitality ventures, certain managed or franchised hotels, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (other properties. ) Tj ET Q q 0 0 0 rg BT 117.85 292.10 Td (W) Tj ET Q q 0 0 0 rg BT 126.49 292.10 Td (e record a liability for the fair value of these guarantees at their inception date. In order to estimate the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (value, we use a Monte Carlo simulation to model the probability of possible outcomes. ) Tj ET Q q 0 0 0 rg BT 399.76 280.10 Td (The valuation methodology requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (that we make certain assumptions and judgments regarding: discount rates, volatility) Tj ET Q q 0 0 0 rg BT 387.88 268.10 Td (, hotel operating results, and hotel property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (sales prices. ) Tj ET Q q 0 0 0 rg BT 100.63 256.10 Td (The fair value is not re-valued due to future changes in assumptions. ) Tj ET Q q 0 0 0 rg BT 376.76 256.10 Td (The corresponding of) Tj ET Q q 0 0 0 rg BT 462.67 256.10 Td (fset depends on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (circumstances in which the guarantee was issued and is recorded to investments, other assets, or expense. ) Tj ET Q q 0 0 0 rg BT 473.86 244.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.50 244.10 Td (e amortize the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (liability for the fair value of a guarantee into income over the term of the guarantee using a systematic and rational, risk-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (approach. Guarantees related to our managed or franchised hotels and other properties are amortized into income in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (income \(loss\), net in our consolidated statements of income. Guarantees related to our unconsolidated hospitality ventures are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (amortized into equity earnings \(losses\) from unconsolidated hospitality ventures in our consolidated statements of income. On a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (quarterly basis, we evaluate the likelihood of funding under a guarantee. ) Tj ET Q q 0 0 0 rg BT 341.66 184.10 Td (T) Tj ET Q q 0 0 0 rg BT 347.07 184.10 Td (o the extent we determine an obligation to fund is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (both probable and estimable based upon performance during the period, we record a separate contingent liability in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (income \(loss\), net or equity earnings \(losses\) from unconsolidated hospitality ventures. For additional information about ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (guarantees, see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.96 148.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.96 148.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 127.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 107.98 127.10 Td (T) Tj ET Q q 0 0 0 rg BT 113.73 127.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.06 127.10 Td (W) Tj ET Q q 0 0 0 rg BT 150.70 127.10 Td (e account for income taxes to recognize the amount of taxes payable or refundable for the current year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (and the amount of deferred tax assets and liabilities resulting from the future tax consequences of dif) Tj ET Q q 0 0 0 rg BT 452.47 115.10 Td (ferences between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (financial statements and tax basis of the respective assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 339.73 103.10 Td (W) Tj ET Q q 0 0 0 rg BT 348.37 103.10 Td (e recognize the financial statement ef) Tj ET Q q 0 0 0 rg BT 497.28 103.10 Td (fect of a tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (position when, based on the technical merits of the uncertain tax position, it is more likely than not to be sustained on a review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 137.03 79.10 Td (W) Tj ET Q q 0 0 0 rg BT 145.66 79.10 Td (e review these estimates and make changes to recorded amounts of uncertain tax positions as facts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (circumstances warrant. For additional information about income taxes, see Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.68 67.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.68 67.10 Td (.) Tj ET Q endstream endobj 247 0 obj <>] /Rotate 0 /Contents 248 0 R>> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 92.14 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 94.46 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 100.77 742.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.55 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 137.18 742.25 Td (e apply the provisions of fair value measurement to various financial instruments, which we measure at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (fair value on a recurring basis, and to various financial and nonfinancial assets and liabilities, which we measure at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (on a nonrecurring basis. ) Tj ET Q q 0 0 0 rg BT 148.40 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 157.04 718.25 Td (e disclose the fair value of our financial assets and liabilities based on observable market information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (where available, or on market participant assumptions. ) Tj ET Q q 0 0 0 rg BT 271.14 706.25 Td (These assumptions are subjective in nature, involve matters of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (judgment, and, therefore, fair values cannot always be determined with precision. ) Tj ET Q q 0 0 0 rg BT 378.32 694.25 Td (When determining fair value, we maximize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (the use of observable inputs and minimize the use of unobservable inputs. ) Tj ET Q q 0 0 0 rg BT 347.81 682.25 Td (The three levels of the fair value hierarchy are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 649.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 649.25 Td (Level OneFair values based on unadjusted quoted prices in active markets for identical assets and liabilities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 628.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 628.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 111.08 628.25 Td (T) Tj ET Q q 0 0 0 rg BT 116.49 628.25 Td (woFair values based on quoted market prices for similar assets and liabilities in active markets, quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 616.25 Td (prices in inactive markets for identical assets and liabilities, and inputs other than quoted market prices that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 604.25 Td (observable for the asset or liability; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 583.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 583.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 111.08 583.25 Td (ThreeFair values based on inputs that cannot be corroborated by observable market data and reflect the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 571.25 Td (significant management judgment. ) Tj ET Q q 0 0 0 rg BT 226.89 571.25 Td (V) Tj ET Q q 0 0 0 rg BT 233.01 571.25 Td (aluation techniques could include the use of discounted cash flow models and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 559.25 Td (similar techniques.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 538.25 Td (e typically utilize the market approach and income approach for valuing our financial instruments. ) Tj ET Q q 0 0 0 rg BT 478.15 538.25 Td (The market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (approach utilizes prices and information generated by market transactions involving identical or similar assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (and the income approach uses valuation techniques to convert future amounts \(for example, cash flows or earnings\) to a single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (present amount \(discounted\). For instances in which the inputs used to measure fair value fall into dif) Tj ET Q q 0 0 0 rg BT 455.55 502.25 Td (ferent levels of the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (value hierarchy) Tj ET Q q 0 0 0 rg BT 111.26 490.25 Td (, the classification within the fair value hierarchy has been determined based on the lowest level input that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 268.17 478.25 Td (. Our assessment of the significance of a particular input to the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (measurement requires judgment and may af) Tj ET Q q 0 0 0 rg BT 225.03 466.25 Td (fect the classification of fair value assets and liabilities within the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 87.10 454.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 433.25 Td (The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.25 Td (to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 421.25 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 421.25 Td (term nature of these items and their close proximity to maturity) Tj ET Q q 0 0 0 rg BT 350.94 421.25 Td (. ) Tj ET Q q 0 0 0 rg BT 355.76 421.25 Td (The carrying value of restricted cash approximates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (fair value. ) Tj ET Q q 0 0 0 rg BT 92.85 409.25 Td (The fair value of debt and equity securities is discussed in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.89 409.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.89 409.25 Td (; the fair value of financing receivables is discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.25 Td (in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.22 397.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.22 397.25 Td (; the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.57 397.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.68 397.25 Td (term debt is discussed in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.44 397.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.44 397.25 Td (; and the fair value of our guarantee liabilities is discussed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 385.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.94 385.25 Td (. ) Tj ET Q q 0 0 0 rg BT 86.76 385.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.40 385.25 Td (e recognize transfers in and transfers out of the levels of the fair value hierarchy as of the end of each quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (reporting period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 352.25 Td (Stock-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.96 352.25 Td (As part of our L) Tj ET Q q 0 0 0 rg BT 264.47 352.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 278.36 352.25 Td (, we award SARs, RSUs, and PSUs to certain employees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (directors:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 319.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 319.25 Td (SARs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.11 319.25 Td (Each vested SAR gives the holder the right to the dif) Tj ET Q q 0 0 0 rg BT 327.99 319.25 Td (ference between the value of one share of our Class) Tj ET Q q 0 0 0 rg BT 536.24 319.25 Td (A) Tj ET Q q 0 0 0 rg BT 542.91 319.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 307.25 Td (common stock at the exercise date and the value of one share of our Class) Tj ET Q q 0 0 0 rg BT 383.40 307.25 Td (A) Tj ET Q q 0 0 0 rg BT 390.07 307.25 Td ( common stock at the grant date. ) Tj ET Q q 0 0 0 rg BT 522.63 307.25 Td (V) Tj ET Q q 0 0 0 rg BT 528.74 307.25 Td (ested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 295.25 Td (SARs can be exercised over their life as determined in accordance with the L) Tj ET Q q 0 0 0 rg BT 393.57 295.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 407.46 295.25 Td (. ) Tj ET Q q 0 0 0 rg BT 411.91 295.25 Td (All SARs have a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.35 295.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.35 295.25 Td (-year contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 283.25 Td (term, are settled in shares of our Class) Tj ET Q q 0 0 0 rg BT 240.68 283.25 Td (A) Tj ET Q q 0 0 0 rg BT 247.35 283.25 Td ( common stock and are accounted for as equity instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 262.25 Td (e recognize the compensation expense for SARs on astraight-line basis from the date of grant through the requisite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (service period. ) Tj ET Q q 0 0 0 rg BT 147.18 250.25 Td (The exercise price of these SARs is the fair value of our common stock at the grant date, based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (valuation of the Company prior to the IPO or the closing share price on the date of grant \(as applicable\). ) Tj ET Q q 0 0 0 rg BT 504.86 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 513.50 238.25 Td (e recognize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td (the ef) Tj ET Q q 0 0 0 rg BT 108.30 226.25 Td (fect of forfeitures for SARs as they occur) Tj ET Q q 0 0 0 rg BT 272.97 226.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 205.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 205.25 Td (RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.22 205.25 Td (Each vested RSU will generally be settled by delivery of a single share of our Class ) Tj ET Q q 0 0 0 rg BT 454.80 205.25 Td (A) Tj ET Q q 0 0 0 rg BT 461.47 205.25 Td ( common stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 193.25 Td (therefore is accounted for as an equity instrument. In certain situations, we also grant a limited number of cash-settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 181.25 Td (RSUs, which are recorded as a liability instrument. ) Tj ET Q q 0 0 0 rg BT 292.44 181.25 Td (The cash-settled RSUs represent an insignificant portion of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 169.25 Td (previous grants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 148.25 Td (The value of the RSUs is based upon the fair value of our common stock at the grant date, based upon a valuation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 136.25 Td (the Company prior to IPO or the closing stock price of our Class) Tj ET Q q 0 0 0 rg BT 346.24 136.25 Td (A) Tj ET Q q 0 0 0 rg BT 352.91 136.25 Td ( common stock for the December 2009 award and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 124.25 Td (all subsequent awards. ) Tj ET Q q 0 0 0 rg BT 178.20 124.25 Td (A) Tj ET Q q 0 0 0 rg BT 184.51 124.25 Td (wards issued prior to our November 2009 IPO are deferred in nature and will be settled once ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 112.25 Td (all tranches of the award have fully vested or otherwise as provided in the relevant agreements, while all awards issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 100.25 Td (in December 2009 and later will be settled as each individual tranche vests under the relevant agreements. ) Tj ET Q q 0 0 0 rg BT 512.32 100.25 Td (W) Tj ET Q q 0 0 0 rg BT 520.96 100.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 88.25 Td (recognize compensation expense over the requisite service period of the individual grant and recognize the ef) Tj ET Q q 0 0 0 rg BT 523.14 88.25 Td (fect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 76.25 Td (forfeitures as they occur) Tj ET Q q 0 0 0 rg BT 182.35 76.25 Td (. ) Tj ET Q endstream endobj 249 0 obj <>] /Rotate 0 /Contents 250 0 R>> endobj 250 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (PSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.22 742.10 Td (The Company has granted PSUs to certain executive of) Tj ET Q q 0 0 0 rg BT 339.65 742.10 Td (ficers. PSUs vest and are settled in Class ) Tj ET Q q 0 0 0 rg BT 504.34 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 511.01 742.10 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (stock based upon the performance of the Company through the end of the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 730.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.43 730.10 Td (-year performance period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (relative to the applicable performance tar) Tj ET Q q 0 0 0 rg BT 250.45 718.10 Td (get and are generally subject to continued employment through the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (performance period. ) Tj ET Q q 0 0 0 rg BT 169.39 706.10 Td (The PSUs will vest at the end of the performance period only if the performance threshold is met ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (and continued service requirements are satisfied; there is no interim performance metric except in the case of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (change in control transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 661.10 Td (For additional information about stock-based compensation, see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.27 661.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.27 661.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 640.10 Td (Loyalty Pr) Tj ET Q q 0 0 0 rg BT 119.64 640.10 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.41 640.10 Td (The loyalty program is funded through contributions from Hyatt's participating properties based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (eligible revenues from loyalty program members and returns on marketable securities. ) Tj ET Q q 0 0 0 rg BT 397.48 628.10 Td (The funds are used for the redemption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (member awards and payment of operating expenses. Operating costs are expensed as incurred through costs incurred on behalf ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (of managed and franchised properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 583.10 Td (The program invests amounts received from the properties in marketable securities which are included in other current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (and noncurrent assets \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.12 571.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.12 571.10 Td (\). Deferred revenues related to the loyalty program are classified as current and long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (contract liabilities on our consolidated balance sheets \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 559.10 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.30 559.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 319.45 559.10 Td (The costs of administering the loyalty program, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (the estimated cost of award redemption, are char) Tj ET Q q 0 0 0 rg BT 244.18 547.10 Td (ged to the participating properties based on members' qualified expenditures. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 526.10 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 111.12 526.10 Td (Accounting Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 505.10 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 116.66 505.10 Td (om Contracts with Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.84 505.10 Td (In May 2014, the Financial ) Tj ET Q q 0 0 0 rg BT 356.38 505.10 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 486.64 505.10 Td (ASB"\) released ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (ASU 2014-09. ) Tj ET Q q 0 0 0 rg BT 110.28 493.10 Td (ASU 2014-09 supersedes the requirements in ) Tj ET Q q 0 0 0 rg BT 293.96 493.10 Td (T) Tj ET Q q 0 0 0 rg BT 299.37 493.10 Td (opic 605, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 339.08 493.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.76 493.10 Td (, and provides a single, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (comprehensive revenue recognition model for contracts with customers. Subsequently) Tj ET Q q 0 0 0 rg BT 394.53 481.10 Td (, the F) Tj ET Q q 0 0 0 rg BT 419.07 481.10 Td (ASB issued several related ) Tj ET Q q 0 0 0 rg BT 528.49 481.10 Td (ASUs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (which further clarified the application of the standard including ) Tj ET Q q 0 0 0 rg BT 305.75 469.10 Td (ASU 2015-14, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.58 469.10 Td (Revenue fr) Tj ET Q q 0 0 0 rg BT 409.24 469.10 Td (om Contracts with Customers \(T) Tj ET Q q 0 0 0 rg BT 538.90 469.10 Td (opic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (606\): Deferral of the Effective Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.01 457.10 Td (, which delayed the ef) Tj ET Q q 0 0 0 rg BT 280.84 457.10 Td (fective date by one year making it ef) Tj ET Q q 0 0 0 rg BT 426.99 457.10 Td (fective for interim and fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (years beginning after December 14, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 424.10 Td (e adopted ) Tj ET Q q 0 0 0 rg BT 123.18 424.10 Td (ASU 2014-09, and all related ) Tj ET Q q 0 0 0 rg BT 242.60 424.10 Td (ASUs, utilizing the full retrospective transition method on January 1, 2018, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (which required us to adjust each prior reporting period presented. ) Tj ET Q q 0 0 0 rg BT 313.90 412.10 Td (The adoption of ) Tj ET Q q 0 0 0 rg BT 379.72 412.10 Td (ASU 2014-09 impacted the timing of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (recognition of gains on sales of real estate subject to a long-term management agreement, and the associated impact to deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (tax assets, the classification of Contra revenue, and the timing of revenue recognition related to incentive fees. However) Tj ET Q q 0 0 0 rg BT 529.98 388.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (new standard did not have a significant impact on incentive fee revenue on a full-year basis. ) Tj ET Q q 0 0 0 rg BT 420.52 376.10 Td (The adoption of ) Tj ET Q q 0 0 0 rg BT 486.34 376.10 Td (ASU 2014-09 also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (impacted the timing of revenue recognition related to the loyalty program and as a result of the change, we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.59 364.10 Td ($1) Tj ET Q q 0 0 0 rg BT 542.22 364.10 Td (16 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 352.10 Td ( increase to the contract liability related to the loyalty program at January 1, 2018. Upon adoption of ) Tj ET Q q 0 0 0 rg BT 482.11 352.10 Td (ASU 2014-09, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (recognized a cumulative ef) Tj ET Q q 0 0 0 rg BT 157.82 340.10 Td (fect of a change in accounting principle through retained earnings, including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.98 340.10 Td ($523 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.37 340.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (reclassification related to deferred gains at January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 290.56 328.10 Td (W) Tj ET Q q 0 0 0 rg BT 299.19 328.10 Td (e also reclassified certain management and franchise agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (assets from intangibles, net to other assets and certain current and long-term liabilities to current and long-term contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (liabilities.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 283.10 Td (Financial Instruments - Recognition, Measur) Tj ET Q q 0 0 0 rg BT 254.43 283.10 Td (ement, Pr) Tj ET Q q 0 0 0 rg BT 292.94 283.10 Td (esentation, and Disclosur) Tj ET Q q 0 0 0 rg BT 395.06 283.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.50 283.10 Td (In January 2016, the F) Tj ET Q q 0 0 0 rg BT 498.47 283.10 Td (ASB released ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (ASU 2016-01. ) Tj ET Q q 0 0 0 rg BT 110.28 271.10 Td (ASU 2016-01 revised the accounting for equity investments, excluding those accounted for under the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (method, and the presentation and disclosure requirements for financial instruments. ) Tj ET Q q 0 0 0 rg BT 385.46 259.10 Td (ASU 2016-01 superseded the guidance to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (classify equity securities with readily determinable fair values into dif) Tj ET Q q 0 0 0 rg BT 329.45 247.10 Td (ferent categories \(i.e., trading versus ) Tj ET Q q 0 0 0 rg BT 477.17 247.10 Td (AFS\) and requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (all equity securities to be measured at fair value on a recurring basis unless an equity security does not have a readily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (determinable fair value. Equity securities without a readily determinable fair value are remeasured at fair value only in periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (in which an observable price change is available or upon identification of an impairment. ) Tj ET Q q 0 0 0 rg BT 408.49 211.10 Td (All changes in fair value are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (recognized in net income on our consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 178.10 Td (On January 1, 2018, we adopted the provisions of ) Tj ET Q q 0 0 0 rg BT 274.80 178.10 Td (ASU 2016-01 on a modified retrospective basis through a cumulative-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 166.10 Td (fect adjustment to our opening consolidated balance sheet. Upon adoption, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.62 166.10 Td ($68 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.01 166.10 Td ( of unrealized gains, net of tax, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (reclassified from accumulated other comprehensive loss to opening retained earnings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 133.10 Td (Accounting for Income T) Tj ET Q q 0 0 0 rg BT 172.78 133.10 Td (axes - Intra-Entity ) Tj ET Q q 0 0 0 rg BT 248.41 133.10 Td (Asset T) Tj ET Q q 0 0 0 rg BT 277.03 133.10 Td (ransfers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.82 133.10 Td (In October 2016, the F) Tj ET Q q 0 0 0 rg BT 409.89 133.10 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 466.54 133.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (Update No. 2016-16 \("ASU 2016-16"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.09 121.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 246.66 121.10 Td (axes \(T) Tj ET Q q 0 0 0 rg BT 274.90 121.10 Td (opic 740\): Intra-Entity T) Tj ET Q q 0 0 0 rg BT 373.50 121.10 Td (ransfers of ) Tj ET Q q 0 0 0 rg BT 418.88 121.10 Td (Assets Other Than Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.59 121.10 Td (. ) Tj ET Q q 0 0 0 rg BT 538.04 121.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (when the transfer occurs. ) Tj ET Q q 0 0 0 rg BT 152.83 97.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.47 97.10 Td (e adopted ) Tj ET Q q 0 0 0 rg BT 202.01 97.10 Td (ASU 2016-16 on January 1, 2018 on a modified retrospective basis resulting in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.34 97.10 Td ($4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 85.10 Td ( decrease to retained earnings.) Tj ET Q endstream endobj 251 0 obj <>] /Rotate 0 /Contents 252 0 R>> endobj 252 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Statement of Cash Flows - Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.66 742.10 Td (In November 2016, the F) Tj ET Q q 0 0 0 rg BT 355.73 742.10 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 412.38 742.10 Td (Accounting Standards Update No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2016-18 \("ASU 2016-18"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 161.49 730.10 Td (Statement of Cash Flows \(T) Tj ET Q q 0 0 0 rg BT 271.68 730.10 Td (opic 230\): Restricted Cash \(a consensus of the F) Tj ET Q q 0 0 0 rg BT 465.36 730.10 Td (ASB Emer) Tj ET Q q 0 0 0 rg BT 506.37 730.10 Td (ging Issues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.64 718.10 Td (ask For) Tj ET Q q 0 0 0 rg BT 85.10 718.10 Td (ce\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.31 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.76 718.10 Td (ASU 2016-18 requires amounts generally described as restricted cash to be included within cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (equivalents when reconciling the total beginning and ending amounts for the periods shown on the consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (cash flows. ) Tj ET Q q 0 0 0 rg BT 97.31 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.95 694.10 Td (e adopted the provisions of ) Tj ET Q q 0 0 0 rg BT 216.21 694.10 Td (ASU 2016-18 on January 1, 2018 on a retrospective basis. Upon the adoption of ) Tj ET Q q 0 0 0 rg BT 538.93 694.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2016-18, restricted cash of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.13 682.10 Td ($249 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.52 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.52 682.10 Td ($91 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.91 682.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.85 682.10 Td ($1) Tj ET Q q 0 0 0 rg BT 293.48 682.10 Td (10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.87 682.10 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 682.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.54 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.54 682.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.93 682.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.87 682.10 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.26 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (recorded within other assets on our consolidated balance sheets, is included within the beginning balance of cash, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (equivalents, and restricted cash on our consolidated statements of cash flows for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.21 658.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.79 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 646.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.52 646.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.11 646.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 281.77 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 286.59 646.10 Td (The table below summarizes the changes on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (statements of cash flows for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.38 634.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.97 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.41 634.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.99 634.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 80.50 588.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 588.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 588.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 588.60 66.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 80.50 573.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.50 558.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 558.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 558.60 66.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 80.50 543.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.50 528.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 528.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 528.60 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 601.6 m 460.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 601.6 m 464.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 601.6 m 530.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 588.6 m 460.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 601.6 m 464.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 601.6 m 530.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 588.6 m 530.5 588.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.55 605.83 Td (Y) Tj ET Q q 0 0 0 rg BT 421.88 605.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 496.46 605.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.50 592.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.00 592.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 579.17 Td (Operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 579.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.30 578.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.65 578.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 564.17 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.50 564.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 564.17 Td (167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.30 564.22 Td (\(23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 564.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 549.17 Td (Financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 549.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 548.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 548.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 534.17 Td (Cash, cash equivalents, and restricted cashbeginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 534.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 533.27 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 533.27 Td (1) Tj ET Q q 0 0 0 rg BT 516.65 533.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.00 519.17 Td (Cash, cash equivalents, and restricted cashend of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.50 519.17 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 518.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 518.27 Td (249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.00 518.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.65 518.27 Td (91) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 493.10 Td (Business Combinations - Definition of a Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.78 493.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 370.74 493.10 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 427.40 493.10 Td (Accounting Standards Update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (No. 2017-01 \("ASU 2017-01"\),) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 176.21 481.10 Td ( Business Combinations \(T) Tj ET Q q 0 0 0 rg BT 282.80 481.10 Td (opic 805\): Clarifying the Definition of a Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.84 481.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.29 481.10 Td (ASU 2017-01 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (acquisitions or dispositions of assets or businesses. Generally) Tj ET Q q 0 0 0 rg BT 294.88 457.10 Td (, our acquisitions and dispositions of individual hotels were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (previously accounted for as business combinations, however) Tj ET Q q 0 0 0 rg BT 292.04 445.10 Td (, upon adoption of ) Tj ET Q q 0 0 0 rg BT 367.31 445.10 Td (ASU 2017-01, there is an increased likelihood ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (that certain acquisitions and dispositions of individual hotels will be accounted for as asset transactions. ) Tj ET Q q 0 0 0 rg BT 467.50 433.10 Td (W) Tj ET Q q 0 0 0 rg BT 476.14 433.10 Td (e adopted ) Tj ET Q q 0 0 0 rg BT 516.68 433.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (2017-01 on January 1, 2018 on a prospective basis and evaluate the impact of the standard on acquisitions and dispositions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (based on the relevant facts and circumstances.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 388.10 Td (Derivatives and Hedging - ) Tj ET Q q 0 0 0 rg BT 182.68 388.10 Td (Accounting for Hedging ) Tj ET Q q 0 0 0 rg BT 281.65 388.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.86 388.10 Td (In ) Tj ET Q q 0 0 0 rg BT 339.14 388.10 Td (August 2017, the F) Tj ET Q q 0 0 0 rg BT 415.06 388.10 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 471.72 388.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Update No. 2017-12 \("ASU 2017-12"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.09 376.10 Td (Derivatives and Hedging \(T) Tj ET Q q 0 0 0 rg BT 321.09 376.10 Td (opic 815\): T) Tj ET Q q 0 0 0 rg BT 369.61 376.10 Td (ar) Tj ET Q q 0 0 0 rg BT 378.13 376.10 Td (geted Impr) Tj ET Q q 0 0 0 rg BT 421.36 376.10 Td (ovements to ) Tj ET Q q 0 0 0 rg BT 471.17 376.10 Td (Accounting for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 86.76 364.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.96 364.10 Td (. ) Tj ET Q q 0 0 0 rg BT 128.41 364.10 Td (ASU 2017-12 improves the financial reporting of hedging relationships to better portray the economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (results by making improvements to simplify the application of the hedge accounting guidance in current GAAP) Tj ET Q q 0 0 0 rg BT 495.18 352.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.62 352.10 Td (ASU 2017-12 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (is ef) Tj ET Q q 0 0 0 rg BT 66.76 340.10 Td (fective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 508.93 340.10 Td (W) Tj ET Q q 0 0 0 rg BT 517.56 340.10 Td (e early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 83.60 328.10 Td (ASU 2017-12 on ) Tj ET Q q 0 0 0 rg BT 153.89 328.10 Td (April 1, 2018 on a modified retrospective basis, which did not impact our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (statements upon adoption.) Tj ET Q endstream endobj 253 0 obj <>] /Rotate 0 /Contents 254 0 R>> endobj 254 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The impact of the changes made to our consolidated financial statements as a result of the adoption of ) Tj ET Q q 0 0 0 rg BT 483.32 742.10 Td (ASU 2014-09, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ASU 2016-01, and ) Tj ET Q q 0 0 0 rg BT 127.22 730.10 Td (ASU 2016-16 were as follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 655.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 655.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 655.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 655.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 655.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 655.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 655.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 655.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 655.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 655.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 655.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 629.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 629.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 629.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 629.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 629.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 629.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 629.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 629.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 629.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 629.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 629.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 587.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 587.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 587.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 587.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 587.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 587.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 587.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 587.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 587.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 587.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 587.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.60 178.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 561.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 561.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 561.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 561.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 561.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 561.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 561.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 561.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 561.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 561.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 561.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 527.60 178.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 527.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 527.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 527.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 527.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 527.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 527.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 527.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 527.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 527.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 527.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 527.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 493.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 493.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 493.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 493.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 493.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 493.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 493.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 493.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 493.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 493.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 493.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 493.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 467.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 467.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 467.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 467.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 467.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 467.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 467.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 467.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 467.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 467.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 467.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.60 178.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 433.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 433.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 433.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 433.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 433.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 433.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 433.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 433.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 433.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 433.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 433.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 391.60 178.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 391.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 391.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 391.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 391.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 391.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 391.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 391.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 391.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 391.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 391.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 391.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 357.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 357.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 357.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 357.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 357.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 357.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 357.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 357.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 357.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 357.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 357.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 357.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 331.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 331.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 331.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 331.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 331.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 331.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 331.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 331.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 331.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 331.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 331.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 331.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 305.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 305.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 305.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 305.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 305.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 305.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 305.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 305.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 305.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 305.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 305.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.60 178.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 263.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 263.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 263.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 263.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 263.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 263.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 263.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 263.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 263.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 263.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 263.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 229.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 229.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 229.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 229.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 229.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 229.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 229.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 229.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 229.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 229.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 229.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 229.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 203.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 203.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 203.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 203.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 203.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 203.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 203.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 203.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 203.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 203.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 203.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 203.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.60 178.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 177.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 177.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 177.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 177.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 177.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 177.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 177.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 177.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 177.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 177.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 177.60 52.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 697.6 m 280.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 697.6 m 284.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 697.6 m 336.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 697.6 m 340.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 697.6 m 392.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 697.6 m 396.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 697.6 m 448.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 697.6 m 452.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 697.6 m 504.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 697.6 m 508.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 697.6 m 560.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 684.6 m 280.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 684.6 m 284.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 684.6 m 336.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 684.6 m 340.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 684.6 m 392.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 684.6 m 448.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 684.6 m 452.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 684.6 m 504.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 684.6 m 508.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 684.6 m 560.5 684.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 655.6 m 280.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 655.6 m 336.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 655.6 m 392.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 655.6 m 448.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 655.6 m 504.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 655.6 m 560.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 587.6 m 280.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 587.6 m 336.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 587.6 m 392.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 587.6 m 448.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 587.6 m 504.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 587.6 m 560.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 587.6 m 280.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 587.6 m 336.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 587.6 m 392.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 587.6 m 448.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 587.6 m 504.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 587.6 m 560.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 540.6 m 280.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 540.6 m 336.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 540.6 m 392.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 540.6 m 448.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 540.6 m 504.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 540.6 m 560.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 540.6 m 280.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 540.6 m 336.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 540.6 m 392.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 540.6 m 448.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 540.6 m 504.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 540.6 m 560.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 433.6 m 280.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 433.6 m 336.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 433.6 m 392.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 433.6 m 448.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 433.6 m 504.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 433.6 m 560.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 433.6 m 280.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 433.6 m 336.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 433.6 m 392.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 433.6 m 448.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 433.6 m 504.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 433.6 m 560.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 331.6 m 280.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 331.6 m 336.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 331.6 m 392.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 331.6 m 448.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 331.6 m 504.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 331.6 m 560.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 331.6 m 280.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 331.6 m 336.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 331.6 m 392.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 331.6 m 448.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 331.6 m 504.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 331.6 m 560.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 305.6 m 280.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 305.6 m 336.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 305.6 m 392.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 305.6 m 448.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 305.6 m 504.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 305.6 m 560.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 305.6 m 280.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 305.6 m 336.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 305.6 m 392.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 305.6 m 448.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 305.6 m 504.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 305.6 m 560.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 263.6 m 280.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 263.6 m 336.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 263.6 m 392.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 263.6 m 448.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 263.6 m 504.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 263.6 m 560.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 263.6 m 280.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 243.60000000000002 m 280.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 241.60000000000002 m 280.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 263.6 m 336.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 243.60000000000002 m 336.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 241.60000000000002 m 336.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 263.6 m 392.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 243.60000000000002 m 392.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 241.60000000000002 m 392.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 263.6 m 448.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 243.60000000000002 m 448.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 241.60000000000002 m 448.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 263.6 m 504.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 243.60000000000002 m 504.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 241.60000000000002 m 504.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 263.6 m 560.5 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 243.60000000000002 m 560.5 243.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 241.60000000000002 m 560.5 241.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.05 701.83 Td (Y) Tj ET Q q 0 0 0 rg BT 353.38 701.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 427.96 701.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 688.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.00 688.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.55 659.83 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 675.83 Td (Effect of the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.55 667.83 Td (adoption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.65 659.83 Td (ASU 2014-09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.20 659.83 Td (As ) Tj ET Q q 0 0 0 rg BT 355.87 659.83 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.55 659.83 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.10 675.83 Td (Effect of the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.55 667.83 Td (adoption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.65 659.83 Td (ASU 2014-09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.20 659.83 Td (As ) Tj ET Q q 0 0 0 rg BT 523.65 659.83 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 647.68 Td (REVENUES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 634.55 Td (Owned and leased hotels) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.00 634.55 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 633.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 633.85 Td (2,192) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 633.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.60 633.85 Td (\(8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 633.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 633.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.30 633.85 Td (2,184) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 633.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 633.85 Td (2,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.00 633.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 633.85 Td (\(1) Tj ET Q q 0 0 0 rg BT 497.26 633.85 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 633.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 633.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 633.85 Td (2,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 621.55 Td (Management, franchise, and other fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 183.00 621.55 Td (. . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 620.85 Td (505) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.60 620.85 Td (\(7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 620.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 620.85 Td (498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 620.85 Td (448) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.60 620.85 Td (\(7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 620.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 620.85 Td (441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 608.55 Td (Amortization of management and franchise) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 600.55 Td (agreement assets constituting payments to) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 592.55 Td (customers) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 95.00 592.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 591.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.60 591.85 Td (\(18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 591.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.60 591.85 Td (\(18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.30 591.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 591.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 591.85 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 591.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.60 591.85 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 557.30 591.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 579.55 Td (Net management, franchise, and other fees) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 579.55 Td (. . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 578.85 Td (505) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.60 578.85 Td (\(25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 578.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 578.85 Td (480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 578.85 Td (448) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 578.85 Td (\(23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 578.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 578.85 Td (425) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 566.55 Td (Other revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 111.00 566.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 565.85 Td (70) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.60 565.85 Td (\(34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 565.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 565.85 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 565.85 Td (40) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 565.85 Td (\(28) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 565.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 565.85 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 553.55 Td (Revenues for the reimbursement of costs incurred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 545.55 Td (on behalf of managed and franchised properties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.00 545.55 Td (. . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 544.85 Td (1,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.60 544.85 Td (\(156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.30 544.85 Td (1,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 544.85 Td (1,833) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.60 544.85 Td (\(102) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 544.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 544.85 Td (1,731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 532.55 Td (T) Tj ET Q q 0 0 0 rg BT 75.61 532.55 Td (otal revenues) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.00 532.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 531.85 Td (4,685) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.60 531.85 Td (\(223) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 531.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.30 531.85 Td (4,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 531.85 Td (4,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.60 531.85 Td (\(164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 531.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 531.85 Td (4,265) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 519.68 Td (DIRECT) Tj ET Q q 0 0 0 rg BT 84.04 519.68 Td ( ) Tj ET Q q 0 0 0 rg BT 85.75 519.68 Td (AND SELLING, GENERAL, ) Tj ET Q q 0 0 0 rg BT 187.78 519.68 Td (AND) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 511.68 Td (ADMINISTRA) Tj ET Q q 0 0 0 rg BT 105.15 511.68 Td (TIVE EXPENSES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 498.55 Td (Owned and leased hotels) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 139.00 498.55 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 497.85 Td (1,674) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.60 497.85 Td (\(10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 497.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.30 497.85 Td (1,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 497.85 Td (1,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 497.85 Td (\(13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 497.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 497.85 Td (1,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 485.55 Td (Depreciation and amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 159.00 485.55 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 484.85 Td (366) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.60 484.85 Td (\(18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 484.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 484.85 Td (348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 484.85 Td (342) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 484.85 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 484.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 484.85 Td (326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 472.55 Td (Other direct costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.00 472.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 471.85 Td (46) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 322.60 471.85 Td (\(15) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 471.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 471.85 Td (31) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 471.85 Td (30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 471.85 Td (\(13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 471.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 471.85 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 459.55 Td (Selling, general, and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.00 459.55 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 458.85 Td (379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.60 458.85 Td (\(2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 458.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 458.85 Td (377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 458.85 Td (315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 458.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 458.85 Td (315) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 446.55 Td (Costs incurred on behalf of managed and) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 438.55 Td (franchised properties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 127.00 438.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 437.85 Td (1,918) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.60 437.85 Td (\(136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 437.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.30 437.85 Td (1,782) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 437.85 Td (1,833) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.60 437.85 Td (\(91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 437.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 437.85 Td (1,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 425.55 Td (Direct and selling, general, and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 417.55 Td (expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.00 417.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 416.85 Td (4,383) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 318.60 416.85 Td (\(181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 416.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.30 416.85 Td (4,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.30 416.85 Td (4,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.60 416.85 Td (\(133) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 416.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 416.85 Td (3,997) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 403.85 Td (Net gains \(losses\) and interest income from) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 395.85 Td (marketable securities held to fund rabbi trusts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 203.00 395.55 Td (. . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 395.85 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.60 395.85 Td (\(2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 395.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 395.85 Td (45) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 395.85 Td (19) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.60 395.85 Td (\(2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 395.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 395.85 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 383.55 Td (Equity earnings \(losses\) from unconsolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 375.55 Td (hospitality ventures) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.00 375.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 374.85 Td (220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.60 374.85 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 374.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 374.85 Td (219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 374.85 Td (68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.60 374.85 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 374.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 374.85 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 362.55 Td (Interest expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 107.00 362.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 266.60 361.85 Td (\(80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.30 361.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 361.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.60 361.85 Td (\(80) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.30 361.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.60 361.85 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 361.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 361.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.60 361.85 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 557.30 361.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 349.55 Td (Gains \(losses\) on sales of real estate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 171.00 349.55 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 348.85 Td (51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 348.85 Td (185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 348.85 Td (236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.60 348.85 Td (\(23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 348.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 348.85 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.60 348.85 Td (\(6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 557.30 348.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 336.55 Td (Other income \(loss\), net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 131.00 336.55 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 335.85 Td (33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.30 335.85 Td (9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.30 335.85 Td (42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 335.85 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 335.85 Td (10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 335.85 Td (12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 323.55 Td (INCOME BEFORE INCOME ) Tj ET Q q 0 0 0 rg BT 152.71 323.55 Td (T) Tj ET Q q 0 0 0 rg BT 157.20 323.55 Td (AXES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 179.00 323.55 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 322.85 Td (573) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 322.85 Td (149) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 322.85 Td (722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 322.85 Td (289) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.60 322.85 Td (\(7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.30 322.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 322.85 Td (282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 310.55 Td (PROVISION FOR INCOME ) Tj ET Q q 0 0 0 rg BT 148.72 310.55 Td (T) Tj ET Q q 0 0 0 rg BT 153.21 310.55 Td (AXES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 175.00 310.55 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 262.60 309.85 Td (\(323) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.30 309.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.60 309.85 Td (\(9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.30 309.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 374.60 309.85 Td (\(332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.30 309.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.60 309.85 Td (\(85) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.30 309.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.30 309.85 Td (9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.60 309.85 Td (\(76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 557.30 309.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 297.55 Td (NET) Tj ET Q q 0 0 0 rg BT 68.48 297.55 Td ( INCOME) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 103.00 297.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 265.30 296.85 Td (250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.30 296.85 Td (140) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 296.85 Td (390) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 296.85 Td (204) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.30 296.85 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 296.85 Td (206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 284.55 Td (NET) Tj ET Q q 0 0 0 rg BT 68.48 284.55 Td ( INCOME ) Tj ET Q q 0 0 0 rg BT 103.74 284.55 Td (AND ) Tj ET Q q 0 0 0 rg BT 122.63 284.55 Td (ACCRETION) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 276.55 Td (A) Tj ET Q q 0 0 0 rg BT 58.33 276.55 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 91.34 276.55 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 113.84 276.55 Td (T) Tj ET Q q 0 0 0 rg BT 118.58 276.55 Td (O NONCONTROLLING) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 268.55 Td (INTERESTS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 99.00 268.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.60 267.85 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.30 267.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.30 267.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.60 267.85 Td (\(1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.30 267.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.30 267.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.30 267.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 549.30 267.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 255.28 Td (NET) Tj ET Q q 0 0 0 rg BT 69.30 255.28 Td ( INCOME ) Tj ET Q q 0 0 0 rg BT 106.64 255.28 Td (A) Tj ET Q q 0 0 0 rg BT 111.82 255.28 Td (TTRIBUT) Tj ET Q q 0 0 0 rg BT 147.24 255.28 Td (ABLE ) Tj ET Q q 0 0 0 rg BT 170.88 255.28 Td (T) Tj ET Q q 0 0 0 rg BT 176.07 255.28 Td (O HY) Tj ET Q q 0 0 0 rg BT 195.56 255.28 Td (A) Tj ET Q q 0 0 0 rg BT 200.75 255.28 Td (TT) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 247.28 Td (HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 127.75 247.28 Td (TION) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 151.00 247.55 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.00 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.30 246.83 Td (249) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.00 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.30 246.83 Td (140) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.00 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.30 246.83 Td (389) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.30 246.83 Td (204) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.00 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.30 246.83 Td (2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.00 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 246.83 Td (206) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 234.68 Td (EARNINGS PER SHAREBasic) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 221.55 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 221.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 220.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.30 220.85 Td (2.00) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 220.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 220.85 Td (1.13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 220.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 220.85 Td (3.13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 220.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.30 220.85 Td (1.53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.00 220.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 220.85 Td (0.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 220.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 220.85 Td (1.55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 208.55 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.00 208.55 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 207.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.30 207.85 Td (1.99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 207.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 207.85 Td (1.13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 207.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 207.85 Td (3.12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 207.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.30 207.85 Td (1.53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.00 207.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 207.85 Td (0.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 207.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 207.85 Td (1.55) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 195.68 Td (EARNINGS PER SHAREDiluted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 182.55 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 91.00 182.55 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 181.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.30 181.85 Td (1.98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 181.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 181.85 Td (1.1) Tj ET Q q 0 0 0 rg BT 329.30 181.85 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 181.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 181.85 Td (3.09) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 181.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.30 181.85 Td (1.52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.00 181.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 181.85 Td (0.01) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 181.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 181.85 Td (1.53) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 169.55 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 223.00 169.55 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 231.00 168.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.30 168.85 Td (1.97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 168.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 168.85 Td (1.1) Tj ET Q q 0 0 0 rg BT 329.30 168.85 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.00 168.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 168.85 Td (3.08) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 168.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.30 168.85 Td (1.52) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.00 168.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.30 168.85 Td (0.01) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 168.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 168.85 Td (1.53) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 255 0 obj <>] /Rotate 0 /Contents 256 0 R>> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 23) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.50 231.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 690.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 690.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 690.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 690.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 690.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 690.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 690.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 690.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 690.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 664.50 231.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 664.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 664.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 664.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 664.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 664.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 664.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 664.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 664.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 664.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.50 231.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 638.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 638.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 638.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 638.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 638.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 638.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 638.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 638.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 638.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 612.50 231.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 612.50 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 612.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 612.50 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 612.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 612.50 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 612.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 612.50 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 612.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 612.50 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 578.50 231.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 578.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 578.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 578.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 578.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 578.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 578.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 578.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 578.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 578.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.50 231.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 552.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 552.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 552.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 552.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 552.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 552.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 526.50 231.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 526.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 526.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 526.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 526.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 526.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 526.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.50 231.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 500.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 500.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 500.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 500.50 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 500.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 500.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 474.50 231.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 474.50 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 474.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 474.50 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 474.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 474.50 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 474.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 474.50 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 474.50 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 474.50 53.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 735.5 m 334.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 735.5 m 338.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 735.5 m 390.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 735.5 m 394.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 735.5 m 447.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 735.5 m 503.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 735.5 m 507.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 735.5 m 560.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 690.5 m 334.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 690.5 m 390.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 690.5 m 447.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 690.5 m 503.5 690.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 690.5 m 560.5 690.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.75 739.73 Td (December) Tj ET Q q 0 0 0 rg BT 366.32 739.73 Td ( 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 739.73 Td (January 1, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 702.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.05 694.73 Td (As Reported) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.10 710.73 Td (Effect of the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.55 702.73 Td (adoption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.65 694.73 Td (ASU 2014-09) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.50 702.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.70 694.73 Td (As ) Tj ET Q q 0 0 0 rg BT 410.37 694.73 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.10 726.73 Td (Effect of the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.55 718.73 Td (adoption of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.65 710.73 Td (ASU 2016-01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.75 702.73 Td (and ) Tj ET Q q 0 0 0 rg BT 476.43 702.73 Td (ASU) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.65 694.73 Td (2016-16) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.70 694.73 Td (As ) Tj ET Q q 0 0 0 rg BT 523.15 694.73 Td (Adjusted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 682.58 Td (ASSETS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 669.45 Td (Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 100.00 669.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.00 668.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 668.75 Td (21) Tj ET Q q 0 0 0 rg BT 327.30 668.75 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.00 668.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.30 668.75 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.00 668.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 668.75 Td (212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.00 668.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 668.75 Td (\(27) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 668.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 668.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 668.75 Td (185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 656.45 Td (Intangibles, net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 656.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 655.75 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.60 655.75 Td (\(378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 655.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 655.75 Td (305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 655.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 655.75 Td (305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 643.45 Td (Deferred tax assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 643.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 642.75 Td (242) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.60 642.75 Td (\(101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 642.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 642.75 Td (141) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.30 642.75 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 642.75 Td (142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 630.45 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 100.00 630.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 629.75 Td (1,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 629.75 Td (378) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 629.75 Td (1,384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 629.75 Td (22) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 629.75 Td (1,406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 617.45 Td (T) Tj ET Q q 0 0 0 rg BT 63.81 617.45 Td (OT) Tj ET Q q 0 0 0 rg BT 74.09 617.45 Td (AL) Tj ET Q q 0 0 0 rg BT 84.28 617.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.91 617.45 Td (ASSETS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 116.00 617.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 616.75 Td (7,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.60 616.75 Td (\(100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 616.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 616.75 Td (7,572) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.60 616.75 Td (\(4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 616.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 616.75 Td (7,568) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 604.58 Td (LIABILITIES, REDEEMABLE NONCONTROLLING) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 596.58 Td (INTEREST) Tj ET Q q 0 0 0 rg BT 92.87 596.58 Td (, ) Tj ET Q q 0 0 0 rg BT 96.43 596.58 Td (AND EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 583.45 Td (Accounts payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 583.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.00 582.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 582.75 Td (175) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.00 582.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.60 582.75 Td (\(39) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 582.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.00 582.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 582.75 Td (136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.00 582.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 582.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 582.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 582.75 Td (136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 570.45 Td (Accrued expenses and other current liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.00 570.45 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 569.75 Td (635) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.60 569.75 Td (\(283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 569.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 569.75 Td (352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 569.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 569.75 Td (352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 557.45 Td (Current contract liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.00 557.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 556.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 556.75 Td (348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 556.75 Td (348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 556.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 556.75 Td (348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 544.45 Td (Long-term contract liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 156.00 544.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.30 543.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 543.75 Td (424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 543.75 Td (424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 543.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 543.75 Td (424) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 531.45 Td (Other long-term liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.00 531.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 530.75 Td (1,725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.60 530.75 Td (\(862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 530.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.30 530.75 Td (863) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 530.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 530.75 Td (863) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 518.45 Td (T) Tj ET Q q 0 0 0 rg BT 75.61 518.45 Td (otal liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 518.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 517.75 Td (4,131) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.60 517.75 Td (\(412) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 517.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 517.75 Td (3,719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 517.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 517.75 Td (3,719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 505.45 Td (Retained earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.00 505.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 504.75 Td (2,742) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 504.75 Td (312) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 504.75 Td (3,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.30 504.75 Td (64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 504.75 Td (3,1) Tj ET Q q 0 0 0 rg BT 549.30 504.75 Td (18) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 492.45 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 188.00 492.45 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.60 491.75 Td (\(185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.30 491.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.60 491.75 Td (\(185) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.60 491.75 Td (\(68) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.60 491.75 Td (\(253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 557.30 491.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 479.45 Td (T) Tj ET Q q 0 0 0 rg BT 75.33 479.45 Td (otal equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.00 479.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 478.75 Td (3,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.30 478.75 Td (312) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 478.75 Td (3,843) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.60 478.75 Td (\(4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 478.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 478.75 Td (3,839) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 466.45 Td (T) Tj ET Q q 0 0 0 rg BT 57.74 466.45 Td (OT) Tj ET Q q 0 0 0 rg BT 67.77 466.45 Td (AL) Tj ET Q q 0 0 0 rg BT 78.13 466.45 Td ( LIABILITIES, REDEEMABLE NONCONTROLLING) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 458.45 Td (INTEREST) Tj ET Q q 0 0 0 rg BT 90.18 458.45 Td (, ) Tj ET Q q 0 0 0 rg BT 93.74 458.45 Td (AND EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 144.00 458.45 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 457.75 Td (7,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.60 457.75 Td (\(100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 457.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.30 457.75 Td (7,572) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.60 457.75 Td (\(4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.30 457.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.30 457.75 Td (7,568) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 433.00 Td (As a result of the adoption of ) Tj ET Q q 0 0 0 rg BT 191.09 433.00 Td (ASU 2014-09, our deferred tax asset related to deferred gains on sales of real estate was no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.00 Td (longer required. ) Tj ET Q q 0 0 0 rg BT 116.18 421.00 Td (The reversal of this deferred tax asset was recognized through opening equity resulting in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.56 421.00 Td ($52 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 421.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.00 Td (reduction in deferred tax expense on our full-year 2017 adjusted financial statements originally recognized as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.32 397.00 Td (T) Tj ET Q q 0 0 0 rg BT 77.73 397.00 Td (ax ) Tj ET Q q 0 0 0 rg BT 89.12 397.00 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 376.00 Td (The adoption of ) Tj ET Q q 0 0 0 rg BT 138.32 376.00 Td (ASU 2014-09 resulted in a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.03 376.00 Td ($24 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.42 376.00 Td (and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 376.00 Td ($31 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.19 376.00 Td ( reclassification from investing into operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.00 Td (activities during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.90 364.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 364.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.92 364.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.51 364.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 411.17 364.00 Td (, related to cash outflows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.00 Td (representing payments to customers. ) Tj ET Q q 0 0 0 rg BT 198.39 352.00 Td (There were) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.14 352.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.14 352.00 Td (impacts to cash provided by or used in financing activities on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.00 Td (consolidated statements of cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 319.00 Td (Futur) Tj ET Q q 0 0 0 rg BT 97.32 319.00 Td (e ) Tj ET Q q 0 0 0 rg BT 103.71 319.00 Td (Adoption of ) Tj ET Q q 0 0 0 rg BT 156.50 319.00 Td (Accounting Standards) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 298.00 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.72 298.00 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 203.69 298.00 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 260.34 298.00 Td (ASU 2016-02. ) Tj ET Q q 0 0 0 rg BT 320.63 298.00 Td (ASU 2016-02 requires lessees to record lease contracts on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.00 Td (the balance sheet by recognizing a right-of-use asset and lease liability with certain practical expedients available. ) Tj ET Q q 0 0 0 rg BT 507.69 286.00 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.00 Td (accounting for lessors remains lar) Tj ET Q q 0 0 0 rg BT 184.78 274.00 Td (gely unchanged. In July 2018, the F) Tj ET Q q 0 0 0 rg BT 327.34 274.00 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 384.00 274.00 Td (Accounting Standards Update No. 2018-1) Tj ET Q q 0 0 0 rg BT 551.65 274.00 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.00 Td (\("ASU 2018-1) Tj ET Q q 0 0 0 rg BT 107.88 262.00 Td (1"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.29 262.00 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 162.98 262.00 Td (opic 842\): T) Tj ET Q q 0 0 0 rg BT 211.50 262.00 Td (ar) Tj ET Q q 0 0 0 rg BT 220.02 262.00 Td (geted Impr) Tj ET Q q 0 0 0 rg BT 263.25 262.00 Td (ovements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.46 262.00 Td (, providing entities with an additional optional transition method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.00 Td (The provisions of ) Tj ET Q q 0 0 0 rg BT 122.50 250.00 Td (ASU 2016-02, and all related ) Tj ET Q q 0 0 0 rg BT 241.91 250.00 Td (ASUs, are ef) Tj ET Q q 0 0 0 rg BT 293.11 250.00 Td (fective for interim periods and fiscal years beginning after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.00 Td (December 15, 2018, with early adoption permitted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 217.00 Td (The real estate leases for a majority of our owned and leased hotels include contingent lease payments, which will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.00 Td (excluded from the impact of ) Tj ET Q q 0 0 0 rg BT 165.24 205.00 Td (ASU 2016-02. ) Tj ET Q q 0 0 0 rg BT 225.89 205.00 Td (W) Tj ET Q q 0 0 0 rg BT 234.53 205.00 Td (e expect to adopt ) Tj ET Q q 0 0 0 rg BT 304.51 205.00 Td (ASU 2016-02 utilizing the optional transition approach allowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.00 Td (under ) Tj ET Q q 0 0 0 rg BT 74.72 193.00 Td (ASU 2018-1) Tj ET Q q 0 0 0 rg BT 125.18 193.00 Td (1 and applying the package of practical expedients beginning January 1, 2019. ) Tj ET Q q 0 0 0 rg BT 441.01 193.00 Td (This option allows entities to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.00 Td (initially apply the new leases standard at the adoption date and recognize a cumulative-ef) Tj ET Q q 0 0 0 rg BT 406.63 181.00 Td (fect adjustment to the opening balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.00 Td (of retained earnings in the period of adoption. By applying ) Tj ET Q q 0 0 0 rg BT 286.89 169.00 Td (ASU 2016-02 at the adoption date, as opposed to at the beginning of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.00 Td (the earliest period presented, our reporting for periods prior to January 1, 2019 will continue to be reported in accordance with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 145.00 Td (Leases \(T) Tj ET Q q 0 0 0 rg BT 87.70 145.00 Td (opic 840\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.74 145.