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[LETTERHEAD OF MARRIOTT INTERNATIONAL, INC. APPEARS HERE]
NEWS
MARRIOTT INTERNATIONAL CITES STRONG SUPPORT FOR SPINOFF/MERGER; OFFERS TO PERMIT
SEPARATE VOTE ON DUAL CLASS COMMON STOCK PROPOSAL AT MAY 1998 ANNUAL MEETING IN
THE EVENT STOCKHOLDERS APPROVE TRANSACTIONS
SPECIAL STOCKHOLDERS MEETING TO BE ADJOURNED UNTIL MARCH 20, 1998
WASHINGTON, D.C., March 16, 1998 -- Marriott International (MAR/NYSE) said that
it has received strong stockholder support for its planned spinoff and merger
transactions. However, in response to concerns of some stockholders, the company
announced that in the event the transactions are approved at its special meeting
of stockholders, it will include in its May 1998 annual meeting proxy statement
a separate and independent ballot proposal on whether the dual classes of common
stock should be retained. The dual class structure is presently part of a single
proposal for the spinoff and merger transactions in the proxy statement for the
company's special meeting.
In order to allow stockholders time to fully consider these matters, Marriott
also announced that its special meeting of stockholders will be adjourned to
10:00 a.m. on Friday, March 20, 1998 at the Westfields Marriott Conference
Center, Chantilly, Virginia.
This arrangement allows a prompt, separate vote on the dual class stock, while
enabling the company to promptly complete the spinoff and merger transactions.
The company believes that delays inherent in revising the existing proxy
materials to allow a separate vote at the special meeting, which would require
an additional adjournment of one or two months, might deprive stockholders of
some part of the value to be realized in the transactions and create unnecessary
uncertainty.
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The proposals to be considered at the special meeting provide for the tax-free
spinoff of a new company ("New Marriott") comprised of Marriott's lodging,
senior living services and distribution services businesses, which will adopt
the name Marriott International, Inc. They also include the merger of the
company's food service and facilities management business (Marriott Management
Services) with the North American operations of Sodexho Alliance immediately
following the spinoff. The merged company will be renamed Sodexho Marriott
Services, Inc. The spinoff would be effected by issuing one class of New
Marriott common stock, having one vote per share, and one share of New Marriott
Class A common stock, having ten votes per share, for each outstanding share of
Marriott International, Inc. common stock. Currently, the spinoff and merger
transactions are scheduled to close on March 27, 1998, subject to stockholder
approval.
"In the process of soliciting proxies for the special meeting, stockholders told
us that they strongly support the spinoff and merger transactions," said J.W.
Marriott, Jr., chairman and chief executive officer of Marriott International.
"At the same time, we are responding to their desire to vote on the dual class
share provision separately," Mr. Marriott continued.
"Consequently, assuming that stockholders approve the transactions at the
special meeting on March 20, 1998, we will submit the dual class share proposal
on a stand-alone basis to our stockholders at our annual meeting in May 1998,"
Mr. Marriott added.
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The annual meeting ballot proposal would provide that, unless the holders of a
majority of the outstanding votes approve the retention of the dual class
structure, the New Marriott board would immediately convert the two classes into
a single class of common stock, as expressly permitted by the New Marriott
charter, and thereafter take all steps necessary to remove the dual class
provisions from New Marriott's charter. This would result in the conversion of
all outstanding shares of New Marriott common stock into shares of Class A
common stock on a one-for-one basis. In addition, after the spinoff, the board
will refrain from issuing additional shares of common stock (having one vote per
share), unless stockholders vote to retain the dual class structure at the
annual meeting.
The board of directors of New Marriott will also adopt a stockholders rights
plan with triggering levels identical to those currently in place at Marriott
International, rather than the lower levels originally proposed.
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MARRIOTT INTERNATIONAL, INC. is a leading worldwide hospitality company, with
nearly 4,600 operating units in the United States and 53 other countries and
territories. Major businesses include hotels operated and franchised under the
Marriott, Ritz-Carlton, Courtyard, Residence Inn, Fairfield, TownePlace Suites,
Renaissance, New World and Ramada International brands; vacation club
(timeshare) resorts; food service and facilities management for clients in
business, education, and health care; senior living communities and services;
and food service distribution. The company is headquartered in Washington, D.C.
and has approximately 195,000 employees. In fiscal year 1997, Marriott
International reported total sales of $12.0 billion.
Contact: Tom Marder (301) 380-2553