Jason Koval

Thanks Vasant. We''d now like to open up the call to your questions. So in interest of time awareness, please limit yourselves to one question at a time and then we''ll take any follow-up questions you might have as time permits. Selvia, we''re ready for the first question.

Question-and-Answer Session

Operator

Thank you. Your first question comes from Joseph Greff from J.P. Morgan.

Joseph Greff - J.P. Morgan

Question on the group side of things. When you look at what you have on the books for the second half of this year domestically and when you look at 2011 group bookings where does rate compare versus year-ago periods?

Jason Koval

Joe, I''m sorry, you cut out at the beginning. Could you just reiterate that?

Joseph Greff - J.P. Morgan

Okay. If you -- my question is on the group side of things. If you were to look at the second half of 2010, domestic group bookings, how does the rate on those group bookings compare to last year? Then when you look at 2011 domestic group bookings, how does 2011 group rate compare to what you think 2010 is or what you have on the books for 2010? Obviously trying to get a sense of the sequential trends in rate on group and if you are seeing improvement in group rate which obvious is pretty soft right now.

Vasant M. Prabhu

I think the best way to answer that is, things are improving almost week by week and as we look at 2010 versus 2011, the rate is improving sequentially in terms of what''s on the books between what''s on the books in 2010 versus what''s on the books in 2011. So the rate in 2011 is better than the rate for 2010. And the moderation in rate in 2010 is getting better as each week goes by. As we indicated earlier, a lot of business is coming in quite late.

Jason Koval

Next question, please.

Operator

Your next question comes from Steve Kent from Goldman Sachs.

Steven Kent - Goldman Sachs

Hi. Just one clarification. Vasant, you said for this years for 2009, your timeshare business generated I think free cash flow of roughly $300 million. Next year you''re saying I think 150 million of free cash. May be if you could just sort of lay out what that would be over the next five years. And one thing, Frits, do you think, what we''re hearing from our hotel people there''s almost like a bull whip effect of sort of people going back on the road in a more aggressive form than before, almost like what we see in inventory rebuilding. We''re seeing travel rebuilding. Is that something that you would subscribe to?

Frits D. van Paasschen