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 124.00 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 124.00 Td (e are still assessing the potential impact that ) Tj ET Q q 0 0 0 rg BT 258.87 124.00 Td (ASU 2016-02 will have on our financial statements and disclosures, but we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.00 Td (anticipate recognizing right-of-use lease assets in the range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.62 112.00 Td ($450 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.02 112.00 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.79 112.00 Td ($550 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.19 112.00 Td ( and related lease liabilities in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.00 Td (range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.54 100.00 Td ($380 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.93 100.00 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.71 100.00 Td ($480 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.10 100.00 Td ( for operating leases. ) Tj ET Q q 0 0 0 rg BT 286.35 100.00 Td (As a result of adoption, we will reclassify from assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.00 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 88.00 Td ($70 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.65 88.00 Td (, net to our right-of-use lease assets which has been factored into the range above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 67.00 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 67.00 Td (e do not believe the standard will materially af) Tj ET Q q 0 0 0 rg BT 267.00 67.00 Td (fect our consolidated statements of income or consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.00 Td (cash flows. ) Tj ET Q q 0 0 0 rg BT 97.31 55.00 Td (The standard will have no impact on our debt covenant compliance under our current agreements.) Tj ET Q endstream endobj 257 0 obj <>] /Rotate 0 /Contents 258 0 R>> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 24) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (Financial Instruments - Cr) Tj ET Q q 0 0 0 rg BT 179.62 742.10 Td (edit Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.79 742.10 Td (In June 2016, the F) Tj ET Q q 0 0 0 rg BT 309.99 742.10 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 366.65 742.10 Td (Accounting Standards Update No. 2016-13 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (\("ASU 2016-13"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 125.66 730.10 Td (Financial Instruments - Cr) Tj ET Q q 0 0 0 rg BT 232.78 730.10 Td (edit Losses \(T) Tj ET Q q 0 0 0 rg BT 287.43 730.10 Td (opic 326\): Measur) Tj ET Q q 0 0 0 rg BT 361.48 730.10 Td (ement of Cr) Tj ET Q q 0 0 0 rg BT 408.33 730.10 Td (edit Losses on Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.10 730.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (current expected credit loss model, which requires an entity to recognize an impairment allowance equal to its current estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of all contractual cash flows the entity does not expect to collect. ) Tj ET Q q 0 0 0 rg BT 311.30 694.10 Td (ASU 2016-13 also requires credit losses relating to ) Tj ET Q q 0 0 0 rg BT 517.38 694.10 Td (AFS debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (securities to be recognized through an allowance for credit losses. ) Tj ET Q q 0 0 0 rg BT 315.56 682.10 Td (The provisions of ) Tj ET Q q 0 0 0 rg BT 388.05 682.10 Td (ASU 2016-13 are to be applied using a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (modified retrospective approach and are ef) Tj ET Q q 0 0 0 rg BT 221.12 670.10 Td (fective for interim periods and fiscal years beginning after December 15, 2019, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 153.12 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.76 658.10 Td (e are currently evaluating the impact of adopting ) Tj ET Q q 0 0 0 rg BT 358.35 658.10 Td (ASU 2016-13.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 637.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 97.78 637.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 147.68 637.10 Td (ement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.55 637.10 Td (In ) Tj ET Q q 0 0 0 rg BT 191.83 637.10 Td (August 2018, the F) Tj ET Q q 0 0 0 rg BT 267.76 637.10 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 324.41 637.10 Td (Accounting Standards Update No. 2018-13 \("ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (2018-13"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 95.74 625.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 121.02 625.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 170.92 625.10 Td (ement \(T) Tj ET Q q 0 0 0 rg BT 205.27 625.10 Td (opic 820\): Disclosur) Tj ET Q q 0 0 0 rg BT 287.67 625.10 Td (e Framework-Changes to the Disclosur) Tj ET Q q 0 0 0 rg BT 445.61 625.10 Td (e Requir) Tj ET Q q 0 0 0 rg BT 479.39 625.10 Td (ements for Fair ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.00 613.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 104.90 613.10 Td (ement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.27 613.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.22 613.10 Td (ASU 2018-13 modifies the disclosure requirements on fair value measurements. ) Tj ET Q q 0 0 0 rg BT 456.57 613.10 Td (The provisions of ) Tj ET Q q 0 0 0 rg BT 529.07 613.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (2018-13 are to be applied using a prospective or retrospective approach, depending on the amendment, and are ef) Tj ET Q q 0 0 0 rg BT 503.26 601.10 Td (fective for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 448.31 589.10 Td (W) Tj ET Q q 0 0 0 rg BT 456.94 589.10 Td (e are currently evaluating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (the impact of adopting ) Tj ET Q q 0 0 0 rg BT 142.20 577.10 Td (ASU 2018-13.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 556.10 Td (Intangibles - Goodwill and Other - Internal-Use Softwar) Tj ET Q q 0 0 0 rg BT 299.06 556.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 556.10 Td (In ) Tj ET Q q 0 0 0 rg BT 323.77 556.10 Td (August 2018, the F) Tj ET Q q 0 0 0 rg BT 399.70 556.10 Td (ASB released ) Tj ET Q q 0 0 0 rg BT 456.36 556.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (Update No. 2018-15 \("ASU 2018-15"\), ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.09 544.10 Td (Intangibles - Goodwill and Other - Internal-Use Softwar) Tj ET Q q 0 0 0 rg BT 436.65 544.10 Td (e \(Subtopic 350-40\): ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (Customer's ) Tj ET Q q 0 0 0 rg BT 97.24 532.10 Td (Accounting for Implementation Costs Incurr) Tj ET Q q 0 0 0 rg BT 274.63 532.10 Td (ed in a Cloud Computing ) Tj ET Q q 0 0 0 rg BT 378.06 532.10 Td (Arrangement That Is a Service Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.87 532.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ) Tj ET Q q 0 0 0 rg BT 532.99 508.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (provisions of ) Tj ET Q q 0 0 0 rg BT 104.45 496.10 Td (ASU 2018-15 are to be applied using a prospective or retrospective approach and are ef) Tj ET Q q 0 0 0 rg BT 454.69 496.10 Td (fective for interim periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (and fiscal years beginning after December 15, 2019, with early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 384.99 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 393.62 484.10 Td (e expect to early adopt ) Tj ET Q q 0 0 0 rg BT 486.08 484.10 Td (ASU 2018-15 on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (January 1, 2019 on a prospective basis.) Tj ET Q endstream endobj 259 0 obj <>] /Rotate 0 /Contents 260 0 R>> endobj 260 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 742.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 742.25 Td (REVENUE FROM CONTRACTS ) Tj ET Q q 0 0 0 rg BT 222.05 742.25 Td (WITH CUST) Tj ET Q q 0 0 0 rg BT 279.38 742.25 Td (OMERS ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (Disaggr) Tj ET Q q 0 0 0 rg BT 105.65 721.25 Td (egated Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 700.25 Td (The following tables present our revenues disaggregated by the nature of the product or service:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 633.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 633.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 633.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 633.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 633.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 633.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 633.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 633.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 603.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 603.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 603.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 603.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 603.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 603.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 603.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 603.75 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 573.75 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 565.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 565.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 565.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 565.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 565.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 565.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 565.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 535.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 535.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 535.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 535.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 535.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 535.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 535.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 505.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 505.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 505.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 505.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 505.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 505.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 505.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 465.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 465.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 465.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 465.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 465.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 465.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 465.75 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 425.75 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 417.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 417.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 417.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 417.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 417.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 417.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 417.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 417.75 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 402.75 141.00 -8.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 394.75 141.00 -45.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 349.75 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 341.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 341.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 341.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 341.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 341.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 341.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 341.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 341.75 53.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 676.75 m 244.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 676.75 m 297.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 676.75 m 350.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 676.75 m 403.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 676.75 m 456.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 676.75 m 509.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 676.75 m 562.5 676.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 633.75 m 244.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 633.75 m 297.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 633.75 m 350.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 633.75 m 403.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 633.75 m 456.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 633.75 m 509.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 633.75 m 562.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 633.75 m 244.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 633.75 m 297.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 633.75 m 350.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 633.75 m 403.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 633.75 m 456.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 633.75 m 509.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 633.75 m 562.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 588.75 m 244.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 588.75 m 297.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 588.75 m 350.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 588.75 m 403.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 588.75 m 456.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 588.75 m 509.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 588.75 m 562.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 490.75 m 244.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 490.75 m 297.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 490.75 m 350.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 490.75 m 403.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 490.75 m 456.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 490.75 m 509.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 490.75 m 562.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 450.75 m 244.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 450.75 m 297.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 450.75 m 350.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 450.75 m 403.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 450.75 m 456.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 450.75 m 509.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 450.75 m 562.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 341.75 m 244.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 327.75 m 244.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 325.75 m 244.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 341.75 m 297.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 327.75 m 297.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 325.75 m 297.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 341.75 m 350.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 327.75 m 350.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 325.75 m 350.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 341.75 m 403.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 327.75 m 403.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 325.75 m 403.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 341.75 m 456.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 327.75 m 456.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 325.75 m 456.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 341.75 m 509.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 327.75 m 509.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 325.75 m 509.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 341.75 m 562.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 327.75 m 562.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 325.75 m 562.5 325.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.20 680.98 Td (Y) Tj ET Q q 0 0 0 rg BT 328.09 680.98 Td (ear) Tj ET Q q 0 0 0 rg BT 339.05 680.98 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 399.78 680.98 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.80 645.98 Td (Owned and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.05 637.98 Td (leased hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.25 661.98 Td (Americas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.50 653.98 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.05 645.98 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.15 637.98 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.45 661.98 Td (ASP) Tj ET Q q 0 0 0 rg BT 325.27 661.98 Td (AC) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.50 653.98 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.05 645.98 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.15 637.98 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.20 668.83 Td (EAME/SW) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.90 660.83 Td (Asia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 652.83 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.05 644.83 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.15 636.83 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.70 645.98 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.00 637.98 Td (and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.70 637.98 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 637.98 Td (T) Tj ET Q q 0 0 0 rg BT 531.35 637.98 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 623.42 Td (Rooms revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 623.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 623.42 Td (1,1) Tj ET Q q 0 0 0 rg BT 230.65 623.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 623.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 623.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 623.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 623.42 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 623.47 Td (\(33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 623.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 623.42 Td (1,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 608.42 Td (Food and beverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 608.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.65 608.42 Td (636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 608.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 608.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 608.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 608.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 608.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 608.42 Td (646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 593.42 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 593.32 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.65 593.42 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 593.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 593.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 593.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 593.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 593.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 593.42 Td (172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 578.42 Td (Owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 578.32 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 578.42 Td (1,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 578.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 578.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 578.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 578.42 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 578.47 Td (\(33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 578.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 578.42 Td (1,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 555.42 Td (Base management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.50 555.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 555.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 555.42 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 555.42 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 555.42 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 555.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 555.47 Td (\(53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 555.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 555.42 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 540.42 Td (Incentive management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 540.32 Td (. . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 540.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 540.42 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 540.42 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 540.42 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 540.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 540.47 Td (\(29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 540.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 540.42 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 525.42 Td (Franchise fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 525.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 525.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 525.42 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 525.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 525.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 525.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 525.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 525.42 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 510.42 Td (Other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 510.32 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 510.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 510.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 510.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 510.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 510.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 510.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 510.42 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 495.42 Td (License fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 495.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 495.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 495.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 495.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.42 Td (Management, franchise, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.42 Td (other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 470.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 470.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 470.42 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 470.42 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 470.42 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 470.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 470.47 Td (\(82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 470.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 470.42 Td (552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 455.42 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 455.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 455.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.30 455.42 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 455.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 455.47 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 455.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 455.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 455.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 455.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 455.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 455.47 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 455.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 440.42 Td (Net management, franchise,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 430.42 Td (and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 430.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 430.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 430.42 Td (387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 430.42 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 430.42 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 430.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 430.47 Td (\(82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 430.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 430.42 Td (532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 407.42 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 407.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 407.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 407.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 407.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 407.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 407.42 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 407.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 407.42 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.42 Td (Revenues for the reimbursement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 374.42 Td (of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.42 Td (managed and franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.42 Td (properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 354.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 354.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 354.42 Td (1,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 354.42 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 354.42 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 354.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 354.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 354.42 Td (1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 331.42 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 331.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 331.42 Td (1,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 331.42 Td (2,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 331.42 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 331.42 Td (143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 331.42 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.30 331.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.63 331.47 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 331.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 331.42 Td (4,454) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 261 0 obj <>] /Rotate 0 /Contents 262 0 R>> endobj 262 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 26) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 692.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 677.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 662.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 647.50 141.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 632.50 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 624.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 609.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 594.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 579.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 564.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 549.50 141.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 524.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 509.50 141.00 -25.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 484.50 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 476.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 476.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 461.50 141.00 -8.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 453.50 141.00 -45.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 408.50 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 400.50 53.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 735.5 m 244.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 735.5 m 297.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 735.5 m 350.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 735.5 m 403.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 735.5 m 456.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 735.5 m 509.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 692.5 m 244.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 692.5 m 297.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 692.5 m 350.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 692.5 m 403.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 692.5 m 456.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 692.5 m 509.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 692.5 m 562.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 692.5 m 562.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 647.5 m 244.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 647.5 m 297.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 647.5 m 350.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 647.5 m 403.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 647.5 m 456.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 647.5 m 509.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 647.5 m 562.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 549.5 m 244.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 549.5 m 297.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 549.5 m 350.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 549.5 m 403.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 549.5 m 456.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 549.5 m 509.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 549.5 m 562.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 509.5 m 244.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 509.5 m 297.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 509.5 m 350.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 509.5 m 403.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 509.5 m 456.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 509.5 m 509.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 509.5 m 562.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 509.5 m 244.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 509.5 m 297.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 509.5 m 350.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 509.5 m 403.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 509.5 m 456.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 509.5 m 509.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 400.5 m 244.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 386.5 m 244.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 384.5 m 244.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 400.5 m 297.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 386.5 m 297.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 384.5 m 297.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 400.5 m 350.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 386.5 m 350.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 384.5 m 350.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 400.5 m 403.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 386.5 m 403.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 384.5 m 403.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 400.5 m 456.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 386.5 m 456.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 384.5 m 456.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 400.5 m 509.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 386.5 m 509.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 384.5 m 509.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 400.5 m 562.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 386.5 m 562.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 384.5 m 562.5 384.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.20 739.73 Td (Y) Tj ET Q q 0 0 0 rg BT 328.09 739.73 Td (ear) Tj ET Q q 0 0 0 rg BT 339.05 739.73 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 399.78 739.73 Td ( 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.80 704.73 Td (Owned and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.05 696.73 Td (leased hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.25 720.73 Td (Americas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.50 712.73 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.05 704.73 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.15 696.73 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.45 720.73 Td (ASP) Tj ET Q q 0 0 0 rg BT 325.27 720.73 Td (AC) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.50 712.73 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.05 704.73 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.15 696.73 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.20 727.58 Td (EAME/SW) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.90 719.58 Td (Asia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 711.58 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.05 703.58 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.15 695.58 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.70 704.73 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.00 696.73 Td (and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.70 696.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 696.73 Td (T) Tj ET Q q 0 0 0 rg BT 531.35 696.73 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 682.17 Td (Rooms revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 682.07 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 682.17 Td (1,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 682.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 682.22 Td (\(38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 682.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 682.17 Td (1,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 667.17 Td (Food and beverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 667.07 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.65 667.17 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 667.17 Td (1) Tj ET Q q 0 0 0 rg BT 447.65 667.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 667.17 Td (733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 652.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 652.07 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.65 652.17 Td (167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 652.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 652.17 Td (197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.17 Td (Owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 637.07 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 637.17 Td (2,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 637.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 637.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 637.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 637.17 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 637.22 Td (\(38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 637.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 637.17 Td (2,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 614.17 Td (Base management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.50 614.07 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 614.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 614.17 Td (193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 614.17 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 614.17 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 614.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 614.22 Td (\(59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 614.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 614.17 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 599.17 Td (Incentive management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 599.07 Td (. . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 599.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 599.17 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 599.17 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 599.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 599.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 599.22 Td (\(27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 599.17 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 584.17 Td (Franchise fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 584.07 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 584.17 Td (1) Tj ET Q q 0 0 0 rg BT 283.65 584.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 584.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 584.17 Td (1) Tj ET Q q 0 0 0 rg BT 548.65 584.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 569.17 Td (Other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 569.07 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 569.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 569.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 569.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 569.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 569.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 569.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 569.17 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 554.17 Td (License fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 554.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 554.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 554.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.17 Td (Management, franchise, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.17 Td (other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 529.07 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 529.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 529.17 Td (380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 529.17 Td (1) Tj ET Q q 0 0 0 rg BT 336.65 529.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 529.17 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 529.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 529.22 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 529.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 529.17 Td (498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.17 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 514.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.30 514.17 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 514.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 514.22 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 514.22 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 499.17 Td (Net management, franchise,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 489.17 Td (and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 489.07 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 489.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 489.17 Td (368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 489.17 Td (1) Tj ET Q q 0 0 0 rg BT 336.65 489.17 Td (1) Tj ET Q q 0 0 0 rg BT 341.65 489.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 489.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 489.17 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 489.22 Td (\(86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 489.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 489.17 Td (480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.17 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 466.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 466.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 466.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 466.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 466.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 466.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 466.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 466.17 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 443.17 Td (Revenues for the reimbursement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.17 Td (of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 423.17 Td (managed and franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.17 Td (properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 413.07 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 413.17 Td (1,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 413.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 413.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 413.17 Td (1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 390.17 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 390.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 390.17 Td (2,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 390.17 Td (1,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 390.17 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 390.17 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 390.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.30 390.22 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.63 390.22 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 390.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 390.17 Td (4,462) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 263 0 obj <>] /Rotate 0 /Contents 264 0 R>> endobj 264 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 27) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 692.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 692.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 677.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 662.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 662.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 647.50 141.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 632.50 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 624.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 624.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 609.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 594.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 594.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 579.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 564.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 564.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 549.50 141.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 524.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 524.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 509.50 141.00 -25.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 484.50 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 476.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 476.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 476.50 53.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 461.50 141.00 -8.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 453.50 141.00 -45.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 408.50 141.00 -8.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.50 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 400.50 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 400.50 53.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 735.5 m 244.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 735.5 m 297.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 735.5 m 350.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 735.5 m 403.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 735.5 m 456.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 735.5 m 509.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 692.5 m 244.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 692.5 m 297.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 692.5 m 350.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 692.5 m 403.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 692.5 m 456.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 692.5 m 509.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 692.5 m 562.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 692.5 m 562.5 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 647.5 m 244.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 647.5 m 297.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 647.5 m 350.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 647.5 m 403.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 647.5 m 456.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 647.5 m 509.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 647.5 m 562.5 647.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 549.5 m 244.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 549.5 m 297.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 549.5 m 350.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 549.5 m 403.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 549.5 m 456.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 549.5 m 509.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 549.5 m 562.5 549.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 509.5 m 244.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 509.5 m 297.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 509.5 m 350.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 509.5 m 403.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 509.5 m 456.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 509.5 m 509.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 509.5 m 562.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 509.5 m 244.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 509.5 m 297.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 509.5 m 350.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 509.5 m 403.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 509.5 m 456.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 509.5 m 509.5 509.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 400.5 m 244.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 386.5 m 244.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 384.5 m 244.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 400.5 m 297.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 386.5 m 297.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 384.5 m 297.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 400.5 m 350.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 386.5 m 350.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 384.5 m 350.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 400.5 m 403.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 386.5 m 403.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 384.5 m 403.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 400.5 m 456.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 386.5 m 456.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 384.5 m 456.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 400.5 m 509.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 386.5 m 509.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 384.5 m 509.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 400.5 m 562.5 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 386.5 m 562.5 386.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 384.5 m 562.5 384.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.20 739.73 Td (Y) Tj ET Q q 0 0 0 rg BT 328.09 739.73 Td (ear) Tj ET Q q 0 0 0 rg BT 339.05 739.73 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 399.78 739.73 Td ( 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.80 704.73 Td (Owned and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.05 696.73 Td (leased hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.25 720.73 Td (Americas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.50 712.73 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.05 704.73 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.15 696.73 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.45 720.73 Td (ASP) Tj ET Q q 0 0 0 rg BT 325.27 720.73 Td (AC) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.50 712.73 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.05 704.73 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.15 696.73 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.20 727.58 Td (EAME/SW) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.90 719.58 Td (Asia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.50 711.58 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.05 703.58 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.15 695.58 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.70 704.73 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.00 696.73 Td (and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.70 696.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 696.73 Td (T) Tj ET Q q 0 0 0 rg BT 531.35 696.73 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 682.17 Td (Rooms revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.50 682.07 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 682.17 Td (1,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 682.22 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 682.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 682.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 682.17 Td (1,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 667.17 Td (Food and beverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 667.07 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.65 667.17 Td (723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 667.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 667.17 Td (723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 652.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 652.07 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.65 652.17 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 652.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 652.17 Td (152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.17 Td (Owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 637.07 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 637.17 Td (2,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 637.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 637.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 637.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 637.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 637.22 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 637.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 637.17 Td (2,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 614.17 Td (Base management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.50 614.07 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 614.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 614.17 Td (187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 614.17 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 614.17 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 614.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 614.22 Td (\(60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 614.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 614.17 Td (190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 599.17 Td (Incentive management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 599.07 Td (. . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 599.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 599.17 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 599.17 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 599.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 599.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 599.22 Td (\(27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 599.17 Td (1) Tj ET Q q 0 0 0 rg BT 548.65 599.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 584.17 Td (Franchise fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 584.07 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 584.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 584.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 584.17 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 569.17 Td (Other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.50 569.07 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 569.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 569.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 569.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 569.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 569.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 569.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 569.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 554.17 Td (License fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 554.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 554.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 554.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 554.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.17 Td (Management, franchise, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 529.17 Td (other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 529.07 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 529.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 529.17 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 529.17 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 529.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 529.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 529.22 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 529.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 529.17 Td (441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.17 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 514.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.30 514.17 Td (\(1) Tj ET Q q 0 0 0 rg BT 288.63 514.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 514.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 514.22 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 514.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 514.22 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 499.17 Td (Net management, franchise,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 489.17 Td (and other fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 489.07 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 489.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 489.17 Td (339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 489.17 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 489.17 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 489.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 489.22 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 489.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 489.17 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.17 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 466.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 466.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 466.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 466.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 466.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 466.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 466.17 Td (1) Tj ET Q q 0 0 0 rg BT 500.65 466.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 466.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 443.17 Td (Revenues for the reimbursement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.17 Td (of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 423.17 Td (managed and franchised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.17 Td (properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 413.07 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 413.17 Td (1,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 413.17 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 413.17 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 413.17 Td (1,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 390.17 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 390.07 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.15 390.17 Td (2,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 390.17 Td (1,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 390.17 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 390.17 Td (1) Tj ET Q q 0 0 0 rg BT 389.65 390.17 Td (1) Tj ET Q q 0 0 0 rg BT 394.65 390.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 390.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.30 390.22 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.63 390.22 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 390.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 390.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 390.17 Td (4,265) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 365.00 Td (Contract Balances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 344.00 Td (Our contract assets are insignificant at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 344.00 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.58 344.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.02 344.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.60 344.00 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.50 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 319.50 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 319.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 319.50 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 319.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 319.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 319.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 319.50 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 304.50 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 289.50 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 289.50 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 289.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 289.50 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 289.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 289.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 289.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 289.50 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 319.5 m 354.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 319.5 m 434.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 319.5 m 498.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 319.5 m 562.5 319.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 289.5 m 354.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 275.5 m 354.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 273.5 m 354.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 289.5 m 434.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 275.5 m 434.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 273.5 m 434.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 289.5 m 498.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 275.5 m 498.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 273.5 m 498.5 273.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 289.5 m 562.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 275.5 m 562.5 275.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 273.5 m 562.5 273.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.75 323.73 Td (December) Tj ET Q q 0 0 0 rg BT 318.32 323.73 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.75 323.73 Td (December) Tj ET Q q 0 0 0 rg BT 398.32 323.73 Td ( 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.85 323.73 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.85 323.73 Td (% Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 310.07 Td (Current contract liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.50 310.07 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 310.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 310.07 Td (388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 310.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 310.07 Td (348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 309.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 309.17 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 310.07 Td (1) Tj ET Q q 0 0 0 rg BT 541.15 310.07 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 310.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.17 Td (Long-term contract liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.50 294.07 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 294.17 Td (442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 294.17 Td (424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 294.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 294.17 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 294.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 279.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 279.17 Td (otal contract liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.50 279.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 279.17 Td (830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 279.17 Td (772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 279.17 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 279.17 Td (7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 279.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 254.00 Td (The contract liabilities balances above are comprised of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 230.50 357.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 230.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 230.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 230.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.50 357.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 200.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 200.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 200.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.50 357.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 170.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 170.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 170.50 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 230.5 m 482.5 230.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 230.5 m 561.5 230.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 155.5 m 482.5 155.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 141.5 m 482.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 139.5 m 482.5 139.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 155.5 m 561.5 155.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 141.5 m 561.5 141.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 139.5 m 561.5 139.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.25 234.73 Td (December) Tj ET Q q 0 0 0 rg BT 446.82 234.73 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.25 234.73 Td (December) Tj ET Q q 0 0 0 rg BT 525.75 234.73 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.07 Td (Deferred revenue related to the loyalty program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.50 221.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 221.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 221.07 Td (596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 221.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 221.07 Td (561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.07 Td (Advanced deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.50 206.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 205.17 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 205.17 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 191.07 Td (Initial fees received from franchise owners) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.50 191.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 190.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 190.17 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 176.07 Td (Deferred revenue related to system-wide services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 176.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 175.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 175.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.07 Td (Other deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.50 161.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 160.17 Td (1) Tj ET Q q 0 0 0 rg BT 468.65 160.17 Td (1) Tj ET Q q 0 0 0 rg BT 473.65 160.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 160.17 Td (1) Tj ET Q q 0 0 0 rg BT 547.65 160.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 146.07 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 146.07 Td (otal contract liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.50 146.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 145.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 145.17 Td (830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 145.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 145.17 Td (772) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 120.00 Td (Revenue recognized during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.65 120.00 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.23 120.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.67 120.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 120.00 Td ( included in the contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.00 Td (liabilities balance at the beginning of each year was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.08 108.00 Td ($906 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.47 108.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.91 108.00 Td ($863 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.30 108.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 433.96 108.00 Td (. ) Tj ET Q q 0 0 0 rg BT 438.78 108.00 Td (This revenue was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.00 Td (related to advanced deposits and revenue from the loyalty program, which is recognized net of redemption reimbursements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.00 Td (paid to third parties.) Tj ET Q endstream endobj 265 0 obj <>] /Rotate 0 /Contents 266 0 R>> endobj 266 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 111.11 742.25 Td (Allocated to Remaining Performance Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.25 Td (Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (revenue expected to be recognized in future periods was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.66 697.25 Td ($120 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.05 697.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.27 697.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.85 697.25 Td (, of which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (expect to recognize approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.49 685.25 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.82 685.25 Td ( of the revenue over the next 12 months and the remainder thereafter) Tj ET Q q 0 0 0 rg BT 482.60 685.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 664.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 664.25 Td (e did not estimate revenues expected to be recognized related to our unsatisfied performance obligations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 631.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 631.25 Td (Deferred revenue related to the loyalty program and revenue from base and incentive management fees as the revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 619.25 Td (is allocated to a wholly unperformed performance obligation in a series; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (Revenues related to royalty fees as they are considered sales-based royalty fees; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 577.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 577.25 Td (Revenues received for free nights granted through our co-branded credit cards as the awards are required to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 565.25 Td (redeemed within 12 months; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 544.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 544.25 Td (Revenues related to advanced bookings at owned and leased hotels as each stay has a duration of 12 months or less. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 523.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 523.25 Td (DEBT) Tj ET Q q 0 0 0 rg BT 99.55 523.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.50 523.25 Td (AND EQUITY) Tj ET Q q 0 0 0 rg BT 164.75 523.25 Td ( SECURITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 502.25 Td (e make investments in debt and equity securities that we believe are strategically and operationally important to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.71 490.25 Td (These investments take the form of \(i\) equity method investments where we have the ability to significantly influence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (the operations of the entity) Tj ET Q q 0 0 0 rg BT 156.54 478.25 Td (, \(ii\) marketable securities held to fund operating programs and for investment purposes, and \(iii\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (other types of investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 445.25 Td (Equity Method Investments) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 422.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 422.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 422.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 422.75 m 483.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 422.75 m 562.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 422.75 m 483.5 422.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 422.75 m 562.5 422.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 426.83 Td (December) Tj ET Q q 0 0 0 rg BT 447.82 426.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 426.83 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 426.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.32 Td (Equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.50 413.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 413.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 413.32 Td (233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 413.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 413.32 Td (185) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 388.25 Td (The carrying values and ownership percentages of our unconsolidated investments in hospitality ventures accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (under the equity method were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 341.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 341.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 341.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 341.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 341.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 326.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 311.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 311.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 311.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 311.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 311.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 311.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 296.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 281.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 281.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 281.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 281.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 281.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 281.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 266.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 251.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 251.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 251.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 251.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 251.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 251.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 236.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 221.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 221.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 221.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 221.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 221.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 221.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 206.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 191.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 191.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 191.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 191.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 191.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 191.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 176.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 161.75 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 161.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 161.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 161.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 161.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 161.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 353.75 m 482.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 353.75 m 486.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 353.75 m 558.5 353.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 341.75 m 406.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 341.75 m 482.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 341.75 m 558.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 341.75 m 406.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 341.75 m 482.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 341.75 m 558.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 161.75 m 482.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 147.75 m 482.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 145.75 m 482.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 161.75 m 558.5 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 147.75 m 558.5 147.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 145.75 m 558.5 145.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 346.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.60 353.98 Td (Ownership) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.10 345.98 Td (inter) Tj ET Q q 0 0 0 rg BT 372.47 345.98 Td (ests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.75 357.83 Td (Investment balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.75 345.83 Td (December) Tj ET Q q 0 0 0 rg BT 448.32 345.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.75 345.83 Td (December) Tj ET Q q 0 0 0 rg BT 524.25 345.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 338.35 131.19 -9.09 re f /GS0 gs q 0 0 0 rg BT 53.00 331.42 Td (Hyatt of Baja, S. de R.L. de C.V) Tj ET Q q 0 0 0 rg BT 181.69 331.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 331.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 331.42 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 331.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 331.42 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 331.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.42 Td (HP) Tj ET Q q 0 0 0 rg BT 65.60 316.42 Td ( Boston Partners, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.50 316.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 316.42 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 316.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 316.42 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 316.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 308.35 186.36 -9.09 re f /GS0 gs q 0 0 0 rg BT 53.00 301.42 Td (Hotel am Belvedere Holding GmbH & Co KG) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.50 301.32 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 301.42 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 301.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 301.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 301.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.42 Td (San Jose Hotel Partners, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.50 286.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 286.42 Td (40.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 286.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 286.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 286.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 278.35 82.22 -9.09 re f /GS0 gs q 0 0 0 rg BT 53.00 271.42 Td (Four One Five, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.50 271.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 271.42 Td (44.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 271.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 271.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 271.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 256.42 Td (Hotel Hoyo Uno, S. de R.L. de C.V) Tj ET Q q 0 0 0 rg BT 195.12 256.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.50 256.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 256.42 Td (40.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 256.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 256.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 256.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 248.35 123.03 -9.09 re f /GS0 gs q 0 0 0 rg BT 53.00 241.42 Td (Juniper Hotels Private Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 241.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 241.42 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 241.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 241.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 241.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.42 Td (Desarrolladora Hotelera ) Tj ET Q q 0 0 0 rg BT 151.56 226.42 Td (Acueducto, S. de R.L. de C.V) Tj ET Q q 0 0 0 rg BT 270.07 226.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.50 226.32 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 226.42 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 226.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 226.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 226.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 218.35 125.54 -9.09 re f /GS0 gs q 0 0 0 rg BT 53.00 211.42 Td (Portland Hotel Properties, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 211.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 211.42 Td (40.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 211.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 211.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.65 211.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 196.42 Td (HH Nashville JV) Tj ET Q q 0 0 0 rg BT 121.79 196.42 Td ( Holdings, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 196.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 196.42 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 196.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 196.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 196.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 188.35 127.74 -9.09 re f /GS0 gs q 0 0 0 rg BT 53.00 181.42 Td (Glendale Hotel Properties, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 181.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 181.42 Td (50.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 181.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 181.42 Td (1) Tj ET Q q 0 0 0 rg BT 473.65 181.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 181.42 Td (1) Tj ET Q q 0 0 0 rg BT 549.65 181.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 166.42 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 166.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 166.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 166.42 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 152.32 Td (T) Tj ET Q q 0 0 0 rg BT 76.41 152.32 Td (otal equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 152.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 151.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 151.42 Td (233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 151.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 151.42 Td (185) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 267 0 obj <>] /Rotate 0 /Contents 268 0 R>> endobj 268 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following tables present summarized financial information for all unconsolidated hospitality ventures in which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (hold an investment accounted for under the equity method:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 695.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 695.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 695.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 695.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 695.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 667.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 667.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 667.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 667.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 707.6 m 404.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 707.6 m 408.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 707.6 m 483.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 707.6 m 487.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 707.6 m 562.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 695.6 m 404.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 695.6 m 483.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 695.6 m 562.5 695.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 699.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 711.68 Td (Y) Tj ET Q q 0 0 0 rg BT 404.88 711.68 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 479.46 711.68 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 699.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 699.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 699.68 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 686.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 686.17 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 686.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 686.17 Td (513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 686.17 Td (832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 686.17 Td (1,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (Gross operating profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 672.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 672.17 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 672.17 Td (289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 672.17 Td (398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.17 Td (Income \(loss\) from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 658.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 658.22 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 658.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 658.17 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 658.17 Td (160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 644.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 644.22 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 644.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 644.17 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 644.17 Td (160) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 616.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 616.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 588.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 588.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 588.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 588.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 560.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 560.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 560.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 532.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 532.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 532.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 616.6 m 483.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 616.6 m 562.5 616.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 588.6 m 483.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 575.6 m 483.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 573.6 m 483.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 588.6 m 562.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 575.6 m 562.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 573.6 m 562.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 532.6 m 483.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 519.6 m 483.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 517.6 m 483.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 532.6 m 562.5 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 519.6 m 562.5 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 517.6 m 562.5 517.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 620.83 Td (December) Tj ET Q q 0 0 0 rg BT 447.82 620.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 620.83 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 620.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 607.17 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 607.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 607.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 607.17 Td (228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 607.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 607.17 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 593.17 Td (Noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 593.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 593.17 Td (1,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 593.17 Td (1,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 579.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 579.17 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 579.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 579.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 579.17 Td (1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 579.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 579.17 Td (1,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 551.17 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.50 551.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 551.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 551.17 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 551.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 551.17 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 537.17 Td (Noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 537.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 537.17 Td (1,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 537.17 Td (1,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 523.17 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 523.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 523.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 523.17 Td (1,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 523.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 523.17 Td (1,380) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 498.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 498.10 Td (, we had the following activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 477.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 477.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 477.10 Td (e recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.94 477.10 Td ($40 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.33 477.10 Td ( of net gains in equity earnings from unconsolidated hospitality ventures on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 465.10 Td (consolidated statements of income resulting from sales activity related to certain equity method investments primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 453.10 Td (within our owned and leased hotels segment and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.98 453.10 Td ($43 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.38 453.10 Td ( of related sales proceeds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 432.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 432.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 432.10 Td (e completed an asset acquisition of our partner's interest in certain unconsolidated hospitality ventures in Brazil for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 420.10 Td (net purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.33 420.10 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.72 420.10 Td (. ) Tj ET Q q 0 0 0 rg BT 278.54 420.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.18 420.10 Td (e recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.48 420.10 Td ($16 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.87 420.10 Td ( of impairment char) Tj ET Q q 0 0 0 rg BT 465.82 420.10 Td (ges related to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 408.10 Td (investments in equity earnings from unconsolidated hospitality ventures on our consolidated statements of income as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 396.10 Td (the carrying value was in excess of fair value. ) Tj ET Q q 0 0 0 rg BT 271.30 396.10 Td (The fair value was determined to be a Level ) Tj ET Q q 0 0 0 rg BT 449.65 396.10 Td (Three fair value measure, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 384.10 Td (and the impairment was deemed other) Tj ET Q q 0 0 0 rg BT 238.25 384.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 302.57 384.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 363.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 363.10 Td (, we had the following activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 342.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 342.10 Td (In conjunction with the sale of ) Tj ET Q q 0 0 0 rg BT 209.86 342.10 Td (A) Tj ET Q q 0 0 0 rg BT 216.34 342.10 Td (vendra, an equity method investment within our ) Tj ET Q q 0 0 0 rg BT 410.19 342.10 Td (Americas management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 330.10 Td (franchising segment, to ) Tj ET Q q 0 0 0 rg BT 181.54 330.10 Td (Aramark, we received approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.86 330.10 Td ($217 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.25 330.10 Td ( of net proceeds. ) Tj ET Q q 0 0 0 rg BT 452.65 330.10 Td (W) Tj ET Q q 0 0 0 rg BT 461.29 330.10 Td (e recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.53 330.10 Td ($217 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 318.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 318.10 Td ( gain in equity earnings from unconsolidated hospitality ventures on our consolidated statements of income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 297.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 297.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 297.10 Td (e recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.94 297.10 Td ($6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.33 297.10 Td ( of gains in equity earnings from unconsolidated hospitality ventures on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 285.10 Td (statements of income resulting from sales activity related to certain equity method investments within our owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 273.10 Td (leased hotels segment and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 273.10 Td ($12 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.39 273.10 Td ( of related sales proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 252.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 252.10 Td (, we had the following activity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 231.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 231.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 231.10 Td (e purchased our partners' interests in ) Tj ET Q q 0 0 0 rg BT 242.50 231.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 304.25 231.10 Td (W) Tj ET Q q 0 0 0 rg BT 312.88 231.10 Td (ailea Resort. ) Tj ET Q q 0 0 0 rg BT 365.18 231.10 Td (The transaction was accounted for as a step ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 219.10 Td (acquisition, and we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.28 219.10 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.67 219.10 Td ( gain in equity earnings from unconsolidated hospitality ventures on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 207.10 Td (consolidated statements of income \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.05 207.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.05 207.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 186.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 186.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 186.10 Td (e recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.94 186.10 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.33 186.10 Td ( of gains in equity earnings from unconsolidated hospitality ventures on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 174.10 Td (statements of income resulting from sales activity related to certain equity method investments within our owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 162.10 Td (leased hotels segment and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 162.10 Td ($19 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.39 162.10 Td ( of related sales proceeds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 141.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.52 141.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.11 141.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.11 141.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.69 141.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.63 141.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.21 141.10 Td (, we recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.74 141.10 Td ($16million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.13 141.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td ($3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.39 129.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 129.10 Td ($9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.72 129.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 207.38 129.10 Td (, of impairment char) Tj ET Q q 0 0 0 rg BT 288.84 129.10 Td (ges in equity earnings from unconsolidated hospitality ventures on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (our consolidated statements of income. ) Tj ET Q endstream endobj 269 0 obj <>] /Rotate 0 /Contents 270 0 R>> endobj 270 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Marketable Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 721.25 Td (e hold marketable securities with readily determinable fair values to fund certain operating programs and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (investment purposes. ) Tj ET Q q 0 0 0 rg BT 136.38 709.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 186.28 709.25 Td (, we periodically transfer available cash and cash equivalents to purchase marketable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (securities for investment purposes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 676.25 Td (Marketable Securities Held to Fund Operating Pr) Tj ET Q q 0 0 0 rg BT 272.09 676.25 Td (ograms) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.09 676.25 Td (Marketable securities held to fund operating programs, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (are recorded at fair value and included on our consolidated balance sheets, were as follows: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 640.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 640.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 640.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 611.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 611.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 611.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.75 358.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 583.75 75.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 583.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 583.75 75.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 640.75 m 483.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 640.75 m 562.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 597.75 m 483.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 597.75 m 562.5 597.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 548.75 m 483.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 548.75 m 562.5 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 535.75 m 483.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 533.75 m 483.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 535.75 m 562.5 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 533.75 m 562.5 533.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 644.98 Td (December) Tj ET Q q 0 0 0 rg BT 447.82 644.98 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 644.98 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 644.98 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 631.32 Td (Loyalty program \(Note 2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.50 631.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 631.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 631.32 Td (397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 631.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 631.32 Td (403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 617.32 Td (Deferred compensation plans held in rabbi trusts \(Note 9 and Note 13\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 617.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 616.42 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 616.42 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 602.32 Td (Captive insurance companies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 602.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 602.32 Td (133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 602.32 Td (1) Tj ET Q q 0 0 0 rg BT 548.65 602.32 Td (1) Tj ET Q q 0 0 0 rg BT 553.65 602.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 588.32 Td (otal marketable securities held to fund operating programs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 588.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 588.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 588.32 Td (897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 588.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 588.32 Td (916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 573.42 Td (Less: current portion of marketable securities held to fund operating programs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 563.42 Td (included in cash and cash equivalents, short-term investments, and prepaids and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 553.42 Td (other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 553.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 553.47 Td (\(174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 553.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 553.47 Td (\(156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 553.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.32 Td (Marketable securities held to fund operating programs included in other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 539.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 539.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 539.32 Td (723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 539.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 539.32 Td (760) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (Net realized and unrealized gains and interest income from marketable securities held to fund the loyalty program are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (recognized in other income \(loss\), net on our consolidated statements of income:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 465.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 465.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 465.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 465.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 465.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 478.75 m 404.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 478.75 m 408.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 478.75 m 483.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 478.75 m 487.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 478.75 m 562.5 478.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 465.75 m 404.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 465.75 m 483.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 465.75 m 562.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 465.75 m 404.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 465.75 m 483.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 465.75 m 562.5 465.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 482.98 Td (Y) Tj ET Q q 0 0 0 rg BT 404.88 482.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 479.46 482.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 469.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 469.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 469.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 456.32 Td (Loyalty program \(Note 21\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 456.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 456.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 456.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 456.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 456.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 431.25 Td (Net realized and unrealized gains \(losses\) and interest income from marketable securities held to fund rabbi trusts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (recognized in net gains \(losses\) and interest income from marketable securities held to fund rabbi trusts on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (statements of income:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 370.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 370.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 370.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 370.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 370.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 370.75 75.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 49.50 355.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 340.75 279.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 340.75 75.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 340.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 340.75 75.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 340.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 340.75 75.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 383.75 m 403.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 370.75 m 403.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 383.75 m 482.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 370.75 m 482.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 383.75 m 561.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 370.75 m 561.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 370.75 m 403.