Are the notes related to the Best Western financial statements included in Exhibit E?

According to Best Western's 2025 Franchise Disclosure Document, the audited consolidated financial statements and related notes are included in Exhibit E. Specifically, Item 21 states that Exhibit E contains the audited consolidated financial statements (and the related notes) for the years ended November 30, 2024, November 30, 2023 and November 30, 2022.

This is a standard practice in franchising, as it provides potential franchisees with a more complete picture of the franchisor's financial health. The inclusion of notes is crucial because they offer additional details and explanations that are not apparent in the main financial statements. These notes can cover a range of topics, such as accounting policies, debt obligations, contingent liabilities, and related party transactions.

For a prospective Best Western franchisee, reviewing these financial statements and the accompanying notes is an essential step in due diligence. It allows them to assess the financial stability and performance of Best Western over the past three years. Understanding the franchisor's financial position can help franchisees make informed decisions about their investment and assess the potential risks and rewards of joining the Best Western system. Consulting with a financial advisor or accountant is advisable to fully understand the implications of the financial statements.