Business description of HOST-HOTELS--RESORTS-INC from last 10-k form

The statements in this section describe the major risks to our business and should be considered carefully. In addition, these statements constitute our cautionary statements under the Private Securities Litigation Reform Act of 1995.

17

HOST HOTELS & RESORTS, INC.
By:   /s/    LARRY K. HARVEY        
 

Larry K. Harvey

Executive Vice President, Chief Financial Officer