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 370.75 m 482.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 370.75 m 561.5 370.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 340.75 m 403.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 340.75 m 482.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 340.75 m 561.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 340.75 m 403.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 317.75 m 403.5 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 315.75 m 403.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 340.75 m 482.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 317.75 m 482.5 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 315.75 m 482.5 315.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 340.75 m 561.5 340.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 317.75 m 561.5 317.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 315.75 m 561.5 315.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.55 387.98 Td (Y) Tj ET Q q 0 0 0 rg BT 403.88 387.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 478.46 387.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.50 374.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.50 374.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 374.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 360.42 Td (Unrealized gains \(losses\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 360.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 360.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 360.47 Td (\(45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 360.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 360.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 360.42 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 360.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 360.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 345.42 Td (Realized gains, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 345.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 345.42 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 345.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 345.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 331.32 Td (Net gains \(losses\) and interest income from marketable securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 321.32 Td (held to fund rabbi trusts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.50 321.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 321.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 321.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 394.63 321.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 321.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 321.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 321.42 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 321.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 321.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 296.25 Td (Our captive insurance companies hold marketable securities which are classified as ) Tj ET Q q 0 0 0 rg BT 407.65 296.25 Td (AFS debt securities and are invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (in U.S. government agencies, time deposits, and corporate debt securities. ) Tj ET Q q 0 0 0 rg BT 347.79 284.25 Td (W) Tj ET Q q 0 0 0 rg BT 356.43 284.25 Td (e classify these investments as current or long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (term, based on their contractual maturity dates, which range from 2019 through 2023. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 251.25 Td (Marketable Securities Held for Investment Purposes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.67 251.25 Td (Marketable securities held for investment purposes, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (recorded at fair value and included on our consolidated balance sheets, were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 203.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 203.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 203.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 203.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 173.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 173.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 173.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 173.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 143.75 358.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 143.75 75.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 143.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 143.75 75.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 203.75 m 483.5 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 203.75 m 562.5 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 158.75 m 483.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 158.75 m 562.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 119.75 m 483.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 119.75 m 562.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 119.75 m 483.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 105.75 m 483.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 103.75 m 483.5 103.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 119.75 m 562.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 105.75 m 562.5 105.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 103.75 m 562.5 103.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 207.98 Td (December) Tj ET Q q 0 0 0 rg BT 447.82 207.98 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 207.98 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 207.98 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 193.42 Td (T) Tj ET Q q 0 0 0 rg BT 70.93 193.42 Td (ime deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 193.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 193.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 193.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 193.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 193.42 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 179.32 Td (Common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.50 179.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 178.42 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 178.42 Td (131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 163.42 Td (Interest-bearing money market funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 163.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 163.42 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 163.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 149.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 149.32 Td (otal marketable securities held for investment purposes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 149.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 148.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 148.42 Td (201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 148.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 148.42 Td (194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 134.32 Td (Less: current portion of marketable securities held for investment purposes included) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 124.32 Td (in cash and cash equivalents and short-term investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 124.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 124.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 469.63 124.47 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 124.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 124.47 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 124.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 109.42 Td (Marketable securities held for investment purposes included in other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 109.32 Td (. . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 109.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 109.42 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 109.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 109.42 Td (131) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 84.25 Td (During 2013, we invested in the common shares of Playa, and we accounted for our common share investment as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (equity method investment. In March 2017, Playa completed a business combination, and Playa Hotels & Resorts N.V) Tj ET Q q 0 0 0 rg BT 519.18 72.25 Td (. \("Playa ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (N.V"\) is now publicly traded on the NASDAQ. Our investment is accounted for as an equity security with a readily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (determinable fair value as we do not have the ability to significantly influence the operations of the entity) Tj ET Q q 0 0 0 rg BT 471.16 48.25 Td (. ) Tj ET Q q 0 0 0 rg BT 475.98 48.25 Td (The fair value of the ) Tj ET Q endstream endobj 271 0 obj <>] /Rotate 0 /Contents 272 0 R>> endobj 272 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (common shares is classified as Level One in the fair value hierarchy as we are able to obtain market available pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 102.03 730.10 Td (The remeasurement of our investment at fair value resulted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.38 730.10 Td ($44 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.77 730.10 Td ( of unrealized losses recognized in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (income \(loss\), net on our consolidated statements of income for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.88 718.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.18 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.68 718.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.26 718.10 Td ( \(see Note 21\). ) Tj ET Q q 0 0 0 rg BT 507.45 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 516.09 718.10 Td (e did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.31 718.10 Td (not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.08 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (sell any shares of common stock during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.36 706.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.66 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.16 706.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.74 706.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 685.10 Td (Other) Tj ET Q q 0 0 0 rg BT 97.87 685.10 Td ( Investments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 664.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 83.63 664.10 Td (eferr) Tj ET Q q 0 0 0 rg BT 102.70 664.10 Td (ed shar) Tj ET Q q 0 0 0 rg BT 132.05 664.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.38 664.10 Td (During 2013, we also invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.80 664.10 Td ($271 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.19 664.10 Td ( in Playa for convertible redeemable preferred shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (which were classified as an ) Tj ET Q q 0 0 0 rg BT 161.35 652.10 Td (AFS debt security) Tj ET Q q 0 0 0 rg BT 232.92 652.10 Td (. Our preferred shares plus accrued and unpaid paid-in-kind dividends were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (redeemed in full for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.19 640.10 Td ($290 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.58 640.10 Td ( during 2017. ) Tj ET Q q 0 0 0 rg BT 239.51 640.10 Td (The fair value of the preferred shares was:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.59 640.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 601.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 587.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 573.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 573.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 559.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 545.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 545.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 531.60 437.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 601.6 m 562.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 601.6 m 562.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 531.6 m 562.5 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 518.6 m 562.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 516.6 m 562.5 516.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 605.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 605.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.17 Td (Fair value at January 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.50 592.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 592.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 592.17 Td (290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 578.17 Td (Gross unrealized losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.50 578.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 578.22 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 578.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 564.17 Td (Realized losses \(1\) \(Note 21\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.50 564.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 564.22 Td (\(40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 564.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.17 Td (Interest income \(Note 21\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.50 550.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 550.17 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 536.17 Td (Cash redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.50 536.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 536.22 Td (\(290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 536.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.17 Td (Fair value at December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.50 522.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 522.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 522.17 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 508.86 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 65.58 508.86 Td (The realized losses were the result of a dif) Tj ET Q q 0 0 0 rg BT 217.36 508.86 Td (ference between the fair value of the initial investment and the contractual redemption price of) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 66.50 499.86 Td ($8.40 per share.) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 474.10 Td (HTM Debt Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.49 474.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.99 474.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.57 474.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.01 474.10 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.59 474.10 Td (, we held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.47 474.10 Td ($49 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.86 474.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 474.10 Td ($47 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.69 474.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 462.10 Td (, of investments in HTM debt securities, which are investments in third-party entities that own certain of our hotels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (and are recorded within other assets in our consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 337.50 450.10 Td (The securities are mandatorily redeemable between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (2020 and 2025. ) Tj ET Q q 0 0 0 rg BT 114.26 438.10 Td (The amortized cost of our investments approximate fair value. ) Tj ET Q q 0 0 0 rg BT 368.16 438.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.80 438.10 Td (e estimated the fair value of our investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (Based upon the lack of available market data, our investments are classified as Level ) Tj ET Q q 0 0 0 rg BT 391.64 414.10 Td (Three within the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 537.86 414.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.68 414.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.90 Td (assumptions could result in dif) Tj ET Q q 0 0 0 rg BT 172.59 388.90 Td (ferent estimates of fair value.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 289.48 388.90 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 367.90 Td (Equity Securities W) Tj ET Q q 0 0 0 rg BT 150.82 367.90 Td (ithout a Readily Determinable Fair V) Tj ET Q q 0 0 0 rg BT 299.96 367.90 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.17 367.90 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.67 367.90 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.26 367.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.70 367.90 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.28 367.90 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.90 Td ($9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.39 355.90 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.83 355.90 Td ($27 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 355.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 209.88 355.90 Td (, of investments in equity securities without a readily determinable fair value, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.90 Td (represent investments in entities where we do not have the ability to significantly influence the operations of the entity) Tj ET Q q 0 0 0 rg BT 523.11 343.90 Td (. ) Tj ET Q q 0 0 0 rg BT 527.55 343.90 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.90 Td (December 31, 2017, the securities were included in investments on our consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 451.27 331.90 Td (As a result of the adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.90 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 319.90 Td (ASU 2016-01 on January 1, 2018, we have reclassified these investments to other assets on our consolidated balance sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.90 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 307.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 286.90 Td (Due to ongoing operating cash flow shortfalls in the business underlying an equity security during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.71 286.90 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.01 286.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.90 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 274.90 Td (, we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.04 274.90 Td ($22 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.44 274.90 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 315.56 274.90 Td (ge of our full investment balance in other income \(loss\), net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.90 Td (on our consolidated statements of income \(see Note) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.88 262.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.38 262.90 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.38 262.90 Td (\) as we deemed that the carrying value was in excess of the fair value. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.90 Td (The fair value was determined to be a Level ) Tj ET Q q 0 0 0 rg BT 228.35 250.90 Td (Three fair value measure. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.64 250.90 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.23 250.90 Td (, the entity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.90 Td (which we hold our investment disposed of its assets.) Tj ET Q endstream endobj 273 0 obj <>] /Rotate 0 /Contents 274 0 R>> endobj 274 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 90.64 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 92.96 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 99.27 742.25 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.05 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.68 742.25 Td (e measured the following financial assets at fair value on a recurring basis:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 710.75 181.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 710.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 710.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 710.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 710.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 710.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 710.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 710.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 710.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 710.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.75 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 671.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 671.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 671.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 671.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 671.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 671.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.75 181.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 641.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 641.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 641.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 641.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 641.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 641.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 641.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 641.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 641.75 63.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 602.75 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 602.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 602.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 602.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 602.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 602.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.75 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 572.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 572.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 572.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 572.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 572.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.75 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 542.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 542.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 542.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 542.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 542.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.75 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 512.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 512.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 512.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 512.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 512.75 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 710.75 m 294.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 710.75 m 361.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 710.75 m 428.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 710.75 m 495.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 710.75 m 562.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 710.75 m 294.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 710.75 m 361.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 710.75 m 428.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 710.75 m 495.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 710.75 m 562.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 512.75 m 294.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 498.75 m 294.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 496.75 m 294.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 512.75 m 361.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 498.75 m 361.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 496.75 m 361.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 512.75 m 428.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 498.75 m 428.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 496.75 m 428.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 512.75 m 495.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 498.75 m 495.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 496.75 m 495.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 512.75 m 562.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 498.75 m 562.5 498.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 496.75 m 562.5 496.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.25 722.98 Td (December) Tj ET Q q 0 0 0 rg BT 273.82 722.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.50 714.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.80 722.98 Td (Cash and cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 714.98 Td (equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.35 722.98 Td (Short-term) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.25 714.98 Td (investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 722.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 449.37 722.98 Td (epaids and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.65 714.98 Td (other) Tj ET Q q 0 0 0 rg BT 461.79 714.98 Td ( assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.55 714.98 Td (Other) Tj ET Q q 0 0 0 rg BT 529.84 714.98 Td ( assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 701.48 Td (Level One - Quoted Prices in ) Tj ET Q q 0 0 0 rg BT 178.26 701.48 Td (Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 691.48 Td (Markets for) Tj ET Q q 0 0 0 rg BT 104.28 691.48 Td ( Identical ) Tj ET Q q 0 0 0 rg BT 146.69 691.48 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 677.32 Td (Interest-bearing money market funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 677.32 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 676.42 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 676.42 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 676.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 676.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 676.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 676.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 662.32 Td (Mutual funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 662.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 661.42 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 661.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 661.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 661.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 661.42 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 647.32 Td (Common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 647.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 646.42 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 646.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 646.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 646.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 646.42 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 632.48 Td (Level ) Tj ET Q q 0 0 0 rg BT 78.73 632.48 Td (T) Tj ET Q q 0 0 0 rg BT 84.94 632.48 Td (wo - Significant Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 622.48 Td (Observable Inputs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 608.32 Td (T) Tj ET Q q 0 0 0 rg BT 64.93 608.32 Td (ime deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 608.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 607.42 Td (1) Tj ET Q q 0 0 0 rg BT 280.65 607.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 607.42 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 607.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 593.32 Td (U.S. government obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 593.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 592.42 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 592.42 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 592.42 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 578.32 Td (U.S. government agencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 578.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 577.42 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 577.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 577.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 577.42 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 563.32 Td (Corporate debt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.50 563.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 562.42 Td (151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 562.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 562.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 562.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 562.42 Td (1) Tj ET Q q 0 0 0 rg BT 548.65 562.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 548.32 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.50 548.32 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 547.42 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 547.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 547.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 547.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 547.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 533.32 Td (Asset-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 533.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 532.42 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 532.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 532.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 532.42 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 518.32 Td (Municipal and provincial notes and bonds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 517.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 517.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 517.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 517.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 517.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 503.48 Td (T) Tj ET Q q 0 0 0 rg BT 58.75 503.48 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 503.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 502.42 Td (1,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 502.42 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 502.42 Td (1) Tj ET Q q 0 0 0 rg BT 414.65 502.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 502.42 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 502.42 Td (810) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.75 181.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 457.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 457.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 457.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 457.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 457.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 457.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 457.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 457.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 457.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.75 181.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 418.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 418.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 418.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 418.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 418.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 389.75 181.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 389.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 389.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 389.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 389.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 389.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 389.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 389.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 389.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 389.75 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.75 181.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 350.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 350.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 350.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 350.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 350.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.75 181.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 322.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 322.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 322.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 322.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 322.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 294.75 181.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 294.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 294.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 294.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 294.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 294.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 294.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 266.75 181.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 266.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 266.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 266.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 266.75 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 266.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 266.75 63.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 457.75 m 294.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 457.75 m 361.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 457.75 m 428.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 457.75 m 495.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 457.75 m 562.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 457.75 m 294.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 457.75 m 361.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 457.75 m 428.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 457.75 m 495.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 457.75 m 562.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 266.75 m 294.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 253.75 m 294.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 251.75 m 294.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 266.75 m 361.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 253.75 m 361.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 251.75 m 361.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 266.75 m 428.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 253.75 m 428.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 251.75 m 428.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 266.75 m 495.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 253.75 m 495.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 251.75 m 495.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 266.75 m 562.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 253.75 m 562.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 251.75 m 562.5 251.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.25 469.98 Td (December) Tj ET Q q 0 0 0 rg BT 273.82 469.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.50 461.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.80 469.98 Td (Cash and cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 461.98 Td (equivalents) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.35 469.98 Td (Short-term) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.25 461.98 Td (investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 469.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 449.37 469.98 Td (epaids and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.65 461.98 Td (other) Tj ET Q q 0 0 0 rg BT 461.79 461.98 Td ( assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.55 461.98 Td (Other) Tj ET Q q 0 0 0 rg BT 529.84 461.98 Td ( assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 448.48 Td (Level One - Quoted Prices in ) Tj ET Q q 0 0 0 rg BT 178.26 448.48 Td (Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 438.48 Td (Markets for) Tj ET Q q 0 0 0 rg BT 104.28 438.48 Td ( Identical ) Tj ET Q q 0 0 0 rg BT 146.69 438.48 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 423.32 Td (Interest-bearing money market funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 423.32 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 423.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 423.32 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 423.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 423.32 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 423.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 423.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 423.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 423.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 423.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 423.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 409.32 Td (Mutual funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 409.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 409.32 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 409.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 409.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 409.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 409.32 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 395.32 Td (Common shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 395.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 394.42 Td (131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 394.42 Td (131) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 380.48 Td (Level ) Tj ET Q q 0 0 0 rg BT 78.73 380.48 Td (T) Tj ET Q q 0 0 0 rg BT 84.94 380.48 Td (wo - Significant Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 370.48 Td (Observable Inputs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 355.32 Td (T) Tj ET Q q 0 0 0 rg BT 64.93 355.32 Td (ime deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 355.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 355.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 355.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 355.32 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 355.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 355.32 Td (1) Tj ET Q q 0 0 0 rg BT 553.65 355.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 341.32 Td (U.S. government obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 341.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 341.32 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 341.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 341.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 341.32 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 341.32 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 327.32 Td (U.S. government agencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.50 327.32 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 327.32 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 327.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 327.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 327.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 327.32 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 313.32 Td (Corporate debt securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.50 313.32 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 313.32 Td (179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 313.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 313.32 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 313.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 313.32 Td (138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 299.32 Td (Mortgage-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.50 299.32 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 299.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 299.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 299.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 299.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 299.32 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 285.32 Td (Asset-backed securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 285.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.65 285.32 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 285.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 285.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 285.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 285.32 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 271.32 Td (Municipal and provincial notes and bonds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.65 271.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 271.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 271.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 271.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 271.32 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 257.48 Td (T) Tj ET Q q 0 0 0 rg BT 58.75 257.48 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 257.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.00 257.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.15 257.32 Td (1,1) Tj ET Q q 0 0 0 rg BT 280.65 257.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 257.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.65 257.32 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 257.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 257.32 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 257.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 257.32 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 257.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 257.32 Td (891) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 232.25 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.52 232.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.11 232.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.54 232.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.13 232.25 Td (, there were no transfers between levels of the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (value hierarchy) Tj ET Q q 0 0 0 rg BT 111.26 220.25 Td (. ) Tj ET Q q 0 0 0 rg BT 116.08 220.25 Td (W) Tj ET Q q 0 0 0 rg BT 124.72 220.25 Td (e do not have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 220.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.14 220.25 Td (financial assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.28 220.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.61 220.25 Td (financial liabilities required to be measured at fair value on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (recurring basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 187.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 187.25 Td (e invest a portion of our cash into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.27 187.25 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.60 187.25 Td (term interest-bearing money market funds that have a maturity of less than 90 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (days. Consequently) Tj ET Q q 0 0 0 rg BT 127.68 175.25 Td (, the balances are recorded in cash and cash equivalents. ) Tj ET Q q 0 0 0 rg BT 354.61 175.25 Td (The funds are held with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.08 175.25 Td (open-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.85 175.25 Td (ended registered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (investment companies, and the fair value of the funds is classified as Level One as we are able to obtain market available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (pricing information on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 215.07 151.25 Td (The fair value of our mutual funds is classified as Level One as they trade with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 139.25 Td (ficient frequency and volume to enable us to obtain pricing information on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 435.10 139.25 Td (T) Tj ET Q q 0 0 0 rg BT 440.86 139.25 Td (ime deposits are recorded at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (par value, which approximates fair value, and are classified as Level ) Tj ET Q q 0 0 0 rg BT 326.09 127.25 Td (T) Tj ET Q q 0 0 0 rg BT 331.50 127.25 Td (wo. ) Tj ET Q q 0 0 0 rg BT 348.54 127.25 Td (The remaining securities are classified as Level ) Tj ET Q q 0 0 0 rg BT 540.78 127.25 Td (T) Tj ET Q q 0 0 0 rg BT 546.19 127.25 Td (wo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (due to the use and weighting of multiple market inputs being considered in the final price of the security) Tj ET Q q 0 0 0 rg BT 466.46 115.25 Td (. Market inputs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (quoted market prices from active markets for identical securities, quoted market prices for identical securities in inactive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (markets, and quoted market prices in active and inactive markets for similar securities.) Tj ET Q endstream endobj 275 0 obj <>] /Rotate 0 /Contents 276 0 R>> endobj 276 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 742.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 742.25 Td (PROPER) Tj ET Q q 0 0 0 rg BT 113.26 742.25 Td (TY) Tj ET Q q 0 0 0 rg BT 126.78 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.73 742.25 Td (AND EQUIPMENT) Tj ET Q q 0 0 0 rg BT 213.82 742.25 Td (, NET) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 701.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 701.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 701.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 701.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 673.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 673.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 673.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 673.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 645.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 645.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 645.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 645.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 617.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 617.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 617.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 617.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 701.75 m 483.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 701.75 m 562.5 701.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 631.75 m 483.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 631.75 m 562.5 631.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 603.75 m 483.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 603.75 m 562.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 590.75 m 483.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 588.75 m 483.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 590.75 m 562.5 590.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 588.75 m 562.5 588.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 705.98 Td (December) Tj ET Q q 0 0 0 rg BT 447.82 705.98 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 705.98 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 705.98 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 692.32 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 692.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 692.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 692.32 Td (713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 692.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 692.32 Td (916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 678.32 Td (Buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 678.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 678.32 Td (3,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 678.32 Td (3,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.32 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 664.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 664.32 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 664.32 Td (210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 650.32 Td (Furniture, equipment, and computers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.50 650.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 650.32 Td (1,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 650.32 Td (1,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.32 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.50 636.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 636.32 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 636.32 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 622.32 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 622.32 Td (5,847) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 622.32 Td (6,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 608.32 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 608.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 608.37 Td (\(2,239) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 608.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 608.37 Td (\(2,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 608.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 594.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 594.32 Td (otal property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.50 594.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 594.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 594.32 Td (3,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 594.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 594.32 Td (4,034) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 546.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 546.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 546.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 546.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 546.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 558.75 m 404.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 558.75 m 408.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 558.75 m 483.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 558.75 m 487.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 558.75 m 562.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 546.75 m 404.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 546.75 m 483.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 546.75 m 562.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 546.75 m 404.5 546.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 551.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 562.83 Td (Y) Tj ET Q q 0 0 0 rg BT 404.88 562.83 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 479.46 562.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 550.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 550.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 550.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.32 Td (Depreciation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 537.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 537.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 537.32 Td (312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 537.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 537.32 Td (335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 537.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 537.32 Td (315) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 512.25 Td (The net book value of capital leased assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.93 512.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.52 512.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.95 512.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.54 512.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.09 512.25 Td ($9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.48 512.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.92 512.25 Td ($10million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.31 512.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 500.25 Td (, which is net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.32 500.25 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.71 500.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 500.25 Td ($12million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.54 500.25 Td ( of accumulated depreciation, respectively) Tj ET Q q 0 0 0 rg BT 444.98 500.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 479.25 Td (Interest capitalized as a cost of property and equipment was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.08 479.25 Td ($3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.47 479.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.47 479.25 Td ($4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.86 479.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 479.25 Td ($3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.19 479.25 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 467.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 467.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.17 467.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.11 467.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.69 467.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 365.35 467.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 446.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 446.25 Td (FINANCING RECEIV) Tj ET Q q 0 0 0 rg BT 170.39 446.25 Td (ABLES) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 414.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 414.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 414.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 386.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 386.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 386.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 414.75 m 483.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 414.75 m 562.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 372.75 m 483.5 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 359.75 m 483.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 357.75 m 483.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 372.75 m 562.5 372.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 359.75 m 562.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 357.75 m 562.5 357.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 418.83 Td (December) Tj ET Q q 0 0 0 rg BT 447.82 418.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 418.83 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 418.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.32 Td (Unsecured financing to hotel owners) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.50 405.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 405.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 405.32 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 405.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 405.32 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 391.32 Td (Less: current portion of financing receivables included in receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 391.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 391.37 Td (\(45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 391.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 391.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 377.32 Td (Less: allowance for losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 377.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 377.37 Td (\(101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 377.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 377.37 Td (\(108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 377.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 363.32 Td (otal long-term financing receivables, net of allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 363.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 363.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 363.32 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 363.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 363.32 Td (19) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 338.25 Td (Allowance for) Tj ET Q q 0 0 0 rg BT 132.03 338.25 Td ( Losses and Impairments) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 238.98 338.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.98 338.25 Td (The following table summarizes the activity in our unsecured financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (receivables allowance:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 302.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 302.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 302.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 302.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 274.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 274.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 274.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 274.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 246.75 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 246.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 246.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 246.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 302.75 m 483.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 302.75 m 562.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 302.75 m 483.5 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 246.75 m 483.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 246.75 m 562.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 246.75 m 483.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 233.75 m 483.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 231.75 m 483.5 231.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 246.75 m 562.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 233.75 m 562.5 233.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 231.75 m 562.5 231.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 306.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 306.98 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 293.32 Td (Allowance at January 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 293.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 293.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 293.32 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 293.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 293.32 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 279.32 Td (Provisions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 279.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 279.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 279.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 265.32 Td (W) Tj ET Q q 0 0 0 rg BT 80.04 265.32 Td (rite-of) Tj ET Q q 0 0 0 rg BT 104.84 265.32 Td (fs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 265.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 265.37 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 265.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 265.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 251.32 Td (Other adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.50 251.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 251.37 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 251.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 251.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 237.32 Td (Allowance at December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.50 237.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 237.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 237.32 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 237.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 237.32 Td (108) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 277 0 obj <>] /Rotate 0 /Contents 278 0 R>> endobj 278 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 83.98 742.25 Td (edit Monitoring) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 151.47 742.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.47 742.25 Td (Our unsecured financing receivables were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 674.75 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 674.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 674.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 674.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 674.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 674.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.75 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 646.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 646.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 646.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 646.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 646.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 646.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 646.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 618.75 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 618.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 618.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 618.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 618.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 618.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 618.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 618.75 56.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 719.75 m 382.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 719.75 m 386.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 719.75 m 442.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 719.75 m 446.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 719.75 m 502.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 719.75 m 506.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 719.75 m 562.5 719.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 674.75 m 382.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 674.75 m 442.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 674.75 m 502.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 674.75 m 562.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 674.75 m 442.5 674.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 646.75 m 382.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 646.75 m 442.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 646.75 m 502.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 646.75 m 562.5 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 618.75 m 382.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 618.75 m 442.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 618.75 m 502.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 618.75 m 562.5 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 605.75 m 382.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 603.75 m 382.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 605.75 m 442.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 603.75 m 442.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 605.75 m 502.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 603.75 m 502.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 605.75 m 562.5 605.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 603.75 m 562.5 603.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.75 723.83 Td (December) Tj ET Q q 0 0 0 rg BT 446.32 723.83 Td ( 31, 2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 679.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.70 702.98 Td (Gr) Tj ET Q q 0 0 0 rg BT 345.40 702.98 Td (oss loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.85 694.98 Td (balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.65 686.98 Td (\(principal and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.85 678.98 Td (inter) Tj ET Q q 0 0 0 rg BT 356.22 678.98 Td (est\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.85 686.98 Td (Related) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.10 678.98 Td (allowance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.00 686.98 Td (Net financing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.15 678.98 Td (r) Tj ET Q q 0 0 0 rg BT 458.63 678.98 Td (eceivables) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.05 702.98 Td (Gr) Tj ET Q q 0 0 0 rg BT 533.68 702.98 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.95 694.98 Td (r) Tj ET Q q 0 0 0 rg BT 513.36 694.98 Td (eceivables on) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.55 686.98 Td (non-accrual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.95 678.98 Td (status) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 665.32 Td (Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 665.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 665.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 665.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 665.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 665.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 665.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 651.32 Td (Impaired loans \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 651.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 651.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 651.37 Td (\(50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 651.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 651.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 651.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 637.32 Td (otal loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 637.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 637.32 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 637.37 Td (\(50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 637.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 637.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 637.32 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 623.32 Td ( Other financing arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.50 623.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 623.32 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 623.37 Td (\(51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 623.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 623.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 623.32 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 609.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 609.32 Td (otal unsecured financing receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 609.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 609.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 609.32 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 609.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 609.37 Td (\(101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 609.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 609.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 609.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 609.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 609.32 Td (101) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 594.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.58 594.45 Td (The unpaid principal balance was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 185.78 594.45 Td ($36 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.53 594.45 Td ( and the average recorded loan balance was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.95 594.45 Td ($54 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.70 594.45 Td ( at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.70 594.45 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.42 594.45 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 526.95 276.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 526.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 526.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 526.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 526.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 526.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 526.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 526.95 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.95 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 497.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 497.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 497.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 497.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 497.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 497.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 497.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.95 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 469.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 469.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 469.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 469.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 469.95 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 469.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 469.95 56.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 571.95 m 382.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 571.95 m 386.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 571.95 m 442.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 571.95 m 446.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 571.95 m 502.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 571.95 m 506.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 571.95 m 562.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 571.95 m 382.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 526.95 m 382.5 526.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 571.95 m 442.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 526.95 m 442.5 526.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 571.95 m 502.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 526.95 m 502.5 526.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 571.95 m 562.5 571.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 526.95 m 562.5 526.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 497.95 m 382.5 497.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 497.95 m 442.5 497.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 497.95 m 502.5 497.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 497.95 m 562.5 497.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 469.95 m 382.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 469.95 m 442.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 469.95 m 502.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 469.95 m 562.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 456.95 m 382.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 454.95 m 382.5 454.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 456.95 m 442.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 454.95 m 442.5 454.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 456.95 m 502.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 454.95 m 502.5 454.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 456.95 m 562.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 454.95 m 562.5 454.95 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.75 576.03 Td (December) Tj ET Q q 0 0 0 rg BT 446.32 576.03 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 531.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.70 555.18 Td (Gr) Tj ET Q q 0 0 0 rg BT 345.40 555.18 Td (oss loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.85 547.18 Td (balance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.65 539.18 Td (\(principal and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.85 531.18 Td (inter) Tj ET Q q 0 0 0 rg BT 356.22 531.18 Td (est\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.85 539.18 Td (Related) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.10 531.18 Td (allowance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.00 539.18 Td (Net financing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.15 531.18 Td (r) Tj ET Q q 0 0 0 rg BT 458.63 531.18 Td (eceivables) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.05 555.18 Td (Gr) Tj ET Q q 0 0 0 rg BT 533.68 555.18 Td (oss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.95 547.18 Td (r) Tj ET Q q 0 0 0 rg BT 513.36 547.18 Td (eceivables on) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.55 539.18 Td (non-accrual) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.95 531.18 Td (status) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 517.52 Td (Loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 517.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 516.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 516.62 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 516.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 516.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 516.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 516.62 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 516.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 516.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 502.52 Td (Impaired loans \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.50 502.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 502.52 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 502.57 Td (\(59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 502.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 502.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 502.52 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.52 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 488.52 Td (otal loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 488.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 488.52 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 488.57 Td (\(59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 488.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 488.52 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 488.52 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 474.52 Td (Other financing arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 474.52 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 474.52 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 474.57 Td (\(49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 474.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.65 474.52 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 474.52 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.52 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 460.52 Td (otal unsecured financing receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.50 460.52 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 460.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 460.52 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 460.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 460.57 Td (\(108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 460.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 460.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 460.52 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 460.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 460.52 Td (108) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 445.65 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.58 445.65 Td (The unpaid principal balance was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 185.78 445.65 Td ($44 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.53 445.65 Td ( and the average recorded loan balance was ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.95 445.65 Td ($58 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.70 445.65 Td ( at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 438.70 445.65 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 509.42 445.65 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 424.65 Td (Fair) Tj ET Q q 0 0 0 rg BT 92.14 424.65 Td ( ) Tj ET Q q 0 0 0 rg BT 94.46 424.65 Td (V) Tj ET Q q 0 0 0 rg BT 100.77 424.65 Td (alue) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 118.55 424.65 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.55 424.65 Td (W) Tj ET Q q 0 0 0 rg BT 137.18 424.65 Td (e estimated the fair value of financing receivables, which are classified as Level ) Tj ET Q q 0 0 0 rg BT 459.08 424.65 Td (Three in the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.65 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 87.10 412.65 Td (, to be approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.58 412.65 Td ($59million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.97 412.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.41 412.65 Td ($20million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.80 412.65 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.02 412.65 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.60 412.65 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.04 412.65 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.63 412.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 528.29 412.65 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.65 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 391.65 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 391.65 Td (ACQUISITIONS ) Tj ET Q q 0 0 0 rg BT 148.36 391.65 Td (AND DISPOSITIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 370.65 Td (Acquisitions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 349.65 Td (T) Tj ET Q q 0 0 0 rg BT 78.82 349.65 Td (wo Roads Hospitality) Tj ET Q q 0 0 0 rg BT 164.38 349.65 Td (, LLC) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.17 349.65 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.80 349.65 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.39 349.65 Td (, we acquired all of the outstanding equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.65 Td (interests of ) Tj ET Q q 0 0 0 rg BT 96.47 337.65 Td (T) Tj ET Q q 0 0 0 rg BT 101.88 337.65 Td (wo Roads in a business combination for a purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.66 337.65 Td ($405 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.05 337.65 Td (. ) Tj ET Q q 0 0 0 rg BT 398.87 337.65 Td (The transaction also includes potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.65 Td (additional consideration of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.47 325.65 Td ($96 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.86 325.65 Td ( if the sellers complete specific actions with respect to certain of the acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.65 Td (management agreements within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.68 313.65 Td (120 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.51 313.65 Td ( from the date of acquisition and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.75 313.65 Td ($8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.14 313.65 Td ( in the event of the execution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.65 Td (certain potential new management agreements related to the development of certain potential new deals previously identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.65 Td (and generated by the sellers or af) Tj ET Q q 0 0 0 rg BT 181.98 289.65 Td (filiates of the sellers within one year of the closing of the transaction. One of the sellers is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.65 Td (indirectly owned by a limited partnership af) Tj ET Q q 0 0 0 rg BT 225.32 277.65 Td (filiated with the brother of our Executive Chairman. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 256.65 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 256.65 Td (e closed on the transaction on November 30, 2018 for cash of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.18 256.65 Td ($415 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.57 256.65 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.12 256.65 Td ($37 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.51 256.65 Td ( cash acquired, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.65 Td (including the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.75 244.65 Td ($36 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.15 244.65 Td ( of additional consideration of) Tj ET Q q 0 0 0 rg BT 319.49 244.65 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.93 244.65 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.32 244.65 Td ( of other purchase price adjustments. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.65 Td (relation to the remaining additional consideration, we may fund up to an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.36 232.65 Td ($68 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.75 232.65 Td (, for which we recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.42 232.65 Td ($57 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 220.65 Td ( contingent liability in accrued expenses and other current liabilities on our consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 496.35 220.65 Td (This results in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.65 Td (an estimated total acquisition price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.73 208.65 Td ($509 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.12 208.65 Td (. ) Tj ET Q q 0 0 0 rg BT 258.94 208.65 Td (W) Tj ET Q q 0 0 0 rg BT 267.58 208.65 Td (e determined the fair value of the contingent consideration using a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.65 Td (probability-weighted approach to assess the likelihood that the agreed-upon actions would be met. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 175.65 Td (The acquisition includes management and license agreements for operating and pipeline hotels primarily across North ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.65 Td (America and ) Tj ET Q q 0 0 0 rg BT 103.31 163.65 Td (Asia under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.41 163.65 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.96 163.65 Td ( hospitality brands. ) Tj ET Q q 0 0 0 rg BT 243.66 163.65 Td (The results of the ) Tj ET Q q 0 0 0 rg BT 315.68 163.65 Td (T) Tj ET Q q 0 0 0 rg BT 321.09 163.65 Td (wo Roads operations are included in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.65 Td (statements of income as of the acquisition date and are immaterial for the year ended December 31, 2018. Our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.65 Td (balance sheet as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.74 139.65 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.32 139.65 Td ( reflects preliminary estimates of the fair value of the assets acquired and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.65 Td (assumed and are based on information that was available as of the date of acquisition and are estimated using discounted future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.65 Td (cash flow models and relief from royalty method, which include revenue projections based on the expected contract terms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.65 Td (long-term growth rates, which are primarily Level ) Tj ET Q q 0 0 0 rg BT 253.08 103.65 Td (Three assumptions. ) Tj ET Q q 0 0 0 rg BT 333.16 103.65 Td (W) Tj ET Q q 0 0 0 rg BT 341.80 103.65 Td (e continue to evaluate the underlying inputs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.65 Td (assumptions used in our valuation and accordingly) Tj ET Q q 0 0 0 rg BT 252.09 91.65 Td (, these preliminary estimates are subject to change during the measurement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.65 Td (period, which is up to one year from the date of acquisition. ) Tj ET Q endstream endobj 279 0 obj <>] /Rotate 0 /Contents 280 0 R>> endobj 280 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The following table summarizes the preliminary fair value of the identifiable net assets acquired:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 731.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 731.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 701.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 701.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 671.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 641.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 611.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 584.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 554.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 524.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 494.60 118.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 611.6 m 562.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 596.6 m 562.5 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 524.6 m 562.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 509.6 m 562.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 494.6 m 562.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 480.6 m 562.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 478.6 m 562.5 478.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 721.27 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 721.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 721.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 721.27 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 706.27 Td (Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 706.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 706.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 691.27 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 691.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 691.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 676.27 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 676.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 676.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.27 Td (Indefinite-lived intangibles \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 661.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 661.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.27 Td (Management agreement intangibles \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 646.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 646.27 Td (212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.27 Td (Goodwill \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 631.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 631.27 Td (156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.27 Td (Other assets \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 616.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 616.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 601.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.76 601.27 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 601.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 601.27 Td (583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (Advanced deposits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 574.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 574.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 574.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.50 559.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 559.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (Other long-term liabilities \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 544.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 544.27 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 529.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.41 529.27 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 529.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 529.27 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.76 514.27 Td (otal net assets acquired attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 514.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 514.27 Td (508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 499.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.76 499.27 Td (otal net assets acquired attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 499.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 499.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 484.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 484.27 Td (otal net assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 484.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 484.27 Td (509) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 469.30 Td (\(1\) Includes intangibles attributable to the Destination, ) Tj ET Q q 0 0 0 rg BT 248.45 469.30 Td (Alila, and ) Tj ET Q q 0 0 0 rg BT 286.03 469.30 Td (Thompson brands.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 458.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.25 458.50 Td (Amortized over useful lives of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.47 458.50 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.97 458.50 Td ( to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.47 458.50 Td (22) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.47 458.50 Td ( years, with a weighted-average useful life of approximately ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.38 458.50 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.38 458.50 Td ( years.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 446.50 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.49 446.50 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.99 446.50 Td (The goodwill, of which ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.73 446.50 Td ($133 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 195.98 446.50 Td ( is tax deductible, is attributable to the growth opportunities Hyatt expects to realize by expanding ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 435.70 Td (into new markets and enhancing guest experiences through a distinctive collection of lifestyle brands. For the goodwill allocated to each ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 424.90 Td (reportable segment, see Note ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 170.21 424.90 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.71 424.90 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (\(4\) Includes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 95.48 414.10 Td ($14 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 137.24 414.10 Td ( of prior year tax liabilities relating to certain foreign filing positions, including ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.66 414.10 Td ($5 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.92 414.10 Td ( of interest and penalties. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 403.30 Td (W) Tj ET Q q 0 0 0 rg BT 71.27 403.30 Td (e recorded an of) Tj ET Q q 0 0 0 rg BT 129.33 403.30 Td (fsetting indemnification asset which we expect to collect under contractual arrangements \(see Note ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.94 403.30 Td (14) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.94 403.30 Td (\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 382.30 Td (Hyatt Regency Phoenix) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.84 382.30 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.67 382.30 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.97 382.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.47 382.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.06 382.30 Td (, we completed an asset acquisition of Hyatt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.30 Td (Regency Phoenix from an unrelated third party for a purchase price of approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.49 370.30 Td ($139 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.88 370.30 Td (, net of proration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.30 Td (adjustments. ) Tj ET Q q 0 0 0 rg BT 102.22 358.30 Td (Assets acquired and recorded in our owned and leased hotels segment consist primarily of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 358.30 Td ($136 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.29 358.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.30 Td (property and equipment. ) Tj ET Q q 0 0 0 rg BT 150.35 346.30 Td (The purchase of Hyatt Regency Phoenix was designated as replacement property in a like-kind ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.30 Td (exchange \(see "Like-Kind Exchange ) Tj ET Q q 0 0 0 rg BT 198.46 334.30 Td (Agreements" below\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 310.30 Td (Hyatt Regency Indian W) Tj ET Q q 0 0 0 rg BT 169.60 310.30 Td (ells Resort & Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.87 310.30 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.70 310.30 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 310.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 310.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.09 310.30 Td (, we completed an asset acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.30 Td (of Hyatt Regency Indian ) Tj ET Q q 0 0 0 rg BT 150.90 298.30 Td (W) Tj ET Q q 0 0 0 rg BT 159.54 298.30 Td (ells Resort & Spa from an unrelated third party for a net purchase price of approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.75 298.30 Td ($120 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 286.30 Td (. ) Tj ET Q q 0 0 0 rg BT 83.34 286.30 Td (Assets acquired and recorded in our owned and leased hotels segment consist primarily of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.02 286.30 Td ($1) Tj ET Q q 0 0 0 rg BT 455.64 286.30 Td (19 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.04 286.30 Td (of property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.30 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 97.03 274.30 Td (The purchase of Hyatt Regency Indian ) Tj ET Q q 0 0 0 rg BT 254.01 274.30 Td (W) Tj ET Q q 0 0 0 rg BT 262.65 274.30 Td (ells Resort & Spa was designated as replacement property in a like-kind ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.30 Td (exchange \(see "Like-Kind Exchange ) Tj ET Q q 0 0 0 rg BT 198.46 262.30 Td (Agreements" below\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 241.30 Td (Exhale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.26 241.30 Td (During) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.09 241.30 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.39 241.30 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.89 241.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.48 241.30 Td (, we acquired the equity of Exhale from an unrelated third party for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.30 Td (purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.35 229.30 Td ($16 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.74 229.30 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.29 229.30 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.68 229.30 Td ( cash acquired. ) Tj ET Q q 0 0 0 rg BT 301.32 229.30 Td (Assets acquired and recorded within corporate and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.30 Td (primarily include a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 217.30 Td ($9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.98 217.30 Td ( brand indefinite-lived intangible and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.32 217.30 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.71 217.30 Td ( of goodwill, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.37 217.30 Td ($3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.76 217.30 Td ( is deductible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.30 Td (for tax purposes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 183.30 Td (Miraval) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.72 183.30 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.55 183.30 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.85 183.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.35 183.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.93 183.30 Td (, we acquired Miraval from an unrelated third party) Tj ET Q q 0 0 0 rg BT 490.03 183.30 Td (. ) Tj ET Q q 0 0 0 rg BT 494.85 183.30 Td (The transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.30 Td (included the Miraval Life in Balance Spa brand, Miraval ) Tj ET Q q 0 0 0 rg BT 278.81 171.30 Td (Arizona Resort & Spa in ) Tj ET Q q 0 0 0 rg BT 380.00 171.30 Td (T) Tj ET Q q 0 0 0 rg BT 385.76 171.30 Td (ucson, ) Tj ET Q q 0 0 0 rg BT 413.54 171.30 Td (Arizona, ) Tj ET Q q 0 0 0 rg BT 450.57 171.30 Td (T) Tj ET Q q 0 0 0 rg BT 456.32 171.30 Td (ravaasa Resort in ) Tj ET Q q 0 0 0 rg BT 527.13 171.30 Td (Austin, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 159.30 Td (exas, and the option to acquire Cranwell Spa & Golf Resort \("Cranwell"\) in Lenox, Massachusetts. ) Tj ET Q q 0 0 0 rg BT 453.86 159.30 Td (W) Tj ET Q q 0 0 0 rg BT 462.50 159.30 Td (e subsequently exercised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.30 Td (our option and acquired approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.01 147.30 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.34 147.30 Td ( of Cranwell during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.43 147.30 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.73 147.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.23 147.30 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.82 147.30 Td (. ) Tj ET Q q 0 0 0 rg BT 451.64 147.30 Td (T) Tj ET Q q 0 0 0 rg BT 457.05 147.30 Td (otal cash consideration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.30 Td (for Miraval was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.37 135.30 Td ($237 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.76 135.30 Td (. ) Tj ET Q endstream endobj 281 0 obj <>] /Rotate 0 /Contents 282 0 R>> endobj 282 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (is recorded within corporate and other: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 719.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 719.60 118.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 704.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 689.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 689.60 118.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 674.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 659.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 659.60 118.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 644.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 629.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 599.60 118.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 584.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 569.60 118.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 554.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 539.60 118.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 524.60 394.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 629.6 m 562.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 614.6 m 562.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 569.6 m 562.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 554.6 m 562.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 539.6 m 562.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 524.6 m 562.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 510.6 m 562.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 508.6 m 562.5 508.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 709.27 Td (Current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 709.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 709.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 709.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.27 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 694.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 694.27 Td (172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.27 Td (Indefinite-lived intangibles \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 679.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 679.27 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.27 Td (Management agreement intangibles \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 664.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 664.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td (Goodwill \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 649.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 649.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (Other definite-lived intangibles \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 634.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 634.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 619.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.76 619.27 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 619.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 619.27 Td (252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 589.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 589.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 574.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 574.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 559.27 Td (T) Tj ET Q q 0 0 0 rg BT 70.41 559.27 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 559.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 559.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 544.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.76 544.27 Td (otal net assets acquired attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 544.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 544.27 Td (236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 529.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.76 529.27 Td (otal net assets acquired attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 529.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 529.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 514.27 Td (otal net assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 514.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 514.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 514.27 Td (237) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 495.30 Td (\(1\) Includes an intangible attributable to the Miraval brand.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 484.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.25 484.50 Td (Amortized over a ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 127.47 484.50 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 136.47 484.50 Td ( year useful life.