(d) The three months and year ended December 31, 2009 include $17 million of charges associated with tender premiums
and other costs related to the early extinguishment of approximately $600 million of the Company’s long term debt.
These charges were recorded in the interest expense line item.
(e) The three months and year ended December 31, 2009 include $17 million of charges in connection with the
Company’s in-depth review of the vacation ownership business and the resulting decision to reduce pricing of certain
inventory at existing projects. These charges were recorded in the vacation ownership and residential costs and
expenses line item.
(f) The three months and year ended December 31, 2009 reflect tax benefits at the statutory rate for the special items and
a tax benefit for hotel sales with higher tax basis, partially offset by permanent tax charges associated with the loss on
certain asset dispositions. The three months and year ended December 31, 2008 relate to the favorable impacts of
capital loss utilization and tax benefits at the statutory rate for the special items.
(g) During the three months ended December 31, 2009, the Company took steps including the completion of certain
internal transactions that enabled the Company to change its election for several prior tax years to claim a foreign tax
credit as opposed to foreign tax deduction.
(h) During the year ended December 31, 2009, benefit relates to an Italian tax incentive program through which the tax
basis of Italian owned hotels were stepped up in exchange for paying a relatively minor tax.
The Company has included the above supplemental information concerning special items
to assist investors in analyzing Starwood’s financial position and results of operations. The
Company has chosen to provide this information to investors to enable them to perform
meaningful comparisons of past, present and future operating results and as a means to
emphasize the results of core on-going operations.
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