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 473.70 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 62.58 473.70 Td (The goodwill, of which) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 149.32 473.70 Td ($10 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 191.07 473.70 Td ( is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 462.90 Td (wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 452.10 Td (tax liabilities. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 441.30 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 62.25 441.30 Td (Amortized over useful lives ranging from ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.21 441.30 Td (two) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 227.71 441.30 Td ( to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 239.21 441.30 Td (seven) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 259.70 441.30 Td ( years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 420.30 Td (In conjunction with the acquisition of Miraval, a consolidated hospitality venture for which we are the managing partner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.30 Td (\(the "Miraval ) Tj ET Q q 0 0 0 rg BT 106.10 408.30 Td (V) Tj ET Q q 0 0 0 rg BT 112.22 408.30 Td (enture"\) issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.61 408.30 Td ($9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.01 408.30 Td ( of redeemable preferred shares to unrelated third-party investors. ) Tj ET Q q 0 0 0 rg BT 480.71 408.30 Td (The preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.30 Td (shares were non-voting, except as required by applicable law and certain contractual approval rights, and had liquidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.30 Td (preference over all other classes of securities within the Miraval ) Tj ET Q q 0 0 0 rg BT 308.60 384.30 Td (V) Tj ET Q q 0 0 0 rg BT 314.72 384.30 Td (enture. ) Tj ET Q q 0 0 0 rg BT 344.52 384.30 Td (The redeemable preferred shares earned a return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.30 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 372.30 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.16 372.30 Td (. ) Tj ET Q q 0 0 0 rg BT 83.98 372.30 Td (The shares were classified as a redeemable noncontrolling interest in preferred shares of a subsidiary) Tj ET Q q 0 0 0 rg BT 486.50 372.30 Td (, which were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.30 Td (presented between liabilities and equity on our consolidated balance sheets and carried at the redemption value. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.28 360.30 Td (the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.30 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 348.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 348.30 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 348.30 Td (, the preferred shares were redeemed for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.75 348.30 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 348.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 327.30 Td (Andaz Maui at W) Tj ET Q q 0 0 0 rg BT 142.80 327.30 Td (ailea Resort) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.40 327.30 Td (W) Tj ET Q q 0 0 0 rg BT 210.04 327.30 Td (e previously held an equity method investment with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.94 327.30 Td (65.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.77 327.30 Td ( interest and had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.02 327.30 Td ($180 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 315.30 Td ( investment in the entities that own ) Tj ET Q q 0 0 0 rg BT 220.82 315.30 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 282.56 315.30 Td (W) Tj ET Q q 0 0 0 rg BT 291.20 315.30 Td (ailea Resort. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.31 315.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.89 315.30 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.30 Td (purchased the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.80 303.30 Td (34.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.63 303.30 Td ( for a net purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.55 303.30 Td ($136 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.94 303.30 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.49 303.30 Td ($12 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.88 303.30 Td ( of cash acquired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.30 Td (This transaction was accounted for as a step acquisition, and we recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.55 291.30 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.94 291.30 Td ( gain in equity earnings from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.30 Td (unconsolidated hospitality ventures on our consolidated statements of income. ) Tj ET Q q 0 0 0 rg BT 365.31 279.30 Td (The purchase of the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.98 279.30 Td (34.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.81 279.30 Td ( interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.30 Td (was structured and identified as replacement property in a potential reverse like-kind exchange, but the allowable period to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.30 Td (complete the exchange expired during 2017. In conjunction with the acquisition, the outstanding debt at the unconsolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 243.30 Td (hospitality venture was repaid in full, and we were released from our debt repayment guarantee obligation \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.33 243.30 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.33 243.30 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 221.30 Td (The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.30 Td (recorded in our owned and leased hotels segment at the date of acquisition:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 198.80 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 198.80 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 168.80 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 168.80 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 138.80 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 138.80 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 108.80 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 108.80 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 78.80 394.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 78.80 118.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 123.79999999999995 m 562.5 123.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 108.79999999999995 m 562.5 108.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 78.79999999999995 m 562.5 78.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 63.799999999999955 m 562.5 63.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 63.799999999999955 m 562.5 63.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 49.799999999999955 m 562.5 49.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 47.799999999999955 m 562.5 47.799999999999955 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 189.37 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 189.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 188.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 188.47 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 174.37 Td (Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 174.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 173.47 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 159.37 Td (Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.50 159.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 158.47 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 144.37 Td (Prepaids and other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 144.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 143.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 129.37 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 129.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 128.47 Td (323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 114.37 Td (T) Tj ET Q q 0 0 0 rg BT 67.41 114.37 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 114.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 113.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 113.47 Td (352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 83.47 Td (Current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 83.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 83.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 83.47 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 68.47 Td (T) Tj ET Q q 0 0 0 rg BT 67.41 68.47 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 68.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 68.47 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 53.47 Td (T) Tj ET Q q 0 0 0 rg BT 76.41 53.47 Td (otal net assets acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 53.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.00 53.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 53.47 Td (342) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 283 0 obj <>] /Rotate 0 /Contents 284 0 R>> endobj 284 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Land Held for Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.92 742.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.55 742.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.14 742.10 Td (, we acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.22 742.10 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.61 742.10 Td ( of land from an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (unrelated third party with the intent to develop a hotel in Philadelphia. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 708.10 Td (Royal Palms Resort and Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.43 708.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.06 708.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 708.10 Td (, we acquired Royal Palms Resort and Spa in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (Phoenix, ) Tj ET Q q 0 0 0 rg BT 87.23 696.10 Td (Arizona, from an unrelated third party for a net purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.87 696.10 Td ($86 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.26 696.10 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.81 696.10 Td ($2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.20 696.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (proration adjustments. Due to the iconic nature of the hotel, we retained the Royal Palms Resort and Spa name and added the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (hotel to ) Tj ET Q q 0 0 0 rg BT 82.59 672.10 Td (The Unbound Collection by Hyatt. Of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.01 672.10 Td ($88 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.40 672.10 Td ( purchase price, assets acquired and recorded in our owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (leased hotels segment consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 660.10 Td ($75 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.20 660.10 Td ( of property and equipment, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.99 660.10 Td ($9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.38 660.10 Td ( indefinite-lived brand intangible, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.23 660.10 Td ($1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 648.10 Td ( of advanced bookings intangibles. ) Tj ET Q q 0 0 0 rg BT 220.35 648.10 Td (W) Tj ET Q q 0 0 0 rg BT 228.98 648.10 Td (e also recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.01 648.10 Td ($3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.40 648.10 Td ( of management agreement intangibles in our ) Tj ET Q q 0 0 0 rg BT 516.40 648.10 Td (Americas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (management and franchising segment, which are being amortized over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.39 636.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.39 636.10 Td ( year useful life. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 614.10 Td (The Confidante Miami Beach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.04 614.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.67 614.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.25 614.10 Td (, we acquired ) Tj ET Q q 0 0 0 rg BT 428.16 614.10 Td (Thompson Miami Beach for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.61 602.10 Td ($238 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 602.10 Td (, from a seller indirectly owned by a limited partnership af) Tj ET Q q 0 0 0 rg BT 466.36 602.10 Td (filiated with the brother ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (of our Executive Chairman. Of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.34 590.10 Td ($238 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.73 590.10 Td ( purchase price, assets acquired consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.12 590.10 Td ($228 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.51 590.10 Td ( of property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (equipment which was recorded in our owned and leased hotels segment, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.52 578.10 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.91 578.10 Td ( of management agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (intangibles, which were recorded in our ) Tj ET Q q 0 0 0 rg BT 210.78 566.10 Td (Americas management and franchising segment and are being amortized over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.48 566.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.48 566.10 Td ( year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (useful life. ) Tj ET Q q 0 0 0 rg BT 95.08 554.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.72 554.10 Td (e rebranded this hotel as ) Tj ET Q q 0 0 0 rg BT 203.23 554.10 Td (The Confidante Miami Beach and added the hotel to ) Tj ET Q q 0 0 0 rg BT 415.48 554.10 Td (The Unbound Collection by Hyatt. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 533.10 Td (Dispositions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 513.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.43 513.10 Td ( Hyatt House Hotel) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.91 513.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.74 513.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.04 513.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.54 513.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.13 513.10 Td (, we sold a select service property for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.01 513.10 Td ($48 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.40 513.10 Td (, net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (of closing costs and proration adjustments, to an unrelated third party and accounted for the transaction as an asset disposition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 489.10 Td (e entered into a long-term management agreement for the property upon sale. ) Tj ET Q q 0 0 0 rg BT 370.28 489.10 Td (The sale resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.74 489.10 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.14 489.10 Td (pre-tax gain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (which was recognized in gains \(losses\) on sales of real estate on our consolidated statements of income during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.76 477.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.07 477.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 465.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.40 465.10 Td (The operating results and financial position of this hotel prior to the sale remain within our owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (leased hotels segment. ) Tj ET Q q 0 0 0 rg BT 141.65 453.10 Td (At September 30, 2018, we classified the assets and liabilities as held for sale on our condensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (consolidated balance sheets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 417.10 Td (Hyatt Regency Mexico City) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.17 417.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 417.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.30 417.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.80 417.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.38 417.10 Td (, we sold the shares of the entity which owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (Hyatt Regency Mexico City) Tj ET Q q 0 0 0 rg BT 161.83 405.10 Td (, an investment in an unconsolidated hospitality venture, and adjacent land, a portion of which will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (be developed as Park Hyatt Mexico City) Tj ET Q q 0 0 0 rg BT 211.53 393.10 Td (, to an unrelated third party for approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.30 393.10 Td ($405 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.70 393.10 Td (and accounted for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (transaction as an asset disposition. ) Tj ET Q q 0 0 0 rg BT 189.79 381.10 Td (W) Tj ET Q q 0 0 0 rg BT 198.43 381.10 Td (e entered into long-term management agreements for the properties upon sale. ) Tj ET Q q 0 0 0 rg BT 513.13 381.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.77 381.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.36 369.10 Td ($360 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.75 369.10 Td (of proceeds and issued a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.50 369.10 Td ($45 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.89 369.10 Td (unsecured financing receivable with a maturity date of less than one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (year \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.24 357.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.24 357.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 123.39 357.10 Td (The sale resulted in a pre-tax gain of approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.48 357.10 Td ($238 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.87 357.10 Td (,which was recognized in gains \(losses\) on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (sales of real estate on our consolidated statements of income during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.97 345.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.27 345.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.77 345.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.36 345.10 Td (. In connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (disposition, we recognized a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.36 333.10 Td ($21 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.75 333.10 Td (goodwill impairment char) Tj ET Q q 0 0 0 rg BT 318.93 333.10 Td (ge in asset impairments on our consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (income during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.54 321.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.84 321.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.34 321.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.93 321.10 Td (. ) Tj ET Q q 0 0 0 rg BT 254.75 321.10 Td (The assets disposed made up the entirety of the related reporting unit and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (therefore no business operations remained to support the related goodwill which was therefore impaired \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.74 309.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.74 309.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 521.89 309.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (operating results and financial position prior to the sale remain within our owned and leased hotels segment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 273.10 Td (Grand Hyatt San Francisco, ) Tj ET Q q 0 0 0 rg BT 188.70 273.10 Td (Andaz Maui at W) Tj ET Q q 0 0 0 rg BT 257.50 273.10 Td (ailea Resort, and Hyatt Regency Coconut Point Resort and Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.34 273.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.30 261.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 261.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 261.10 Td (, we sold Grand Hyatt San Francisco, ) Tj ET Q q 0 0 0 rg BT 340.75 261.10 Td (Andaz Maui at ) Tj ET Q q 0 0 0 rg BT 402.49 261.10 Td (W) Tj ET Q q 0 0 0 rg BT 411.13 261.10 Td (ailea Resort together with adjacent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (land, and Hyatt Regency Coconut Point Resort and Spa to an unrelated third party as a portfolio for approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.44 249.10 Td ($992 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 237.10 Td (, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. ) Tj ET Q q 0 0 0 rg BT 500.83 237.10 Td (W) Tj ET Q q 0 0 0 rg BT 509.47 237.10 Td (e entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td (into long-term management agreements for the properties upon sale. ) Tj ET Q q 0 0 0 rg BT 325.84 225.10 Td (The sale resulted in a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.31 225.10 Td ($531 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 225.10 Td (pre-tax gain which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (recognized in gains \(losses\) on sales of real estate on our consolidated statements of income during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.77 213.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.08 213.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 201.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.40 201.10 Td (The operating results and financial position of these hotels prior to the sale remain within our owned and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (leased hotels segment. ) Tj ET Q q 0 0 0 rg BT 141.65 189.10 Td (Although we concluded the disposal of these properties does not qualify as discontinued operations, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (disposal is considered to be material. Pre-tax net income attributable to the three properties was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.32 177.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.71 177.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.71 177.10 Td ($23 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.10 177.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 165.10 Td (during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.19 165.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.78 165.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.78 165.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.36 165.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.30 165.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.88 165.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 507.54 165.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 141.10 Td (Land Held for Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.42 141.10 Td (A) Tj ET Q q 0 0 0 rg BT 201.09 141.10 Td ( wholly owned subsidiary held undeveloped land in Los Cabos, Mexico. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.82 141.10 Td (the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.88 129.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 129.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 129.10 Td (, an unrelated third party invested in the subsidiary in exchange for a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.09 129.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.42 129.10 Td (ownership interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (resulting in derecognition of the subsidiary) Tj ET Q q 0 0 0 rg BT 221.26 117.10 Td (. Our remaining interest was recorded at a fair value of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.83 117.10 Td ($45 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.22 117.10 Td (as an equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (method investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 84.10 Td (Hyatt Regency Monter) Tj ET Q q 0 0 0 rg BT 162.65 84.10 Td (ey Hotel&Spa on Del Monte Golf Course) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.17 84.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.80 84.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.39 84.10 Td (, we sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (Hyatt Regency Monterey Hotel&Spa on Del Monte Golf Course to an unrelated third party for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.29 72.10 Td ($58 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 72.10 Td (, net of closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (costs and proration adjustments, and entered into a long-term franchise agreement for the property upon sale. ) Tj ET Q q 0 0 0 rg BT 488.56 60.10 Td (The sale resulted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.22 48.10 Td ($17 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.61 48.10 Td ( pre-tax gain which was recognized in gains \(losses\) on sales of real estate on our consolidated statements of ) Tj ET Q endstream endobj 285 0 obj <>] /Rotate 0 /Contents 286 0 R>> endobj 286 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (income during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.34 742.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.93 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 254.75 742.10 Td (The operating results and financial position of this hotel prior to the sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (remain within our owned and leased hotels segment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 708.10 Td (Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.21 708.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 696.10 Td (, we sold Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and Royal Palms Resort and Spa to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (unrelated third party as a portfolio for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.56 684.10 Td ($296 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.95 684.10 Td (, net of closing costs and proration adjustments, and entered into long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (management agreements for the properties upon sale. ) Tj ET Q q 0 0 0 rg BT 265.85 672.10 Td (The sale resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.32 672.10 Td ($159 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.71 672.10 Td ( pre-tax gain which was recognized in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (gains \(losses\) on sales of real estate on our consolidated statements of income during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.93 660.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.52 660.10 Td (. ) Tj ET Q q 0 0 0 rg BT 536.34 660.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (operating results and financial position of these hotels prior to the sale remain within our owned and leased hotels segment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 626.10 Td (Hyatt Regency Grand Cypr) Tj ET Q q 0 0 0 rg BT 181.82 626.10 Td (ess) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.04 626.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.67 626.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.26 626.10 Td (, we sold Hyatt Regency Grand Cypress to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (unrelated third party for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.30 614.10 Td ($202 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.69 614.10 Td (, net of closing costs and proration adjustments, and entered into a long-term management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (agreement for the property upon sale. ) Tj ET Q q 0 0 0 rg BT 202.26 602.10 Td (The sale resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.73 602.10 Td ($26 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.12 602.10 Td ( pre-tax gain which was recognized in gains \(losses\) on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (sales of real estate on our consolidated statements of income during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.77 590.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.36 590.10 Td (. ) Tj ET Q q 0 0 0 rg BT 467.18 590.10 Td (The operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 556.10 Td (Hyatt Regency Louisville) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 556.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 556.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.24 556.10 Td (, we sold Hyatt Regency Louisville to an unrelated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (third party for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.59 544.10 Td ($65 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.99 544.10 Td (, net of closing costs and proration adjustments, and entered into a long-term franchise agreement for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (the property upon sale. ) Tj ET Q q 0 0 0 rg BT 143.96 532.10 Td (The sale resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.43 532.10 Td ($35 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.82 532.10 Td ( pre-tax gain which was recognized in gains \(losses\) on sales of real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (estate on our consolidated statements of income during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.52 520.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 520.10 Td (. ) Tj ET Q q 0 0 0 rg BT 416.92 520.10 Td (The operating results and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (position of this hotel prior to the sale remain within our owned and leased hotels segment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 486.10 Td (Land Held for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.17 486.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.67 486.10 Td (Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.42 486.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.05 486.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.64 486.10 Td (, we sold land and construction in progress for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.88 486.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td ($29 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 474.10 Td ( to an unconsolidated hospitality venture in which we have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.05 474.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.38 474.10 Td ( ownership interest, with the intent to complete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (development of a hotel in Glendale, California. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 440.10 Td (Hyatt Regency Birmingham \(U.K.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.63 440.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.18 440.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.38 440.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.26 440.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.85 440.10 Td (, we sold the shares of the company that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (owns Hyatt Regency Birmingham \(U.K.\) to an unrelated third party for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.24 428.10 Td ($49 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.63 428.10 Td (, net of closing costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (proration adjustments, and entered into a long-term management agreement for the property upon sale. ) Tj ET Q q 0 0 0 rg BT 463.57 416.10 Td (The sale resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td ($17 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 404.10 Td ( pre-tax gain which was recognized in gains \(losses\) on sales of real estate on our consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (income during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.26 392.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.47 392.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.34 392.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.93 392.10 Td (. ) Tj ET Q q 0 0 0 rg BT 254.75 392.10 Td (The operating results and financial position of this hotel prior to the sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (remain within our owned and leased hotels segment. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 359.10 Td (Andaz 5th ) Tj ET Q q 0 0 0 rg BT 115.10 359.10 Td (A) Tj ET Q q 0 0 0 rg BT 120.65 359.10 Td (venue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.97 359.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.52 359.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.72 359.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.60 359.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.18 359.10 Td (, we sold ) Tj ET Q q 0 0 0 rg BT 361.96 359.10 Td (Andaz 5th ) Tj ET Q q 0 0 0 rg BT 405.29 359.10 Td (A) Tj ET Q q 0 0 0 rg BT 411.77 359.10 Td (venue to an unrelated third party for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td ($240 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 347.10 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.94 347.10 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.33 347.10 Td ( of closing costs and proration adjustments, and entered into a long-term management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (agreement for the property upon sale. ) Tj ET Q q 0 0 0 rg BT 202.26 335.10 Td (The sale resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.73 335.10 Td ($23 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.12 335.10 Td ( pre-tax loss which was recognized in gains \(losses\) on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (sales of real estate on our consolidated statements of income during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.69 323.10 Td (year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.90 323.10 Td ( ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.77 323.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.36 323.10 Td (. ) Tj ET Q q 0 0 0 rg BT 467.18 323.10 Td (The operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 290.10 Td (Like-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.78 290.10 Td (Kind Exchange ) Tj ET Q q 0 0 0 rg BT 164.58 290.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 181.06 290.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.10 Td (Periodically) Tj ET Q q 0 0 0 rg BT 121.67 269.10 Td (, we enter into like-kind exchange agreements upon the disposition or acquisition of certain properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (qualified intermediary and are unavailable for our use until released. ) Tj ET Q q 0 0 0 rg BT 326.09 245.10 Td (The proceeds are recorded as restricted cash on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (consolidated balance sheets and released \(i\) if they are utilized as part of a like-kind exchange agreement, \(ii\) if we do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 Td (identify a suitable replacement property within) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.94 221.10 Td (45 days) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.77 221.10 Td (after the agreement date, or \(iii\) when a like-kind exchange agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (is not completed within the remaining allowable time period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 185.10 Td (In conjunction with the sale of Hyatt Regency Coconut Point Resort and Spa during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.78 185.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.08 185.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.58 185.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.16 185.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (proceeds of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.87 173.10 Td ($221 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.26 173.10 Td (were held as restricted for use in a potential like-kind exchange. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.82 173.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.12 173.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.62 173.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 161.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 161.10 Td ($198 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.39 161.10 Td (of these proceeds were utilized to acquire Hyatt Regency Phoenix and Hyatt Regency Indian ) Tj ET Q q 0 0 0 rg BT 501.91 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.55 161.10 Td (ells Resort ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (& Spa and the remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.48 149.10 Td ($23 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.87 149.10 Td (were released.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 128.10 Td (In conjunction with the sale of Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 116.10 Td (, proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.45 116.10 Td ($207 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.84 116.10 Td ( were held as restricted for use in a potential like-kind exchange. However) Tj ET Q q 0 0 0 rg BT 530.83 116.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (didnotacquire an identified replacement property within the specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.34 104.10 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.34 104.10 Td ( day period and the proceeds were released during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.30 92.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.80 92.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.38 92.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 71.10 Td (The purchases of Royal Palms Resort and Spa and ) Tj ET Q q 0 0 0 rg BT 277.95 71.10 Td (The Confidante Miami Beach during the year endedDecember31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (2016were initially structured and identified as replacement property in potential reverse like-kind exchange agreements, but ) Tj ET Q endstream endobj 287 0 obj <>] /Rotate 0 /Contents 288 0 R>> endobj 288 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (the allowable periods to complete an exchange expired during the first quarter of 2017 and the fourth quarter of 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 730.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 709.10 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 709.10 Td (GOODWILL) Tj ET Q q 0 0 0 rg BT 129.74 709.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.68 709.10 Td (AND INT) Tj ET Q q 0 0 0 rg BT 172.89 709.10 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 220.96 709.10 Td (ASSETS, NET) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 644.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 614.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 614.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 614.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 614.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 614.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 614.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 584.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 584.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 584.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 584.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 584.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 584.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 584.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 554.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 554.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 554.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 554.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 554.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 554.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 554.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 524.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 524.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 524.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 524.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 524.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 524.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 524.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 494.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 494.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 494.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 494.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 494.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 494.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 494.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 494.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 494.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 494.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 494.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 494.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 464.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 464.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 464.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 464.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 464.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 464.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 464.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 434.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 434.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 434.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 434.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 434.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 434.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 434.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 210.50 404.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 404.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 404.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 404.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 404.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 404.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 644.6 m 265.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 644.6 m 324.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 644.6 m 383.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 644.6 m 442.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 644.6 m 501.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 644.6 m 560.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 599.6 m 265.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 599.6 m 324.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 599.6 m 383.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 599.6 m 442.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 599.6 m 501.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 599.6 m 560.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 494.6 m 265.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 494.6 m 324.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 494.6 m 383.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 494.6 m 442.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 494.6 m 501.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 494.6 m 560.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 494.6 m 265.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 494.6 m 324.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 494.6 m 383.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 494.6 m 442.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 494.6 m 501.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 494.6 m 560.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 389.6 m 265.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 375.6 m 265.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 373.6 m 265.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 389.6 m 324.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 375.6 m 324.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 373.6 m 324.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 389.6 m 383.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 375.6 m 383.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 373.6 m 383.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 389.6 m 442.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 375.6 m 442.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 373.6 m 442.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 389.6 m 501.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 375.6 m 501.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 373.6 m 501.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 389.6 m 560.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 375.6 m 560.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 373.6 m 560.5 373.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 217.80 656.83 Td (Ownedand) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.05 648.83 Td (leased hotels) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.25 672.83 Td (Americas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 664.83 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.05 656.83 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 277.15 648.83 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.45 672.83 Td (ASP) Tj ET Q q 0 0 0 rg BT 357.27 672.83 Td (AC) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.50 664.83 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.05 656.83 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.15 648.83 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.20 680.83 Td (EAME/SW) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.90 672.83 Td (Asia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.50 664.83 Td (management) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.05 656.83 Td (and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.15 648.83 Td (franchising) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.70 656.83 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.00 648.83 Td (and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.75 648.83 Td (T) Tj ET Q q 0 0 0 rg BT 528.35 648.83 Td (otal) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 634.31 Td (Balance at January 1, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 619.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 619.27 Td (187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 619.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 619.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 619.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 619.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 619.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 619.27 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (Accumulated impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 604.17 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.30 604.27 Td (\(95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 604.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 604.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 604.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 604.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 604.32 Td (\(95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td (Goodwill, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 589.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 589.27 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 589.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 589.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 589.27 Td (125) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 574.31 Td (Activity during the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td (Additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 559.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 559.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 559.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 559.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (Foreign exchange \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.50 544.17 Td (. . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.65 544.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 544.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 544.27 Td (2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 529.31 Td (Balance at December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.27 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 514.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 514.27 Td (189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 514.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 514.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 514.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 514.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 514.27 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 499.27 Td (Accumulated impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 499.17 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.30 499.27 Td (\(95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 499.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 499.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 499.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 499.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 499.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 499.32 Td (\(95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 499.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.27 Td (Goodwill, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 484.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 484.27 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 484.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 484.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 484.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 484.27 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 484.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 484.27 Td (150) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 469.31 Td (Activity during the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 469.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.27 Td (Additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 454.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 454.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 454.27 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 454.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 454.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 454.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 454.27 Td (158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 439.27 Td (Impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.50 439.17 Td (. . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.30 439.27 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 439.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 439.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 439.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 439.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 439.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 439.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 439.32 Td (\(25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 439.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 424.31 Td (Balance at December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.50 424.17 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 409.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.65 409.27 Td (189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 409.27 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 409.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 409.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 409.27 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 409.27 Td (403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.27 Td (Accumulated impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.50 394.17 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.30 394.27 Td (\(1) Tj ET Q q 0 0 0 rg BT 251.63 394.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 394.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 394.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 394.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 394.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 394.32 Td (\(120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 394.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td (Goodwill, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 379.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 379.27 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 379.27 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 379.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 379.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 379.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.00 379.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 379.27 Td (283) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 364.30 Td (\(1\) Foreign exchange translation adjustments related to the goodwill associated with Hyatt Regency Mexico City) Tj ET Q q 0 0 0 rg BT 456.31 364.30 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.80 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 325.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 325.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 325.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 325.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 325.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 297.80 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 297.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 297.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 297.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 297.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 297.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 269.80 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 269.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 269.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 269.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 269.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 269.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.80 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 241.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 241.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 241.80 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 241.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 241.80 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 325.79999999999995 m 404.5 325.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 325.79999999999995 m 483.5 325.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 325.79999999999995 m 562.5 325.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 325.79999999999995 m 562.5 325.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 255.79999999999995 m 404.5 255.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 255.79999999999995 m 562.5 255.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 227.79999999999995 m 404.5 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 227.79999999999995 m 562.5 227.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 214.79999999999995 m 404.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 212.79999999999995 m 404.5 212.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 214.79999999999995 m 562.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 212.79999999999995 m 562.5 212.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.25 330.03 Td (December) Tj ET Q q 0 0 0 rg BT 368.82 330.03 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.90 345.88 Td (W) Tj ET Q q 0 0 0 rg BT 435.68 345.88 Td (eighted-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.35 337.88 Td (averageuseful lives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.05 329.88 Td (in years) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 330.03 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 330.03 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.37 Td (Management and franchise agreement intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 316.37 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 316.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 316.37 Td (390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 316.37 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 316.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 316.37 Td (178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 302.37 Td (Lease related intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 302.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 302.37 Td (121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.35 302.37 Td (1) Tj ET Q q 0 0 0 rg BT 470.16 302.37 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 302.37 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.37 Td (Brand and other indefinite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.50 288.37 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 288.37 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 288.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 288.37 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 274.37 Td (Advanced booking intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.50 274.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 274.37 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 274.37 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 274.37 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.37 Td (Other definite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 260.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 260.37 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 260.37 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 260.37 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.37 Td (Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 246.37 Td (713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 246.37 Td (376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 232.37 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 232.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 232.42 Td (\(85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 232.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 232.42 Td (\(71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 232.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 218.37 Td (Intangibles, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 218.37 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 218.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 218.37 Td (628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 218.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 218.37 Td (305) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 289 0 obj <>] /Rotate 0 /Contents 290 0 R>> endobj 290 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 40) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 724.50 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 724.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 724.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 724.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 724.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 724.50 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 736.5 m 404.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 736.5 m 408.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 736.5 m 483.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 736.5 m 487.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 736.5 m 562.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 724.5 m 404.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 724.5 m 483.5 724.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 724.5 m 562.5 724.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 740.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 740.58 Td (Y) Tj ET Q q 0 0 0 rg BT 404.88 740.58 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 479.46 740.58 Td (31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 728.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 728.58 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 728.58 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 728.58 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 715.07 Td (Amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 715.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 715.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 715.07 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 715.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 715.07 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 715.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 715.07 Td (1) Tj ET Q q 0 0 0 rg BT 553.65 715.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 690.00 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 690.00 Td (e estimate amortization expense for definite-lived intangibles as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 667.50 443.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 667.50 68.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 653.50 443.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 639.50 443.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 639.50 68.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 625.50 443.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.50 443.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 611.50 68.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 597.50 443.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 583.50 443.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 583.50 68.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 583.5 m 561.5 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 583.5 m 561.5 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 570.5 m 561.5 570.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 568.5 m 561.5 568.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 671.58 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 671.58 Td (ears Ending December) Tj ET Q q 0 0 0 rg BT 135.51 671.58 Td (31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.00 671.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.07 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 658.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 658.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 658.07 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.07 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 644.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 644.07 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.07 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 630.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 630.07 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.07 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 616.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 616.07 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.07 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 602.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 602.07 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.07 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 588.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 588.07 Td (305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 574.07 Td (T) Tj ET Q q 0 0 0 rg BT 76.41 574.07 Td (otal amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 574.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.00 574.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 574.07 Td (448) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 549.00 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 549.00 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 549.00 Td (, we recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.74 549.00 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.13 549.00 Td ( of goodwill impairment char) Tj ET Q q 0 0 0 rg BT 473.14 549.00 Td (ges primarily related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.00 Td (to the HRMC transaction in asset impairments on our consolidated statements of income \(see Note 7\). During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 525.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 525.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.61 525.00 Td (, we did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.04 525.00 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.04 525.00 Td (t recognize any impairment char) Tj ET Q q 0 0 0 rg BT 400.25 525.00 Td (ges. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.00 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.00 504.00 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 504.00 Td (OTHER ) Tj ET Q q 0 0 0 rg BT 110.57 504.00 Td (ASSETS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 471.50 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 471.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 471.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 471.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 441.50 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 441.50 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 441.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 441.50 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 412.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 412.50 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 412.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 412.50 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 384.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 384.50 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 384.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 384.50 73.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 471.5 m 484.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 471.5 m 561.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 471.5 m 484.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 471.5 m 561.5 471.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 384.5 m 484.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 384.5 m 561.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 384.5 m 484.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 371.5 m 484.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 369.5 m 484.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 384.5 m 561.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 371.5 m 561.5 371.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 369.5 m 561.5 369.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 475.73 Td (December) Tj ET Q q 0 0 0 rg BT 450.82 475.73 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 475.73 Td (December) Tj ET Q q 0 0 0 rg BT 526.75 475.73 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 462.07 Td (Management and franchise agreement assets constituting payments to customers \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 462.07 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 461.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 461.17 Td (396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 461.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 461.17 Td (378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 447.07 Td (Marketable securities held to fund rabbi trusts \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 447.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 446.17 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 446.17 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 432.07 Td (Marketable securities held to fund the loyalty program \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.50 432.07 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 431.17 Td (303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 431.17 Td (298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 417.07 Td (Long-term investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.50 417.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 417.07 Td (1) Tj ET Q q 0 0 0 rg BT 470.65 417.07 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 417.07 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 403.07 Td (Common shares of Playa N.V) Tj ET Q q 0 0 0 rg BT 186.06 403.07 Td (. \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.50 403.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 403.07 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 403.07 Td (131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.00 389.07 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 389.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 389.07 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 389.07 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 375.07 Td (T) Tj ET Q q 0 0 0 rg BT 57.41 375.07 Td (otal other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 375.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 375.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 375.07 Td (1,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 375.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 375.07 Td (1,384) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 360.96 Td (\(1\) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.00 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 336.00 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 336.00 Td (DEBT) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 303.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 303.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 303.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 275.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 275.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 275.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 275.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 247.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 247.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 247.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 247.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 219.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 219.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 219.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 219.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 191.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 191.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 191.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 191.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 163.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 163.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 163.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 163.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 135.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 135.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 135.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 135.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 107.50 364.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 107.50 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 107.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 107.50 72.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 303.5 m 486.5 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 303.5 m 562.5 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 177.5 m 486.5 177.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 177.5 m 562.5 177.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 149.5 m 486.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 149.5 m 562.5 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 107.5 m 486.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 107.5 m 562.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 94.5 m 486.5 94.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 92.5 m 486.5 92.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 94.5 m 562.5 94.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 92.5 m 562.5 92.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.75 307.73 Td (December) Tj ET Q q 0 0 0 rg BT 452.32 307.73 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.75 307.73 Td (December) Tj ET Q q 0 0 0 rg BT 528.25 307.73 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.07 Td ($196 million senior unsecured notes maturing in 20196.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 294.07 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 294.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 294.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 294.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 294.07 Td (196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.07 Td ($250 million senior unsecured notes maturing in 20215.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 280.07 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 280.07 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 280.07 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 266.07 Td ($350 million senior unsecured notes maturing in 20233.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 266.07 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 266.07 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 266.07 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 252.07 Td ($400 million senior unsecured notes maturing in 20264.850%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 252.07 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 252.07 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 252.07 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 238.07 Td ($400 million senior unsecured notes maturing in 20284.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.50 238.07 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 238.07 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 238.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 224.07 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 224.07 Td (ax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 224.07 Td (. . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 224.07 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 224.07 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.07 Td (Contract Revenue Bonds, Senior ) Tj ET Q q 0 0 0 rg BT 186.50 210.07 Td (T) Tj ET Q q 0 0 0 rg BT 192.17 210.07 Td (axable Series 2005B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.50 210.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 210.07 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 210.07 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 196.07 Td (Floating average rate construction loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 196.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 196.07 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 196.07 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.07 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 182.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 182.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 182.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.07 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 168.07 Td (otal debt before capital lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 168.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 168.07 Td (1,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 168.07 Td (1,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.07 Td (Capital lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 154.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 154.07 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 154.07 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.07 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 140.07 Td (otal debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 140.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 140.07 Td (1,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 140.07 Td (1,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 126.07 Td (Less: current maturities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.50 126.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 126.12 Td (\(1) Tj ET Q q 0 0 0 rg BT 477.63 126.12 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 126.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 126.12 Td (\(1) Tj ET Q q 0 0 0 rg BT 553.63 126.12 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 126.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 112.07 Td (Less: unamortized discounts and deferred financing fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 112.07 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 112.12 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 112.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 112.12 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 112.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 98.07 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 98.07 Td (otal long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 98.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 98.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 98.07 Td (1,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 98.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 98.07 Td (1,440) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 291 0 obj <>] /Rotate 0 /Contents 292 0 R>> endobj 292 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (Under existing agreements, maturities of debt for the next five years and thereafter are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 719.60 440.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 719.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 691.60 440.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 691.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 663.60 440.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 663.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.60 440.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 635.60 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 635.6 m 562.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 621.6 m 562.5 621.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 619.6 m 562.5 619.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 723.68 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 723.68 Td (ears Ending December) Tj ET Q q 0 0 0 rg BT 135.51 723.68 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 710.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 710.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 710.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 710.17 Td (1) Tj ET Q q 0 0 0 rg BT 553.65 710.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 696.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 696.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 696.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 682.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 682.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 682.17 Td (261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 668.17 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 668.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 668.17 Td (1) Tj ET Q q 0 0 0 rg BT 553.65 668.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 654.17 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 654.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 654.17 Td (361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 640.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 640.17 Td (994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 626.17 Td (T) Tj ET Q q 0 0 0 rg BT 74.91 626.17 Td (otal maturities of debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 626.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 625.27 Td (1,650) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 600.10 Td (Senior) Tj ET Q q 0 0 0 rg BT 101.60 600.10 Td ( Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.98 600.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.48 600.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.06 600.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 600.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.09 600.10 Td (, we had unsecured Senior Notes as further described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 588.10 Td (. Interest on the Senior Notes is payable semi-annually) Tj ET Q q 0 0 0 rg BT 291.69 588.10 Td (. ) Tj ET Q q 0 0 0 rg BT 296.51 588.10 Td (W) Tj ET Q q 0 0 0 rg BT 305.15 588.10 Td (e may redeem all or a portion of the Senior Notes at any time at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.33 576.10 Td ( of the principal amount of the Senior Notes redeemed together with the accrued and unpaid interest, plus a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.30 576.10 Td (make-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.29 576.10 Td (whole ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (amount, if any) Tj ET Q q 0 0 0 rg BT 107.39 564.10 Td (. ) Tj ET Q q 0 0 0 rg BT 112.21 564.10 Td (The amount of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.52 564.10 Td (make-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.51 564.10 Td (whole payment depends, in part, on the yield of U.S. ) Tj ET Q q 0 0 0 rg BT 428.62 564.10 Td (T) Tj ET Q q 0 0 0 rg BT 434.38 564.10 Td (reasury securities with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (comparable maturity to the Senior Notes at the date of redemption. ) Tj ET Q q 0 0 0 rg BT 319.37 552.10 Td (A) Tj ET Q q 0 0 0 rg BT 326.04 552.10 Td ( summary of the terms of the Senior Notes, by year of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (issuance, is as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 519.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 519.10 Td (In 2009, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.49 519.10 Td ($250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.88 519.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.21 519.10 Td (6.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.04 519.10 Td ( senior notes due 2019, at an issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 519.10 Td (99.864%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.33 519.10 Td ( \(the "2019 Notes"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 507.10 Td (Following a cash tender of) Tj ET Q q 0 0 0 rg BT 192.46 507.10 Td (fer during the year ended December 31, 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.05 507.10 Td ($196 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.44 507.10 Td ( aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 495.10 Td (2019 Notes remained outstanding. During the year ended December 31, 2018, we redeemed all of our outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 483.10 Td (2019 Notes \(as described below\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 462.10 Td (In 201) Tj ET Q q 0 0 0 rg BT 111.46 462.10 Td (1, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.12 462.10 Td ($250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.51 462.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.84 462.10 Td (3.875%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.67 462.10 Td ( senior notes due 2016, at an issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.13 462.10 Td (99.571%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.96 462.10 Td ( \(the "2016 Notes"\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 450.10 Td ($250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.39 450.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.72 450.10 Td (5.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.55 450.10 Td ( senior notes due 2021, at an issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.01 450.10 Td (99.846%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.84 450.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 429.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 429.10 Td (In 2013, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.49 429.10 Td ($350 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.88 429.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.21 429.10 Td (3.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.04 429.10 Td ( senior notes due 2023, at an issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 429.10 Td (99.498%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.33 429.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 408.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 408.10 Td (In 2016, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.49 408.10 Td ($400 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.88 408.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.21 408.10 Td (4.850%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.04 408.10 Td ( senior notes due 2026, at an issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 408.10 Td (99.920%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.33 408.10 Td ( \(the "2026 Notes"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 396.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 396.10 Td (e received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.94 396.10 Td ($396 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.33 396.10 Td ( of net proceeds from the sale of the 2026 Notes, after deducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.24 396.10 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.63 396.10 Td ( of underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 384.10 Td (discounts and other of) Tj ET Q q 0 0 0 rg BT 174.41 384.10 Td (fering expenses. ) Tj ET Q q 0 0 0 rg BT 241.71 384.10 Td (W) Tj ET Q q 0 0 0 rg BT 250.35 384.10 Td (e used a portion of the proceeds from the issuance of the 2026 Notes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 372.10 Td (redeem our 2016 Notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 351.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 351.10 Td (In 2018, we issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.49 351.10 Td ($400 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.88 351.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.21 351.10 Td (4.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.04 351.10 Td ( senior notes due 2028, at an issue price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 351.10 Td (99.866%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.33 351.10 Td ( \(the "2028 Notes"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 339.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 339.10 Td (e received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.94 339.10 Td ($396 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.33 339.10 Td ( of net proceeds from the sale of the 2028 Notes, after deducting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.24 339.10 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.63 339.10 Td ( of underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 327.10 Td (discounts and other of) Tj ET Q q 0 0 0 rg BT 174.41 327.10 Td (fering expenses. ) Tj ET Q q 0 0 0 rg BT 241.71 327.10 Td (W) Tj ET Q q 0 0 0 rg BT 250.35 327.10 Td (e used a portion of the proceeds from the issuance of the 2028 Notes to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 315.10 Td (redeem) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 115.42 315.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.20 315.10 Td (our 2019 Notes and intend to use the remainder for general corporate purposes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 294.10 Td (Debt Redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.27 294.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.90 294.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.49 294.10 Td (, we redeemed all of our outstanding 2019 Notes, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (which there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.48 282.10 Td ($196 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.87 282.10 Td ( of aggregate principal outstanding, at a redemption price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.54 282.10 Td ($203 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.93 282.10 Td (, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (was calculated in accordance with the terms of the 2019 Notes and included principal and accrued interest plus a make-whole ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (premium. ) Tj ET Q q 0 0 0 rg BT 90.92 258.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.97 258.10 Td ($7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.36 258.10 Td ( loss on extinguishment of debt was recognized in other income \(loss\), net on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (statements of income \(see Note) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.51 246.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.01 246.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.01 246.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 225.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 225.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 225.10 Td (, we redeemed all of our outstanding 2016 Notes, of which there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.19 225.10 Td ($250 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 213.10 Td ( of aggregate principal outstanding, at a redemption price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.56 213.10 Td ($254 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.95 213.10 Td (, which was calculated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (accordance with the terms of the 2016 Notes and included principal and accrued interest plus a make-whole premium. ) Tj ET Q q 0 0 0 rg BT 524.38 201.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.42 201.10 Td ($2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 189.10 Td ( loss on extinguishment of debt was recognized in other income \(loss\), net on our consolidated statements of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (\(see Note) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.04 177.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.54 177.10 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.54 177.10 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 156.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.75 156.10 Td (ax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A) Tj ET Q q 0 0 0 rg BT 385.28 156.10 Td ( and Contract Revenue Bonds, Senior) Tj ET Q q 0 0 0 rg BT 545.67 156.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 144.10 Td (axable Series 2005B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.75 144.10 Td (During the year ended December31, 2013, we acquired our partner's interest in the entity that owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (Grand Hyatt San ) Tj ET Q q 0 0 0 rg BT 119.16 132.10 Td (Antonio, and as a result, we consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.06 132.10 Td ($198 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.45 132.10 Td ( of bonds, net of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.94 132.10 Td ($9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.33 132.10 Td ( bond discount, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (being amortized over the life of the bonds. ) Tj ET Q q 0 0 0 rg BT 222.27 120.10 Td (The construction was financed in part by ) Tj ET Q q 0 0 0 rg BT 387.87 120.10 Td (The City of San ) Tj ET Q q 0 0 0 rg BT 453.42 120.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 491.02 120.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.43 120.10 Td (exas ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (Convention Center Hotel Finance Corporation \("T) Tj ET Q q 0 0 0 rg BT 250.84 108.10 Td (exas Corporation"\), a non-profit local government corporation created by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (City of San ) Tj ET Q q 0 0 0 rg BT 97.50 96.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 135.10 96.10 Td (T) Tj ET Q q 0 0 0 rg BT 140.51 96.10 Td (exas for the purpose of providing financing for a portion of the costs of constructing the hotel. On June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (8, 2005, ) Tj ET Q q 0 0 0 rg BT 84.82 84.10 Td (T) Tj ET Q q 0 0 0 rg BT 90.23 84.10 Td (exas Corporation issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.82 84.10 Td ($130 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.21 84.10 Td ( of original principal amount ) Tj ET Q q 0 0 0 rg BT 357.50 84.10 Td (T) Tj ET Q q 0 0 0 rg BT 362.92 84.10 Td (ax-Exempt Contract Revenue Empowerment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (Zone Bonds, Series 2005A) Tj ET Q q 0 0 0 rg BT 157.22 72.10 Td ( \("Series 2005A) Tj ET Q q 0 0 0 rg BT 220.74 72.10 Td ( Bonds"\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 72.10 Td ($78 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.04 72.10 Td ( of original principal amount Contract Revenue Bonds, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.43 60.10 Td (T) Tj ET Q q 0 0 0 rg BT 83.84 60.10 Td (axable Series 2005B \("Series 2005B Bonds"\). ) Tj ET Q q 0 0 0 rg BT 269.85 60.10 Td (The Series 2005A) Tj ET Q q 0 0 0 rg BT 341.51 60.10 Td ( Bonds mature between 2034 and 2039, with interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.99 48.10 Td (4.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.82 48.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.59 48.10 Td (5.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.42 48.10 Td ( and the remaining Series 2005B Bonds mature between 2020 and 2028, with interest ranging ) Tj ET Q endstream endobj 293 0 obj <>] /Rotate 0 /Contents 294 0 R>> endobj 294 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 742.10 Td (5.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.77 742.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 742.10 Td (5.31%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.38 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.20 742.10 Td (The loan payments are required to be funded solely from net operating revenues of Grand Hyatt San ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Antonio and in the event that net operating revenues are not suf) Tj ET Q q 0 0 0 rg BT 303.91 730.10 Td (ficient to pay debt service, ) Tj ET Q q 0 0 0 rg BT 412.02 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 417.43 730.10 Td (exas Corporation under certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (circumstances will be required to provide certain tax revenue to pay debt service on the 2005 Series bonds. ) Tj ET Q q 0 0 0 rg BT 479.96 718.10 Td (The indenture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (allows for optional early redemption of the Series 2005B bonds subject to make-whole payments at any time with consent from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 694.10 Td (exas Corporation and beginning in 2015 for the Series 2005A) Tj ET Q q 0 0 0 rg BT 301.20 694.10 Td ( Bonds. Interest is payable semi-annually) Tj ET Q q 0 0 0 rg BT 465.51 694.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 673.10 Td (Floating ) Tj ET Q q 0 0 0 rg BT 110.00 673.10 Td (A) Tj ET Q q 0 0 0 rg BT 116.48 673.10 Td (verage Rate Construction Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.63 673.10 Td (During the year ended December31, 2012, we obtained a secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (construction loan with Banco Nacional de Desenvolvimento Econmico e Social - BNDES \("BNDES"\) in order to develop ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (Grand Hyatt Rio de Janeiro. ) Tj ET Q q 0 0 0 rg BT 164.79 649.10 Td (The loan is split into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.51 649.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.17 649.10 Td ( separate sub-loans, each with dif) Tj ET Q q 0 0 0 rg BT 399.27 649.10 Td (ferent interest rates.) Tj ET Q q 0 0 0 rg BT 480.35 649.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.63 649.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.29 649.10 Td ( sub-loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (mature in 2023, with options to extend the maturity up to 2031 for sub-loans \(a\) and \(b\), subject to the fulfillment of certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (conditions. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.30 625.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.88 625.10 Td (, the option to extend the maturity to 2031 was exercised for sub-loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (\(a\) and \(b\) after the fulfillment of certain conditions was met. Borrowings under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.95 613.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.61 613.10 Td ( sub-loans bear interest at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (following rates, depending on the applicable sub-loan: \(a\) and \(b\) the Brazilian Long ) Tj ET Q q 0 0 0 rg BT 391.93 601.10 Td (T) Tj ET Q q 0 0 0 rg BT 397.34 601.10 Td (erm Interest Rate - ) Tj ET Q q 0 0 0 rg BT 474.35 601.10 Td (TJLP) Tj ET Q q 0 0 0 rg BT 495.65 601.10 Td ( plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.32 601.10 Td (2.92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 601.10 Td (, \(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.83 589.10 Td (, and \(d\) the Brazilian Long ) Tj ET Q q 0 0 0 rg BT 184.22 589.10 Td (T) Tj ET Q q 0 0 0 rg BT 189.63 589.10 Td (erm Interest Rate - ) Tj ET Q q 0 0 0 rg BT 266.64 589.10 Td (TJLP) Tj ET Q q 0 0 0 rg BT 287.20 589.10 Td (. On sub-loans \(a\), \(b\), and \(d\), when the ) Tj ET Q q 0 0 0 rg BT 452.81 589.10 Td (TJLP) Tj ET Q q 0 0 0 rg BT 474.11 589.10 Td ( rate exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.24 589.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.57 589.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (amount corresponding to the ) Tj ET Q q 0 0 0 rg BT 167.02 577.10 Td (TJLP) Tj ET Q q 0 0 0 rg BT 188.32 577.10 Td ( portion above ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.58 577.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.91 577.10 Td ( is required to be capitalized daily) Tj ET Q q 0 0 0 rg BT 396.76 577.10 Td (.) Tj ET Q q 0 0 0 rg BT 401.21 577.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.71 577.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.29 577.10 Td (, the weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (average interest rates for the sub-loans we have drawn upon is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.30 565.10 Td (7.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.13 565.10 Td (. ) Tj ET Q q 0 0 0 rg BT 331.95 565.10 Td (The outstanding balance of the sub-loan subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (interest rate described in \(a\) above is subject to adjustment on a daily basis based on BNDES's calculation of the weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (average of exchange rate variations related to foreign currency funds raised by BNDES in foreign currency) Tj ET Q q 0 0 0 rg BT 477.78 541.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.23 541.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.73 541.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 529.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 529.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 529.10 Td (, we had Brazilian Real \("BRL"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.87 529.10 Td (214 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.26 529.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.09 529.10 Td ($55 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.48 529.10 Td (, and BRL) Tj ET Q q 0 0 0 rg BT 450.50 529.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.00 529.10 Td (231 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.39 529.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.22 529.10 Td ($70 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 517.10 Td (, outstanding, respectively) Tj ET Q q 0 0 0 rg BT 183.22 517.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 496.10 Td (Revolving Cr) Tj ET Q q 0 0 0 rg BT 130.76 496.10 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.58 496.10 Td (During the year ended December 31, 2018, we refinanced our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.48 496.10 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.59 496.10 Td ( senior unsecured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (revolving credit facility with a syndicate of lenders, extending the maturity of the facility to January 2023. Interest rates on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (outstanding borrowings are either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.19 472.10 Td (LIBOR-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 472.10 Td (based or based on an alternate base rate, with mar) Tj ET Q q 0 0 0 rg BT 419.14 472.10 Td (gins in each case based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (credit rating or) Tj ET Q q 0 0 0 rg BT 109.02 460.10 Td (, in certain circumstances, our credit rating and leverage ratio. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.82 460.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.40 460.10 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 448.10 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 448.10 Td ( of borrowings and repayments on our revolving credit facility) Tj ET Q q 0 0 0 rg BT 362.33 448.10 Td (, resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.11 448.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.11 448.10 Td ( outstanding balance and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (available line of credit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.01 436.10 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.12 436.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.34 436.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.92 436.10 Td (. ) Tj ET Q q 0 0 0 rg BT 294.74 436.10 Td (The weighted-average interest rate on these borrowings was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (4.85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 424.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.05 424.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.63 424.10 Td (. ) Tj ET Q q 0 0 0 rg BT 171.08 424.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.58 424.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.16 424.10 Td (, we had various letter of credit agreements that did not reduce our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (available capacity under the revolving credit facility) Tj ET Q q 0 0 0 rg BT 258.14 412.10 Td (. ) Tj ET Q q 0 0 0 rg BT 262.59 412.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.09 412.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.68 412.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.78 412.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.78 412.10 Td ( outstanding balance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 391.10 Td (The Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.37 391.10 Td ($277 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.76 391.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.20 391.10 Td ($309 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.59 391.10 Td ( of letters of credit issued through additional banks at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.10 391.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 379.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 379.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 379.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.68 379.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 358.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 92.14 358.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.46 358.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.77 358.10 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.55 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 137.18 358.10 Td (e estimated the fair value of debt, excluding capital leases, which consists of our Senior Notes, bonds, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (other long-term debt. Our Senior Notes and bonds are classified as Level ) Tj ET Q q 0 0 0 rg BT 343.90 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 349.31 346.10 Td (wo due to the use and weighting of multiple market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (inputs in the final price of the security) Tj ET Q q 0 0 0 rg BT 201.81 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.63 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 215.26 334.10 Td (e estimated the fair value of other debt instruments using discounted cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (analysis based on current market inputs for similar types of arrangements. Based upon the lack of available market data, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (have classified our revolving credit facility and other debt instruments as Level ) Tj ET Q q 0 0 0 rg BT 369.16 310.10 Td (Three. ) Tj ET Q q 0 0 0 rg BT 397.29 310.10 Td (The primary sensitivity in these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in dif) Tj ET Q q 0 0 0 rg BT 520.28 298.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (estimates of fair value.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 226.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 226.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 226.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 226.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 226.60 82.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 262.6 m 249.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 262.6 m 253.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 262.6 m 319.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 262.6 m 323.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 262.6 m 397.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 262.6 m 401.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 262.6 m 476.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 262.6 m 480.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 262.6 m 562.5 262.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 226.60000000000002 m 249.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 226.60000000000002 m 319.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 226.60000000000002 m 397.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 226.60000000000002 m 476.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 226.60000000000002 m 562.5 226.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 226.60000000000002 m 249.5 226.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.75 266.83 Td (December) Tj ET Q q 0 0 0 rg BT 374.32 266.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.60 230.83 Td (Carrying value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.60 230.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 283.19 230.83 Td ( value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.75 254.68 Td (Quotedpricesin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.95 246.68 Td (activemarketsfor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.55 238.68 Td (identical assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.55 230.68 Td (\(level one\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.00 246.83 Td (Significantother) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.35 238.83 Td (observableinputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.80 230.83 Td (\(level two\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.55 246.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.40 238.83 Td (unobservableinputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.75 230.83 Td (\(level thr) Tj ET Q q 0 0 0 rg BT 531.48 230.83 Td (ee\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 217.17 Td (Debt \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 217.17 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.00 217.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.15 217.17 Td (1,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 217.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 217.17 Td (1,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 217.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 217.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 217.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 217.17 Td (1,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 217.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 217.17 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 202.30 Td (\(1\) Excludes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 97.98 202.30 Td ($12 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 139.74 202.30 Td ( of capital lease obligations and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.70 202.30 Td ($16 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.45 202.30 Td ( of unamortized discounts and deferred financing fees.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 141.80 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 141.80 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 141.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.50 141.80 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 141.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 141.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 141.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 141.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 141.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 141.80 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 178.79999999999995 m 249.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 178.79999999999995 m 253.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 178.79999999999995 m 319.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 178.79999999999995 m 323.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 178.79999999999995 m 397.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 178.79999999999995 m 401.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 178.79999999999995 m 476.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 178.79999999999995 m 480.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 178.79999999999995 m 562.5 178.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 141.79999999999995 m 249.5 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.5 141.79999999999995 m 319.5 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 141.79999999999995 m 397.5 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 141.79999999999995 m 476.5 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 141.79999999999995 m 562.5 141.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 141.79999999999995 m 249.5 141.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.75 183.03 Td (December) Tj ET Q q 0 0 0 rg BT 374.32 183.03 Td ( 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 189.60 146.03 Td (Carrying value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.60 146.03 Td (Fair) Tj ET Q q 0 0 0 rg BT 283.19 146.03 Td ( value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.75 170.03 Td (Quotedpricesin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.95 162.03 Td (activemarketsfor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.55 154.03 Td (identical assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.55 146.03 Td (\(level one\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.00 162.03 Td (Significantother) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.35 154.03 Td (observableinputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.80 146.03 Td (\(level two\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.55 162.03 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.40 154.03 Td (unobservableinputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.75 146.03 Td (\(level thr) Tj ET Q q 0 0 0 rg BT 531.48 146.03 Td (ee\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 131.47 Td (Debt \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 131.37 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.00 131.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.15 131.47 Td (1,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.00 131.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.15 131.47 Td (1,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.00 131.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 131.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.00 131.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 131.47 Td (1,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.00 131.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 131.47 Td (87) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 116.50 Td (\(2\) Excludes ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 97.98 116.50 Td ($13 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 139.74 116.50 Td ( of capital lease obligations and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.70 116.50 Td ($14 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 297.45 116.50 Td ( of unamortized discounts and deferred financing fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 95.50 Td (Inter) Tj ET Q q 0 0 0 rg BT 93.98 95.50 Td (est Rate Locks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.19 95.50 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.02 95.50 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.32 95.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.82 95.50 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.41 95.50 Td (, we entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.55 95.50 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.55 95.50 Td ( interest rate locks with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.29 95.50 Td ($425 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 83.50 Td ( total notional value and mandatory settlement dates in 2019 and 2021. ) Tj ET Q q 0 0 0 rg BT 364.48 83.50 Td (The interest rate locks hedge a portion of the risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.50 Td (of changes in the benchmark interest rate associated with long-term debt we anticipate issuing in the future. ) Tj ET Q q 0 0 0 rg BT 482.46 71.50 Td (These derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.50 Td (instruments were designated as cash flow hedges and deemed highly ef) Tj ET Q q 0 0 0 rg BT 334.73 59.50 Td (fective at inception.) Tj ET Q endstream endobj 295 0 obj <>] /Rotate 0 /Contents 296 0 R>> endobj 296 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.33 742.10 Td (the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.63 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.13 742.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.71 742.10 Td (, we settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.48 742.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.92 742.10 Td ( of the aforementioned interest rate locks with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.46 742.10 Td ($225 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.85 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (notional value upon issuance of the 2028 Notes. ) Tj ET Q q 0 0 0 rg BT 244.50 730.10 Td (The outstanding interest rate lock with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.07 730.10 Td ($200 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.46 730.10 Td ( notional value remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (highly ef) Tj ET Q q 0 0 0 rg BT 85.64 718.10 Td (fective at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.06 718.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.65 718.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 697.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.45 697.10 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 697.10 Td (LEASES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 676.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 676.10 Td (e lease hotels and equipment under a combination of operating and capital leases, which generally require us to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (taxes, maintenance, and insurance. Most of the leases contain renewal options, which enable us to retain use of the facilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (desirable operating areas.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 631.10 Td (The operating leases for the majority of our leased hotels require the calculation of rental payments to be based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (percentage of the operating profit of the hotel, as defined by the contract. ) Tj ET Q q 0 0 0 rg BT 344.05 619.10 Td (As a result, future lease payments related to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (leases are contingent upon operating results and are not included in the table below) Tj ET Q q 0 0 0 rg BT 381.74 607.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 586.10 Td (Corporate Office Space) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.52 586.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.15 586.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.74 586.10 Td (, we relocated our corporate headquarters in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Chicago, Illinois under a lease that expires in 2034.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 553.10 Td (The future minimum lease payments due in each of the next five years and thereafter are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 529.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 529.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 529.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 501.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 501.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 501.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 473.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 473.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 473.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 445.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 445.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 445.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 417.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 417.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 417.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 417.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 529.6 m 483.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 529.6 m 562.5 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 445.6 m 483.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 445.6 m 562.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 432.6 m 483.5 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 430.6 m 483.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 417.6 m 562.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 404.6 m 562.5 404.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 402.6 m 562.5 402.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 533.83 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 533.83 Td (ears Ending December) Tj ET Q q 0 0 0 rg BT 135.51 533.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.15 533.83 Td (Operating leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.05 533.83 Td (Capital leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 520.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 520.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 520.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 520.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 506.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 506.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 506.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 492.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 492.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 492.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.17 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 478.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 478.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 478.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 464.17 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 464.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 464.17 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 464.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 450.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 450.17 Td (448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 450.17 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 436.17 Td (otal minimum lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 436.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 436.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 436.17 Td (651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 436.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 436.17 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 422.17 Td (Less: amount representing interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.50 422.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 422.22 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 422.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.17 Td (Present value of minimum lease payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.50 408.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 408.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 408.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 383.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 383.10 Td ( summary of rent expense from continuing operations for all operating leases is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 348.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 348.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 348.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 348.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 348.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 348.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 320.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 320.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 320.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 320.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 320.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 360.6 m 404.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 360.6 m 408.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 360.6 m 483.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 360.6 m 487.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 360.6 m 562.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 360.6 m 404.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 348.6 m 404.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 348.6 m 483.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 348.6 m 562.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 320.6 m 404.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 320.6 m 483.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 320.6 m 562.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 307.6 m 404.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 305.6 m 404.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 307.6 m 483.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 305.6 m 483.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 307.6 m 562.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 305.6 m 562.5 305.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 364.68 Td (Y) Tj ET Q q 0 0 0 rg BT 404.44 364.68 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 479.39 364.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 352.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 352.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 352.68 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 339.17 Td (Minimum rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.50 339.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 339.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 339.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 339.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 339.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 339.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 339.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 325.17 Td (Contingent rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 325.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 325.17 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 325.17 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 325.17 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 311.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 311.17 Td (otal rent expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.50 311.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 311.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 311.17 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 311.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 311.17 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 311.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 311.17 Td (90) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 286.10 Td (e lease retail space at our owned hotel locations under operating leases. ) Tj ET Q q 0 0 0 rg BT 369.84 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 378.48 286.10 Td (e recognized rental income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.81 286.10 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.20 286.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td ($27 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 274.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 274.10 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.72 274.10 Td ( within owned and leased hotels revenues on our consolidated statements of income for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 262.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 262.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.96 262.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.54 262.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 262.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.07 262.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 391.73 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 396.55 262.10 Td (The future minimum lease receipts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (scheduled to be received in each of the next five years and thereafter are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 226.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 198.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 198.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 170.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 142.60 437.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 142.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 142.60000000000002 m 562.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 129.60000000000002 m 562.5 129.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 127.60000000000002 m 562.5 127.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 230.83 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 230.83 Td (ears Ending December) Tj ET Q q 0 0 0 rg BT 135.51 230.83 Td (31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 217.17 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 217.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 217.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 217.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 203.17 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 203.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 203.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 189.17 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 189.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 189.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 175.17 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 175.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 175.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.17 Td (2023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 161.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 161.17 Td (1) Tj ET Q q 0 0 0 rg BT 553.65 161.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 147.17 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.50 147.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 147.17 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 133.17 Td (T) Tj ET Q q 0 0 0 rg BT 76.41 133.17 Td (otal minimum lease receipts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.50 133.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 133.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 133.17 Td (130) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 297 0 obj <>] /Rotate 0 /Contents 298 0 R>> endobj 298 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 742.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 742.25 Td (EMPLOYEE BENEFIT) Tj ET Q q 0 0 0 rg BT 175.95 742.25 Td ( PLANS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (Defined Benefit Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.22 721.25 Td (W) Tj ET Q q 0 0 0 rg BT 184.85 721.25 Td (e sponsor supplemental executive retirement plans consisting of funded and unfunded defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (benefit plans for certain former executives. Retirement benefits are based primarily on the former employees' salary) Tj ET Q q 0 0 0 rg BT 512.63 709.25 Td (, as defined, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (and are payable upon satisfaction of certain service and age requirements as defined by the plans. ) Tj ET Q q 0 0 0 rg BT 441.61 697.25 Td (The accumulated benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (obligation related to the unfunded U.S. plan was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.07 685.25 Td ($19 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.46 685.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.90 685.25 Td ($21 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.29 685.25 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.06 685.25 Td ($18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.45 685.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.89 685.25 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.28 685.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (classified as a long-term liability) Tj ET Q q 0 0 0 rg BT 180.42 673.25 Td (, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.14 673.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.73 673.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.16 673.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 673.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 424.41 673.25 Td (. ) Tj ET Q q 0 0 0 rg BT 428.86 673.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.36 673.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.94 673.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (expect benefits of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.58 661.25 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.97 661.25 Td ( to be paid annually over the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.04 661.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.04 661.25 Td ( years. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 640.25 Td (Defined Contribution Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.79 640.25 Td (W) Tj ET Q q 0 0 0 rg BT 210.43 640.25 Td (e provide retirement benefits to certain eligible employees under the Retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (Savings Plan \(a qualified plan under Internal Revenue Code Section 401\(k\)\), the FRP) Tj ET Q q 0 0 0 rg BT 391.32 628.25 Td (, and other similar plans. For the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 616.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 616.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.96 616.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.54 616.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 616.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.07 616.25 Td (, we recorded expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.13 616.25 Td ($41 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.52 616.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.52 616.25 Td ($39 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.92 616.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 604.25 Td ($36 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 604.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 165.99 604.25 Td (, related to the Retirement Savings Plan based on a percentage of eligible employee contributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (on stipulated amounts. ) Tj ET Q q 0 0 0 rg BT 142.59 592.25 Td (The majority of these contributions relate to hotel property level employees, which are reimbursable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (us and are included in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (costs incurred on behalf of managed and franchised properties on our consolidated statements of income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 547.25 Td (Deferr) Tj ET Q q 0 0 0 rg BT 102.13 547.25 Td (ed Compensation Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.14 547.25 Td (W) Tj ET Q q 0 0 0 rg BT 220.78 547.25 Td (e provide nonqualified deferred compensation for certain employees through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (DCP) Tj ET Q q 0 0 0 rg BT 68.34 535.25 Td (. Contributions and investment elections are determined by the employees, and we provide contributions to certain eligible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (employees according to pre-established formulas. ) Tj ET Q q 0 0 0 rg BT 250.86 523.25 Td (The DCP) Tj ET Q q 0 0 0 rg BT 287.99 523.25 Td ( is fully funded through a rabbi trust, therefore changes in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (underlying securities impact the deferred compensation liability) Tj ET Q q 0 0 0 rg BT 304.82 511.25 Td (, which is recorded in other long-term liabilities \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.92 511.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.92 511.25 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (and the corresponding marketable securities assets \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.91 499.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.91 499.25 Td (\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 478.25 Td (Employee Stock Pur) Tj ET Q q 0 0 0 rg BT 161.04 478.25 Td (chase Pr) Tj ET Q q 0 0 0 rg BT 197.23 478.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.00 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.64 478.25 Td (e provide the Hyatt Hotels Corporation ESPP) Tj ET Q q 0 0 0 rg BT 424.18 478.25 Td (, which qualifies under Section ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (423 of the Internal Revenue Code. ) Tj ET Q q 0 0 0 rg BT 190.05 466.25 Td (The ESPP) Tj ET Q q 0 0 0 rg BT 230.52 466.25 Td ( provides eligible employees the opportunity to purchase shares of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (common stock on a quarterly basis through payroll deductions at a price equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.47 454.25 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 454.25 Td ( of the fair value on the last trading day ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (of each quarter) Tj ET Q q 0 0 0 rg BT 109.41 442.25 Td (. ) Tj ET Q q 0 0 0 rg BT 113.86 442.25 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.90 442.25 Td (62,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.40 442.25 Td ( shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.33 442.25 Td (69,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.83 442.25 Td ( shares were issued under the ESPP) Tj ET Q q 0 0 0 rg BT 420.65 442.25 Td ( during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.76 442.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.76 442.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.20 442.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.20 442.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 430.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 409.25 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 409.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 409.25 Td (OTHER LONG-TERM LIABILITIES) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.75 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 377.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 377.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 377.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 349.75 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 349.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 349.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 349.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.75 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 321.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 321.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 321.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.75 356.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 293.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 293.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 293.75 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 377.75 m 482.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 377.75 m 562.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 377.75 m 482.5 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 293.75 m 482.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 293.75 m 562.5 293.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 280.75 m 482.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 278.75 m 482.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 280.75 m 562.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 278.75 m 562.5 278.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.75 381.83 Td (December) Tj ET Q q 0 0 0 rg BT 446.32 381.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.75 381.83 Td (December) Tj ET Q q 0 0 0 rg BT 526.25 381.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 368.32 Td (Deferred compensation plans funded by rabbi trusts \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 368.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 368.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 368.32 Td (367) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 368.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 368.32 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 354.32 Td (T) Tj ET Q q 0 0 0 rg BT 73.76 354.32 Td (axes payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.50 354.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 354.32 Td (131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 354.32 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 340.32 Td (Self-insurance liabilities \(Note 15\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.50 340.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 340.32 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 340.32 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 326.32 Td (Guarantee liabilities \(Note 15\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 326.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 326.32 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 326.32 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 312.32 Td (Deferred income taxes \(Note 14\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 312.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 312.32 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 312.32 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 298.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 298.32 Td (134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 298.32 Td (1) Tj ET Q q 0 0 0 rg BT 548.65 298.32 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 284.32 Td (otal other long-term liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 284.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 284.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 284.32 Td (840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 284.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 284.32 Td (863) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 259.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.00 259.25 Td (INCOME ) Tj ET Q q 0 0 0 rg BT 116.54 259.25 Td (T) Tj ET Q q 0 0 0 rg BT 122.47 259.25 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 238.25 Td (Our tax provision includes federal, state, local, and foreign income taxes. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 203.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 203.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 203.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 203.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 203.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 175.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 175.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 175.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 175.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 175.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 175.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 215.75 m 404 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 215.75 m 408 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 215.75 m 483 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 215.75 m 487 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 215.75 m 562 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 203.75 m 404 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 203.75 m 483 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 203.75 m 562 203.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 175.75 m 404 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 175.75 m 483 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 175.75 m 562 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 162.75 m 404 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 160.75 m 404 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 162.75 m 483 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 160.75 m 483 160.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 162.75 m 562 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 160.75 m 562 160.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 219.83 Td (Y) Tj ET Q q 0 0 0 rg BT 403.94 219.83 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 478.89 219.83 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.00 207.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 207.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 207.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 194.32 Td (U.S. income before tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.00 194.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 194.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 194.32 Td (652) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 194.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 194.32 Td (650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 194.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 194.32 Td (157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 180.32 Td (Foreign income before tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 180.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 180.32 Td (299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 180.32 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 180.32 Td (125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 166.32 Td (Income before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 166.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 166.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 166.32 Td (951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 166.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 166.32 Td (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 166.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 166.32 Td (282) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 299 0 obj <>] /Rotate 0 /Contents 300 0 R>> endobj 300 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (The provision \(benefit\) for income taxes from continuing operations is comprised of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 707.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 707.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 707.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 707.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 707.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 707.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 693.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 679.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 679.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 679.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 679.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 679.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 665.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 651.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 651.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 651.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 651.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 651.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 637.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 623.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 623.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 623.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 623.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 623.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 609.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 595.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 595.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 595.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 595.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 595.60 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 581.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 567.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 567.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 567.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 567.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 567.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 719.6 m 404 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 719.6 m 408 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 719.6 m 483 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 719.6 m 487 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 719.6 m 562 719.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 707.6 m 404 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 707.6 m 483 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 707.6 m 562 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 651.6 m 404 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 651.6 m 483 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 651.6 m 562 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 637.6 m 404 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 637.6 m 483 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 637.6 m 562 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 581.6 m 404 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 581.6 m 483 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 581.6 m 562 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 567.6 m 404 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 567.6 m 483 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 567.6 m 562 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 554.6 m 404 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 552.6 m 404 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 554.6 m 483 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 552.6 m 483 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 554.6 m 562 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 552.6 m 562 552.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 723.68 Td (Y) Tj ET Q q 0 0 0 rg BT 403.94 723.68 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 478.89 723.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.00 711.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 711.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 711.68 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 698.17 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 698.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 684.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 684.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 684.17 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 684.17 Td (201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 684.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 684.17 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 670.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 670.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 670.17 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 670.17 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 670.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 656.17 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 656.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 656.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 656.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 656.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 642.17 Td (T) Tj ET Q q 0 0 0 rg BT 94.26 642.17 Td (otal Current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.00 642.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 642.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 642.17 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 642.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 642.17 Td (276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 642.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 642.17 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 628.17 Td (Deferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 628.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 614.17 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 614.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 614.22 Td (\(35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 614.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 614.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 614.22 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 614.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 600.17 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 600.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 600.22 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 600.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 600.22 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 600.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 600.22 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 600.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 586.17 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 586.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 586.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 586.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 586.17 Td (1) Tj ET Q q 0 0 0 rg BT 553.15 586.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 572.17 Td (T) Tj ET Q q 0 0 0 rg BT 93.91 572.17 Td (otal Deferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 572.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 572.22 Td (\(33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 572.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 572.17 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 572.22 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 572.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 558.17 Td (T) Tj ET Q q 0 0 0 rg BT 57.91 558.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 558.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 558.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 558.17 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 558.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 558.17 Td (332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 558.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 558.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.10 Td (The following is a reconciliation of the statutory federal income tax rate to the ef) Tj ET Q q 0 0 0 rg BT 395.03 533.10 Td (fective tax rate from continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (operations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 486.60 285.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 486.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 486.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 486.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 486.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 486.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 458.60 285.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 458.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 458.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 458.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 458.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 458.60 72.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 419.60 285.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 419.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 419.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 419.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 391.60 285.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 391.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 391.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 391.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 363.60 285.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 363.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 363.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 363.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 363.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 363.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 335.60 285.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 335.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 335.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 335.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 335.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 335.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 307.60 285.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 307.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 307.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 307.60 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 307.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 307.60 72.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 498.6 m 407 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 498.6 m 411 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 498.6 m 483 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 498.6 m 487 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 498.6 m 559 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 486.6 m 407 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 486.6 m 483 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 486.6 m 559 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 486.6 m 407 486.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 307.6 m 407 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 307.6 m 483 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 307.6 m 559 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 294.6 m 407 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 292.6 m 407 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 294.6 m 483 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 292.6 m 483 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 294.6 m 559 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 292.6 m 559 292.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 400.55 502.68 Td (Y) Tj ET Q q 0 0 0 rg BT 405.44 502.68 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 480.39 502.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.50 490.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 490.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 490.68 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 477.17 Td (Statutory U.S. federal income tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.00 477.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 477.17 Td (21.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 477.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 477.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 477.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 477.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 477.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 463.17 Td (State income taxesnet of federal tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 463.17 Td (. . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 463.17 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 463.17 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 463.17 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 449.17 Td (Impact of foreign operations \(excluding unconsolidated hospitality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 439.17 Td (ventures losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.00 439.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 438.32 Td (\(5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 438.32 Td (\(5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 438.32 Td (\(7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 424.17 Td (U.S. foreign tax credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.00 424.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 424.22 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 424.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 424.17 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 424.22 Td (\(2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 424.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 410.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 410.17 Td (ax ) Tj ET Q q 0 0 0 rg BT 69.57 410.17 Td (Act deferred rate change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.00 410.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 410.22 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 410.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 410.17 Td (6.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 410.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 396.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 396.17 Td (ax ) Tj ET Q q 0 0 0 rg BT 69.57 396.17 Td (Act deemed repatriation tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.00 396.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 396.17 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 396.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 396.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 382.17 Td (Change in valuation allowances) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.00 382.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 382.17 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 382.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 382.17 Td (3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 368.17 Td (Foreign unconsolidated hospitality ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.00 368.17 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 368.17 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 368.17 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 368.17 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 354.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 354.17 Td (ax contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.00 354.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 354.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 354.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 354.22 Td (\(5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 354.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.17 Td (Equity based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.00 340.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 340.17 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 340.17 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.65 340.17 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 326.17 Td (General business credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.00 326.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 326.22 Td (\(0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 326.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 326.22 Td (\(0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 326.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 326.22 Td (\(0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 326.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 312.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.00 312.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 312.22 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 312.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 312.17 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 312.22 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 312.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 298.17 Td (Ef) Tj ET Q q 0 0 0 rg BT 79.76 298.17 Td (fective income tax rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.00 298.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 298.17 Td (19.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 298.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 298.17 Td (45.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 298.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 298.17 Td (27.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 298.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 270.10 Td (During the year ended December 31, 2018, we completed our accounting for the 2017 ) Tj ET Q q 0 0 0 rg BT 418.92 270.10 Td (T) Tj ET Q q 0 0 0 rg BT 424.33 270.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 435.72 270.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 454.61 270.10 Td (As such, we finalized our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (measurement period adjustments in relation to SAB 1) Tj ET Q q 0 0 0 rg BT 263.81 258.10 Td (18 and recognized measurement period adjustments related to our net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (deferred tax revaluation, deemed repatriation tax, and valuation allowance on certain foreign tax credits. ) Tj ET Q q 0 0 0 rg BT 468.86 246.10 Td (W) Tj ET Q q 0 0 0 rg BT 477.49 246.10 Td (e have not changed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (our indefinite reinvestment assertion, and we have elected to account for the impact of global intangible low tax income based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (on the period cost method. ) Tj ET Q q 0 0 0 rg BT 158.19 222.10 Td (While we consider our accounting for the 2017 ) Tj ET Q q 0 0 0 rg BT 349.06 222.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.47 222.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 365.85 222.10 Td (Act to be complete, we continue to evaluate new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (guidance and legislation as it is issued. Below is a summary of our final measurement period adjustments as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (2018:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 174.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 174.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 174.10 Td (e recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.38 174.10 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.77 174.10 Td ( decrease to our provisional expense related to our net deferred tax revaluation. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 162.10 Td (year ended December 31, 2017, we recognized a provisional expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.66 162.10 Td ($45 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.05 162.10 Td (; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 150.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 150.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 150.10 Td (e recognized an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.87 150.10 Td ($2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.26 150.10 Td ( of provisional deemed repatriation tax expense, including state tax impacts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 138.10 Td (During the year ended December 31, 2017, we recognized a provisional expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.21 138.10 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 138.10 Td (; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 126.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 126.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 126.10 Td (e recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.38 126.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.77 126.10 Td ( decrease to our provisional valuation allowance related to foreign tax credits that are now ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 114.10 Td (expected to be utilized in the future based on proposed ) Tj ET Q q 0 0 0 rg BT 306.36 114.10 Td (T) Tj ET Q q 0 0 0 rg BT 312.12 114.10 Td (reasury regulations issued on November 28, 2018. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 102.10 Td (year ended December 31, 2017, we recognized a provisional valuation allowance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.70 102.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.09 102.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 78.10 Td (Significant items af) Tj ET Q q 0 0 0 rg BT 150.13 78.10 Td (fecting the 2018 ef) Tj ET Q q 0 0 0 rg BT 225.20 78.10 Td (fective tax rate include the decrease in the U.S. corporate income tax rate from 35% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (to 21% as part of the 2017 ) Tj ET Q q 0 0 0 rg BT 157.35 66.10 Td (T) Tj ET Q q 0 0 0 rg BT 162.76 66.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 174.15 66.10 Td (Act, the low ef) Tj ET Q q 0 0 0 rg BT 233.39 66.10 Td (fective tax rate on the HRMC transaction, and the release of a valuation ) Tj ET Q endstream endobj 301 0 obj <>] /Rotate 0 /Contents 302 0 R>> endobj 302 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (allowance on foreign tax credits expected to be utilized within the allowed carryforward period. ) Tj ET Q q 0 0 0 rg BT 435.00 742.10 Td (These benefits are partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 730.10 Td (fset by the impact of certain foreign net operating losses generated that are not expected to be utilized in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 706.10 Td (Significant items af) Tj ET Q q 0 0 0 rg BT 150.13 706.10 Td (fecting the 2017 ef) Tj ET Q q 0 0 0 rg BT 225.20 706.10 Td (fective tax rate include a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.98 706.10 Td ($45 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.37 706.10 Td ( expense related to reducing our net deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (tax assets to the lower U.S. corporate income tax rate. ) Tj ET Q q 0 0 0 rg BT 266.93 694.10 Td (Additional items that impacted the 2017 ef) Tj ET Q q 0 0 0 rg BT 437.82 694.10 Td (fective tax rate include certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (foreign net operating losses generated that are not expected to be utilized in the future. ) Tj ET Q q 0 0 0 rg BT 397.52 682.10 Td (These losses were partially of) Tj ET Q q 0 0 0 rg BT 516.19 682.10 Td (fset by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (benefit related to the rate dif) Tj ET Q q 0 0 0 rg BT 162.87 670.10 Td (ferential of foreign operations and the recognition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.57 670.10 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.97 670.10 Td ( of foreign tax credits generated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (distributions from certain foreign subsidiaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 634.10 Td (Significant items af) Tj ET Q q 0 0 0 rg BT 150.13 634.10 Td (fecting the 2016 ef) Tj ET Q q 0 0 0 rg BT 225.20 634.10 Td (fective tax rate include benefits related to the rate dif) Tj ET Q q 0 0 0 rg BT 436.31 634.10 Td (ferential of foreign operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (foreign tax credit benefits associated with the Playa foreign unconsolidated hospitality venture, and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.32 622.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.71 622.10 Td ( benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (\(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.10 610.10 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 610.10 Td ( of interest and penalties\) primarily related to the reversal of uncertain tax positions for certain foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (filing positions. ) Tj ET Q q 0 0 0 rg BT 114.60 598.10 Td (These benefits are partially of) Tj ET Q q 0 0 0 rg BT 233.81 598.10 Td (fset by the impact of certain foreign net operating losses generated that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (expected to be utilized in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 565.10 Td (The components of the net deferred tax assets and deferred tax liabilities are comprised of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 540.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 540.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 540.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 540.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 512.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 512.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 512.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 512.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 484.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 484.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 484.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 484.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 456.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 456.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 456.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 456.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 428.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 428.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 428.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 428.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 400.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 400.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 400.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 400.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 372.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 372.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 372.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 372.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 344.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 344.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 344.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 344.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 316.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 316.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 316.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 316.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 288.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 288.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 288.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 288.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 260.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 260.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 260.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 260.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 232.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 232.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 232.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 232.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 540.6 m 483 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 540.6 m 562 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 400.6 m 483 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 400.6 m 562 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 386.6 m 483 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 386.6 m 562 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 288.6 m 483 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 288.6 m 562 288.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 274.6 m 483 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 274.6 m 562 274.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 261.6 m 483 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 259.6 m 483 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 261.6 m 562 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 259.6 m 562 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 218.60000000000002 m 483 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 218.60000000000002 m 562 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 218.60000000000002 m 483 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 205.60000000000002 m 483 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 203.60000000000002 m 483 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 218.60000000000002 m 562 218.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 205.60000000000002 m 562 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 203.60000000000002 m 562 203.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.75 544.83 Td (December) Tj ET Q q 0 0 0 rg BT 447.32 544.83 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.75 544.83 Td (December) Tj ET Q q 0 0 0 rg BT 526.25 544.83 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 531.17 Td (Deferred tax assets related to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.00 531.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 517.17 Td (Employee benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 517.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 517.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 517.17 Td (133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 517.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 517.17 Td (128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 503.17 Td (Foreign and state net operating losses and credit carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.00 503.17 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 503.17 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 503.17 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 489.17 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 489.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 489.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 489.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 475.17 Td (Allowance for uncollectible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.00 475.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 475.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 475.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 461.17 Td (Loyalty program) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 461.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 461.17 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 461.17 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 447.17 Td (Interest and state benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 447.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 447.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 447.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 433.17 Td (Unrealized losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 433.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 433.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 433.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 419.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 419.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 419.17 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 419.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 405.17 Td (V) Tj ET Q q 0 0 0 rg BT 77.17 405.17 Td (aluation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 405.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 405.22 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 405.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 405.22 Td (\(51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 405.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 391.17 Td (T) Tj ET Q q 0 0 0 rg BT 94.26 391.17 Td (otal deferred tax asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.00 391.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 391.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 391.17 Td (363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 391.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 391.17 Td (341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 377.17 Td (Deferred tax liabilities related to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.00 377.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 363.17 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.00 363.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 363.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 363.22 Td (\(131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 363.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 363.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 363.22 Td (\(157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 363.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 349.17 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 349.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 349.22 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 349.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 349.22 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 349.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 335.17 Td (Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.00 335.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 335.22 Td (\(49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 335.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 335.22 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 335.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 321.17 Td (Unrealized gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 321.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 321.22 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 321.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 321.22 Td (\(35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 321.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 307.17 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.00 307.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 307.22 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 307.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 307.22 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 307.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 293.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 293.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 293.22 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 293.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 293.22 Td (\(1) Tj ET Q q 0 0 0 rg BT 553.13 293.22 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 293.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 279.17 Td (T) Tj ET Q q 0 0 0 rg BT 94.26 279.17 Td (otal deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 279.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 279.22 Td (\(237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 279.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 279.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 279.22 Td (\(262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 279.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 265.17 Td (Net deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 265.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 265.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 265.17 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 265.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 265.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 251.17 Td (Recognized in the balance sheet as:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.00 251.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 237.17 Td (Deferred tax assetsnoncurrent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.00 237.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 237.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 237.17 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 237.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 237.17 Td (141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 223.17 Td (Deferred tax liabilitiesnoncurrent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.00 223.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 223.22 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 223.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 223.22 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 223.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 209.17 Td (T) Tj ET Q q 0 0 0 rg BT 93.91 209.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 209.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 209.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 209.17 Td (126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 209.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 209.17 Td (79) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 184.10 Td (During the year ended December 31, 2018, significant changes to our deferred tax balances include a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.06 184.10 Td ($26 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 184.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (decrease in the property and equipment deferred tax liability as a result of the HRMC transaction and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 172.10 Td ($17 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.19 172.10 Td ( increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (the intangible deferred tax liability primarily related to book basis in excess of tax basis as a result of intangible assets acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (in the ) Tj ET Q q 0 0 0 rg BT 74.31 148.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.72 148.10 Td (wo Roads acquisition \(see Note 7\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 127.10 Td (As of December 31, 2018, we have accumulated undistributed earnings generated by our foreign subsidiaries of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 115.10 Td ($538 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.15 115.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.92 115.10 Td ($332 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.31 115.10 Td ( have previously been taxed in the U.S. primarily due to the one-time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (transition tax on foreign earnings required by the 2017 ) Tj ET Q q 0 0 0 rg BT 270.10 103.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.51 103.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 286.89 103.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 305.78 103.10 Td (Any additional taxes due with respect to such earnings or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td (excess of book basis over tax basis of our foreign investments would generally be limited to foreign withholding and U.S. state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (income taxes.) Tj ET Q q 0 0 0 rg BT 106.80 79.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.44 79.10 Td (e continue to assert that undistributed net earnings with respect to certain foreign subsidiaries that have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (previously been taxed in the U.S. are indefinitely reinvested.) Tj ET Q endstream endobj 303 0 obj <>] /Rotate 0 /Contents 304 0 R>> endobj 304 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (At December 31, 2018, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.62 742.10 Td ($44 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.01 742.10 Td ( of deferred tax assets for future tax benefits related to foreign and state net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (operating losses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.09 730.10 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.49 730.10 Td ( of benefits related to federal and state credits. Of these deferred tax assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.58 730.10 Td ($33 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.97 730.10 Td ( relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (to net operating losses and federal and state credits that expire in 2019 through 2038. However) Tj ET Q q 0 0 0 rg BT 427.88 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.88 718.10 Td ($24 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.27 718.10 Td ( primarily relate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (foreign net operating losses that have no expiration date and may be carried forward indefinitely) Tj ET Q q 0 0 0 rg BT 434.27 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.71 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 445.38 706.10 Td ( valuation allowance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.46 706.10 Td ($41 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 694.10 Td ( is recorded for certain deferred tax assets related to net operating losses and credits that we do not believe are more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (likely than not to be realized. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 661.10 Td (At December 31, 2018 and December 31, 2017, total unrecognized tax benefits were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.54 661.10 Td ($1) Tj ET Q q 0 0 0 rg BT 423.17 661.10 Td (16 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.56 661.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 661.10 Td ($94 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.39 661.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 649.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 649.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.93 649.10 Td ($15 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.32 649.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.76 649.10 Td ($33 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 649.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 304.81 649.10 Td (, would impact the ef) Tj ET Q q 0 0 0 rg BT 389.33 649.10 Td (fective tax rate if recognized. It is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 637.10 Td (reasonably possible that a reduction of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.90 637.10 Td ($7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.29 637.10 Td ( of unrecognized tax benefits could occur within 12 months resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 625.10 Td (from the expiration of certain tax statutes of limitations and tax settlements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 604.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.67 604.10 Td ( reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:) Tj ET Q 1 1 1 rg /GS0 gs 484.00 593.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 581.60 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 581.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 581.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 581.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 553.60 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 553.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 553.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 553.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 525.60 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 525.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 525.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 497.60 359.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 497.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 497.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 581.6 m 484 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 581.6 m 563 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 581.6 m 484 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 581.6 m 563 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 497.6 m 484 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 497.6 m 563 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 484.6 m 484 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 482.6 m 484 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 484.6 m 563 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 482.6 m 563 482.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 585.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 585.68 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 572.17 Td (Unrecognized tax benefitsbeginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 572.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 572.17 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 572.17 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 558.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 558.17 Td (otal increasescurrent-period tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 558.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 558.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 558.17 Td (1) Tj ET Q q 0 0 0 rg BT 554.15 558.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 544.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.26 544.17 Td (otal increases \(decreases\)prior) Tj ET Q q 0 0 0 rg BT 188.85 544.17 Td (-period tax positions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 544.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 544.17 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 544.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 544.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 530.17 Td (Settlements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.00 530.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 530.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 530.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 530.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 516.17 Td (Lapse of statute of limitations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.00 516.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 516.22 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 516.22 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 516.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.17 Td (Foreign currency fluctuation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 502.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.80 502.22 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 502.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 488.17 Td (Unrecognized tax benefitsending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.00 488.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.50 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 488.17 Td (1) Tj ET Q q 0 0 0 rg BT 470.15 488.17 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 488.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 488.17 Td (94) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 463.10 Td (In 2018, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.55 463.10 Td ($22 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.94 463.10 Td ( net increase in uncertain tax positions is primarily related to an accrual for the U.S. treatment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (the loyalty program. ) Tj ET Q q 0 0 0 rg BT 133.19 451.10 Td (The increase in prior period tax positions relates to local tax filing positions identified as a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 439.10 Td (wo Roads acquisition \(see Note 7\) and a state tax accrual related to filing positions taken on the 2017 state tax returns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 418.10 Td (In 2017, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.55 418.10 Td ($8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.94 418.10 Td ( net increase in uncertain tax positions is primarily related to an accrual for the U.S. tax treatment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (of the loyalty program. ) Tj ET Q q 0 0 0 rg BT 144.02 406.10 Td (The lapse of statute of limitations is due to various foreign tax filing positions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 385.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 385.10 Td (e recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 373.10 Td (otal gross accrued interest and penalties were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.45 373.10 Td ($18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.84 373.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.28 373.10 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.67 373.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.88 373.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.47 373.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.91 373.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.49 373.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 361.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 340.10 Td (The amount of interest and penalties recognized as a component of income tax expense in 2018 was insignificant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (comprised primarily of a benefit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.23 328.10 Td ($2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.62 328.10 Td ( resulting from the release of interest and penalties related to certain foreign tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (positions, of) Tj ET Q q 0 0 0 rg BT 98.77 316.10 Td (fset by expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.74 316.10 Td ($2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.13 316.10 Td ( on federal, state, and foreign tax matters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 295.10 Td (The amount of interest and penalties recognized as a component of income tax expense in 2017 was insignificant and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (comprised primarily of a benefit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.23 283.10 Td ($3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.62 283.10 Td ( resulting from the release of interest and penalties related to certain foreign tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (positions and an additional interest and penalty accrual of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.48 271.10 Td ($2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.88 271.10 Td ( on federal, state, and foreign tax matters.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 250.10 Td (e are subject to audits by federal, state, and foreign tax authorities. ) Tj ET Q q 0 0 0 rg BT 348.42 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 357.05 250.10 Td (e are currently not under exam by the IRS. ) Tj ET Q q 0 0 0 rg BT 529.22 250.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (discussed in more detail below) Tj ET Q q 0 0 0 rg BT 172.16 238.10 Td (, U.S. tax years 2009 through 201) Tj ET Q q 0 0 0 rg BT 306.49 238.10 Td (1 are before the U.S. ) Tj ET Q q 0 0 0 rg BT 391.56 238.10 Td (T) Tj ET Q q 0 0 0 rg BT 396.97 238.10 Td (ax Court and tax years 2012 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (2014 are at the IRS appeals level. ) Tj ET Q q 0 0 0 rg BT 188.07 226.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 237.97 226.10 Td (, we have a pending ) Tj ET Q q 0 0 0 rg BT 319.61 226.10 Td (Advanced Pricing ) Tj ET Q q 0 0 0 rg BT 393.48 226.10 Td (Agreement request with the U.S. related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (to tax years 2012 and forward. During the first quarter of 2017, the IRS issued a "Notice of Deficiency" for our 2009 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.13 202.10 Td (1 tax years. ) Tj ET Q q 0 0 0 rg BT 112.26 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 120.90 202.10 Td (e disagree with the IRS' assessment related to the inclusion of loyalty program contributions as taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (income to the Company) Tj ET Q q 0 0 0 rg BT 144.67 190.10 Td (. In the second quarter of 2017, we filed a petition with the U.S. ) Tj ET Q q 0 0 0 rg BT 402.20 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 407.61 190.10 Td (ax Court for redetermination of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (tax liability asserted by the IRS related to the loyalty program. During the year ended December 31, 2018, the IRS issued a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 86.43 166.10 Td (Agent's Report for the subsequent audit period covering tax years 2012 through 2014, which reflected the carryover ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 154.10 Td (fect of the loyalty program issue currently before the U.S. ) Tj ET Q q 0 0 0 rg BT 290.72 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 296.13 154.10 Td (ax Court. ) Tj ET Q q 0 0 0 rg BT 335.67 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 344.30 154.10 Td (e filed a formal protest with the IRS in October of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (2018. If the IRS' position is upheld, it would result in an income tax payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.26 142.10 Td ($179 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 142.10 Td ( \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 142.10 Td ($35 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.14 142.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (estimated interest, net of federal tax benefit\) for all assessed years that would be partially of) Tj ET Q q 0 0 0 rg BT 416.40 130.10 Td (fset by a deferred tax asset. ) Tj ET Q q 0 0 0 rg BT 527.19 130.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (future tax benefits will be recognized at the reduced U.S. corporate income tax rate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.86 118.10 Td ($61 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.25 118.10 Td ( of the payment and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (interest would have an impact on the ef) Tj ET Q q 0 0 0 rg BT 206.77 106.10 Td (fective tax rate, if recognized. ) Tj ET Q q 0 0 0 rg BT 328.46 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 337.10 106.10 Td (e believe we have an adequate uncertain tax liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (recorded in connection with this matter) Tj ET Q q 0 0 0 rg BT 205.84 94.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 73.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 73.10 Td (e have several state audits pending, specifically in Illinois and Florida. State income tax returns are generally subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.10 Td (examination for a period of three to five years after filing of the return. However) Tj ET Q q 0 0 0 rg BT 371.47 61.10 Td (, the state impact of any federal changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.10 Td (remains subject to examination by various states for a period generally up to one year after formal notification to the states of ) Tj ET Q endstream endobj 305 0 obj <>] /Rotate 0 /Contents 306 0 R>> endobj 306 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (the federal changes. ) Tj ET Q q 0 0 0 rg BT 131.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.13 742.10 Td (e also have several foreign audits pending. ) Tj ET Q q 0 0 0 rg BT 312.67 742.10 Td (The statutes of limitations for the foreign jurisdictions ranges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (from three to ten years after filing the applicable tax return.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 709.10 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 709.10 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 154.45 709.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 688.10 Td (In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (agreements, which are discussed below:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 655.10 Td (Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.54 655.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.04 655.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.63 655.10 Td (, we are committed, under certain conditions, to lend or invest up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.89 655.10 Td ($419 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 643.10 Td (, net of any related letters of credit, in various business ventures, including a commitment to purchase land and a to-be-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (constructed hotel located in Portland, Oregon from the developer for a remaining purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.45 631.10 Td ($136 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.84 631.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (upon substantial completion of construction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 598.10 Td (Performance Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.46 598.10 Td (Certain of our contractual agreements with third-party owners require us to guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (payments to the owners if specified levels of operating profit are not achieved by their hotels \(see Note 2\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 565.10 Td (Our most significant performance guarantee relates to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.97 565.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.63 565.10 Td ( managed hotels in France that we began managing in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (second quarter of 2013 \("the four managed hotels in France"\), which has a term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.94 553.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.71 553.10 Td ( years, and approximately one and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (one-half years remaining. ) Tj ET Q q 0 0 0 rg BT 154.78 541.10 Td (This guarantee has a maximum cap, but does not have an annual cap. ) Tj ET Q q 0 0 0 rg BT 433.67 541.10 Td (The remaining maximum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (exposure related to our performance guarantees at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.40 529.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.99 529.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.54 529.10 Td ($257 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.93 529.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.70 529.10 Td (180 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.09 529.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.92 529.10 Td ($206 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.31 529.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (using exchange rates at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 517.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.10 517.10 Td (\) related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.63 517.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.29 517.10 Td ( managed hotels in France.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 496.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 496.10 Td (e had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.51 496.10 Td ($47 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.91 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.34 496.10 Td ($71 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.74 496.10 Td ( of total net performance guarantee liabilities at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.88 496.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.46 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 484.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 181.25 484.10 Td (, which included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.12 484.10 Td ($25 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.51 484.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.95 484.10 Td ($45 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.34 484.10 Td ( recorded in other long-term liabilities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.23 484.10 Td ($22 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 472.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 472.10 Td ($26 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.72 472.10 Td ( in accrued expenses and other current liabilities on our consolidated balance sheets, respectively) Tj ET Q q 0 0 0 rg BT 531.70 472.10 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 425.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 425.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 425.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 425.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 425.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 425.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 425.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 395.60 248.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 395.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 395.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 395.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 395.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 395.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 395.60 40.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 355.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 355.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 355.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 355.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 355.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 355.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 355.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 325.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 325.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 325.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 325.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 325.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 325.60 40.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 440.6 m 342.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 440.6 m 346.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 440.6 m 386.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 440.6 m 430.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 440.6 m 434.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 440.6 m 474.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 440.6 m 518.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 440.6 m 522.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 440.6 m 562.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 425.6 m 342.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 425.6 m 386.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 425.6 m 430.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 425.6 m 474.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 425.6 m 518.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 425.6 m 562.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 425.6 m 342.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 325.6 m 342.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 311.6 m 342.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 309.6 m 342.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 325.6 m 386.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 311.6 m 386.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 309.6 m 386.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 325.6 m 430.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 311.6 m 430.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 309.6 m 430.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 325.6 m 474.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 311.6 m 474.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 309.6 m 474.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 325.6 m 518.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 311.6 m 518.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 309.6 m 518.5 309.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 325.6 m 562.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 311.6 m 562.5 311.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 309.6 m 562.5 309.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.50 452.83 Td (The four) Tj ET Q q 0 0 0 rg BT 342.43 452.83 Td ( managed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.65 444.83 Td (hotels in France) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.85 452.83 Td (Other) Tj ET Q q 0 0 0 rg BT 419.22 452.83 Td ( performance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.30 444.83 Td (guarantees) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.85 452.83 Td (All performance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.30 444.83 Td (guarantees) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.00 429.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.00 429.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.00 429.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 429.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.00 429.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.00 429.83 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.27 Td (Beginning balance, January 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.50 415.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 415.27 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 415.27 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 415.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 415.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 415.27 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 415.27 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.27 Td (Initial guarantee obligation liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 400.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 400.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 400.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 400.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 400.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 400.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 400.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.27 Td (Amortization of initial guarantee obligation liability into) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.27 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 375.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 375.32 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 375.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.30 375.32 Td (\(15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 375.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.30 375.32 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 375.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 375.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 375.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.30 375.32 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 375.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 375.32 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 375.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.27 Td (Performance guarantee expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.50 360.17 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 360.27 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 360.27 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 360.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 360.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 360.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 360.27 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.27 Td (Net payments during the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.50 345.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 345.32 Td (\(62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 345.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.30 345.32 Td (\(78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 345.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.30 345.32 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 345.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 345.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.30 345.32 Td (\(65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 345.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 345.32 Td (\(78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 345.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.27 Td (Foreign currency exchange, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.50 330.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 330.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 330.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 330.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 315.27 Td (Ending balance, December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 315.17 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 315.27 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 315.27 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 315.27 Td (1) Tj ET Q q 0 0 0 rg BT 421.65 315.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 315.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.65 315.27 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.00 315.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 315.27 Td (71) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 290.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 290.10 Td (, we enter into certain management contracts where we have the right, but not an obligation, to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (shortfall, the hotel owner has the option to terminate the management contract. ) Tj ET Q q 0 0 0 rg BT 367.12 266.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.62 266.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.21 266.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 266.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.23 266.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.41 254.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.41 254.10 Td ( amounts recorded on our consolidated balance sheets related to these performance test clauses.) Tj ET Q endstream endobj 307 0 obj <>] /Rotate 0 /Contents 308 0 R>> endobj 308 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (Debt Repayment and Other) Tj ET Q q 0 0 0 rg BT 192.42 742.25 Td ( Guarantees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.36 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 263.00 742.25 Td (e enter into various debt repayment and other guarantees in order to assist ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (property owners in obtaining third-party financing or to obtain more favorable borrowing terms. Included within debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (repayment and other guarantees are the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 659.75 170.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 659.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 659.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 659.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 659.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 659.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 659.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 659.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 659.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 659.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 659.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 619.75 170.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 619.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 619.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 619.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 619.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 619.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 619.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 619.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 619.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 619.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 619.75 66.00 -25.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 594.75 170.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.75 170.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 569.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 569.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 569.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 569.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 569.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 569.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 569.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 569.75 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 569.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 569.75 66.00 -25.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 544.75 170.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 519.75 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 519.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 519.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 519.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 519.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 519.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 519.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 519.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 519.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 519.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 519.75 66.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 504.75 170.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 479.75 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 479.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 479.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.50 479.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 479.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 479.75 66.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 659.75 m 220.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 659.75 m 286.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 659.75 m 352.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 659.75 m 418.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 659.75 m 484.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 659.75 m 554.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 659.75 m 220.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 659.75 m 286.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 659.75 m 352.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 659.75 m 418.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 659.75 m 484.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 659.75 m 554.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 479.75 m 286.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 465.75 m 286.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 463.75 m 286.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 479.75 m 352.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 465.75 m 352.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 463.75 m 352.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 479.75 m 418.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 465.75 m 418.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 463.75 m 418.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 479.75 m 484.5 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 465.75 m 484.5 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 463.75 m 484.5 463.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 663.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 61.29 663.98 Td (operty description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.20 679.98 Td (Maximum) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 228.25 671.98 Td (potential futur) Tj ET Q q 0 0 0 rg BT 278.18 671.98 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.55 663.98 Td (payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.20 695.98 Td (Maximum) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.05 687.98 Td (exposur) Tj ET Q q 0 0 0 rg BT 322.09 687.98 Td (e net of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.30 679.98 Td (r) Tj ET Q q 0 0 0 rg BT 300.78 679.98 Td (ecoverability) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.95 671.98 Td (fr) Tj ET Q q 0 0 0 rg BT 309.09 671.98 Td (om third) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.20 663.98 Td (parties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.15 695.98 Td (Other) Tj ET Q q 0 0 0 rg BT 387.52 695.98 Td ( long-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.20 687.98 Td (term liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.40 679.98 Td (r) Tj ET Q q 0 0 0 rg BT 370.88 679.98 Td (ecorded at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.75 671.98 Td (December) Tj ET Q q 0 0 0 rg BT 398.32 671.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.00 663.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 695.98 Td (Other) Tj ET Q q 0 0 0 rg BT 453.52 695.98 Td ( long-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.20 687.98 Td (term liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.40 679.98 Td (r) Tj ET Q q 0 0 0 rg BT 436.88 679.98 Td (ecorded at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.75 671.98 Td (December) Tj ET Q q 0 0 0 rg BT 464.32 671.98 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.00 663.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.70 679.98 Td (Y) Tj ET Q q 0 0 0 rg BT 513.59 679.98 Td (ear) Tj ET Q q 0 0 0 rg BT 524.55 679.98 Td ( of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.85 671.98 Td (guarantee) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.40 663.98 Td (expiration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.42 Td (Hotel property in ) Tj ET Q q 0 0 0 rg BT 124.19 649.42 Td (W) Tj ET Q q 0 0 0 rg BT 132.83 649.42 Td (ashington State) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 194.21 653.95 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.84 649.42 Td (\(1\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 639.42 Td (\(3\), \(4\), \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.50 639.32 Td (. . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 639.42 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 639.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 639.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 639.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 639.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 639.42 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 624.42 Td (Hotel properties in India \(2\), \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 624.42 Td (172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 624.42 Td (172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 624.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 624.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 624.42 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 609.42 Td (Hotel and residential properties in Brazil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.42 Td (\(1\), \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 599.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 599.42 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 599.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 599.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 599.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 609.42 Td (various,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 599.42 Td (through 2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.42 Td (Hotel property in Massachusetts \(1\), \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.50 574.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 574.42 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 574.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 574.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 574.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 584.42 Td (various,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 574.42 Td (through 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.42 Td (Hotel property in Oregon \(1\), \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 549.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 549.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 549.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 549.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 549.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 559.42 Td (various,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 549.42 Td (through 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.42 Td (Hotel properties in California \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 524.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 524.42 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 524.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 524.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 524.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 534.42 Td (various,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 524.42 Td (through 2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 509.42 Td (Hotel property in ) Tj ET Q q 0 0 0 rg BT 124.10 509.42 Td (Arizona \(1\), \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.50 509.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 509.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 509.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 509.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 509.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.00 509.42 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 484.42 Td (Other \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 484.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.65 484.42 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 484.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 484.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 484.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 494.42 Td (various,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 484.42 Td (through 2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 469.42 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 469.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 469.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.65 469.42 Td (717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 469.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 469.42 Td (267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 469.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 469.42 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 469.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 469.42 Td (59) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 443.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.58 443.65 Td (W) Tj ET Q q 0 0 0 rg BT 70.36 443.65 Td (e have agreements with our unconsolidated hospitality venture partners, the respective hotel owners, or other third parties to recover ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 432.85 Td (certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 422.05 Td (receivable, or HTM debt security) Tj ET Q q 0 0 0 rg BT 182.62 422.05 Td (. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 411.25 Td (\(2\) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.61 411.25 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.34 411.25 Td (. ) Tj ET Q q 0 0 0 rg BT 490.67 411.25 Td (W) Tj ET Q q 0 0 0 rg BT 498.45 411.25 Td (e have the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 400.45 Td (contractual right to recover amounts funded from the unconsolidated hospitality venture, which is a related party) Tj ET Q q 0 0 0 rg BT 468.29 400.45 Td (. ) Tj ET Q q 0 0 0 rg BT 472.63 400.45 Td (W) Tj ET Q q 0 0 0 rg BT 480.40 400.45 Td (e expect our ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 389.65 Td (maximum exposure to be ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 156.98 389.65 Td ($86 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 198.73 389.65 Td (, taking into account our partner's ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.57 389.65 Td (50%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.07 389.65 Td ( ownership interest in the unconsolidated hospitality venture.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 378.85 Td (\(3\) Under certain events or conditions, we have the right to force the sale of the property\(ies\) in order to recover amounts funded. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 368.05 Td (\(4\) If certain funding thresholds are met or if certain events occur) Tj ET Q q 0 0 0 rg BT 285.29 368.05 Td (, we have the ability to assume control of the property) Tj ET Q q 0 0 0 rg BT 478.90 368.05 Td (. ) Tj ET Q q 0 0 0 rg BT 483.24 368.05 Td (W) Tj ET Q q 0 0 0 rg BT 491.37 368.05 Td (ith respect to ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 357.25 Td (properties in Brazil, this right only exists for the residential property) Tj ET Q q 0 0 0 rg BT 308.61 357.25 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 346.45 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 62.58 346.45 Td (W) Tj ET Q q 0 0 0 rg BT 70.36 346.45 Td (e are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 335.65 Td (date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. ) Tj ET Q q 0 0 0 rg BT 508.62 335.65 Td (Any ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 324.85 Td (additional funds paid by us are subject to partial recovery in the form of cash or HTM debt security) Tj ET Q q 0 0 0 rg BT 420.31 324.85 Td (. ) Tj ET Q q 0 0 0 rg BT 424.31 324.85 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.56 324.85 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.29 324.85 Td (, the maximum ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 314.05 Td (potential future payments and maximum exposure net of recoverability from third parties under the completion guarantees are ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.60 314.05 Td ($39 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 561.35 314.05 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 303.25 Td (and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 78.74 303.25 Td ($1 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 116.00 303.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 163.39 303.25 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 292.45 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 62.58 292.45 Td (W) Tj ET Q q 0 0 0 rg BT 70.36 292.45 Td (e are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 281.65 Td (date. In the event of default, we are obligated to complete construction and any additional funds paid by us are not recoverable. ) Tj ET Q q 0 0 0 rg BT 523.09 281.65 Td (At ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 270.85 Td (December31, 2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 134.23 270.85 Td (, the maximum potential future payments and maximum exposure net of recoverability from third parties under the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 260.05 Td (completion guarantee is ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 151.72 260.05 Td ($68 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 193.47 260.05 Td ( and ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.97 260.05 Td ($2 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.22 260.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.61 260.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 237.85 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 237.85 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.08 237.85 Td (,) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 167.58 237.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.33 237.85 Td (we are not aware of, nor have we received notification that property owners are not current on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.85 Td (their debt service obligations, where we have provided a debt repayment guarantee.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 204.85 Td (Guarantee Liabilities Fair) Tj ET Q q 0 0 0 rg BT 185.47 204.85 Td ( ) Tj ET Q q 0 0 0 rg BT 187.79 204.85 Td (V) Tj ET Q q 0 0 0 rg BT 194.10 204.85 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.88 204.85 Td (W) Tj ET Q q 0 0 0 rg BT 230.51 204.85 Td (e estimated the fair value of our guarantees to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 204.85 Td ($128 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.04 204.85 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.48 204.85 Td ($177 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.87 204.85 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.85 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 192.85 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 192.85 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.61 192.85 Td (, respectively) Tj ET Q q 0 0 0 rg BT 279.27 192.85 Td (. Based upon the lack of available market data, we have classified our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.85 Td (guarantees as Level ) Tj ET Q q 0 0 0 rg BT 131.17 180.85 Td (Three in the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 259.61 180.85 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 159.85 Td (Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.78 159.85 Td (W) Tj ET Q q 0 0 0 rg BT 135.42 159.85 Td (e obtain commercial insurance for potential losses for general liability) Tj ET Q q 0 0 0 rg BT 414.95 159.85 Td (, workers' compensation, automobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.85 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 147.85 Td (, employment practices, crime, property) Tj ET Q q 0 0 0 rg BT 239.47 147.85 Td (, cyber risk, and other miscellaneous coverages. ) Tj ET Q q 0 0 0 rg BT 432.74 147.85 Td (A) Tj ET Q q 0 0 0 rg BT 439.41 147.85 Td ( portion of the risk is retained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.85 Td (on a self-insurance basis primarily through U.S.-based and licensed captive insurance companies that are wholly owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.85 Td (subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.85 Td (actuarial projections of ultimate losses. Reserves for losses in our captive insurance companies to be paid within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.54 111.85 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.54 111.85 Td ( months are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.85 Td ($38 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.39 99.85 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 99.85 Td ($32 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.22 99.85 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.44 99.85 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.02 99.85 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.46 99.85 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.04 99.85 Td (, respectively) Tj ET Q q 0 0 0 rg BT 403.71 99.85 Td (, and are classified within accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.85 Td (expenses and other current liabilities on our consolidated balance sheets, while reserves for losses in our captive insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.85 Td (companies to be paid in future periods are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.50 75.85 Td ($78 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.89 75.85 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.33 75.85 Td ($69 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.72 75.85 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.94 75.85 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.52 75.85 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.96 75.85 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.54 75.85 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.85 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 63.85 Td (, and are included in other long-term liabilities on our consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 429.51 63.85 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.01 63.85 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.59 63.85 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.59 63.85 Td ($10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 51.85 Td ( of standby letters of credit were issued to provide collateral for the estimated claims, which are guaranteed by us. ) Tj ET Q endstream endobj 309 0 obj <>] /Rotate 0 /Contents 310 0 R>> endobj 310 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Collective Bargaining ) Tj ET Q q 0 0 0 rg BT 166.94 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 183.42 742.25 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.85 742.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.35 742.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.93 742.25 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.19 742.25 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.52 742.25 Td ( of our U.S.-based employees were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (covered by various collective bar) Tj ET Q q 0 0 0 rg BT 182.54 730.25 Td (gaining agreements, generally providing for basic pay rates, working hours, other conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (of employment, and orderly settlement of labor disputes. Certain employees are covered by union-sponsored, multi-employer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (pension and health plans pursuant to agreements between us and various unions. Generally) Tj ET Q q 0 0 0 rg BT 412.87 706.25 Td (, labor relations have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (maintained in a normal and satisfactory manner) Tj ET Q q 0 0 0 rg BT 240.09 694.25 Td (, and we believe our employee relations are good.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 673.25 Td (Sur) Tj ET Q q 0 0 0 rg BT 89.38 673.25 Td (ety Bonds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.33 673.25 Td (Surety bonds issued on our behalf were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.58 673.25 Td ($35million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.97 673.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.19 673.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.77 673.25 Td ( and primarily relate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (workers' compensation, taxes, licenses, and utilities related to our lodging operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 640.25 Td (Letters of Cr) Tj ET Q q 0 0 0 rg BT 129.35 640.25 Td (edit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.46 640.25 Td (Letters of credit outstanding on our behalf at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.51 640.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.09 640.25 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.52 640.25 Td ($277million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.91 640.25 Td (, which relate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (our ongoing operations, hotel properties under development in the U.S., including one unconsolidated hospitality venture, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (collateral for estimated insurance claims, and securitization of our performance under our debt repayment guarantees associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (with the hotel properties in India and the residential property in Brazil, which are only called upon if we default on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (guarantees. ) Tj ET Q q 0 0 0 rg BT 97.57 592.25 Td (The letters of credit outstanding do not reduce the available capacity under our revolving credit facility \(see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (Note) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 580.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.94 580.25 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 559.25 Td (Capital Expenditur) Tj ET Q q 0 0 0 rg BT 156.89 559.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.22 559.25 Td (As part of our ongoing business operations, significant expenditures are required to complete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (renovation projects that have been approved.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 526.25 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.55 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 118.18 526.25 Td (e act as general partner of various partnerships owning hotel properties that are subject to mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 106.47 514.25 Td (These mortgage agreements generally limit the lender's recourse to security interests in assets financed and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (other assets of the partnership\(s\) and/or the general partner\(s\) thereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 481.25 Td (In conjunction with financing obtained for our unconsolidated hospitality ventures, certain managed hotels, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.25 Td (properties, we may provide standard indemnifications to the lender for loss, liability) Tj ET Q q 0 0 0 rg BT 385.65 469.25 Td (, or damage occurring as a result of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 457.25 Td (actions or actions of the other unconsolidated hospitality venture partners, respective hotel owners, or other third parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 436.25 Td (As a result of certain dispositions, we have agreed to provide customary indemnifications to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.74 436.25 Td (third-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.95 436.25 Td (party purchasers for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (such as representations of valid title, authority) Tj ET Q q 0 0 0 rg BT 234.02 412.25 Td (, and environmental issues that may not be limited by a contractual monetary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 84.81 400.25 Td (These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (contract terms expire.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 367.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 367.25 Td (e are subject, from time to time, to various claims and contingencies related to lawsuits, taxes, and environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (matters, as well as commitments under contractual obligations. Many of these claims are covered under our current insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.25 Td (programs, subject to deductibles. ) Tj ET Q q 0 0 0 rg BT 183.86 343.25 Td (Although the ultimate liability for these matters cannot be determined at this point, based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (information currently available, we do not expect the ultimate resolution of such claims and litigation will have a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 319.25 Td (fect on our consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 298.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 298.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 298.25 Td (, we received a notice from the Indian tax authorities assessing additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (service tax on our operations in India. ) Tj ET Q q 0 0 0 rg BT 203.66 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 212.30 286.25 Td (e appealed this decision and do not believe a loss is probable, and therefore, we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (not recognized a liability in connection with this matter) Tj ET Q q 0 0 0 rg BT 271.05 274.25 Td (. ) Tj ET Q q 0 0 0 rg BT 275.50 274.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.95 274.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.53 274.25 Td (, our maximum exposure is not expected to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.25 262.25 Td ($18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.65 262.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 241.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 241.25 Td (ST) Tj ET Q q 0 0 0 rg BT 84.55 241.25 Td (OCKHOLDERS' EQUITY) Tj ET Q q 0 0 0 rg BT 200.59 241.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.54 241.25 Td (AND COMPREHENSIVE LOSS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 220.25 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.83 220.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.33 220.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.92 220.25 Td (, Pritzker family business interests beneficially owned, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 208.25 Td (96.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.09 208.25 Td ( of our Class B common stock and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.89 208.25 Td (0.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.72 208.25 Td ( of our Class ) Tj ET Q q 0 0 0 rg BT 410.50 208.25 Td (A) Tj ET Q q 0 0 0 rg BT 417.17 208.25 Td ( common stock, representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 196.25 Td (60.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.09 196.25 Td ( of the outstanding shares of our common stock and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.75 196.25 Td (91.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.58 196.25 Td ( of the total voting power of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (outstanding common stock. ) Tj ET Q q 0 0 0 rg BT 162.22 184.25 Td (As a result, consistent with the voting agreements contained in the ) Tj ET Q q 0 0 0 rg BT 429.38 184.25 Td (Amended and Restated Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (Hyatt ) Tj ET Q q 0 0 0 rg BT 74.17 172.25 Td (Agreement and ) Tj ET Q q 0 0 0 rg BT 137.48 172.25 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 0 rg BT 320.21 172.25 Td (Agreement, Pritzker family business interests are able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (exert a significant degree of influence or actual control over our management and af) Tj ET Q q 0 0 0 rg BT 386.05 160.25 Td (fairs and over matters requiring stockholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (approval, including the election of directors and other significant corporate transactions. ) Tj ET Q q 0 0 0 rg BT 404.98 148.25 Td (While the voting agreements are in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 136.25 Td (fect, they may provide our board of directors with ef) Tj ET Q q 0 0 0 rg BT 267.33 136.25 Td (fective control over matters requiring stockholder approval. Because of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (our dual class ownership structure, Pritzker family business interests will continue to exert a significant degree of influence or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (actual control over matters requiring stockholder approval, even if they own less than 50% of the outstanding shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (common stock. Pursuant to the ) Tj ET Q q 0 0 0 rg BT 175.55 100.25 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 0 rg BT 324.68 100.25 Td (Agreement and ) Tj ET Q q 0 0 0 rg BT 387.99 100.25 Td (Amended and Restated Foreign Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (Hyatt ) Tj ET Q q 0 0 0 rg BT 74.17 88.25 Td (Agreement, the Pritzker family business interests have agreed to certain voting agreements and to certain limitations with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (respect to the sale of shares of our common stock. In addition, other stockholders beneficially own, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 64.25 Td (3.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.09 64.25 Td ( of our outstanding Class B common stock representing approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.04 64.25 Td (2.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.87 64.25 Td ( of the outstanding shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (our common stock and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.13 52.25 Td (3.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.96 52.25 Td ( of the total voting power of our outstanding common stock. Pursuant to the 2007 ) Tj ET Q endstream endobj 311 0 obj <>] /Rotate 0 /Contents 312 0 R>> endobj 312 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Stockholders' ) Tj ET Q q 0 0 0 rg BT 105.97 742.10 Td (Agreement, these entities have also agreed to certain voting agreements and to certain limitations with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the sale of shares of our common stock. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 94.38 709.10 Td (e Repur) Tj ET Q q 0 0 0 rg BT 128.36 709.10 Td (chase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.69 709.10 Td (During 2018, 2017, and 2016, our board of directors authorized the repurchase of up to $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.71 709.10 Td (750 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 697.10 Td (, $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.89 697.10 Td (1,250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.78 697.10 Td (, and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.72 697.10 Td (500 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.11 697.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 268.77 697.10 Td (, of our common stock. ) Tj ET Q q 0 0 0 rg BT 363.86 697.10 Td (These repurchases may be made from time to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (accelerated share repurchase transaction, at prices we deem appropriate and subject to market conditions, applicable law) Tj ET Q q 0 0 0 rg BT 530.52 673.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (other factors deemed relevant in our sole discretion.) Tj ET Q q 0 0 0 rg BT 260.02 661.10 Td (The common stock repurchase program applies to our Class ) Tj ET Q q 0 0 0 rg BT 501.90 661.10 Td (A) Tj ET Q q 0 0 0 rg BT 508.57 661.10 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (stock and our Class B common stock. ) Tj ET Q q 0 0 0 rg BT 203.14 649.10 Td (The common stock repurchase program does not obligate us to repurchase any dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (amount or number of shares of common stock and the program may be suspended or discontinued at any time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.52 616.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.11 616.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.54 616.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.13 616.10 Td (, we entered into the following ) Tj ET Q q 0 0 0 rg BT 470.82 616.10 Td (ASR programs with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (third-party financial institutions to repurchase Class ) Tj ET Q q 0 0 0 rg BT 259.40 604.10 Td (A) Tj ET Q q 0 0 0 rg BT 266.07 604.10 Td ( shares:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.60 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 563.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 563.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 563.60 81.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 548.60 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 533.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 533.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 533.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 533.60 81.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 518.60 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 503.60 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 503.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 503.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 503.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 503.60 81.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 563.6 m 388.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 563.6 m 472.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 563.6 m 557.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 563.6 m 388.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 563.6 m 557.5 563.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.60 575.83 Td (T) Tj ET Q q 0 0 0 rg BT 309.57 575.83 Td (otal number) Tj ET Q q 0 0 0 rg BT 351.13 575.83 Td ( of shar) Tj ET Q q 0 0 0 rg BT 376.76 575.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.10 567.83 Td (r) Tj ET Q q 0 0 0 rg BT 320.58 567.83 Td (epur) Tj ET Q q 0 0 0 rg BT 336.43 567.83 Td (chased \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.10 575.83 Td (W) Tj ET Q q 0 0 0 rg BT 408.88 575.83 Td (eighted-average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.35 567.83 Td (price per) Tj ET Q q 0 0 0 rg BT 437.15 567.83 Td ( shar) Tj ET Q q 0 0 0 rg BT 454.12 567.83 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.60 567.83 Td (T) Tj ET Q q 0 0 0 rg BT 495.20 567.83 Td (otal cash paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td (March 2017 \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 553.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 553.27 Td (5,393,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 553.27 Td (55.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 553.27 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 Td (August 2017 \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.50 538.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 538.27 Td (1,666,484) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 538.27 Td (60.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 538.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 538.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.27 Td (November 2017 \(2\), \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.50 523.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 523.27 Td (1,397,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 523.27 Td (71.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 523.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 523.27 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.27 Td (May 2018 \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 508.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 508.27 Td (2,481,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 508.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 508.27 Td (80.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 508.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 508.27 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.27 Td (November 2018 \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.50 493.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 493.27 Td (2,575,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 493.27 Td (69.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 493.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 493.27 Td (180) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 467.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 62.58 467.50 Td (The delivery of shares resulted in a reduction in weighted-average common shares outstanding for basic and diluted earnings per share ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 456.70 Td (\(see Note ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 99.98 456.70 Td (20) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 108.98 456.70 Td (\).) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 445.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.58 445.90 Td (The March 2017 ) Tj ET Q q 0 0 0 rg BT 124.32 445.90 Td (ASR, the ) Tj ET Q q 0 0 0 rg BT 159.07 445.90 Td (August 2017 ) Tj ET Q q 0 0 0 rg BT 207.08 445.90 Td (ASR, and the November 2017 ) Tj ET Q q 0 0 0 rg BT 317.57 445.90 Td (ASR are collectively referred to as the "2017 ) Tj ET Q q 0 0 0 rg BT 481.18 445.90 Td (ASR ) Tj ET Q q 0 0 0 rg BT 500.44 445.90 Td (Agreements.") Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (\(3\) During the year ended ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 145.21 435.10 Td (December31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 215.94 435.10 Td (, we received an initial delivery of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.38 435.10 Td (1,152,904) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.38 435.10 Td ( repurchased shares at a weighted-average price ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 424.30 Td (per share of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 108.23 424.30 Td ($69.39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 132.98 424.30 Td (. ) Tj ET Q q 0 0 0 rg BT 136.98 424.30 Td (At December31, 2017, the remaining shares yet to be delivered totaled ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.89 424.30 Td ($20 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 437.65 424.30 Td (, which were accounted for as an ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 63.50 413.50 Td (equity-classified forward contract and were settled subsequent to December31, 2017 for ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.14 413.50 Td (244,260) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 414.39 413.50 Td ( shares. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 402.70 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 62.58 402.70 Td (The May 2018 ) Tj ET Q q 0 0 0 rg BT 117.32 402.70 Td (ASR and the November 2018 ) Tj ET Q q 0 0 0 rg BT 225.56 402.70 Td (ASR are collectively referred to as the "2018 ) Tj ET Q q 0 0 0 rg BT 389.18 402.70 Td (ASR ) Tj ET Q q 0 0 0 rg BT 408.44 402.70 Td (Agreements.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 381.70 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 381.70 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 381.70 Td (, we repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.18 381.70 Td (12,723,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.18 381.70 Td ( shares of common stock, including settlement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.70 Td (the 2018 ) Tj ET Q q 0 0 0 rg BT 86.67 369.70 Td (ASR ) Tj ET Q q 0 0 0 rg BT 108.07 369.70 Td (Agreements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.82 369.70 Td (244,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.32 369.70 Td ( shares representing the settlement of the November 2017 ) Tj ET Q q 0 0 0 rg BT 440.75 369.70 Td (ASR. ) Tj ET Q q 0 0 0 rg BT 465.02 369.70 Td (The shares of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.70 Td (stock were repurchased at a weighted-average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.88 357.70 Td ($75.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.38 357.70 Td ( per share for an aggregate purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.56 357.70 Td ($966 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.96 357.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.70 Td (excluding related insignificant expenses. ) Tj ET Q q 0 0 0 rg BT 215.04 345.70 Td (The aggregate purchase price includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.80 345.70 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.19 345.70 Td ( of shares delivered in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.70 Td (settlement of the November 2017 ) Tj ET Q q 0 0 0 rg BT 185.80 333.70 Td (ASR in 2018, for which payment was made during 2017. ) Tj ET Q q 0 0 0 rg BT 416.70 333.70 Td (The shares repurchased during 2018 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.70 Td (represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.84 321.70 Td (1) Tj ET Q q 0 0 0 rg BT 163.47 321.70 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.80 321.70 Td ( of our total shares of common stock outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.54 321.70 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.13 321.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 300.70 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 300.70 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 300.70 Td (, we repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.18 300.70 Td (12,186,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.18 300.70 Td ( shares of common stock, including shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.70 Td (repurchased pursuant to the 2017 ) Tj ET Q q 0 0 0 rg BT 184.69 288.70 Td (ASR ) Tj ET Q q 0 0 0 rg BT 206.09 288.70 Td (Agreements. ) Tj ET Q q 0 0 0 rg BT 259.22 288.70 Td (The shares of common stock were repurchased at a weighted-average price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 276.70 Td ($59.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 276.70 Td ( per share for an aggregate purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.51 276.70 Td ($723 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.90 276.70 Td (, excluding related insignificant expenses. ) Tj ET Q q 0 0 0 rg BT 489.95 276.70 Td (The shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.70 Td (repurchased during 2017 represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.76 264.70 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.09 264.70 Td ( of our total shares of common stock outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.83 264.70 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 252.70 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 231.70 Td (The shares of Class ) Tj ET Q q 0 0 0 rg BT 153.99 231.70 Td (A) Tj ET Q q 0 0 0 rg BT 160.66 231.70 Td ( common stock repurchased on the open market were retired and returned to the status of authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.70 Td (and unissued shares, while the shares of Class B common stock repurchased were retired and the total number of authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 207.70 Td (Class B shares was reduced by the number of shares retired during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.61 207.70 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.20 207.70 Td ( \(see Note 18\). ) Tj ET Q q 0 0 0 rg BT 519.01 207.70 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.70 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 195.70 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.68 195.70 Td ($668 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.07 195.70 Td ( remaining under the share repurchase authorization.) Tj ET Q endstream endobj 313 0 obj <>] /Rotate 0 /Contents 314 0 R>> endobj 314 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.25 Td (Accumulated Other) Tj ET Q q 0 0 0 rg BT 157.03 742.25 Td ( Compr) Tj ET Q q 0 0 0 rg BT 189.90 742.25 Td (ehensive Loss) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 678.75 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 678.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 678.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 678.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 678.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 678.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 678.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 678.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 648.75 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 648.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 648.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 648.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 648.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 527.75 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 527.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 527.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 527.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 527.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 512.75 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.75 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 497.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 497.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 497.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 497.75 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 482.75 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.75 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 467.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 467.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 467.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 467.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 678.75 m 337.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 678.75 m 412.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 678.75 m 486.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 678.75 m 562.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 678.75 m 412.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 633.75 m 337.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 619.75 m 337.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 617.75 m 337.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 633.75 m 412.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 619.75 m 412.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 617.75 m 412.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 633.75 m 486.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 619.75 m 486.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 617.75 m 486.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 633.75 m 562.5 633.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 619.75 m 562.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 617.75 m 562.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 527.75 m 337.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 527.75 m 412.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 527.75 m 486.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 527.75 m 562.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 527.75 m 337.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 527.75 m 412.5 527.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 467.75 m 337.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 467.75 m 412.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 467.75 m 337.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 453.75 m 337.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 451.75 m 337.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 467.75 m 412.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 453.75 m 412.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 451.75 m 412.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 467.75 m 486.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 453.75 m 486.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 451.75 m 486.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 467.75 m 562.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 453.75 m 562.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 451.75 m 562.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 451.75 m 337.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 453.75 m 337.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 451.75 m 412.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 453.75 m 412.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 451.75 m 486.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 453.75 m 486.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 451.75 m 562.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 453.75 m 562.5 453.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 698.98 Td (Balance at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.75 690.98 Td (January 1, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.00 682.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.45 722.98 Td (Curr) Tj ET Q q 0 0 0 rg BT 367.71 722.98 Td (ent period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.45 714.98 Td (other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.00 706.98 Td (compr) Tj ET Q q 0 0 0 rg BT 373.14 706.98 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.35 698.98 Td (income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.65 690.98 Td (befor) Tj ET Q q 0 0 0 rg BT 383.79 690.98 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.00 682.98 Td (r) Tj ET Q q 0 0 0 rg BT 354.48 682.98 Td (eclassification) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.95 714.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.55 706.98 Td (r) Tj ET Q q 0 0 0 rg BT 426.03 706.98 Td (eclassified fr) Tj ET Q q 0 0 0 rg BT 468.76 706.98 Td (om) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.15 698.98 Td (accumulated other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.50 690.98 Td (compr) Tj ET Q q 0 0 0 rg BT 447.64 690.98 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.10 682.98 Td (loss \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.10 690.98 Td (Balance at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.75 682.98 Td (December) Tj ET Q q 0 0 0 rg BT 528.25 682.98 Td ( 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 668.42 Td (Foreign currency translation adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 668.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 668.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 668.47 Td (\(243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 668.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 668.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 668.47 Td (\(25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 668.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 668.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 668.42 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 668.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 668.47 Td (\(191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 668.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 653.42 Td (Unrecognized pension cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.50 653.32 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 653.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 653.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 653.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 653.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 653.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 653.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 638.42 Td (Unrealized losses on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 638.32 Td (. . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 638.47 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 638.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.30 638.47 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 638.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 638.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 638.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 638.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.42 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 623.32 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 623.47 Td (\(253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 623.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 623.47 Td (\(24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 623.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 623.42 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 623.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 623.47 Td (\(200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 623.42 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 609.21 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 65.16 609.21 Td (The amounts reclassified from accumulated other comprehensive loss include the net gain recognized in gains on sales of real estate) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 66.50 600.21 Td (related to the derecognition of a wholly owned subsidiary and the HRMC transaction \(see Note 7\).) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.10 547.98 Td (Balance at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.75 539.98 Td (January 1, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.00 531.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.45 571.98 Td (Curr) Tj ET Q q 0 0 0 rg BT 367.71 571.98 Td (ent period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.45 563.98 Td (other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.00 555.98 Td (compr) Tj ET Q q 0 0 0 rg BT 373.14 555.98 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.35 547.98 Td (income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.65 539.98 Td (befor) Tj ET Q q 0 0 0 rg BT 383.79 539.98 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.00 531.98 Td (r) Tj ET Q q 0 0 0 rg BT 354.48 531.98 Td (eclassification) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.95 563.98 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.55 555.98 Td (r) Tj ET Q q 0 0 0 rg BT 425.96 555.98 Td (eclassified fr) Tj ET Q q 0 0 0 rg BT 468.69 555.98 Td (om) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.15 547.98 Td (accumulated other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.50 539.98 Td (compr) Tj ET Q q 0 0 0 rg BT 447.57 539.98 Td (ehensive) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.75 531.98 Td (loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.10 539.98 Td (Balance at) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.75 531.98 Td (December) Tj ET Q q 0 0 0 rg BT 528.25 531.98 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 517.42 Td (Foreign currency translation adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.50 517.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 517.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 517.47 Td (\(299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 517.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 517.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 517.42 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 517.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 517.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 517.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 517.47 Td (\(243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 517.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 502.42 Td (Unrealized gains on ) Tj ET Q q 0 0 0 rg BT 147.19 502.42 Td (AFS securities \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 502.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 502.42 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 502.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 502.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 502.42 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 487.42 Td (Unrecognized pension cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.50 487.32 Td (. . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 487.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 487.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 487.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 487.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 472.42 Td (Unrealized gains \(losses\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.50 472.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 472.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 472.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 472.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 472.47 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 472.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.42 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.50 457.32 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 457.47 Td (\(277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.65 457.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 457.42 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 457.42 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 457.47 Td (\(185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 457.42 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 443.21 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 65.58 443.21 Td (The presentation above was revised to reflect the gross impact of the redemption of certain Playa securities \(see Note 4\), which was) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 66.50 434.21 Td (previously presented on a net basis within current period other comprehensive income \(loss\) before reclassification. ) Tj ET Q q 0 0 0 rg BT 485.20 434.21 Td (The revised) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 66.50 425.21 Td (presentation above reflects the $40 million realized loss \($25 million net of tax\) recognized in other income \(loss\), net \(see Note 21\) in) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 66.50 416.21 Td (the period of redemption as an amount reclassified from accumulated other comprehensive loss.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 391.25 Td (Dividend) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 111.40 391.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.29 391.25 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.92 391.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.51 391.25 Td (, we paid cash dividends of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.87 391.25 Td ($27 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.26 391.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.70 391.25 Td ($41 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.09 391.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 379.25 Td (, to Class ) Tj ET Q q 0 0 0 rg BT 136.56 379.25 Td (A) Tj ET Q q 0 0 0 rg BT 143.23 379.25 Td ( and Class B shareholders of record as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 331.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 331.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 331.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 331.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 301.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 301.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 301.75 145.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 301.75 145.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 331.75 m 195.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 331.75 m 259.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 331.75 m 408.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 331.75 m 557.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 331.75 m 195.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 331.75 m 259.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 331.75 m 408.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 331.75 m 557.5 331.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 98.90 335.98 Td (Date declar) Tj ET Q q 0 0 0 rg BT 138.14 335.98 Td (ed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.70 359.98 Td (Dividend per) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.60 351.98 Td (shar) Tj ET Q q 0 0 0 rg BT 220.64 351.98 Td (e amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.95 343.98 Td (for) Tj ET Q q 0 0 0 rg BT 213.09 343.98 Td ( Class ) Tj ET Q q 0 0 0 rg BT 235.03 343.98 Td (A) Tj ET Q q 0 0 0 rg BT 240.36 343.98 Td ( and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.20 335.98 Td (Class B) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.90 335.98 Td (Date of r) Tj ET Q q 0 0 0 rg BT 341.03 335.98 Td (ecord) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.90 335.98 Td (Date paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 321.42 Td (February 14, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 321.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 321.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 321.42 Td (March 22, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 321.42 Td (March 29, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.42 Td (May 16, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 306.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 306.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 306.42 Td (June 19, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 306.42 Td (June 28, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.42 Td (July 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 291.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 291.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 291.42 Td (September 6, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 291.42 Td (September 20, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.42 Td (October 30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 276.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 276.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 276.42 Td (November 28, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.00 276.42 Td (December 10, 2018) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 315 0 obj <>] /Rotate 0 /Contents 316 0 R>> endobj 316 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 742.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 742.25 Td (ST) Tj ET Q q 0 0 0 rg BT 84.55 742.25 Td (OCK-BASED COMPENSA) Tj ET Q q 0 0 0 rg BT 202.98 742.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (As part of our L) Tj ET Q q 0 0 0 rg BT 137.51 721.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 151.40 721.25 Td (, we award SARs, RSUs, and PSUs to certain employees \(see Note 2\). Under the L) Tj ET Q q 0 0 0 rg BT 482.36 721.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 496.26 721.25 Td (, we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (authorized to issue up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.26 709.25 Td (14,375,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.26 709.25 Td ( shares. Compensation expense and unearned compensation presented below exclude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.25 Td (amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as this expense has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.25 Td (been and will continue to be reimbursed by our third-party hotel owners and is recognized within revenues for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.25 Td (reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.25 Td (franchised properties on our consolidated statements of income. Stock-based compensation expense included in selling, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.25 Td (general, and administration expense on our consolidated statements of income related to these awards was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 614.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 614.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 614.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 586.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 586.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 586.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 586.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 586.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 626.75 m 404.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 626.75 m 408.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 626.75 m 483.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 626.75 m 487.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 626.75 m 562.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 614.75 m 404.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 614.75 m 483.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 614.75 m 562.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 572.75 m 404.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 559.75 m 404.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 557.75 m 404.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 572.75 m 483.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 559.75 m 483.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 557.75 m 483.5 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 572.75 m 562.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 559.75 m 562.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 557.75 m 562.5 557.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 630.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 630.83 Td (Y) Tj ET Q q 0 0 0 rg BT 404.44 630.83 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 479.39 630.83 Td (31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 618.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 618.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 618.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 618.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 605.32 Td (SARs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 605.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 605.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 605.32 Td (1) Tj ET Q q 0 0 0 rg BT 474.65 605.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 605.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 605.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.32 Td (RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 591.32 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 591.32 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 591.32 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.32 Td (PSUs and PSs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 577.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 577.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 577.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 577.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 563.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 563.32 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 563.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 563.32 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 563.32 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 563.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 538.25 Td (The expected income tax benefit to be realized at the time of vest related to these awards for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 526.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 526.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.17 526.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.11 526.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.69 526.25 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 491.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 491.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 491.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 491.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 491.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 491.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 463.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 463.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 463.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 463.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 463.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 463.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 503.75 m 404.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 503.75 m 408.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 503.75 m 483.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 503.75 m 487.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 503.75 m 562.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 503.75 m 404.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 491.75 m 404.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 491.75 m 483.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 491.75 m 562.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 449.75 m 404.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 436.75 m 404.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 434.75 m 404.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 449.75 m 483.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 436.75 m 483.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 434.75 m 483.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 449.75 m 562.5 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 436.75 m 562.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 434.75 m 562.5 434.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 507.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 507.83 Td (Y) Tj ET Q q 0 0 0 rg BT 404.44 507.83 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 479.39 507.83 Td (31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 495.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 495.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 495.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 495.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.32 Td (SARs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 482.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 482.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 482.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 482.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 482.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 482.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 482.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 468.32 Td (RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 468.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 468.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 468.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 468.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 454.32 Td (PSUs and PSs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 454.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 454.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 454.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 454.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 440.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 440.32 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 440.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 440.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 440.32 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 440.32 Td (9) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 415.25 Td (SARs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.90 415.25 Td (The following table sets forth a summary of the SAR grants in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.07 415.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.07 415.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.07 415.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.07 415.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.01 415.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.01 415.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.75 208.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 378.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 378.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 378.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 378.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 378.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 378.75 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 378.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 378.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.75 208.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 350.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 350.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 350.75 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 350.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 350.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.75 208.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 322.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 322.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 322.75 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 322.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 322.75 81.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 378.75 m 258.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 378.75 m 323.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 378.75 m 385.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 378.75 m 477.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 378.75 m 562.5 378.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 382.98 Td (Grant date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.05 382.98 Td (Granted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.70 390.98 Td (V) Tj ET Q q 0 0 0 rg BT 339.11 390.98 Td (alue at date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.30 382.98 Td (of grant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.35 382.98 Td (V) Tj ET Q q 0 0 0 rg BT 413.76 382.98 Td (estingperiod) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.85 382.98 Td (V) Tj ET Q q 0 0 0 rg BT 492.89 382.98 Td (estingstartmonth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.32 Td (May 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 369.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 369.32 Td (38,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 369.32 Td (21.84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 369.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.70 369.32 Td (% annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.40 369.32 Td (March 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.32 Td (March 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 355.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 355.32 Td (465,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 355.32 Td (21.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 355.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.70 355.32 Td (% annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.40 355.32 Td (March 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.32 Td (September 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 341.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 341.32 Td (20,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 341.32 Td (18.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 341.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.70 341.32 Td (% annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.70 341.32 Td (September 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.32 Td (March 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 327.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 327.32 Td (605,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 327.32 Td (16.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 327.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.70 327.32 Td (% annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.40 327.32 Td (March 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 313.32 Td (March 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 313.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 313.32 Td (45,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 313.32 Td (14.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 313.32 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.70 313.32 Td (% annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.40 313.32 Td (March 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 299.32 Td (March 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 299.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 299.32 Td (878,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 299.32 Td (14.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.70 299.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.70 299.32 Td (% annually) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.40 299.32 Td (March 2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 274.25 Td (The weighted-average grant date fair value for the awards granted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.81 274.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.81 274.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.81 274.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.81 274.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 274.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 274.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 274.25 Td ($21.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 274.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 274.25 Td ($16.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.30 274.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td ($14.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 262.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 130.16 262.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 241.25 Td (The fair value of each SAR was estimated based on the date of grant using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.45 241.25 Td (Black-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.11 241.25 Td (Scholes-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.55 241.25 Td (Merton ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.49 241.25 Td (option-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.37 241.25 Td (pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (model with the following weighted-average assumptions:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 206.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 206.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 206.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 206.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 206.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 206.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 178.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 178.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 178.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 178.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 178.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 178.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 150.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 150.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 150.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 150.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 150.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 150.75 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 206.75 m 404.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 206.75 m 483.5 206.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 206.75 m 562.5 206.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 210.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 210.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 210.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 197.32 Td (Exercise price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 197.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 197.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 197.32 Td (80.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 197.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 197.32 Td (52.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 197.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 197.32 Td (47.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 183.32 Td (Expected life in years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 183.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.50 183.32 Td (6.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 183.32 Td (6.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.50 183.32 Td (6.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 169.32 Td (Risk-free interest rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 169.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 169.32 Td (2.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 169.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 169.32 Td (2.1) Tj ET Q q 0 0 0 rg BT 469.65 169.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 169.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 169.32 Td (1.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 169.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 155.32 Td (Expected volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 155.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 155.32 Td (22.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 155.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 155.32 Td (26.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 155.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 155.32 Td (27.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 155.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 141.32 Td (Annual dividend yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 141.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 141.32 Td (0.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 141.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 141.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 141.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 141.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 116.25 Td (Due to a lack of historical exercise information, the expected life was estimated based on the midpoint between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (vesting period and the contractual life of each SAR. ) Tj ET Q q 0 0 0 rg BT 259.75 104.25 Td (The risk-free interest rate was based on U.S. ) Tj ET Q q 0 0 0 rg BT 439.51 104.25 Td (T) Tj ET Q q 0 0 0 rg BT 445.26 104.25 Td (reasury instruments with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (similar expected life. ) Tj ET Q q 0 0 0 rg BT 136.45 92.25 Td (W) Tj ET Q q 0 0 0 rg BT 145.09 92.25 Td (e calculate volatility using our trading history over a time period consistent with our expected term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (assumption. ) Tj ET Q q 0 0 0 rg BT 100.38 80.25 Td (The dividend yield assumption is based on the expected annualized dividend payment at the date of grant. ) Tj ET Q endstream endobj 317 0 obj <>] /Rotate 0 /Contents 318 0 R>> endobj 318 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 742.10 Td ( summary of employee SAR activity is presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 702.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 702.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 702.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 702.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 702.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 702.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 674.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 674.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 674.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 674.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 674.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 674.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 646.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 646.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 646.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 646.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 646.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 702.6 m 404.5 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 702.6 m 483.5 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 702.6 m 562.5 702.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 646.6 m 404.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 646.6 m 483.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 646.6 m 562.5 646.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.00 706.83 Td (SAR units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.60 722.83 Td (W) Tj ET Q q 0 0 0 rg BT 422.38 722.83 Td (eighted-average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.65 714.83 Td (exer) Tj ET Q q 0 0 0 rg BT 431.23 714.83 Td (ciseprice \(in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.35 706.83 Td (whole dollars\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.60 722.83 Td (W) Tj ET Q q 0 0 0 rg BT 501.16 722.83 Td (eighted-average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.00 714.83 Td (r) Tj ET Q q 0 0 0 rg BT 510.41 714.83 Td (emaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.70 706.83 Td (contractual term) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 693.17 Td (Outstanding at December 31, 2017:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 693.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 693.17 Td (3,599,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 693.17 Td (47.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.50 693.17 Td (6.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 679.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 679.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 679.17 Td (504,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 679.17 Td (80.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 665.17 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.50 665.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 665.22 Td (\(371,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 665.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 665.17 Td (47.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 651.17 Td (Forfeited or expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 651.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 651.22 Td (\(244,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 651.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 651.17 Td (54.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.17 Td (Outstanding at December 31, 2018:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 637.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 637.17 Td (3,488,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 637.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 637.17 Td (51.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.50 637.17 Td (5.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.17 Td (Exercisable at December 31, 2018:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.50 623.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 623.17 Td (2,199,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 623.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 623.17 Td (45.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.50 623.17 Td (4.42) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 598.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.63 598.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.21 598.10 Td (, the intrinsic value of exercised SARs was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.34 598.10 Td ($7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.73 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 464.55 598.10 Td (The total intrinsic value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (of SARs outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.56 586.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.14 586.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.69 586.10 Td ($63 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.08 586.10 Td (, and the total intrinsic value for exercisable SARs was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.97 586.10 Td ($49 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.36 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.72 574.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.30 574.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 553.10 Td (RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.90 553.10 Td (The following table sets forth a summary of the employee RSU grants:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 391.45 553.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 513.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 513.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 513.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 513.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 513.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 513.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 513.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 513.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 513.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 485.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 485.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 485.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 485.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 485.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 485.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 485.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 485.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 457.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 457.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 457.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 457.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 457.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 457.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 457.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 457.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 429.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 429.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 429.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 429.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 429.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 429.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 429.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 429.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 429.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 401.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 401.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 401.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 401.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 401.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 401.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 373.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 373.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 373.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 373.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 373.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 373.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 373.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 373.60 69.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 513.6 m 321.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 513.6 m 377.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 513.6 m 433.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 513.6 m 489.5 513.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 513.6 m 562.5 513.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 517.83 Td (Grant date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.40 517.83 Td (RSUs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.35 517.83 Td (V) Tj ET Q q 0 0 0 rg BT 402.76 517.83 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.10 517.83 Td (T) Tj ET Q q 0 0 0 rg BT 449.07 517.83 Td (otalvalue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.85 517.83 Td (V) Tj ET Q q 0 0 0 rg BT 507.89 517.83 Td (esting period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 504.17 Td (December 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 504.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 504.17 Td (9,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 504.17 Td (67.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 504.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.75 504.17 Td (various) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 490.17 Td (September 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 490.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 490.17 Td (10,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 490.17 Td (76.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 490.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.75 490.17 Td (various) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.17 Td (May 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 476.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 476.17 Td (4,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 476.17 Td (81.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 476.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 476.17 Td (4 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.17 Td (March 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 462.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.10 462.17 Td (254,707) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 462.17 Td (80.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 462.17 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.75 462.17 Td (various) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.17 Td (February 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.50 448.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 448.17 Td (3,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 448.17 Td (78.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 448.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 448.17 Td (4 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 434.17 Td (December 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 434.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 434.17 Td (9,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 434.17 Td (70.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 434.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.75 434.17 Td (various) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.17 Td (September 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 420.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 420.17 Td (22,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 420.17 Td (61.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 420.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.75 420.17 Td (various) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.17 Td (September 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 406.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 406.17 Td (43,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 406.17 Td (60.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 406.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.75 406.17 Td (various) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 392.17 Td (May 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 392.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 392.17 Td (1,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 392.17 Td (57.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 392.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 392.17 Td (4 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.17 Td (March 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 378.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.10 378.17 Td (416,404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 378.17 Td (52.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 378.17 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.75 378.17 Td (various) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.17 Td (December 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.50 364.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 364.17 Td (40,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 364.17 Td (56.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 364.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 364.17 Td (4 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.17 Td (March 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 350.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.10 350.17 Td (444,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 350.17 Td (47.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 350.17 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 350.17 Td (4 years) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 325.10 Td (The weighted-average grant date fair value for the awards granted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.81 325.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.81 325.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.81 325.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.81 325.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 325.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 325.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 325.10 Td ($79.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 325.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 325.10 Td ($54.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.30 325.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td ($48.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 313.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 130.16 313.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.98 313.10 Td (The liability and related expense for granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.63 313.10 Td (cash-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.73 313.10 Td (settled RSUs are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.88 313.10 Td (insignificant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.87 313.10 Td ( at and for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 301.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 280.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 280.10 Td ( summary of the status of the nonvested employee RSU awards outstanding under the L) Tj ET Q q 0 0 0 rg BT 430.79 280.10 Td (TIP) Tj ET Q q 0 0 0 rg BT 445.42 280.10 Td ( is presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 233.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 233.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 233.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 233.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 205.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 205.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 205.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 177.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 177.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 177.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 233.60000000000002 m 483.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 233.60000000000002 m 562.5 233.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 177.60000000000002 m 483.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 164.60000000000002 m 483.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 162.60000000000002 m 483.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 177.60000000000002 m 562.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 164.60000000000002 m 562.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 162.60000000000002 m 562.5 162.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.90 237.83 Td (RSUs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.60 253.83 Td (W) Tj ET Q q 0 0 0 rg BT 501.16 253.83 Td (eighted-average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.65 245.83 Td (grant date fair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.35 237.83 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 224.17 Td (Nonvested at December 31, 2017:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.50 224.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 224.17 Td (1,029,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 224.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 224.17 Td (52.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 210.17 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.50 210.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 210.17 Td (282,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 210.17 Td (79.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 196.17 Td (V) Tj ET Q q 0 0 0 rg BT 77.67 196.17 Td (ested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.50 196.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 196.22 Td (\(391,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 196.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 196.17 Td (52.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 182.17 Td (Forfeited or canceled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.50 182.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 182.22 Td (\(123,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 182.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 182.17 Td (55.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.17 Td (Nonvested at December 31, 2018:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.50 168.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 168.17 Td (796,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 168.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 168.17 Td (61.31) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.10 Td (The total intrinsic value of nonvested RSUs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.19 143.10 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.77 143.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.32 143.10 Td ($54 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.71 143.10 Td (.) Tj ET Q endstream endobj 319 0 obj <>] /Rotate 0 /Contents 320 0 R>> endobj 320 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.25 Td (PSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.78 742.25 Td (The following table sets forth a summary of PSU grants:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 694.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 694.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 694.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 694.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 694.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 694.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 694.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 694.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 664.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 664.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 664.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 664.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 664.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 664.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 664.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 664.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 664.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 694.75 m 266.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 694.75 m 340.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 694.75 m 414.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 694.75 m 488.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 694.75 m 562.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 694.75 m 340.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 694.75 m 414.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 694.75 m 562.5 694.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 698.98 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 698.98 Td (ear) Tj ET Q q 0 0 0 rg BT 68.85 698.98 Td ( granted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.55 698.98 Td (Granted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.10 714.98 Td (W) Tj ET Q q 0 0 0 rg BT 355.88 714.98 Td (eighted-average) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.15 706.98 Td (grant date fair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.85 698.98 Td (value) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 706.98 Td (Performance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.85 698.98 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.75 706.98 Td (Performance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.55 698.98 Td (period start date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 684.42 Td (2018 PSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 684.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 684.42 Td (89,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 684.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 684.42 Td (82.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.40 684.42 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.40 684.42 Td (January 1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 669.42 Td (2017 PSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 669.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 669.42 Td (102,1) Tj ET Q q 0 0 0 rg BT 326.65 669.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 669.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 669.42 Td (52.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.40 669.42 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.40 669.42 Td (January 1, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 654.42 Td (2016 PSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.50 654.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 654.42 Td (1) Tj ET Q q 0 0 0 rg BT 309.15 654.42 Td (1) Tj ET Q q 0 0 0 rg BT 314.15 654.42 Td (1,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 654.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 654.42 Td (47.36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.40 654.42 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.40 654.42 Td (January 1, 2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 629.25 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.74 629.25 Td (71,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.24 629.25 Td ( shares forfeited during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.57 629.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 629.25 Td (. ) Tj ET Q q 0 0 0 rg BT 388.60 629.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.10 629.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.68 629.25 Td (, the total intrinsic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.25 Td (value of nonvested PSUs if tar) Tj ET Q q 0 0 0 rg BT 171.74 617.25 Td (get performance is achieved was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.74 617.25 Td ($14 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.13 617.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 596.25 Td (Unearned Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.40 596.25 Td (Our total unearned compensation for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.90 596.25 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.34 596.25 Td (based compensation programs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 584.25 Td ( is as follows and is expected to be recorded as stock-based compensation expense: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 561.75 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 561.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 561.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 561.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 561.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 561.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 561.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 561.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 561.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 561.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 533.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 533.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 533.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 533.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 533.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 533.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 533.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 533.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 533.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 561.75 m 306.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 561.75 m 370.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 561.75 m 434.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 561.75 m 498.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 561.75 m 562.5 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 519.75 m 306.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 506.75 m 306.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 504.75 m 306.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 519.75 m 370.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 506.75 m 370.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 504.75 m 370.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 519.75 m 434.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 506.75 m 434.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 504.75 m 434.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 519.75 m 498.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 506.75 m 498.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 504.75 m 498.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 519.75 m 562.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 506.75 m 562.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 504.75 m 562.5 504.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 268.00 565.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.00 565.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 565.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.00 565.83 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.25 565.83 Td (T) Tj ET Q q 0 0 0 rg BT 527.85 565.83 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 552.32 Td (SARs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 552.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 552.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 552.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 552.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 552.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 552.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 552.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 552.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 552.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 552.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 552.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.32 Td (RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 538.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 538.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 538.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 538.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 538.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 538.32 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 524.32 Td (PSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 524.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 524.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 524.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 524.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 524.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 524.32 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 510.32 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.50 510.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 510.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.65 510.32 Td (1) Tj ET Q q 0 0 0 rg BT 297.65 510.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.00 510.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.65 510.32 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 510.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 510.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 510.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 510.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 510.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 510.32 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 485.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 485.25 Td (RELA) Tj ET Q q 0 0 0 rg BT 99.54 485.25 Td (TED-P) Tj ET Q q 0 0 0 rg BT 128.80 485.25 Td (AR) Tj ET Q q 0 0 0 rg BT 142.89 485.25 Td (TY) Tj ET Q q 0 0 0 rg BT 156.41 485.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.73 485.25 Td (TRANSACTIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 464.25 Td (In addition to those included elsewhere in the Notes to our consolidated financial statements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.07 464.25 Td (related-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 464.25 Td (party transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.25 Td (entered into by us are summarized as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 431.25 Td (Legal Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.37 431.25 Td (A) Tj ET Q q 0 0 0 rg BT 152.04 431.25 Td ( partner in a law firm that provided services to us throughout ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.54 431.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.54 431.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.54 431.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.54 431.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.47 431.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.47 431.25 Td ( is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.86 431.25 Td (brother) Tj ET Q q 0 0 0 rg BT 539.54 431.25 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.87 431.25 Td (in-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (law of our Executive Chairman. ) Tj ET Q q 0 0 0 rg BT 180.33 419.25 Td (W) Tj ET Q q 0 0 0 rg BT 188.97 419.25 Td (e incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.72 419.25 Td ($6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.12 419.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.12 419.25 Td ($3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.51 419.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.45 419.25 Td ($2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.84 419.25 Td ( of legal fees with this firm for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 407.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 407.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.96 407.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.54 407.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.48 407.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.07 407.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 391.73 407.25 Td (. ) Tj ET Q q 0 0 0 rg BT 396.18 407.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.68 407.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.26 407.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 395.25 Td (, we had insignificant amounts due to the law firm.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 374.25 Td (Equity Method Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.90 374.25 Td (W) Tj ET Q q 0 0 0 rg BT 211.53 374.25 Td (e have equity method investments in entities that own properties for which we receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (management or franchise fees. ) Tj ET Q q 0 0 0 rg BT 174.48 362.25 Td (W) Tj ET Q q 0 0 0 rg BT 183.12 362.25 Td (e recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.42 362.25 Td ($20million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.81 362.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.81 362.25 Td ($24million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.20 362.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.14 362.25 Td ($30million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 362.25 Td ( of fees for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 350.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 350.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.17 350.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.11 350.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.69 350.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 365.35 350.25 Td (. ) Tj ET Q q 0 0 0 rg BT 369.80 350.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.30 350.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.88 350.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.32 350.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.91 350.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.10 338.25 Td ($17million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.49 338.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.93 338.25 Td ($1) Tj ET Q q 0 0 0 rg BT 156.56 338.25 Td (1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.95 338.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.61 338.25 Td (, of receivables due from these properties. In addition, in some cases we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (provide loans \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.19 326.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.19 326.25 Td (\) or guarantees \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.64 326.25 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.64 326.25 Td (\) to these entities. During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.20 326.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.79 326.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 314.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.52 314.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.11 314.25 Td (, we recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.63 314.25 Td ($7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.02 314.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.02 314.25 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.41 314.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.35 314.25 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.74 314.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.40 314.25 Td (, of income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (related to these guarantees. Our ownership interest in these unconsolidated hospitality ventures varies from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.71 302.25 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.04 302.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.82 302.25 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 302.25 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.94 290.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.94 290.25 Td ( for further details regarding these investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 269.25 Td (Class B Shar) Tj ET Q q 0 0 0 rg BT 128.83 269.25 Td (e Repur) Tj ET Q q 0 0 0 rg BT 162.81 269.25 Td (chase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.14 269.25 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.97 269.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.97 269.25 Td (, we repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.94 269.25 Td (2,430,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.94 269.25 Td ( shares of Class B common stock for a weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.90 257.25 Td ($78.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.40 257.25 Td ( per share, for an aggregate purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.34 257.25 Td ($190 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.73 257.25 Td (. ) Tj ET Q q 0 0 0 rg BT 443.55 257.25 Td (The shares repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.84 245.25 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.17 245.25 Td ( of our total shares of common stock outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.91 245.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.50 245.25 Td (. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.33 245.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.33 245.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.81 233.25 Td (3,089,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.81 233.25 Td ( shares of Class B common stock at a weighted-average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.61 233.25 Td ($63.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.11 233.25 Td ( per share, for an aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.25 Td (purchase price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.61 221.25 Td ($196 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.00 221.25 Td (. ) Tj ET Q q 0 0 0 rg BT 237.82 221.25 Td (The shares repurchased represented approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.01 221.25 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.34 221.25 Td ( of our total shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (common stock outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.99 209.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.57 209.25 Td (. ) Tj ET Q q 0 0 0 rg BT 253.39 209.25 Td (The shares of Class B common stock were repurchased in privately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (negotiated transactions from trusts for the benefit of certain Pritzker family members and limited partnerships owned indirectly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (by trusts for the benefit of certain Pritzker family members and were retired, thereby reducing the total number of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (outstanding and reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 152.25 Td (Class B Shar) Tj ET Q q 0 0 0 rg BT 128.83 152.25 Td (e Conversion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.66 152.25 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.19 152.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.77 152.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.21 152.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.79 152.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.79 152.25 Td (1,207,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.79 152.25 Td ( shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (17,019,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 140.25 Td ( shares, respectively) Tj ET Q q 0 0 0 rg BT 175.15 140.25 Td (, of Class B common stock were converted on a share-for) Tj ET Q q 0 0 0 rg BT 404.60 140.25 Td (-share basis into shares of our Class ) Tj ET Q q 0 0 0 rg BT 549.86 140.25 Td (A) Tj ET Q q 0 0 0 rg BT 556.53 140.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (common stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 128.25 Td ($0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 128.25 Td ( par value per share. ) Tj ET Q q 0 0 0 rg BT 219.21 128.25 Td (The shares of Class B common stock that were converted into shares of Class) Tj ET Q q 0 0 0 rg BT 531.37 128.25 Td (A) Tj ET Q q 0 0 0 rg BT 538.04 128.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 95.25 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 95.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.00 95.25 Td (SEGMENT) Tj ET Q q 0 0 0 rg BT 121.83 95.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.78 95.25 Td (AND GEOGRAPHIC INFORMA) Tj ET Q q 0 0 0 rg BT 268.03 95.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 74.25 Td (Our reportable segments are components of the business which are managed discretely and for which discrete financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (information is reviewed regularly by the CODM to assess performance and make decisions regarding the allocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.25 Td (resources. ) Tj ET Q q 0 0 0 rg BT 92.08 50.25 Td (W) Tj ET Q q 0 0 0 rg BT 100.72 50.25 Td (e define our reportable segments as follows:) Tj ET Q endstream endobj 321 0 obj <>] /Rotate 0 /Contents 322 0 R>> endobj 322 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 56) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 742.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 742.25 Td (Owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.45 742.25 Td (This segment derives its earnings from owned and leased hotel properties located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 730.25 Td (predominantly in the United States but also in certain international locations and for purposes of segment ) Tj ET Q q 0 0 0 rg BT 508.18 730.25 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 718.25 Td (EBITDA, includes our pro rata share of the ) Tj ET Q q 0 0 0 rg BT 260.72 718.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 335.44 718.25 Td ( of our unconsolidated hospitality ventures, based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 706.25 Td (our ownership percentage of each venture. ) Tj ET Q q 0 0 0 rg BT 257.37 706.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 332.09 706.25 Td ( includes intercompany expenses related to management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 694.25 Td (fees paid to the Company's management and franchising segments, which are eliminated in consolidation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 682.25 Td (Intersegment revenues relate to promotional award redemptions earned by our owned and leased hotels related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 670.25 Td (co-branded credit cards and revenues earned under the loyalty program for stays at our owned and leased hotels and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 658.25 Td (are eliminated in consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 637.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 637.25 Td (Americas management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.58 637.25 Td (This segment derives its earnings primarily from a combination of hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 625.25 Td (management and licensing of our portfolio of brands to franchisees located in the United States, Latin ) Tj ET Q q 0 0 0 rg BT 494.55 625.25 Td (America, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 613.25 Td (Canada, and the Caribbean. ) Tj ET Q q 0 0 0 rg BT 198.05 613.25 Td (This segment's revenues also include the reimbursement of costs incurred on behalf of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 601.25 Td (managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 229.98 601.25 Td (These costs relate primarily to payroll costs at managed properties where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 589.25 Td (Company is the employer) Tj ET Q q 0 0 0 rg BT 188.14 589.25 Td (, as well as costs associated with reservations, sales, marketing, technology) Tj ET Q q 0 0 0 rg BT 487.97 589.25 Td (, and the loyalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 577.25 Td (program operated on behalf of owners of managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 396.31 577.25 Td (The intersegment revenues relate to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 565.25 Td (management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 544.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 544.25 Td (ASP) Tj ET Q q 0 0 0 rg BT 103.10 544.25 Td (AC management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.63 544.25 Td (This segment derives its earnings primarily from a combination of hotel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 532.25 Td (management and licensing of our portfolio of brands to franchisees located in Southeast ) Tj ET Q q 0 0 0 rg BT 439.02 532.25 Td (Asia, Greater China, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 520.25 Td (Australia, South Korea, Japan, and Micronesia. ) Tj ET Q q 0 0 0 rg BT 276.94 520.25 Td (This segment's revenues also include the reimbursement of costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 508.25 Td (incurred on behalf of managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 316.61 508.25 Td (These costs relate primarily to reservations, sales, marketing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 496.25 Td (technology) Tj ET Q q 0 0 0 rg BT 129.28 496.25 Td (, and the loyalty program operated on behalf of owners of managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 507.02 496.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 484.25 Td (intersegment revenues relate to management fees earned from the Company's owned hotel and are eliminated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 472.25 Td (consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 451.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 85.50 451.25 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 131.45 451.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.58 451.25 Td (Asia management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.11 451.25 Td (This segment derives its earnings primarily from a combination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 439.25 Td (hotel management and licensing of our portfolio of brands to franchisees located in Europe, ) Tj ET Q q 0 0 0 rg BT 454.00 439.25 Td (Africa, the Middle East, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 427.25 Td (India, Central ) Tj ET Q q 0 0 0 rg BT 142.43 427.25 Td (Asia, and Nepal. ) Tj ET Q q 0 0 0 rg BT 211.39 427.25 Td (This segment's revenues also include the reimbursement of costs incurred on behalf of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 415.25 Td (managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 229.98 415.25 Td (These costs relate primarily to reservations, sales, marketing, technology) Tj ET Q q 0 0 0 rg BT 520.63 415.25 Td (, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 403.25 Td (loyalty program operated on behalf of owners of managed and franchised properties. ) Tj ET Q q 0 0 0 rg BT 426.58 403.25 Td (The intersegment revenues relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 391.25 Td (to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 370.25 Td (Our CODM evaluates performance based on owned and leased hotels revenues, management, franchise, and other fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (revenues, and ) Tj ET Q q 0 0 0 rg BT 106.42 358.25 Td (Adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 186.14 358.25 Td (Adjusted EBITDA, as we define it, is a non-GAAP) Tj ET Q q 0 0 0 rg BT 390.74 358.25 Td ( measure. ) Tj ET Q q 0 0 0 rg BT 431.37 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 440.01 358.25 Td (e define ) Tj ET Q q 0 0 0 rg BT 473.88 358.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 548.60 358.25 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures ) Tj ET Q q 0 0 0 rg BT 504.95 346.25 Td (Adjusted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 85.61 334.25 Td ( based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (depreciation and amortization; Contra revenue; revenues for the reimbursement of costs incurred on behalf of managed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (franchised properties; costs incurred on behalf of managed and franchised properties; equity earnings \(losses\) from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (unconsolidated hospitality ventures; stock-based compensation expense; gains \(losses\) on sales of real estate; asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (impairments; and other income \(loss\), net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 265.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.26 265.25 Td (fective January 1, 2018, we made two modifications to our definition of ) Tj ET Q q 0 0 0 rg BT 370.63 265.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 445.35 265.25 Td ( with the implementation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.25 Td (ASU 2014-09. Our definition has been updated to exclude Contra revenue which was previously recognized as amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.25 Td (expense. ) Tj ET Q q 0 0 0 rg BT 86.16 241.25 Td (As this is strictly a matter of financial presentation, we have excluded Contra revenue in order to be consistent with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.25 Td (our prior treatment and to reflect the way in which we manage our business. ) Tj ET Q q 0 0 0 rg BT 356.17 229.25 Td (W) Tj ET Q q 0 0 0 rg BT 364.80 229.25 Td (e have also excluded revenues for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.25 Td (reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.25 Td (franchised properties. ) Tj ET Q q 0 0 0 rg BT 138.45 205.25 Td (These revenues and costs previously netted to zero within ) Tj ET Q q 0 0 0 rg BT 371.44 205.25 Td (Adjusted EBITDA. Under ) Tj ET Q q 0 0 0 rg BT 478.65 205.25 Td (ASU 2014-09, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.25 Td (recognition of certain revenue dif) Tj ET Q q 0 0 0 rg BT 183.15 193.25 Td (fers from the recognition of related costs, creating timing dif) Tj ET Q q 0 0 0 rg BT 425.11 193.25 Td (ferences that would otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 78.66 181.25 Td (Adjusted EBITDA. ) Tj ET Q q 0 0 0 rg BT 158.75 181.25 Td (W) Tj ET Q q 0 0 0 rg BT 167.39 181.25 Td (e have not changed our management of these revenues or expenses, nor do we consider these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.25 Td (timing dif) Tj ET Q q 0 0 0 rg BT 89.04 169.25 Td (ferences to be reflective of our core operations. ) Tj ET Q q 0 0 0 rg BT 280.15 169.25 Td (These changes reflect how our CODM evaluates each segment's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (performance and also facilitate comparison with our competitors. ) Tj ET Q q 0 0 0 rg BT 312.84 157.25 Td (W) Tj ET Q q 0 0 0 rg BT 321.48 157.25 Td (e have applied this change to 2017 and 2016 historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (results to allow for comparability between the periods presented.) Tj ET Q endstream endobj 323 0 obj <>] /Rotate 0 /Contents 324 0 R>> endobj 324 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (The table below shows summarized consolidated financial information by segment. Included within corporate and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (are the results of Miraval and Exhale, Hyatt Residence Club license fees, condominium rental program and homeowner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (association operations, results related to our co-branded credit cards, and unallocated corporate expenses. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 660.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 660.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 660.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 660.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 660.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 631.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 631.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 631.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 631.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 603.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 603.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 603.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 603.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 603.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 603.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 575.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 575.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 575.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 575.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 575.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 547.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 547.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 547.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 547.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 507.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 507.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 507.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 507.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 507.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 507.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 479.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 479.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 479.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 479.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 479.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 479.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 450.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 450.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 450.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 450.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 450.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 450.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 422.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 422.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 422.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 422.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 382.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 382.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 382.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 382.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 382.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 382.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 354.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 354.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 354.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 354.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 354.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 326.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 326.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 326.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 326.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 326.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 326.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 298.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 298.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 298.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 298.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 258.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 258.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 258.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 258.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 258.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 258.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 230.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 230.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 230.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 230.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 230.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 230.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 202.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 202.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 202.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 202.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 202.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 202.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 174.60 279.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 174.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 174.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 174.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 174.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 134.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 134.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 134.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 134.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 134.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 134.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 104.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 104.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 104.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 104.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 104.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 104.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 75.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 75.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 75.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 75.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 75.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 75.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 686.6 m 404 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 686.6 m 408 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 686.6 m 483 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 686.6 m 487 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 686.6 m 562 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 674.6 m 404 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 674.6 m 483 674.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 674.6 m 562 674.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 690.68 Td (Y) Tj ET Q q 0 0 0 rg BT 403.94 690.68 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 478.89 690.68 Td ( 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.00 678.68 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 678.68 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 678.68 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 665.28 Td (Owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 650.27 Td (Owned and leased hotels revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 650.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 650.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 650.27 Td (1,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 650.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 650.27 Td (2,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 650.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 650.27 Td (2,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 636.17 Td (Other revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.00 636.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 636.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 636.17 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 636.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 622.17 Td (Intersegment revenues \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 622.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 622.17 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 622.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 622.17 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 608.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 608.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 608.17 Td (428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 608.17 Td (490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 608.17 Td (516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 594.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.00 594.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 594.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 594.17 Td (295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 594.17 Td (285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 580.17 Td (Capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 580.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 580.17 Td (194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 580.17 Td (195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 580.17 Td (200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 566.28 Td (Americas management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 552.17 Td (Management, franchise, and other fees revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 552.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 552.17 Td (400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 552.17 Td (380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 552.17 Td (350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 537.27 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.00 537.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.80 537.32 Td (\(13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 537.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 537.32 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 537.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 537.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 553.13 537.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 537.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 522.27 Td (Revenues for the reimbursement of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 512.27 Td (managed and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 512.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 512.27 Td (1,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 512.27 Td (1,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 512.27 Td (1,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 498.17 Td (Intersegment revenues \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 498.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 498.17 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 498.17 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 498.17 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 484.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 484.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 484.17 Td (352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 484.17 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 484.17 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 470.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.00 470.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 470.17 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 470.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 470.17 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 455.27 Td (Capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 455.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 455.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 455.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 455.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 441.28 Td (ASP) Tj ET Q q 0 0 0 rg BT 71.02 441.28 Td (AC management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 427.17 Td (Management, franchise, and other fees revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 427.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 427.17 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 427.17 Td (1) Tj ET Q q 0 0 0 rg BT 469.15 427.17 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 427.17 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 412.27 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.00 412.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 412.32 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 412.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 412.32 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 412.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 397.27 Td (Revenues for the reimbursement of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 387.27 Td (managed and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 387.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 387.27 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 387.27 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 387.27 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 373.17 Td (Intersegment revenues \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 373.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 373.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 373.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 373.17 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 359.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 359.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 359.17 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 359.17 Td (70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 359.17 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 345.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.00 345.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 345.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 345.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 345.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 331.17 Td (Capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 331.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 331.17 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 331.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 331.17 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 317.28 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 100.75 317.28 Td ( ) Tj ET Q q 0 0 0 rg BT 102.88 317.28 Td (Asia management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 303.17 Td (Management, franchise, and other fees revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.00 303.17 Td (. . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 303.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 303.17 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 303.17 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 288.27 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.00 288.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 288.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 288.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 288.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 288.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 288.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 288.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 273.27 Td (Revenues for the reimbursement of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 263.27 Td (managed and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 263.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 263.27 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 263.27 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 263.27 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 249.17 Td (Intersegment revenues \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 249.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 249.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 249.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 249.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 235.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 235.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 235.17 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 235.17 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 235.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 221.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.00 221.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 221.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 221.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 221.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 207.17 Td (Capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 207.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 207.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 207.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 207.17 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 193.28 Td (Corporate and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 179.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 179.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 179.17 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 179.17 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 179.17 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 164.27 Td (Revenues for the reimbursement of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 154.27 Td (managed and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 154.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 154.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 154.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 154.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 139.27 Td (Intersegment revenues \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 139.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 139.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 139.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 139.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 553.13 139.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 124.27 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 124.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 124.32 Td (\(127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 124.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 124.32 Td (\(135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 124.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 124.32 Td (\(138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 124.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 109.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.00 109.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 109.27 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 109.27 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 109.27 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 94.27 Td (Capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 94.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 94.27 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 94.27 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 94.27 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 80.28 Td (Eliminations \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 65.27 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 65.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 65.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 390.13 65.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 65.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 65.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 469.13 65.32 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 65.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 65.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 548.13 65.32 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 65.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 50.27 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 50.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 50.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 50.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 50.27 Td () Tj ET Q endstream endobj 325 0 obj <>] /Rotate 0 /Contents 326 0 R>> endobj 326 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 58) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 747.50 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 747.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 747.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 747.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 747.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 747.50 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 718.50 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 718.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 718.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 718.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 688.50 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 688.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 688.50 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 688.50 75.00 -15.00 re f /GS0 gs BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 738.18 Td (T) Tj ET Q q 0 0 0 rg BT 58.99 738.18 Td (OT) Tj ET Q q 0 0 0 rg BT 72.70 738.18 Td (AL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 723.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 723.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 723.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 723.17 Td (4,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 723.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 723.17 Td (4,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 723.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 723.17 Td (4,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 708.17 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 708.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 708.17 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 708.17 Td (792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 708.17 Td (763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 693.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.00 693.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 693.17 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 693.17 Td (348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 693.17 Td (326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 678.17 Td (Capital expenditures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 678.07 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 678.17 Td (297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 678.17 Td (298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 678.17 Td (21) Tj ET Q q 0 0 0 rg BT 553.15 678.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 663.20 Td (\(a\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 663.20 Td (Intersegment revenues are included in the management, franchise, and other fees revenues, owned and leased hotels revenues, and other ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 67.50 652.40 Td (revenues and eliminated in Eliminations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 631.40 Td (The table below presents summarized consolidated balance sheet information by segment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 598.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 598.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 598.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 598.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 570.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 570.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 570.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 570.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 542.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 542.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 542.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 542.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 514.90 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 514.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 514.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 514.90 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 598.9 m 483 598.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 598.9 m 562 598.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 514.9 m 483 514.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 501.9 m 483 501.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 499.9 m 483 499.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 514.9 m 562 514.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 501.9 m 562 501.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 499.9 m 562 499.9 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.75 603.13 Td (December) Tj ET Q q 0 0 0 rg BT 447.32 603.13 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.75 603.13 Td (December) Tj ET Q q 0 0 0 rg BT 526.25 603.13 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 589.63 Td (T) Tj ET Q q 0 0 0 rg BT 58.25 589.63 Td (otal ) Tj ET Q q 0 0 0 rg BT 76.31 589.63 Td (Assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 589.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 575.47 Td (Owned and leased hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.00 575.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 575.47 Td (4,1) Tj ET Q q 0 0 0 rg BT 469.15 575.47 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 575.47 Td (4,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 561.47 Td (Americas management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 561.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 561.47 Td (842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 561.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 547.47 Td (ASP) Tj ET Q q 0 0 0 rg BT 88.39 547.47 Td (AC management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.00 547.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 547.47 Td (203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 547.47 Td (121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 533.47 Td (EAME/SW) Tj ET Q q 0 0 0 rg BT 116.52 533.47 Td ( ) Tj ET Q q 0 0 0 rg BT 118.65 533.47 Td (Asia management and franchising) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.00 533.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 533.47 Td (225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 533.47 Td (196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 519.47 Td (Corporate and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.00 519.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 519.47 Td (2,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 519.47 Td (1,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 505.47 Td (T) Tj ET Q q 0 0 0 rg BT 93.91 505.47 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.00 505.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 505.47 Td (7,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 505.47 Td (7,572) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 480.40 Td (The following tables present revenues and property and equipment, net, intangibles, net, and goodwill by geographical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.40 Td (region:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 77.83 468.40 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 433.90 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 433.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 433.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 433.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 433.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 433.90 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 419.90 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 405.90 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 405.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 405.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 405.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 405.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 405.90 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 391.90 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 339.90 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 339.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 339.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 339.90 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 325.90 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 311.90 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 311.90 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 311.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 311.90 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.00 297.90 279.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 445.9 m 404 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 445.9 m 408 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 445.9 m 483 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 445.9 m 487 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 445.9 m 562 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 433.9 m 404 433.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 433.9 m 483 433.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 433.9 m 562 433.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 391.9 m 404 391.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 391.9 m 483 391.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 391.9 m 562 391.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 378.9 m 404 378.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 376.9 m 404 376.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 378.9 m 483 378.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 376.9 m 483 376.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 378.9 m 562 378.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 376.9 m 562 376.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 339.9 m 404 339.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 339.9 m 483 339.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 297.9 m 404 297.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 297.9 m 483 297.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 284.9 m 404 284.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 282.9 m 404 282.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 284.9 m 483 284.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 282.9 m 483 282.9 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 449.98 Td (Y) Tj ET Q q 0 0 0 rg BT 404.38 449.98 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 478.96 449.98 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.00 437.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 437.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 437.98 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 424.63 Td (Revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 410.47 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.00 410.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 410.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 410.47 Td (3,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 410.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 410.47 Td (3,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 410.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 410.47 Td (3,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 396.47 Td (All foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 396.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 396.47 Td (867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 396.47 Td (843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 396.47 Td (804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 382.47 Td (T) Tj ET Q q 0 0 0 rg BT 94.26 382.47 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 382.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 382.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 382.47 Td (4,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 382.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 382.47 Td (4,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.50 382.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 382.47 Td (4,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 344.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.75 344.13 Td (December) Tj ET Q q 0 0 0 rg BT 368.32 344.13 Td ( 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.75 344.13 Td (December) Tj ET Q q 0 0 0 rg BT 447.25 344.13 Td ( 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.50 344.15 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 330.63 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.87 330.63 Td (operty and equipment, net, Intangibles, net, and Goodwill:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 316.47 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.00 316.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 316.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 316.47 Td (3,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 316.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 316.47 Td (3,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 302.47 Td (All foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.00 302.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 302.47 Td (849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 302.47 Td (965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 288.47 Td (T) Tj ET Q q 0 0 0 rg BT 93.91 288.47 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 288.47 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.50 288.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 288.47 Td (4,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.50 288.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 288.47 Td (4,489) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 327 0 obj <>] /Rotate 0 /Contents 328 0 R>> endobj 328 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 742.10 Td (The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA) Tj ET Q q 0 0 0 rg BT 523.93 742.10 Td ( and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (reconciliation of EBITDA) Tj ET Q q 0 0 0 rg BT 153.91 730.10 Td ( to our consolidated ) Tj ET Q q 0 0 0 rg BT 235.01 730.10 Td (Adjusted EBITDA:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 693.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 693.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 693.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 693.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 693.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 693.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 665.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 665.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 665.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 665.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 665.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 665.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 637.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 637.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 637.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 637.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.60 279.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 608.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 608.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 608.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 608.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 608.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 568.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 568.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 568.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 568.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 568.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 568.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 539.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 539.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 539.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 539.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 539.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 511.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 511.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 511.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 511.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 472.60 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 472.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 472.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 472.60 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 706.6 m 404 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 706.6 m 408 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 706.6 m 483 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 706.6 m 487 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 706.6 m 562 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 693.6 m 404 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 693.6 m 483 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 693.6 m 562 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 693.6 m 404 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 693.6 m 483 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 693.6 m 562 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 637.6 m 404 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 637.6 m 483 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 637.6 m 562 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 472.6 m 404 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 459.6 m 404 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 457.6 m 404 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 472.6 m 483 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 459.6 m 483 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 457.6 m 483 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 472.6 m 562 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 459.6 m 562 459.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 457.6 m 562 457.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 697.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 710.83 Td (Y) Tj ET Q q 0 0 0 rg BT 403.94 710.83 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 478.89 710.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.00 697.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.00 697.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 697.83 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 684.28 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.00 684.17 Td (. . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 684.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 684.28 Td (769) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.50 684.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 684.28 Td (389) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.50 684.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 684.28 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 670.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.00 670.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 670.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 670.17 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 670.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 656.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.00 656.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 656.17 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 656.17 Td (332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 656.17 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 642.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.00 642.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 642.17 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 642.17 Td (348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 642.17 Td (326) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 628.28 Td (EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.00 628.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 628.28 Td (1,354) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.65 628.28 Td (1,149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 628.28 Td (684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 613.27 Td (Contra revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.00 613.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 613.27 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 613.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 613.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 598.27 Td (Revenues for the reimbursement of costs incurred on behalf of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 588.27 Td (managed and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 588.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.30 588.32 Td (\(1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 588.32 Td (\(1,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 588.32 Td (\(1,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 588.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 573.27 Td (Costs incurred on behalf of managed and franchised properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.00 573.17 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 573.27 Td (1,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 573.27 Td (1,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 573.27 Td (1,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 558.27 Td (Equity earnings from unconsolidated hospitality ventures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.00 558.17 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 558.32 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 558.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 558.32 Td (\(219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 558.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 558.32 Td (\(67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 558.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 544.17 Td (Stock-based compensation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.00 544.17 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 544.17 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 544.17 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 544.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 530.17 Td (\(Gains\) losses on sales of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.00 530.17 Td (. . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.80 530.22 Td (\(772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 530.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 530.22 Td (\(236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 530.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 530.17 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 516.17 Td (Asset impairments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.00 516.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 516.17 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 516.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 516.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 502.17 Td (Other \(income\) loss, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.00 502.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 502.17 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 502.22 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 502.22 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 487.27 Td (Pro rata share of unconsolidated hospitality ventures ) Tj ET Q q 0 0 0 rg BT 282.39 487.27 Td (Adjusted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 477.27 Td (EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 477.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 477.27 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 477.27 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 477.27 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 463.28 Td (Adjusted EBITDA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.00 463.17 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 463.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 463.28 Td (777) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.50 463.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 463.28 Td (792) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.50 463.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 463.28 Td (763) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 329 0 obj <>] /Rotate 0 /Contents 330 0 R>> endobj 330 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 742.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 742.25 Td (EARNINGS PER SHARE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.25 Td (The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator) Tj ET Q q 0 0 0 rg BT 538.16 721.25 Td (, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.25 Td (as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 672.75 288.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 672.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 672.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 672.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 672.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 672.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 643.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 643.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 643.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 643.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 643.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 288.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 613.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 613.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 613.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 613.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 613.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 584.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 584.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 584.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 584.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 584.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.75 288.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 554.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 554.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 554.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 525.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 525.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 525.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 525.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.75 288.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 495.75 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 495.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 495.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 495.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 495.75 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 466.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 466.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 466.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 466.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 466.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 466.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 685.75 m 409.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 685.75 m 413.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 685.75 m 485.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 685.75 m 489.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 685.75 m 561.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 685.75 m 409.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 672.75 m 409.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 672.75 m 485.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 672.75 m 561.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 628.75 m 409.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 628.75 m 485.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 628.75 m 561.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 614.75 m 409.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 612.75 m 409.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 614.75 m 485.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 612.75 m 485.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 614.75 m 561.5 614.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 612.75 m 561.5 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 569.75 m 409.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 569.75 m 485.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 569.75 m 561.5 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 555.75 m 409.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 553.75 m 409.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 555.75 m 485.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 553.75 m 485.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 555.75 m 561.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 553.75 m 561.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 510.75 m 409.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 510.75 m 485.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 510.75 m 561.5 510.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 496.75 m 409.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 494.75 m 409.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 496.75 m 485.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 494.75 m 485.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 496.75 m 561.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 494.75 m 561.5 494.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 451.75 m 409.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 451.75 m 485.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 451.75 m 561.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 437.75 m 409.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 435.75 m 409.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 437.75 m 485.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 435.75 m 485.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 437.75 m 561.5 437.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 435.75 m 561.5 435.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 89.00 677.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.55 689.98 Td (Y) Tj ET Q q 0 0 0 rg BT 408.44 689.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 483.39 689.98 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.50 676.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 676.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 676.98 Td (2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 663.48 Td (Numerator:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 649.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 649.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 648.42 Td (769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 648.42 Td (390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 648.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 648.42 Td (206) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 634.32 Td (Net income and accretion attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.50 634.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 633.47 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 633.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 633.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 619.32 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 619.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 618.42 Td (769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 618.42 Td (389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 618.42 Td (206) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 604.48 Td (Denominator:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 590.32 Td (Basic weighted-average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.50 590.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.60 589.42 Td (1) Tj ET Q q 0 0 0 rg BT 360.60 589.42 Td (13,259,1) Tj ET Q q 0 0 0 rg BT 395.60 589.42 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 589.42 Td (124,836,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 589.42 Td (132,930,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 575.32 Td (Share-based compensation and equity-classified forward contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.50 575.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 574.42 Td (1,865,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 574.42 Td (1,509,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 574.42 Td (1,008,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 560.32 Td (Diluted weighted-average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 560.32 Td (. . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.60 559.42 Td (1) Tj ET Q q 0 0 0 rg BT 360.60 559.42 Td (15,125,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 559.42 Td (126,346,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 559.42 Td (133,939,331) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 545.48 Td (Basic Earnings Per Share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 531.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 531.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 530.42 Td (6.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 530.42 Td (3.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 530.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 530.42 Td (1.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 516.32 Td (Net income and accretion attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.50 516.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 515.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 515.47 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 515.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 515.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.32 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 501.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 500.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 500.42 Td (6.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 500.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 500.42 Td (3.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 500.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 500.42 Td (1.55) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 486.48 Td (Diluted Earnings Per Share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 472.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 472.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 471.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 471.42 Td (6.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 471.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 471.42 Td (3.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 471.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 471.42 Td (1.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 457.32 Td (Net income and accretion attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.50 457.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 456.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 456.47 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 456.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 456.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 442.32 Td (Net income attributable to Hyatt Hotels Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 442.32 Td (. . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 441.42 Td (6.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 441.42 Td (3.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 441.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 441.42 Td (1.53) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 416.25 Td (The computations of diluted net income per share for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.40 416.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.99 416.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.99 416.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.57 416.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 404.25 Td ( do not include the following shares of Class ) Tj ET Q q 0 0 0 rg BT 308.84 404.25 Td (A) Tj ET Q q 0 0 0 rg BT 315.51 404.25 Td ( common stock assumed to be issued as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.60 404.25 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.04 404.25 Td (settled SARs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (and RSUs because they are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.35 392.25 Td (anti-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.68 392.25 Td (dilutive.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 355.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 355.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 355.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 355.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 368.75 m 409.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 368.75 m 413.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 368.75 m 485.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 368.75 m 489.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 368.75 m 561.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 368.75 m 409.5 368.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 355.75 m 409.5 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 355.75 m 485.5 355.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 355.75 m 561.5 355.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.55 372.98 Td (Y) Tj ET Q q 0 0 0 rg BT 408.44 372.98 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 483.39 372.98 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.50 359.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 359.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 359.98 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.42 Td (SARs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 345.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 345.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 345.42 Td (21,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 345.42 Td (74,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.42 Td (RSUs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 330.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 330.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 330.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 330.42 Td (900) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 331 0 obj <>] /Rotate 0 /Contents 332 0 R>> endobj 332 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 31.60 Td (F- 61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 742.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 742.25 Td (OTHER INCOME \(LOSS\), NET) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 698.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 698.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 698.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 698.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 698.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 698.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 670.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 670.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 670.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 670.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 642.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 642.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 642.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 642.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 614.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 614.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 614.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 614.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.75 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 586.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 586.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 586.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 586.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 586.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 556.75 279.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 556.75 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 556.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 556.75 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 556.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 556.75 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.75 279.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 517.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 517.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 517.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 517.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 517.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 489.75 279.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 489.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 489.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 489.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 489.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 489.75 75.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 710.75 m 404.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 710.75 m 408.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 710.75 m 483.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 710.75 m 487.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 710.75 m 562.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 710.75 m 404.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 698.75 m 404.5 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 710.75 m 483.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 698.75 m 483.5 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 710.75 m 562.5 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 698.75 m 562.5 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 489.75 m 404.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 477.75 m 404.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 475.75 m 404.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 489.75 m 483.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 477.75 m 483.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 475.75 m 483.5 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 489.75 m 562.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 477.75 m 562.5 477.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 475.75 m 562.5 475.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.55 714.83 Td (Y) Tj ET Q q 0 0 0 rg BT 404.88 714.83 Td (earsEndedDecember) Tj ET Q q 0 0 0 rg BT 479.46 714.83 Td (31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.50 702.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 702.83 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 702.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 689.32 Td (Interest income \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 689.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 689.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 689.32 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 689.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 689.32 Td (1) Tj ET Q q 0 0 0 rg BT 469.65 689.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 689.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 689.32 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 675.32 Td (Depreciation recovery) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.50 675.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 675.32 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 675.32 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 675.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 661.32 Td (Performance guarantee liability amortization \(Note 15\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.50 661.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 661.32 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 661.32 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 661.32 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 647.32 Td (Debt repayment guarantee liability amortization \(Note 15\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 647.32 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 647.32 Td (1) Tj ET Q q 0 0 0 rg BT 395.65 647.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 647.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 647.32 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 633.32 Td (Foreign currency gains \(losses\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.50 633.32 Td (. . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 633.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 633.37 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 633.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 633.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 619.32 Td (Pre-condemnation income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.50 619.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 619.32 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 619.32 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 619.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 605.32 Td (Cease use liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 605.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 605.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 605.37 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 605.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 605.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 591.32 Td (Realized losses, net \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 591.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.30 591.37 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 591.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 591.37 Td (\(41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 591.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 591.37 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 591.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 577.32 Td (Loss on extinguishment of debt \(Note 10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.50 577.32 Td (. . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.30 576.47 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 576.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 576.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 576.47 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 576.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.32 Td (T) Tj ET Q q 0 0 0 rg BT 73.93 562.32 Td (ransaction costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.50 562.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 561.47 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 561.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 561.47 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 547.32 Td (Impairment of an equity security without a readily determinable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 537.32 Td (fair value \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 537.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 536.47 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 536.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 522.32 Td (Unrealized gains \(losses\), net \(Note 4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.50 522.32 Td (. . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 522.37 Td (\(47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 522.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 522.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 522.37 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 522.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 508.32 Td (Performance guarantee expense, net \(Note 15\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 508.32 Td (. . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 508.37 Td (\(59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 508.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 508.37 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 508.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 508.37 Td (\(63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 508.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 494.32 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 494.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 494.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 494.32 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 494.37 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 494.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.32 Td (Other income \(loss\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 480.32 Td (. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 480.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 480.37 Td (\(49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 480.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 480.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 480.32 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 480.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 480.32 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 456.25 Td (During the year ended December 31, 2017, we relocated our corporate headquarters and recognized a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.92 456.25 Td ($21 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.31 456.25 Td ( cease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (use liability) Tj ET Q q 0 0 0 rg BT 96.29 444.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 423.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 423.25 Td (e recognized approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.70 423.25 Td ($4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.09 423.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.53 423.25 Td ($18 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.92 423.25 Td ( during the years ended December 31, 2018 and December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.25 Td (2017, respectively) Tj ET Q q 0 0 0 rg BT 122.66 411.25 Td (, primarily related to pre-condemnation income for relinquishment of subterranean space at an owned hotel.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 390.25 Td (. ) Tj ET Q q 0 0 0 rg BT 72.50 390.25 Td (QUAR) Tj ET Q q 0 0 0 rg BT 101.59 390.25 Td (TERL) Tj ET Q q 0 0 0 rg BT 127.91 390.25 Td (Y) Tj ET Q q 0 0 0 rg BT 134.76 390.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 193.37 390.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 244.01 390.25 Td (TION \(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 369.25 Td (The following table sets forth the historical unaudited quarterly financial data. ) Tj ET Q q 0 0 0 rg BT 388.72 369.25 Td (The information for each of these periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 Td (results that may be achieved in any future period. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 288.75 82.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 288.75 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 288.75 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 288.75 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 288.75 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 288.75 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 288.75 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 288.75 4.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 288.75 50.00 -34.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 239.75 82.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 239.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 239.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 239.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 239.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 239.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 239.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 239.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 239.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 179.75 82.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 179.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 179.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 179.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 179.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 179.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 179.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 179.75 4.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 179.75 50.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 109.75 82.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 132.50 109.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 109.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 109.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 109.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 109.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 109.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 109.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 109.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 109.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 109.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 109.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 109.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 109.75 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 109.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 109.75 50.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 132.5 309.75 m 182.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 309.75 m 186.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 309.75 m 236.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 309.75 m 240.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 309.75 m 290.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 309.75 m 294.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 309.75 m 344.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 309.75 m 348.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 309.75 m 398.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 309.75 m 402.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 309.75 m 452.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 309.75 m 456.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 309.75 m 506.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 309.75 m 510.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 309.75 m 560.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 132.5 288.75 m 182.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 288.75 m 236.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 288.75 m 290.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 288.75 m 344.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 288.75 m 398.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 288.75 m 452.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 288.75 m 506.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 288.75 m 560.5 288.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 293.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.60 313.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 322.86 313.98 Td (ee Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 139.75 300.98 Td (December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 143.00 292.98 Td (31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.60 300.98 Td (September) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 292.98 Td (30, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.75 300.98 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.00 292.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.50 300.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 316.53 300.98 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.00 292.98 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.75 300.98 Td (December) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.00 292.98 Td (31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.60 300.98 Td (September) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.00 292.98 Td (30, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 300.98 Td (June 30,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.00 292.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.50 300.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 532.46 300.98 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.00 292.98 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 279.48 Td (Consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 269.48 Td (statements of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 259.48 Td (income data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 245.32 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.50 245.32 Td (. . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.15 244.42 Td (1,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.15 244.42 Td (1,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 244.42 Td (1,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 244.42 Td (1,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 244.42 Td (1,1) Tj ET Q q 0 0 0 rg BT 384.65 244.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 244.42 Td (1,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 244.42 Td (1,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 244.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 244.42 Td (1,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.32 Td (Direct and selling,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.32 Td (general, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.32 Td (administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 200.32 Td (expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 200.32 Td (. . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.15 199.42 Td (1,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.15 199.42 Td (1,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 199.42 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 199.42 Td (1,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 199.42 Td (1,072) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 199.42 Td (1,01) Tj ET Q q 0 0 0 rg BT 443.65 199.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 199.42 Td (1,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 199.42 Td (1,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 185.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.50 185.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.65 184.42 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 184.42 Td (237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 184.42 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 184.42 Td (41) Tj ET Q q 0 0 0 rg BT 335.65 184.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 184.42 Td (213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 184.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 184.42 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 184.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 170.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 160.32 Td (attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 150.32 Td (Hyatt Hotels) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.32 Td (Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.50 140.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.65 139.42 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.65 139.42 Td (237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 139.42 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 139.42 Td (41) Tj ET Q q 0 0 0 rg BT 335.65 139.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 139.42 Td (213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 139.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 139.42 Td (103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 139.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 125.32 Td (Net income per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 115.32 Td (sharebasic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.50 115.32 Td (. . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.15 114.42 Td (0.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 114.42 Td (2.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 114.42 Td (0.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 114.42 Td (3.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 114.42 Td (1.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 114.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 114.42 Td (0.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 114.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 114.42 Td (0.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 100.32 Td (Net income per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 90.32 Td (share diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 90.32 Td (. . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.15 89.42 Td (0.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 89.42 Td (2.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 89.42 Td (0.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 89.42 Td (3.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 89.42 Td (1.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 89.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 89.42 Td (0.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 89.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 89.42 Td (0.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 75.32 Td (Cash dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 65.32 Td (declared per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.50 65.32 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.15 64.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 64.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 64.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 64.42 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 64.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 64.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 64.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 64.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 64.42 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 333 0 obj <>] /Rotate 0 /Contents 334 0 R>> endobj 334 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.75 31.60 Td (SCHII-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.00 742.25 Td (HY) Tj ET Q q 0 0 0 rg BT 194.08 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.56 742.25 Td (TT) Tj ET Q q 0 0 0 rg BT 213.72 742.25 Td ( HOTELS CORPORA) Tj ET Q q 0 0 0 rg BT 309.66 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 337.17 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.20 725.25 Td (SCHEDULE IIV) Tj ET Q q 0 0 0 rg BT 245.43 725.25 Td (ALUA) Tj ET Q q 0 0 0 rg BT 273.02 725.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 300.53 725.25 Td (AND QUALIFYING ) Tj ET Q q 0 0 0 rg BT 391.65 725.25 Td (ACCOUNTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 713.25 Td (For) Tj ET Q q 0 0 0 rg BT 141.12 713.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 159.08 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.19 713.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 258.88 713.25 Td (31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.38 713.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.38 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 344.50 713.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 713.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.62 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 448.75 713.25 Td (31, 2016) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.35 701.25 Td (\(In millions of dollars\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 639.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 639.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 639.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 639.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 639.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 639.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 639.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 639.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 639.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 639.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 609.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 609.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 609.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 609.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 609.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 609.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 609.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 609.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 609.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 609.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 580.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 580.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 580.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 580.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 580.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 580.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 580.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 580.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 580.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 550.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 550.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 550.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 550.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 550.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 550.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 550.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 550.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 550.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 550.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 521.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 521.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 521.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 521.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 521.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 521.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 521.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 521.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 521.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 521.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 491.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 491.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 491.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 491.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 491.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 491.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 491.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 491.75 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 491.75 49.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 491.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 491.75 49.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 653.75 m 267.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 653.75 m 321.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 653.75 m 385.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 653.75 m 447.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 653.75 m 509.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 653.75 m 562.5 653.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 657.98 Td (Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.60 673.98 Td (Balanceat) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.25 665.98 Td (beginning of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.35 657.98 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 681.98 Td (Additions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.85 673.98 Td (chargedto) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.70 665.98 Td (r) Tj ET Q q 0 0 0 rg BT 333.18 665.98 Td (evenues,costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.65 657.98 Td (and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.80 681.98 Td (Additions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.35 673.98 Td (chargedto) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.45 665.98 Td (other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.60 657.98 Td (accounts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.35 657.98 Td (Deductions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.60 673.98 Td (Balanceat) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.90 665.98 Td (end of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.35 657.98 Td (period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 644.43 Td (Y) Tj ET Q q 0 0 0 rg BT 59.11 644.43 Td (ear) Tj ET Q q 0 0 0 rg BT 72.81 644.43 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 148.73 644.43 Td ( 31, 2018:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.93 630.32 Td (rade receivablesallowance for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 629.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 629.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 629.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 629.47 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 629.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 629.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 629.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.42 Td (Financing receivablesallowance for losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 614.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 614.42 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 614.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.30 614.47 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 614.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 614.43 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 614.47 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 614.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 614.42 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.32 Td (Deferred tax assetsvaluation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 600.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 599.42 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.30 599.47 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 599.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 599.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 599.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 599.42 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 585.43 Td (Y) Tj ET Q q 0 0 0 rg BT 59.11 585.43 Td (ear) Tj ET Q q 0 0 0 rg BT 72.81 585.43 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 148.73 585.43 Td ( 31, 2017:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.93 571.32 Td (rade receivablesallowance for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 570.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 570.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 570.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.30 570.47 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 570.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 570.42 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 555.42 Td (Financing receivablesallowance for losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 555.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.65 555.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 555.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 555.42 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 555.43 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 555.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 555.42 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 541.32 Td (Deferred tax assetsvaluation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 541.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 540.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 540.42 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 540.43 Td (B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 540.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 540.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 540.42 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 526.43 Td (Y) Tj ET Q q 0 0 0 rg BT 59.11 526.43 Td (ear) Tj ET Q q 0 0 0 rg BT 72.81 526.43 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 148.73 526.43 Td ( 31, 2016:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.93 512.32 Td (rade receivablesallowance for doubtful accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 511.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 511.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 511.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.30 511.47 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 511.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 511.42 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.42 Td (Financing receivablesallowance for losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.50 496.32 Td (. . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 496.42 Td (98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 496.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 496.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.30 496.47 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.65 496.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 496.42 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.32 Td (Deferred tax assetsvaluation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 482.32 Td (. . . . . . . . .) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.65 481.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 481.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 481.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 481.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 481.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 466.45 Td (A) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.50 466.45 Td (This amount represents currency translation on foreign currency denominated financing receivables.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 455.65 Td (B) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 56.00 455.65 Td (This amount represents the allowance related to our foreign tax credit carryforward balance.) Tj ET Q endstream endobj 335 0 obj <>] /Rotate 0 /Contents 336 0 R>> endobj 336 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 24.60 Td (E- 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.55 749.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 310.16 749.25 Td ( INDEX) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.75 714.75 m 128.75 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 714.75 m 561.75 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.75 714.75 m 128.75 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 714.75 m 561.75 714.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.95 719.43 Td (Exhibit Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.90 719.43 Td (Exhibit Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 690.32 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 688.0833984375 m 542.4248046875 688.0833984375 l s q 0 0 1 rg BT 143.25 689.42 Td (Purchase and Sale ) Tj ET Q q 0 0 1 rg BT 217.95 689.42 Td (Agreement dated as of February19, 2018, among ) Tj ET Q q 0 0 1 rg BT 418.83 689.42 Td (W) Tj ET Q q 0 0 1 rg BT 427.46 689.42 Td (ailea Hotel& Beach Resort, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 678.0833984375 m 554.0703125 678.0833984375 l s q 0 0 1 rg BT 143.25 679.42 Td (L.L.C., Hyatt Equities, L.L.C., Grand Hyatt SF) Tj ET Q q 0 0 1 rg BT 331.04 679.42 Td (, L.L.C. and Host Hotels & Resorts, L.P) Tj ET Q q 0 0 1 rg BT 492.71 679.42 Td (. \(incorporated ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 668.0833984375 m 550.80859375 668.0833984375 l s q 0 0 1 rg BT 143.25 669.42 Td (by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K \(File No. 001-34521\) filed ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 658.0833984375 m 400.994140625 658.0833984375 l s q 0 0 1 rg BT 143.25 659.42 Td (with the Securities and Exchange Commission on ) Tj ET Q q 0 0 1 rg BT 344.06 659.42 Td (April 2, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 630.32 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 628.0833984375 m 544.255859375 628.0833984375 l s q 0 0 1 rg BT 143.25 629.42 Td (Membership Interest Purchase ) Tj ET Q q 0 0 1 rg BT 266.83 629.42 Td (Agreement, dated as of October 6, 2018, by and among Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 618.0833984375 m 522.6982421875 618.0833984375 l s q 0 0 1 rg BT 143.25 619.42 Td (Corporation, ) Tj ET Q q 0 0 1 rg BT 196.39 619.42 Td (T) Tj ET Q q 0 0 1 rg BT 201.80 619.42 Td (wo Roads Hospitality LLC, each of the parties identified as Sellers, and Sellers' ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 608.0833984375 m 550.212890625 608.0833984375 l s q 0 0 1 rg BT 143.25 609.42 Td (Representative \(incorporated by reference to Exhibit 2.1 to the Company's Quarterly Report on Form ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 598.0833984375 m 537.595703125 598.0833984375 l s q 0 0 1 rg BT 143.25 599.42 Td (10-Q for the quarter ended September 30, 2018 \(File No. 001-34521\) filed with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 588.0833984375 m 323.77734375 588.0833984375 l s q 0 0 1 rg BT 143.25 589.42 Td (Exchange Commission on October 31, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 560.32 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 558.0833984375 m 554.5244140625 558.0833984375 l s q 0 0 1 rg BT 143.25 559.42 Td (Amended and Restated Membership Interest Purchase ) Tj ET Q q 0 0 1 rg BT 362.08 559.42 Td (Agreement, dated as of November 30, 2018, by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 548.0833984375 m 542.0048828125 548.0833984375 l s q 0 0 1 rg BT 143.25 549.42 Td (and among Hyatt Hotels Corporation, ) Tj ET Q q 0 0 1 rg BT 296.38 549.42 Td (T) Tj ET Q q 0 0 1 rg BT 301.79 549.42 Td (wo Roads Hospitality LLC, each of the parties identified as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 538.0833984375 m 283.3427734375 538.0833984375 l s q 0 0 1 rg BT 143.25 539.42 Td (Sellers, and Sellers' Representative) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 510.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 508.0833984375 m 534.79296875 508.0833984375 l s q 0 0 1 rg BT 143.25 509.42 Td (Amended and Restated Certificate of Incorporation of Hyatt Hotels Corporation \(incorporated by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 498.0833984375 m 528.552734375 498.0833984375 l s q 0 0 1 rg BT 143.25 499.42 Td (reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 488.0833984375 m 535.96484375 488.0833984375 l s q 0 0 1 rg BT 143.25 489.42 Td (September 30, 2018 \(File No. 001-34521\) filed with the Securities and Exchange Commission on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 478.0833984375 m 216.287109375 478.0833984375 l s q 0 0 1 rg BT 143.25 479.42 Td (October 31, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 450.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 448.0833984375 m 551.74609375 448.0833984375 l s q 0 0 1 rg BT 143.25 449.42 Td (Amended and Restated Bylaws of Hyatt Hotels Corporation \(incorporated by reference to Exhibit 3.2 ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 438.0833984375 m 535.271484375 438.0833984375 l s q 0 0 1 rg BT 143.25 439.42 Td (to the Company's Current Report on Form 8-K \(File No. 001-34521\) filed with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 428.0833984375 m 333.962890625 428.0833984375 l s q 0 0 1 rg BT 143.25 429.42 Td (Exchange Commission on September 1) Tj ET Q q 0 0 1 rg BT 300.63 429.42 Td (1, 2014\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 400.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 398.0833984375 m 518.435546875 398.0833984375 l s q 0 0 1 rg BT 143.25 399.42 Td (Specimen Class ) Tj ET Q q 0 0 1 rg BT 208.80 399.42 Td (A) Tj ET Q q 0 0 1 rg BT 215.47 399.42 Td ( Common Stock Certificate \(incorporated by reference to Exhibit 4.1 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 388.0833984375 m 544.724609375 388.0833984375 l s q 0 0 1 rg BT 143.25 389.42 Td (Company's Registration Statement on Form S-1 \(File No. 333-161068\) filed with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 378.0833984375 m 318.77734375 378.0833984375 l s q 0 0 1 rg BT 143.25 379.42 Td (Exchange Commission on October 1, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 350.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 348.0833984375 m 554.2900390625 348.0833984375 l s q 0 0 1 rg BT 143.25 349.42 Td (Registration Rights ) Tj ET Q q 0 0 1 rg BT 222.70 349.42 Td (Agreement, dated as of ) Tj ET Q q 0 0 1 rg BT 317.39 349.42 Td (August 28, 2007, as amended, by and among Global Hyatt ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 338.0833984375 m 533.4990234375 338.0833984375 l s q 0 0 1 rg BT 143.25 339.42 Td (Corporation, Madrone GHC, LLC, Lake GHC, LLC, Shimoda GHC, LLC, GS Sunray Holdings, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 328.0833984375 m 529.080078125 328.0833984375 l s q 0 0 1 rg BT 143.25 329.42 Td (L.L.C., GS Sunray Holdings Subco I, L.L.C., GS Sunray Holdings Subco II, L.L.C., GS Sunray ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 318.0833984375 m 520.447265625 318.0833984375 l s q 0 0 1 rg BT 143.25 319.42 Td (Holdings Parallel, L.L.C., GS Sunray Holdings Parallel Subco, L.L.C., Mori Building Capital ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 308.0833984375 m 546.599609375 308.0833984375 l s q 0 0 1 rg BT 143.25 309.42 Td (Investment LLC and others party thereto \(incorporated by reference to Exhibit 4.2 to the Company's ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 298.0833984375 m 539.568359375 298.0833984375 l s q 0 0 1 rg BT 143.25 299.42 Td (Registration Statement on Form S-1 \(File No. 333-161068\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 288.0833984375 m 272.986328125 288.0833984375 l s q 0 0 1 rg BT 143.25 289.42 Td (Commission on ) Tj ET Q q 0 0 1 rg BT 208.26 289.42 Td (August 5, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 260.32 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 258.0833984375 m 539.2802734375 258.0833984375 l s q 0 0 1 rg BT 143.25 259.42 Td (Joinder ) Tj ET Q q 0 0 1 rg BT 174.64 259.42 Td (Agreement to Registration Rights ) Tj ET Q q 0 0 1 rg BT 311.29 259.42 Td (Agreement, dated as of January 26, 2010, by and among ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 248.08339843750002 m 553.162109375 248.08339843750002 l s q 0 0 1 rg BT 143.25 249.42 Td (Hyatt Hotels Corporation and Mori Building Co., Ltd. \(incorporated by reference to Exhibit 4.3 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 238.08339843750002 m 529.9638671875 238.08339843750002 l s q 0 0 1 rg BT 143.25 239.42 Td (Company's ) Tj ET Q q 0 0 1 rg BT 189.78 239.42 Td (Annual Report on Form 10-K for the fiscal year ended December 31, 2009 \(File No. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 228.08339843750002 m 491.521484375 228.08339843750002 l s q 0 0 1 rg BT 143.25 229.42 Td (001-34521\) filed with the Securities and Exchange Commission on February 25, 2010\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 200.32 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 198.08339843750002 m 536.892578125 198.08339843750002 l s q 0 0 1 rg BT 143.25 199.42 Td (Indenture, dated as of ) Tj ET Q q 0 0 1 rg BT 231.83 199.42 Td (August 14, 2009, as amended, between Hyatt Hotels Corporation and ) Tj ET Q q 0 0 1 rg BT 511.87 199.42 Td (W) Tj ET Q q 0 0 1 rg BT 520.51 199.42 Td (ells ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 188.08339843750002 m 514.353515625 188.08339843750002 l s q 0 0 1 rg BT 143.25 189.42 Td (Far) Tj ET Q q 0 0 1 rg BT 156.40 189.42 Td (go Bank, National ) Tj ET Q q 0 0 1 rg BT 231.39 189.42 Td (Association, as trustee \(incorporated by reference to Exhibit 4.3 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 178.08339843750002 m 544.724609375 178.08339843750002 l s q 0 0 1 rg BT 143.25 179.42 Td (Company's Registration Statement on Form S-1 \(File No. 333-161068\) filed with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 168.08339843750002 m 329.333984375 168.08339843750002 l s q 0 0 1 rg BT 143.25 169.42 Td (Exchange Commission on September 9, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 140.32 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 138.08339843750002 m 538.455078125 138.08339843750002 l s q 0 0 1 rg BT 143.25 139.42 Td (First Supplemental Indenture, dated as of ) Tj ET Q q 0 0 1 rg BT 310.16 139.42 Td (August 14, 2009, between Hyatt Hotels Corporation and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 128.08339843750002 m 539.3779296875 128.08339843750002 l s q 0 0 1 rg BT 143.25 129.42 Td (W) Tj ET Q q 0 0 1 rg BT 151.89 129.42 Td (ells Far) Tj ET Q q 0 0 1 rg BT 181.42 129.42 Td (go Bank, National ) Tj ET Q q 0 0 1 rg BT 256.41 129.42 Td (Association, as trustee \(incorporated by reference to Exhibit 4.4 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 118.08339843750002 m 544.724609375 118.08339843750002 l s q 0 0 1 rg BT 143.25 119.42 Td (Company's Registration Statement on Form S-1 \(File No. 333-161068\) filed with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 108.08339843750002 m 329.333984375 108.08339843750002 l s q 0 0 1 rg BT 143.25 109.42 Td (Exchange Commission on September 9, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 80.32 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 78.53339843749995 m 549.12890625 78.53339843749995 l s q 0 0 1 rg BT 143.25 79.87 Td (Second Supplemental Indenture, dated as of ) Tj ET Q q 0 0 1 rg BT 321.26 79.87 Td (August 4, 201) Tj ET Q q 0 0 1 rg BT 377.28 79.87 Td (1, between the Company and ) Tj ET Q q 0 0 1 rg BT 495.96 79.87 Td (W) Tj ET Q q 0 0 1 rg BT 504.59 79.87 Td (ells Far) Tj ET Q q 0 0 1 rg BT 534.13 79.87 Td (go, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 68.53339843749995 m 509.67578125 68.53339843749995 l s q 0 0 1 rg BT 143.25 69.87 Td (National ) Tj ET Q q 0 0 1 rg BT 179.63 69.87 Td (Association, as trustee \(incorporated by reference to Exhibit 4.2 to the Company's ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 58.533398437499955 m 539.568359375 58.533398437499955 l s q 0 0 1 rg BT 143.25 59.87 Td (Registration Statement on Form S-3 \(File No. 333-176038\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 48.533398437499955 m 272.615234375 48.533398437499955 l s q 0 0 1 rg BT 143.25 49.87 Td (Commission on ) Tj ET Q q 0 0 1 rg BT 208.26 49.87 Td (August 4, 201) Tj ET Q q 0 0 1 rg BT 264.29 49.87 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 337 0 obj <>] /Rotate 0 /Contents 338 0 R>> endobj 338 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 24.60 Td (E- 2) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.75 731.5 m 128.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 731.5 m 561.75 731.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.95 736.18 Td (Exhibit Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.90 736.18 Td (Exhibit Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 707.07 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 705.2833984375 m 541.9072265625 705.2833984375 l s q 0 0 1 rg BT 143.25 706.62 Td (Third Supplemental Indenture, dated as of ) Tj ET Q q 0 0 1 rg BT 314.04 706.62 Td (August 9, 201) Tj ET Q q 0 0 1 rg BT 370.06 706.62 Td (1, between the Company and ) Tj ET Q q 0 0 1 rg BT 488.73 706.62 Td (W) Tj ET Q q 0 0 1 rg BT 497.37 706.62 Td (ells Far) Tj ET Q q 0 0 1 rg BT 526.91 706.62 Td (go, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 695.2833984375 m 542.72265625 695.2833984375 l s q 0 0 1 rg BT 143.25 696.62 Td (National ) Tj ET Q q 0 0 1 rg BT 179.63 696.62 Td (Association, as trustee \(incorporated by reference to Exhibit 4.2 to the Company's Current ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 685.2833984375 m 537.6396484375 685.2833984375 l s q 0 0 1 rg BT 143.25 686.62 Td (Report on Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange Commission on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 675.2833984375 m 207.6005859375 675.2833984375 l s q 0 0 1 rg BT 143.25 676.62 Td (August 9, 201) Tj ET Q q 0 0 1 rg BT 199.27 676.62 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 647.07 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 645.2833984375 m 539.958984375 645.2833984375 l s q 0 0 1 rg BT 143.25 646.62 Td (Fourth Supplemental Indenture, dated May 10, 2013, between Hyatt Hotels Corporation and ) Tj ET Q q 0 0 1 rg BT 514.93 646.62 Td (W) Tj ET Q q 0 0 1 rg BT 523.57 646.62 Td (ells ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 635.2833984375 m 514.353515625 635.2833984375 l s q 0 0 1 rg BT 143.25 636.62 Td (Far) Tj ET Q q 0 0 1 rg BT 156.40 636.62 Td (go Bank, National ) Tj ET Q q 0 0 1 rg BT 231.39 636.62 Td (Association, as trustee \(incorporated by reference to Exhibit 4.1 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 625.2833984375 m 552.2001953125 625.2833984375 l s q 0 0 1 rg BT 143.25 626.62 Td (Company's Current Report on Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 615.2833984375 m 267.9765625 615.2833984375 l s q 0 0 1 rg BT 143.25 616.62 Td (Commission on May 10, 2013\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 587.07 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 585.2833984375 m 555.88671875 585.2833984375 l s q 0 0 1 rg BT 143.25 586.62 Td (Fifth Supplemental Indenture, dated May 10, 2013 between Hyatt Hotels Corporation and ) Tj ET Q q 0 0 1 rg BT 505.21 586.62 Td (W) Tj ET Q q 0 0 1 rg BT 513.85 586.62 Td (ells Far) Tj ET Q q 0 0 1 rg BT 543.39 586.62 Td (go ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 575.2833984375 m 535.7841796875 575.2833984375 l s q 0 0 1 rg BT 143.25 576.62 Td (Bank, National ) Tj ET Q q 0 0 1 rg BT 205.74 576.62 Td (Association, as trustee \(incorporated by reference to Exhibit 4.2 to the Company's ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 565.2833984375 m 558.1865234375 565.2833984375 l s q 0 0 1 rg BT 143.25 566.62 Td (Current Report on Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange Commission ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 555.2833984375 m 214.91015625 555.2833984375 l s q 0 0 1 rg BT 143.25 556.62 Td (on May 10, 2013\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 527.07 Td (4.10) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 524.8333984375 m 537.17578125 524.8333984375 l s q 0 0 1 rg BT 143.25 526.17 Td (Sixth Supplemental Indenture, dated March 7, 2016, between Hyatt Hotels Corporation and ) Tj ET Q q 0 0 1 rg BT 512.15 526.17 Td (W) Tj ET Q q 0 0 1 rg BT 520.79 526.17 Td (ells ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 514.8333984375 m 514.353515625 514.8333984375 l s q 0 0 1 rg BT 143.25 516.17 Td (Far) Tj ET Q q 0 0 1 rg BT 156.40 516.17 Td (go Bank, National ) Tj ET Q q 0 0 1 rg BT 231.39 516.17 Td (Association, as trustee \(incorporated by reference to Exhibit 4.1 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 504.8333984375 m 552.2001953125 504.8333984375 l s q 0 0 1 rg BT 143.25 506.17 Td (Company's Current Report on Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 494.8333984375 m 270.7451171875 494.8333984375 l s q 0 0 1 rg BT 143.25 496.17 Td (Commission on March 8, 2016\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.15 467.07 Td (4.1) Tj ET Q q 0 0 0 rg BT 92.46 467.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 464.8333984375 m 557.2783203125 464.8333984375 l s q 0 0 1 rg BT 143.25 466.17 Td (Seventh Supplemental Indenture, dated as of ) Tj ET Q q 0 0 1 rg BT 324.04 466.17 Td (August16, 2018, between the Company and ) Tj ET Q q 0 0 1 rg BT 504.10 466.17 Td (W) Tj ET Q q 0 0 1 rg BT 512.74 466.17 Td (ells Far) Tj ET Q q 0 0 1 rg BT 542.28 466.17 Td (go, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 454.8333984375 m 542.72265625 454.8333984375 l s q 0 0 1 rg BT 143.25 456.17 Td (National ) Tj ET Q q 0 0 1 rg BT 179.63 456.17 Td (Association, as trustee \(incorporated by reference to Exhibit 4.1 to the Company's Current ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 444.8333984375 m 537.6396484375 444.8333984375 l s q 0 0 1 rg BT 143.25 446.17 Td (Report on Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange Commission on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 434.8333984375 m 212.9716796875 434.8333984375 l s q 0 0 1 rg BT 143.25 436.17 Td (August 16, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 407.07 Td (4.12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 404.78339843749995 m 530.9404296875 404.78339843749995 l s q 0 0 1 rg BT 143.25 406.12 Td (Form of 6.875% Senior Notes due 2019 \(included as part of Exhibit 4.5 above\) \(incorporated by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 394.78339843749995 m 551.931640625 394.78339843749995 l s q 0 0 1 rg BT 143.25 396.12 Td (reference to Exhibit 4.4 to the Company's Registration Statement on Form S-1 \(File No. 333-161068\) ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 384.78339843749995 m 444.0263671875 384.78339843749995 l s q 0 0 1 rg BT 143.25 386.12 Td (filed with the Securities and Exchange Commission on September 9, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 356.07 Td (4.13) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 354.28339843749995 m 530.9404296875 354.28339843749995 l s q 0 0 1 rg BT 143.25 355.62 Td (Form of 5.375% Senior Notes due 2021 \(included as part of Exhibit 4.7 above\) \(incorporated by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 344.28339843749995 m 540.80859375 344.28339843749995 l s q 0 0 1 rg BT 143.25 345.62 Td (reference to Exhibit 4.2 to the Company's Current Report on Form 8-K \(File No. 001-34521\) filed ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 334.28339843749995 m 408.40625 334.28339843749995 l s q 0 0 1 rg BT 143.25 335.62 Td (with the Securities and Exchange Commission on ) Tj ET Q q 0 0 1 rg BT 344.06 335.62 Td (August 9, 201) Tj ET Q q 0 0 1 rg BT 400.08 335.62 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 306.07 Td (4.14) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 303.8333984374999 m 535.9404296875 303.8333984374999 l s q 0 0 1 rg BT 143.25 305.17 Td (Form of 3.375% Senior Notes due 2023 \(included as part of Exhibit 4.9 above \) \(incorporated by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 293.8333984374999 m 558.5869140625 293.8333984374999 l s q 0 0 1 rg BT 143.25 295.17 Td (reference to Exhibit 4.2 to the Company's Current Report on Form 8-K \(File No. 001-34521\) filed with ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 283.8333984374999 m 383.4892578125 283.8333984374999 l s q 0 0 1 rg BT 143.25 285.17 Td (the Securities and Exchange Commission on May 10, 2013\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 256.07 Td (4.15) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 253.8333984374999 m 535.9404296875 253.8333984374999 l s q 0 0 1 rg BT 143.25 255.17 Td (Form of 4.850% Senior Notes due 2026 \(included as part of Exhibit 4.10 above\) \(incorporated by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 243.8333984374999 m 558.5869140625 243.8333984374999 l s q 0 0 1 rg BT 143.25 245.17 Td (reference to Exhibit 4.2 to the Company's Current Report on Form 8-K \(File No. 001-34521\) filed with ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 233.8333984374999 m 386.2578125 233.8333984374999 l s q 0 0 1 rg BT 143.25 235.17 Td (the Securities and Exchange Commission on March 8, 2016\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 206.07 Td (4.16) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 203.8333984374999 m 552.2099609375 203.8333984374999 l s q 0 0 1 rg BT 143.25 205.17 Td (Form of 4.375% Senior Note due 2028 \(included in Exhibit 4.1) Tj ET Q q 0 0 1 rg BT 396.18 205.17 Td (1 above\) \(incorporated by reference to ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 193.8333984374999 m 523.3427734375 193.8333984374999 l s q 0 0 1 rg BT 143.25 195.17 Td (Exhibit 4.2 to the Company's Current Report on Form 8-K \(File No. 001-34521\) filed with the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 183.8333984374999 m 378.7822265625 183.8333984374999 l s q 0 0 1 rg BT 143.25 185.17 Td (Securities and Exchange Commission on ) Tj ET Q q 0 0 1 rg BT 309.06 185.17 Td (August 16, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 156.07 Td (4.17) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 153.8333984374999 m 555.9501953125 153.8333984374999 l s q 0 0 1 rg BT 143.25 155.17 Td (Registration Rights ) Tj ET Q q 0 0 1 rg BT 222.70 155.17 Td (Agreement, dated as of October 12, 2009, by and among Hyatt Hotels Corporation ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 143.8333984374999 m 559.1826171875 143.8333984374999 l s q 0 0 1 rg BT 143.25 145.17 Td (and ) Tj ET Q q 0 0 1 rg BT 160.01 145.17 Td (Thomas J. Pritzker) Tj ET Q q 0 0 1 rg BT 234.87 145.17 Td (, Marshall E. Eisenber) Tj ET Q q 0 0 1 rg BT 323.83 145.17 Td (g and Karl J. Breyer) Tj ET Q q 0 0 1 rg BT 404.24 145.17 Td (, solely in their capacity as co-trustees ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 133.8333984374999 m 549.412109375 133.8333984374999 l s q 0 0 1 rg BT 143.25 135.17 Td (\(incorporated by reference to Exhibit 4.5 to the Company's Registration Statement on Form S-1 \(File ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 123.83339843749991 m 509.8515625 123.83339843749991 l s q 0 0 1 rg BT 143.25 125.17 Td (No. 333-161068\) filed with the Securities and Exchange Commission on October 15, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 339 0 obj <>] /Rotate 0 /Contents 340 0 R>> endobj 340 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 24.60 Td (E- 3) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.75 731.5 m 128.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 731.5 m 561.75 731.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.95 736.18 Td (Exhibit Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.90 736.18 Td (Exhibit Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 722.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 719.8333984374999 m 552.2001953125 719.8333984374999 l s q 0 0 1 rg BT 143.25 721.17 Td (2007 Stockholders' ) Tj ET Q q 0 0 1 rg BT 221.72 721.17 Td (Agreement, dated as of ) Tj ET Q q 0 0 1 rg BT 316.40 721.17 Td (August 28, 2007, as amended, by and among Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 709.8333984374999 m 533.4990234375 709.8333984374999 l s q 0 0 1 rg BT 143.25 711.17 Td (Corporation, Madrone GHC, LLC, Lake GHC, LLC, Shimoda GHC, LLC, GS Sunray Holdings, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 699.8333984374999 m 529.080078125 699.8333984374999 l s q 0 0 1 rg BT 143.25 701.17 Td (L.L.C., GS Sunray Holdings Subco I, L.L.C., GS Sunray Holdings Subco II, L.L.C., GS Sunray ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 689.8333984374999 m 520.447265625 689.8333984374999 l s q 0 0 1 rg BT 143.25 691.17 Td (Holdings Parallel, L.L.C., GS Sunray Holdings Parallel Subco, L.L.C., Mori Building Capital ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 679.8333984374999 m 551.599609375 679.8333984374999 l s q 0 0 1 rg BT 143.25 681.17 Td (Investment LLC and others party thereto \(incorporated by reference to Exhibit 10.1 to the Company's ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 669.8333984374999 m 539.568359375 669.8333984374999 l s q 0 0 1 rg BT 143.25 671.17 Td (Registration Statement on Form S-1 \(File No. 333-161068\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 659.8333984374999 m 272.986328125 659.8333984374999 l s q 0 0 1 rg BT 143.25 661.17 Td (Commission on ) Tj ET Q q 0 0 1 rg BT 208.26 661.17 Td (August 5, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 632.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 629.8333984374999 m 538.298828125 629.8333984374999 l s q 0 0 1 rg BT 143.25 631.17 Td (Joinder ) Tj ET Q q 0 0 1 rg BT 174.64 631.17 Td (Agreement to 2007 Stockholders' ) Tj ET Q q 0 0 1 rg BT 310.31 631.17 Td (Agreement, dated as of January 26, 2010, by and among ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 619.8333984374999 m 558.162109375 619.8333984374999 l s q 0 0 1 rg BT 143.25 621.17 Td (Hyatt Hotels Corporation and Mori Building Co., Ltd. \(incorporated by reference to Exhibit 10.2 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 609.8333984374999 m 529.9638671875 609.8333984374999 l s q 0 0 1 rg BT 143.25 611.17 Td (Company's ) Tj ET Q q 0 0 1 rg BT 189.78 611.17 Td (Annual Report on Form 10-K for the fiscal year ended December 31, 2009 \(File No. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 599.8333984374999 m 358.4990234375 599.8333984374999 l s q 0 0 1 rg BT 143.25 601.17 Td (001-34521\) filed with the SEC on February 25, 2010\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 572.07 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 569.8333984374999 m 558.015625 569.8333984374999 l s q 0 0 1 rg BT 143.25 571.17 Td (Joinder ) Tj ET Q q 0 0 1 rg BT 174.64 571.17 Td (Agreement to 2007 Stockholders' ) Tj ET Q q 0 0 1 rg BT 310.31 571.17 Td (Agreement, dated as of March 12, 2014, by and among Hyatt ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 559.8333984374999 m 560.22265625 559.8333984374999 l s q 0 0 1 rg BT 143.25 561.17 Td (Hotels Corporation and Gregory B. Penner \(incorporated by reference to Exhibit 10.3 to the Company's ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 549.8333984374999 m 553.4208984375 549.8333984374999 l s q 0 0 1 rg BT 143.25 551.17 Td (Annual Report on Form 10-K for the fiscal year ended December 31, 2015 \(File No. 001-34521\) filed ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 539.8333984374999 m 421.5361328125 539.8333984374999 l s q 0 0 1 rg BT 143.25 541.17 Td (with the Securities and Exchange Commission on February 18, 2015\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.15 512.07 Td (+10.4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 509.8333984374999 m 543.552734375 509.8333984374999 l s q 0 0 1 rg BT 143.25 511.17 Td (Third ) Tj ET Q q 0 0 1 rg BT 167.42 511.17 Td (Amended and Restated Hyatt Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 396.66 511.17 Td (erm Incentive Plan \(incorporated by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 499.8333984374999 m 537.1708984375 499.8333984374999 l s q 0 0 1 rg BT 143.25 501.17 Td (reference to Exhibit 10.4 to the Company's ) Tj ET Q q 0 0 1 rg BT 316.68 501.17 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 489.8333984374999 m 478.19140625 489.8333984374999 l s q 0 0 1 rg BT 143.25 491.17 Td (December 31, 2015 \(File No. 001-34521\) filed with the SEC on February 18, 2016\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.15 462.07 Td (+10.5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 459.8333984374999 m 557.009765625 459.8333984374999 l s q 0 0 1 rg BT 143.25 461.17 Td (First ) Tj ET Q q 0 0 1 rg BT 163.54 461.17 Td (Amendment to ) Tj ET Q q 0 0 1 rg BT 225.57 461.17 Td (Third ) Tj ET Q q 0 0 1 rg BT 249.73 461.17 Td (Amended and Restated Hyatt Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 478.98 461.17 Td (erm Incentive Plan ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 449.8333984374999 m 545.22265625 449.8333984374999 l s q 0 0 1 rg BT 143.25 451.17 Td (\(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 439.8333984374999 m 510.92578125 439.8333984374999 l s q 0 0 1 rg BT 143.25 441.17 Td (quarter ended March 31, 2018 \(File No. 001-34521\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 429.8333984374999 m 262.9765625 429.8333984374999 l s q 0 0 1 rg BT 143.25 431.17 Td (Commission on May 3, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.15 402.07 Td (+10.6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 399.8333984374999 m 559.6953125 399.8333984374999 l s q 0 0 1 rg BT 143.25 401.17 Td (Form of Non-Employee Director Restricted Stock Unit ) Tj ET Q q 0 0 1 rg BT 365.71 401.17 Td (A) Tj ET Q q 0 0 1 rg BT 372.01 401.17 Td (ward ) Tj ET Q q 0 0 1 rg BT 393.95 401.17 Td (Agreement \(incorporated by reference to ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 389.8333984374999 m 548.07421875 389.8333984374999 l s q 0 0 1 rg BT 143.25 391.17 Td (Exhibit 10.3 to the Company's Registration Statement on Form S-1 \(File No. 333-161068\) filed with ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 379.8333984374999 m 390.9990234375 379.8333984374999 l s q 0 0 1 rg BT 143.25 381.17 Td (the Securities and Exchange Commission on ) Tj ET Q q 0 0 1 rg BT 323.78 381.17 Td (August5, 2009\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.15 352.07 Td (+10.7) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 349.8333984374999 m 525.8623046875 349.8333984374999 l s q 0 0 1 rg BT 143.25 351.17 Td (Amendment to Hyatt Hotels Corporation Non-Employee Director Restricted Stock Unit ) Tj ET Q q 0 0 1 rg BT 497.07 351.17 Td (A) Tj ET Q q 0 0 1 rg BT 503.37 351.17 Td (ward ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 339.8333984374999 m 557.439453125 339.8333984374999 l s q 0 0 1 rg BT 143.25 341.17 Td (Agreements \(incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 329.8333984374999 m 524.265625 329.8333984374999 l s q 0 0 1 rg BT 143.25 331.17 Td (Q for the quarter ended September 30, 2010 \(File No. 001-34521\) filed with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 319.8333984374999 m 331.27734375 319.8333984374999 l s q 0 0 1 rg BT 143.25 321.17 Td (Exchange Commission on November 3, 2010\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.15 292.07 Td (+10.8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 289.8333984374999 m 539.4169921875 289.8333984374999 l s q 0 0 1 rg BT 143.25 291.17 Td (Form of Non-Employee Director Restricted Stock ) Tj ET Q q 0 0 1 rg BT 345.43 291.17 Td (A) Tj ET Q q 0 0 1 rg BT 351.73 291.17 Td (ward ) Tj ET Q q 0 0 1 rg BT 373.67 291.17 Td (Agreement \(incorporated by reference to ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 279.8333984374999 m 548.07421875 279.8333984374999 l s q 0 0 1 rg BT 143.25 281.17 Td (Exhibit 10.4 to the Company's Registration Statement on Form S-1 \(File No. 333-161068\) filed with ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 269.8333984374999 m 390.9990234375 269.8333984374999 l s q 0 0 1 rg BT 143.25 271.17 Td (the Securities and Exchange Commission on ) Tj ET Q q 0 0 1 rg BT 323.78 271.17 Td (August 5, 2009\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.15 242.07 Td (+10.9) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 240.7333984375 m 540.037109375 240.7333984375 l s q 0 0 1 rg BT 143.25 242.07 Td (Second ) Tj ET Q q 0 0 1 rg BT 174.64 242.07 Td (Amendment to Hyatt Hotels Corporation Special Restricted Stock Unit ) Tj ET Q q 0 0 1 rg BT 460.98 242.07 Td (A) Tj ET Q q 0 0 1 rg BT 467.28 242.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 489.22 242.07 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 230.7333984375 m 545.22265625 230.7333984375 l s q 0 0 1 rg BT 143.25 232.07 Td (\(incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 220.7333984375 m 527.5908203125 220.7333984375 l s q 0 0 1 rg BT 143.25 222.07 Td (quarter ended September 30, 2010 \(File No. 001-34521\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 210.7333984375 m 289.353515625 210.7333984375 l s q 0 0 1 rg BT 143.25 212.07 Td (Commission on November 3, 2010\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 178.07 Td (+10.10) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 175.8333984374999 m 541.1552734375 175.8333984374999 l s q 0 0 1 rg BT 143.25 177.17 Td (Amendment to Hyatt Hotels Corporation 2008 and 2009 Restricted Stock Unit ) Tj ET Q q 0 0 1 rg BT 459.60 177.17 Td (A) Tj ET Q q 0 0 1 rg BT 465.90 177.17 Td (ward ) Tj ET Q q 0 0 1 rg BT 487.84 177.17 Td (Agreements, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 165.8333984374999 m 557.4345703125 165.8333984374999 l s q 0 0 1 rg BT 143.25 167.17 Td (dated December 17, 2010 \(incorporated by reference to Exhibit 10.17 to the Company's ) Tj ET Q q 0 0 1 rg BT 495.78 167.17 Td (Annual Report ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 155.8333984374999 m 560.1005859375 155.8333984374999 l s q 0 0 1 rg BT 143.25 157.17 Td (on Form 10-K for the fiscal year ended December 31, 2010 \(File No. 001-34521\) filed with the SEC on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 145.8333984374999 m 222.3076171875 145.8333984374999 l s q 0 0 1 rg BT 143.25 147.17 Td (February 17, 201) Tj ET Q q 0 0 1 rg BT 211.48 147.17 Td (1\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.85 118.07 Td (+10.1) Tj ET Q q 0 0 0 rg BT 97.62 118.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 115.83339843749991 m 516.5556640625 115.83339843749991 l s q 0 0 1 rg BT 143.25 117.17 Td (Form of 2009 Stock ) Tj ET Q q 0 0 1 rg BT 225.48 117.17 Td (Appreciation Rights ) Tj ET Q q 0 0 1 rg BT 308.25 117.17 Td (A) Tj ET Q q 0 0 1 rg BT 314.55 117.17 Td (ward ) Tj ET Q q 0 0 1 rg BT 336.49 117.17 Td (Agreement under Long-T) Tj ET Q q 0 0 1 rg BT 438.53 117.17 Td (erm Incentive Plan ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 105.83339843749991 m 559.412109375 105.83339843749991 l s q 0 0 1 rg BT 143.25 107.17 Td (\(incorporated by reference to Exhibit 10.13 to the Company's Registration Statement on Form S-1 \(File ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 95.83339843749991 m 503.484375 95.83339843749991 l s q 0 0 1 rg BT 143.25 97.17 Td (No. 333-161068\) filed with the Securities and Exchange Commission on ) Tj ET Q q 0 0 1 rg BT 436.26 97.17 Td (August 5, 2009\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 341 0 obj <>] /Rotate 0 /Contents 342 0 R>> endobj 342 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 24.60 Td (E- 4) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.75 731.5 m 128.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 731.5 m 561.75 731.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.95 736.18 Td (Exhibit Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.90 736.18 Td (Exhibit Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 722.07 Td (+10.12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 719.8333984374999 m 550.41796875 719.8333984374999 l s q 0 0 1 rg BT 143.25 721.17 Td (Form of Stock ) Tj ET Q q 0 0 1 rg BT 202.98 721.17 Td (Appreciation Rights ) Tj ET Q q 0 0 1 rg BT 285.75 721.17 Td (A) Tj ET Q q 0 0 1 rg BT 292.05 721.17 Td (ward ) Tj ET Q q 0 0 1 rg BT 313.99 721.17 Td (Agreement under Long-T) Tj ET Q q 0 0 1 rg BT 416.03 721.17 Td (erm Incentive Plan \(incorporated ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 709.8333984374999 m 554.6708984375 709.8333984374999 l s q 0 0 1 rg BT 143.25 711.17 Td (by reference to Exhibit 10.57 to the Company's ) Tj ET Q q 0 0 1 rg BT 334.18 711.17 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 699.8333984374999 m 534.28515625 699.8333984374999 l s q 0 0 1 rg BT 143.25 701.17 Td (December 31, 2009 \(File No. 001-34521\) filed with the Securities and Exchange Commission on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 689.8333984374999 m 222.6787109375 689.8333984374999 l s q 0 0 1 rg BT 143.25 691.17 Td (February 25, 2010\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 662.07 Td (+10.13) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 659.8333984374999 m 519.5146484375 659.8333984374999 l s q 0 0 1 rg BT 143.25 661.17 Td (Form of Performance Share Unit ) Tj ET Q q 0 0 1 rg BT 276.83 661.17 Td (Agreement \(incorporated by reference to Exhibit 10.1 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 649.8333984374999 m 552.2001953125 649.8333984374999 l s q 0 0 1 rg BT 143.25 651.17 Td (Company's Current Report on Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 639.8333984374999 m 278.2451171875 639.8333984374999 l s q 0 0 1 rg BT 143.25 641.17 Td (Commission on March 25, 2016\) ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 612.07 Td (+10.14) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 610.7333984375 m 511.21875 610.7333984375 l s q 0 0 1 rg BT 143.25 612.07 Td (Form of Deferred Cash ) Tj ET Q q 0 0 1 rg BT 238.23 612.07 Td (A) Tj ET Q q 0 0 1 rg BT 244.53 612.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 266.47 612.07 Td (Agreement under ) Tj ET Q q 0 0 1 rg BT 338.48 612.07 Td (Third ) Tj ET Q q 0 0 1 rg BT 362.64 612.07 Td (Amended and Restated Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 600.7333984375 m 299.451171875 600.7333984375 l s q 0 0 1 rg BT 143.25 602.07 Td (Corporation Long-T) Tj ET Q q 0 0 1 rg BT 223.92 602.07 Td (erm Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 572.07 Td (+10.15) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 570.7333984375 m 491.5556640625 570.7333984375 l s q 0 0 1 rg BT 143.25 572.07 Td (Form of Stock ) Tj ET Q q 0 0 1 rg BT 202.98 572.07 Td (Appreciation Rights ) Tj ET Q q 0 0 1 rg BT 285.75 572.07 Td (A) Tj ET Q q 0 0 1 rg BT 292.05 572.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 313.99 572.07 Td (Agreement under Long-T) Tj ET Q q 0 0 1 rg BT 416.03 572.07 Td (erm Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 542.07 Td (+10.16) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 540.7333984375 m 546.794921875 540.7333984375 l s q 0 0 1 rg BT 143.25 542.07 Td (Form of Stock ) Tj ET Q q 0 0 1 rg BT 202.98 542.07 Td (Appreciation Rights Retention ) Tj ET Q q 0 0 1 rg BT 327.13 542.07 Td (A) Tj ET Q q 0 0 1 rg BT 333.43 542.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 355.37 542.07 Td (Agreement under ) Tj ET Q q 0 0 1 rg BT 427.38 542.07 Td (Third ) Tj ET Q q 0 0 1 rg BT 451.55 542.07 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 530.7333984375 m 352.7763671875 530.7333984375 l s q 0 0 1 rg BT 143.25 532.07 Td (Hyatt Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 277.25 532.07 Td (erm Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 502.07 Td (+10.17) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 500.7333984375 m 542.615234375 500.7333984375 l s q 0 0 1 rg BT 143.25 502.07 Td (Form of Special Restricted Stock Unit ) Tj ET Q q 0 0 1 rg BT 298.23 502.07 Td (A) Tj ET Q q 0 0 1 rg BT 304.53 502.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 326.47 502.07 Td (Agreement under ) Tj ET Q q 0 0 1 rg BT 398.48 502.07 Td (Third ) Tj ET Q q 0 0 1 rg BT 422.65 502.07 Td (Amended and Restated Hyatt ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 490.7333984375 m 328.0595703125 490.7333984375 l s q 0 0 1 rg BT 143.25 492.07 Td (Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 252.53 492.07 Td (erm Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 462.07 Td (+10.18) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 460.7333984375 m 543.7138671875 460.7333984375 l s q 0 0 1 rg BT 143.25 462.07 Td (Form of 2017 Performance Share Unit ) Tj ET Q q 0 0 1 rg BT 299.33 462.07 Td (A) Tj ET Q q 0 0 1 rg BT 305.63 462.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 327.57 462.07 Td (Agreement under ) Tj ET Q q 0 0 1 rg BT 399.58 462.07 Td (Third ) Tj ET Q q 0 0 1 rg BT 423.75 462.07 Td (Amended and Restated Hyatt ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 450.7333984375 m 330.5595703125 450.7333984375 l s q 0 0 1 rg BT 143.25 452.07 Td (Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 252.53 452.07 Td (erm Incentive Plan ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 422.07 Td (+10.19) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 420.7333984375 m 544.568359375 420.7333984375 l s q 0 0 1 rg BT 143.25 422.07 Td (Form of Restricted Stock Unit - Cash Settled ) Tj ET Q q 0 0 1 rg BT 324.90 422.07 Td (A) Tj ET Q q 0 0 1 rg BT 331.20 422.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 353.14 422.07 Td (Agreement under ) Tj ET Q q 0 0 1 rg BT 425.15 422.07 Td (Third ) Tj ET Q q 0 0 1 rg BT 449.32 422.07 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 410.7333984375 m 352.7763671875 410.7333984375 l s q 0 0 1 rg BT 143.25 412.07 Td (Hyatt Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 277.25 412.07 Td (erm Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 382.07 Td (+10.20) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 380.7333984375 m 547.3466796875 380.7333984375 l s q 0 0 1 rg BT 143.25 382.07 Td (Form of Restricted Stock Unit - Stock Settled ) Tj ET Q q 0 0 1 rg BT 327.68 382.07 Td (A) Tj ET Q q 0 0 1 rg BT 333.98 382.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 355.92 382.07 Td (Agreement under ) Tj ET Q q 0 0 1 rg BT 427.93 382.07 Td (Third ) Tj ET Q q 0 0 1 rg BT 452.10 382.07 Td (Amended and Restated ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 370.7333984375 m 352.7763671875 370.7333984375 l s q 0 0 1 rg BT 143.25 372.07 Td (Hyatt Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 277.25 372.07 Td (erm Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 342.07 Td (+10.21) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 340.7333984375 m 543.7138671875 340.7333984375 l s q 0 0 1 rg BT 143.25 342.07 Td (Form of 2018 Performance Share Unit ) Tj ET Q q 0 0 1 rg BT 299.33 342.07 Td (A) Tj ET Q q 0 0 1 rg BT 305.63 342.07 Td (ward ) Tj ET Q q 0 0 1 rg BT 327.57 342.07 Td (Agreement under ) Tj ET Q q 0 0 1 rg BT 399.58 342.07 Td (Third ) Tj ET Q q 0 0 1 rg BT 423.75 342.07 Td (Amended and Restated Hyatt ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 330.7333984375 m 328.0595703125 330.7333984375 l s q 0 0 1 rg BT 143.25 332.07 Td (Hotels Corporation Long-T) Tj ET Q q 0 0 1 rg BT 252.53 332.07 Td (erm Incentive Plan) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 302.07 Td (+10.22) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 299.8333984374999 m 554.8857421875 299.8333984374999 l s q 0 0 1 rg BT 143.25 301.17 Td (Amended and Restated Hyatt Hotels Corporation Deferred Compensation Plan for Directors, ef) Tj ET Q q 0 0 1 rg BT 525.18 301.17 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 289.8333984374999 m 556.8828125 289.8333984374999 l s q 0 0 1 rg BT 143.25 291.17 Td (as of January 1, 2019 \(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 279.8333984374999 m 544.8271484375 279.8333984374999 l s q 0 0 1 rg BT 143.25 281.17 Td (Form 10-Q for the quarter ended September 30, 2018 \(File No. 001-34521\) filed with the Securities ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 269.8333984374999 m 340.7158203125 269.8333984374999 l s q 0 0 1 rg BT 143.25 271.17 Td (and Exchange Commission on October 31, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 242.07 Td (+10.23) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 240.7333984375 m 556.4970703125 240.7333984375 l s q 0 0 1 rg BT 143.25 242.07 Td (Hyatt Hotels Corporation Summary of ) Tj ET Q q 0 0 1 rg BT 299.07 242.07 Td (Amended and Restated Non-Employee Director Compensation, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 230.7333984375 m 551.9560546875 230.7333984375 l s q 0 0 1 rg BT 143.25 232.07 Td (ef) Tj ET Q q 0 0 1 rg BT 150.84 232.07 Td (fective as of January 1, 2019 \(incorporated by reference to Exhibit 10.2 to the Company's Quarterly ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 220.7333984375 m 545.1103515625 220.7333984375 l s q 0 0 1 rg BT 143.25 222.07 Td (Report on Form 10-Q for the quarter ended September 30, 2018 \(File No. 001-34521\) filed with the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 210.7333984375 m 382.6494140625 210.7333984375 l s q 0 0 1 rg BT 143.25 212.07 Td (Securities and Exchange Commission on October 31, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 182.07 Td (+10.24) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 179.8333984374999 m 536.345703125 179.8333984374999 l s q 0 0 1 rg BT 143.25 181.17 Td (Employment Letter) Tj ET Q q 0 0 1 rg BT 220.88 181.17 Td (, dated as of December 12, 2012, between Hyatt Hotels Corporation and Mark ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 169.8333984374999 m 551.8974609375 169.8333984374999 l s q 0 0 1 rg BT 143.25 171.17 Td (S.Hoplamazian \(incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 159.8333984374999 m 553.1669921875 159.8333984374999 l s q 0 0 1 rg BT 143.25 161.17 Td (8-K \(File No. 001-34521\) filed with the Securities and Exchange Commission on December 14, 2012\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 132.07 Td (+10.25) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 129.8333984374999 m 555.61328125 129.8333984374999 l s q 0 0 1 rg BT 143.25 131.17 Td (Employment Letter) Tj ET Q q 0 0 1 rg BT 220.88 131.17 Td (, dated as of December 12, 2012, between Hyatt Hotels Corporation and ) Tj ET Q q 0 0 1 rg BT 512.00 131.17 Td (Thomas J. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 119.83339843749991 m 559.119140625 119.83339843749991 l s q 0 0 1 rg BT 143.25 121.17 Td (Pritzker \(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K \(File ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 109.83339843749991 m 513.728515625 109.83339843749991 l s q 0 0 1 rg BT 143.25 111.17 Td (No. 001-34521\) filed with the Securities and Exchange Commission on December 14, 2012\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 82.07 Td (+10.26) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 79.83339843749991 m 528.58203125 79.83339843749991 l s q 0 0 1 rg BT 143.25 81.17 Td (Employment Letter) Tj ET Q q 0 0 1 rg BT 220.88 81.17 Td (, dated as of October 5, 2018, between Hyatt Corporation and Joan Bottarini ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 69.83339843749991 m 542.185546875 69.83339843749991 l s q 0 0 1 rg BT 143.25 71.17 Td (\(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K \(File No. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 59.83339843749991 m 482.6298828125 59.83339843749991 l s q 0 0 1 rg BT 143.25 61.17 Td (001-34521\) filed with the Securities and Exchange Commission on October 9, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 343 0 obj <>] /Rotate 0 /Contents 344 0 R>> endobj 344 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 24.60 Td (E- 5) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.75 731.5 m 128.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 731.5 m 561.75 731.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.95 736.18 Td (Exhibit Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.90 736.18 Td (Exhibit Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 722.07 Td (+10.27) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 719.8333984374999 m 553.40625 719.8333984374999 l s q 0 0 1 rg BT 143.25 721.17 Td (Hyatt Hotels Corporation 2018 Executive Incentive Plan \(incorporated by reference to Exhibit 10.1 to ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 709.8333984374999 m 524.9931640625 709.8333984374999 l s q 0 0 1 rg BT 143.25 711.17 Td (the Company's Current Report on Form 8-K \(File No. 001-34521\) filed with the Securities and ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 699.8333984374999 m 317.6689453125 699.8333984374999 l s q 0 0 1 rg BT 143.25 701.17 Td (Exchange Commission on March 23, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 672.07 Td (+10.28) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 670.7333984375 m 317.37109375 670.7333984375 l s q 0 0 1 rg BT 143.25 672.07 Td (Hyatt International Hotels Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 642.07 Td (+10.29) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 640.7333984375 m 547.3955078125 640.7333984375 l s q 0 0 1 rg BT 143.25 642.07 Td (Second ) Tj ET Q q 0 0 1 rg BT 174.64 642.07 Td (Amended and Restated Hyatt Corporation Deferred Compensation Plan, ef) Tj ET Q q 0 0 1 rg BT 474.09 642.07 Td (fective January 1, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 630.7333984375 m 166.580078125 630.7333984375 l s q 0 0 1 rg BT 143.25 632.07 Td (2015\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 602.07 Td (+10.30) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 600.7333984375 m 469.294921875 600.7333984375 l s q 0 0 1 rg BT 143.25 602.07 Td (Hyatt Hotels Corporation ) Tj ET Q q 0 0 1 rg BT 246.85 602.07 Td (Amended and Restated Employee Stock Purchase Plan ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.65 572.07 Td (+10.31) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 570.7333984375 m 555.662109375 570.7333984375 l s q 0 0 1 rg BT 143.25 572.07 Td (Advisory ) Tj ET Q q 0 0 1 rg BT 182.42 572.07 Td (Agreement, by and between Hyatt Hotels Corporation and Bare Hill ) Tj ET Q q 0 0 1 rg BT 457.07 572.07 Td (Advisory LLC, dated as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 560.7333984375 m 554.685546875 560.7333984375 l s q 0 0 1 rg BT 143.25 562.07 Td (of May31, 2018 \(incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 550.7333984375 m 525.4130859375 550.7333984375 l s q 0 0 1 rg BT 143.25 552.07 Td (8-K \(File No. 001-34521\) filed with the Securities and Exchange Commission on June 1, 2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 522.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 520.7333984375 m 551.4091796875 520.7333984375 l s q 0 0 1 rg BT 143.25 522.07 Td (Agreement Regarding ) Tj ET Q q 0 0 1 rg BT 233.78 522.07 Td (Allocation of Certain Of) Tj ET Q q 0 0 1 rg BT 331.62 522.07 Td (fice Costs Relating to ) Tj ET Q q 0 0 1 rg BT 420.32 522.07 Td (Thomas J. Pritzker in his role as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 510.7333984375 m 530.0908203125 510.7333984375 l s q 0 0 1 rg BT 143.25 512.07 Td (Executive Chairman of Hyatt Hotels Corporation, dated as of February 14, 2012, between Hyatt ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 500.7333984375 m 549.705078125 500.7333984375 l s q 0 0 1 rg BT 143.25 502.07 Td (Corporation and ) Tj ET Q q 0 0 1 rg BT 210.83 502.07 Td (The Pritzker Or) Tj ET Q q 0 0 1 rg BT 273.41 502.07 Td (ganization, L.L.C. \(incorporated by reference to Exhibit 10.49 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 490.7333984375 m 529.5927734375 490.7333984375 l s q 0 0 1 rg BT 143.25 492.07 Td (Company's ) Tj ET Q q 0 0 1 rg BT 189.78 492.07 Td (Annual Report on Form 10-K for the fiscal year ended December 31, 201) Tj ET Q q 0 0 1 rg BT 483.48 492.07 Td (1 \(File No. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 480.7333984375 m 491.521484375 480.7333984375 l s q 0 0 1 rg BT 143.25 482.07 Td (001-34521\) filed with the Securities and Exchange Commission on February 16, 2012\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 452.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 450.7333984375 m 543.708984375 450.7333984375 l s q 0 0 1 rg BT 143.25 452.07 Td (Second ) Tj ET Q q 0 0 1 rg BT 174.64 452.07 Td (Amended and Restated Credit ) Tj ET Q q 0 0 1 rg BT 296.83 452.07 Td (Agreement, dated as of January 6, 2014, among Hyatt Hotels ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 440.7333984375 m 558.4306640625 440.7333984375 l s q 0 0 1 rg BT 143.25 442.07 Td (Corporation and Hotel Investors I, Inc., as Borrowers, certain subsidiaries of Hyatt Hotels Corporation, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 430.7333984375 m 539.509765625 430.7333984375 l s q 0 0 1 rg BT 143.25 432.07 Td (as Guarantors, various Lenders, ) Tj ET Q q 0 0 1 rg BT 272.47 432.07 Td (W) Tj ET Q q 0 0 1 rg BT 281.11 432.07 Td (ells Far) Tj ET Q q 0 0 1 rg BT 310.65 432.07 Td (go Bank, National ) Tj ET Q q 0 0 1 rg BT 385.64 432.07 Td (Association, as ) Tj ET Q q 0 0 1 rg BT 448.13 432.07 Td (Administrative ) Tj ET Q q 0 0 1 rg BT 510.07 432.07 Td (Agent, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 420.7333984375 m 540.61328125 420.7333984375 l s q 0 0 1 rg BT 143.25 422.07 Td (Bank of ) Tj ET Q q 0 0 1 rg BT 177.14 422.07 Td (America, N.A., as Syndication ) Tj ET Q q 0 0 1 rg BT 301.56 422.07 Td (Agent, ) Tj ET Q q 0 0 1 rg BT 330.81 422.07 Td (W) Tj ET Q q 0 0 1 rg BT 339.45 422.07 Td (ells Far) Tj ET Q q 0 0 1 rg BT 368.99 422.07 Td (go Securities, LLC, Merrill L) Tj ET Q q 0 0 1 rg BT 486.19 422.07 Td (ynch, Pierce, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 410.7333984375 m 557.15625 410.7333984375 l s q 0 0 1 rg BT 143.25 412.07 Td (Fenner & Smith Incorporated, J.P) Tj ET Q q 0 0 1 rg BT 277.12 412.07 Td (. Mor) Tj ET Q q 0 0 1 rg BT 299.16 412.07 Td (gan Securities LLC and Deutsche Bank Securities, Inc., as Joint ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 400.7333984375 m 547.712890625 400.7333984375 l s q 0 0 1 rg BT 143.25 402.07 Td (Book Runners and Co-Lead ) Tj ET Q q 0 0 1 rg BT 257.12 402.07 Td (Arrangers, and JPMor) Tj ET Q q 0 0 1 rg BT 345.54 402.07 Td (gan Chase Bank, N.A., Deutsche Bank Securities, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 390.7333984375 m 558.904296875 390.7333984375 l s q 0 0 1 rg BT 143.25 392.07 Td (Inc. and SunT) Tj ET Q q 0 0 1 rg BT 199.28 392.07 Td (rust Bank, as Co-Documentation ) Tj ET Q q 0 0 1 rg BT 332.31 392.07 Td (Agents \(incorporated by reference to Exhibit 10.1 to the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 380.7333984375 m 554.7001953125 380.7333984375 l s q 0 0 1 rg BT 143.25 382.07 Td (Company's Current Report on Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 370.7333984375 m 275.7451171875 370.7333984375 l s q 0 0 1 rg BT 143.25 372.07 Td (Commission on January 6, 2014\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 342.07 Td (10.34) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 340.7333984375 m 550.6669921875 340.7333984375 l s q 0 0 1 rg BT 143.25 342.07 Td (First ) Tj ET Q q 0 0 1 rg BT 163.54 342.07 Td (Amendment to Second ) Tj ET Q q 0 0 1 rg BT 257.14 342.07 Td (Amended and Restated Credit ) Tj ET Q q 0 0 1 rg BT 379.33 342.07 Td (Agreement, dated as of January 10, 2018, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 330.7333984375 m 559.5390625 330.7333984375 l s q 0 0 1 rg BT 143.25 332.07 Td (among Hyatt Hotels Corporation and Hotel Investors I, Inc., as Borrowers, certain subsidiaries of Hyatt ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 320.7333984375 m 545.056640625 320.7333984375 l s q 0 0 1 rg BT 143.25 322.07 Td (Hotels Corporation, as Guarantors, various Lenders and ) Tj ET Q q 0 0 1 rg BT 368.85 322.07 Td (W) Tj ET Q q 0 0 1 rg BT 377.48 322.07 Td (ells Far) Tj ET Q q 0 0 1 rg BT 407.02 322.07 Td (go Bank, National ) Tj ET Q q 0 0 1 rg BT 482.01 322.07 Td (Association, as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 310.7333984375 m 550.232421875 310.7333984375 l s q 0 0 1 rg BT 143.25 312.07 Td (Administrative ) Tj ET Q q 0 0 1 rg BT 205.19 312.07 Td (Agent \(incorporated by reference to Exhibit 10.1 to the Company's Current Report on ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 300.7333984375 m 544.021484375 300.7333984375 l s q 0 0 1 rg BT 143.25 302.07 Td (Form 8-K \(File No. 001-34521\) filed with the Securities and Exchange Commission on January 17, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 290.7333984375 m 166.580078125 290.7333984375 l s q 0 0 1 rg BT 143.25 292.07 Td (2018\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 262.07 Td (10.35) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 260.7333984375 m 537.0390625 260.7333984375 l s q 0 0 1 rg BT 143.25 262.07 Td (Form of Franchise ) Tj ET Q q 0 0 1 rg BT 219.08 262.07 Td (Agreement with Hyatt Place Franchising, L.L.C., as amended \(incorporated by ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 250.7333984375 m 528.6015625 250.7333984375 l s q 0 0 1 rg BT 143.25 252.07 Td (referencetoExhibit10.46totheCompany'sRegistrationStatementonFormS-1\(FileNo.333- ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 240.7333984375 m 465.4326171875 240.7333984375 l s q 0 0 1 rg BT 143.25 242.07 Td (161068\) filed with the Securities and Exchange Commission on ) Tj ET Q q 0 0 1 rg BT 400.71 242.07 Td (August 5, 2009\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 202.07 Td (14.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 200.7333984375 m 294.0703125 200.7333984375 l s q 0 0 1 rg BT 143.25 202.07 Td (Code of Business Conduct and Ethics) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 173.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 171.7333984375 m 221.0234375 171.7333984375 l s q 0 0 1 rg BT 143.25 173.07 Td (List of Subsidiaries) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 144.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 142.7333984375 m 283.5478515625 142.7333984375 l s q 0 0 1 rg BT 143.25 144.07 Td (Consent of Deloitte & ) Tj ET Q q 0 0 1 rg BT 234.17 144.07 Td (T) Tj ET Q q 0 0 1 rg BT 239.58 144.07 Td (ouche LLP) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 115.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 112.83339843749991 m 560.427734375 112.83339843749991 l s q 0 0 1 rg BT 143.25 114.17 Td (Certification of the Chief Executive Of) Tj ET Q q 0 0 1 rg BT 299.40 114.17 Td (ficer pursuant to Rules 13a-14\(a\) and 15d-14\(a\) of the Securities ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 102.83339843749991 m 550.642578125 102.83339843749991 l s q 0 0 1 rg BT 143.25 104.17 Td (Exchange ) Tj ET Q q 0 0 1 rg BT 184.62 104.17 Td (Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 522.87 104.17 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 92.83339843749991 m 163.25 92.83339843749991 l s q 0 0 1 rg BT 143.25 94.17 Td (2002) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 65.07 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 62.83339843749991 m 557.6591796875 62.83339843749991 l s q 0 0 1 rg BT 143.25 64.17 Td (Certification of the Chief Financial Of) Tj ET Q q 0 0 1 rg BT 296.63 64.17 Td (ficer pursuant to Rules 13a-14\(a\) and 15d-14\(a\) of the Securities ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 52.83339843749991 m 550.642578125 52.83339843749991 l s q 0 0 1 rg BT 143.25 54.17 Td (Exchange ) Tj ET Q q 0 0 1 rg BT 184.62 54.17 Td (Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 522.87 54.17 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 42.83339843749991 m 163.25 42.83339843749991 l s q 0 0 1 rg BT 143.25 44.17 Td (2002) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 345 0 obj <>] /Rotate 0 /Contents 346 0 R>> endobj 346 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 24.60 Td (E- 6) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.75 730.5 m 128.75 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 140.75 730.5 m 561.75 730.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.95 735.18 Td (Exhibit Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.90 735.18 Td (Exhibit Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 706.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 703.8333984374999 m 559.0849609375 703.8333984374999 l s q 0 0 1 rg BT 143.25 705.17 Td (Certification of the Chief Executive Of) Tj ET Q q 0 0 1 rg BT 299.40 705.17 Td (ficer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 693.8333984374999 m 332.3759765625 693.8333984374999 l s q 0 0 1 rg BT 143.25 695.17 Td (Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 284.61 695.17 Td (Act of 2002) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 666.07 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 663.8333984374999 m 556.31640625 663.8333984374999 l s q 0 0 1 rg BT 143.25 665.17 Td (Certification of the Chief Financial Of) Tj ET Q q 0 0 1 rg BT 296.63 665.17 Td (ficer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 653.8333984374999 m 332.3759765625 653.8333984374999 l s q 0 0 1 rg BT 143.25 655.17 Td (Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 284.61 655.17 Td (Act of 2002) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 626.07 Td (99.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 624.7333984375 m 559.91015625 624.7333984375 l s q 0 0 1 rg BT 143.25 626.07 Td (Amended and Restated Global Hyatt ) Tj ET Q q 0 0 1 rg BT 292.38 626.07 Td (Agreement, dated as of October 1, 2009, by and among ) Tj ET Q q 0 0 1 rg BT 516.30 626.07 Td (Thomas J. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 614.7333984375 m 541.5703125 614.7333984375 l s q 0 0 1 rg BT 143.25 616.07 Td (Pritzker) Tj ET Q q 0 0 1 rg BT 174.50 616.07 Td (, Marshall E. Eisenber) Tj ET Q q 0 0 1 rg BT 263.46 616.07 Td (g, and Karl J. Breyer) Tj ET Q q 0 0 1 rg BT 346.37 616.07 Td (, solely in their capacity as co-trustees, and each ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 604.7333984375 m 210.73046875 604.7333984375 l s q 0 0 1 rg BT 143.25 606.07 Td (signatory thereto) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 571.07 Td (99.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 569.7333984375 m 550.0908203125 569.7333984375 l s q 0 0 1 rg BT 143.25 571.07 Td (Amended and Restated Foreign Global Hyatt ) Tj ET Q q 0 0 1 rg BT 325.99 571.07 Td (Agreement, dated as of October 1, 2009, by and among ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 143.25 559.7333984375 m 231.5458984375 559.7333984375 l s q 0 0 1 rg BT 143.25 561.07 Td (each signatory thereto) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.90 533.07 Td (101.INS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 533.07 Td (XBRL) Tj ET Q q 0 0 0 rg BT 169.73 533.07 Td ( Instance Document) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.25 504.07 Td (101.SCH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 504.07 Td (XBRL) Tj ET Q q 0 0 0 rg BT 169.73 504.07 Td ( ) Tj ET Q q 0 0 0 rg BT 171.96 504.07 Td (T) Tj ET Q q 0 0 0 rg BT 177.63 504.07 Td (axonomy Extension Schema Document) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.15 475.07 Td (101.CAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 475.07 Td (XBRL) Tj ET Q q 0 0 0 rg BT 169.73 475.07 Td ( ) Tj ET Q q 0 0 0 rg BT 171.96 475.07 Td (T) Tj ET Q q 0 0 0 rg BT 177.63 475.07 Td (axonomy Extension Calculation Linkbase Document) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.55 446.07 Td (101.DEF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 446.07 Td (XBRL) Tj ET Q q 0 0 0 rg BT 169.73 446.07 Td ( ) Tj ET Q q 0 0 0 rg BT 171.96 446.07 Td (T) Tj ET Q q 0 0 0 rg BT 177.63 446.07 Td (axonomy Extension Definition Linkbase Document) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 417.07 Td (101.LAB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 417.07 Td (XBRL) Tj ET Q q 0 0 0 rg BT 169.73 417.07 Td ( ) Tj ET Q q 0 0 0 rg BT 171.96 417.07 Td (T) Tj ET Q q 0 0 0 rg BT 177.63 417.07 Td (axonomy Extension Label Linkbase Document) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.80 388.07 Td (101.PRE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 388.07 Td (XBRL) Tj ET Q q 0 0 0 rg BT 169.55 388.07 Td ( ) Tj ET Q q 0 0 0 rg BT 171.87 388.07 Td (T) Tj ET Q q 0 0 0 rg BT 177.28 388.07 Td (axonomy Extension Presentation Linkbase Document) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 357.00 Td (+ ) Tj ET Q q 0 0 0 rg BT 95.00 357.00 Td (Management contract or compensatory plan or arrangement. ) Tj ET Q endstream endobj 347 0 obj <> /View <>>>>> endobj 348 0 obj <> /View <>>>>> endobj 349 0 obj <> endobj 350 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;