Download - Summary Financial Statement€¦ · uncertainty regarding the presidential election and the ‘fiscal cliff’ in the latter part of the year. Franchised revenue increased by $39m

Group resultsRevenueincreasedby3.8%to$1,835mandoperatingprofitbeforeexceptionalitemsincreasedby9.8%to$614mduringthe12monthsended31December2012.Feerevenue,beingGrouprevenueexcludingrevenuefromownedandleasedhotels,significantliquidateddamagesreceivedin2012and2011andpropertiesthatarestructuredforlegalreasonsasoperatingleases,butwiththesamecharacteristicsasmanagementcontracts,increasedby6.8%whentranslatedatconstantcurrencyandapplying2011exchangerates.The2012resultsreflectcontinuedRevPARgrowthineachoftheregions,withanoverallRevPARincreaseof5.2%,includinga3.2%increaseinaveragedailyrate.TheresultsalsobenefitedfromSystemsizegrowthof2.7%year-on-yearto675,982rooms.GroupRevPARgrowthremainedrobustfortheyear,reflectingfavourablesupplyanddemanddynamicsintheUSover2012,althoughtradingwasalsoaffectedbytheimpactofEurozoneuncertaintyaswellasindustry-widechallengesinGreaterChinainthelatterpartoftheyearrelatedtothepoliticalleadershipchange.Atconstantcurrency,centraloverheadsincreasedfrom$147mto$158min2012($156matactualcurrency),reflectinginvestmentininfrastructureandcapabilitiestosupportthegrowthofthebusiness.During2012,theIHGglobalSystemincreasedby122hotels(17,634rooms).Openingsof226hotels(33,922rooms)weredrivenbycontinuedexpansionintheUS,particularlywithintheHolidayInnbrandfamilywhichopenedmorethan11,000roomsduring2012,andGreaterChina.Thelevelofhotelremovalsfellfrom198hotels(33,078rooms)in2011to104hotels(16,288rooms)in2012,asanticipatedfollowingthecompletionoftheHolidayInnrelaunch.

Attheendof2012,thepipelinetotalled1,053hotels(169,030rooms).ThecontinuedglobaldemandforIHGbrandsisdemonstratedbyover50%ofpipelineroomsbeingoutsideofTheAmericasregion,including30%inGreaterChina.Excluding25hotels(4,796rooms)signedaspartoftheUSgovernment’sPrivatizationofArmyLodgingsinitiativein2011,signingsincreasedfrom331hotels(50,628rooms)to356hotels(53,812rooms).Signingsduring2012included15hotelsfortheHUALUXEHotels&Resortsbrand,aswellasthefirstsigningfortheEVENHotelsbrand.During2012,theopeningof33,922roomscontributedtoanetpipelinedeclineof11,454rooms.Activemanagementoutofthepipelineofdealsthathavebecomedormantornolongerviablereducedthepipelineby31,344rooms,representingadecreaseof11.8%over2011.

Americas resultsRevenueandoperatingprofitbeforeexceptionalitemsincreasedby$7m(0.8%)to$837mandby$35m(7.8%)to$486mrespectively.RevPARincreasedby6.1%,with4.1%growthinaveragedailyrate.USRevPARwasup6.3%in2012despiteuncertaintyregardingthepresidentialelectionandthe‘fiscalcliff’inthelatterpartoftheyear.Franchisedrevenueincreasedby$39m(7.8%)to$541m.Royaltiesgrowthof8.7%wasdrivenbyRevPARgrowthof6.0%,including6.1%forHolidayInnExpress,togetherwithSystemsizegrowthof2.3%.Operatingprofitincreasedby$35m(8.1%)to$466m.Managedrevenuedecreasedby$27m(21.8%)to$97mandoperatingprofitdecreasedby$4m(7.7%)to$48m.Revenueandoperatingprofitincluded$34m(2011$59m)and$nil(2011$1m)respectivelyfrommanagedleases.Excludingpropertiesoperatedunderthis

arrangement,aswellasthebenefitofa$3mliquidateddamagesreceiptin2012anda$10mliquidateddamagesreceiptin2011,revenueandoperatingprofitgrewby$5m(9.1%)and$4m(9.8%)respectively.GrowthwasdrivenbyaRevPARincreaseof7.3%,including9.6%forHolidayInn.Ownedandleasedrevenuedeclinedby$5m(2.5%)to$199mandoperatingprofitgrewby$7m(41.2%)to$24m.Excludingtheimpactofdisposals,revenueincreasedby$4m(2.1%)andoperatingprofitincreasedby$8m(50.0%).TheincreaseinrevenuewasdrivenbyRevPARgrowthof6.3%,offsetbytheimpactofthepartialclosureofanownedhotelintheCaribbean.Theoperatingprofitincreaseof$7mincludeda$1myear-on-yearbenefitfromlowerdepreciationrecordedfortheInterContinentalNewYorkBarclaysincethehotelwascategorisedasheldforsaleinthefirstquarterof2011,afterwhichnodepreciationwascharged,anda$3myear-on-yearbenefitrelatingtoone-offreorganisationcostsatonehotelin2011.

Europe resultsRevenueandoperatingprofitbeforeexceptionalitemsincreasedby$31m(7.7%)to$436mandby$11m(10.6%)to$115mrespectively.RevPARincreasedby1.7%,with1.2%growthinaveragedailyratedespitechallengingeconomicconditionsacrossEurope.Franchisedrevenueincreasedby$5m(5.8%)to$91m,whilstoperatingprofitwasflatat$65m.Atconstantcurrency,revenueincreasedby$8m(9.3%)andoperatingprofitincreasedby$3m(4.6%).Growthwasmainlydrivenbyanincreaseinroyaltiesof2.7%(7.5%atconstantcurrency)reflectingRevPARgrowthof1.8%,togetherwithSystemsizegrowthof4.0%.Managedrevenueincreasedby$29mto$147m(24.6%)andoperatingprofitincreasedby$6m(23.1%)to$32m.

Summary Financial Statement

2012 was another year of significant progress with our preferred Brands driving RevPAR growth of 5.2% which, together with a 2.7% increase in hotel room count, fuelled by our continued expansion in developing markets, drove fees up an impressive 6.8%. As a result, we delivered 10% growth in operating profit before exceptional items and achieved a two percentage point increase in operating margin over last year.

42 IHG Annual Review and Summary Financial Statement 2012

Revenueandoperatingprofitincluded$80m(2011$46m)and$2m(2011$nil)respectivelyfrommanagedleases.Excludingpropertiesoperatedunderthisarrangementandonaconstantcurrencybasis,revenuedecreasedby$1m(1.4%)reflectinga4.3%decreaseinSystemsizepartiallyoffsetbyRevPARgrowthof1.0%.Onthesamebasis,operatingprofitgrewby$5m(19.2%).Intheownedandleasedestate,revenuedecreasedby$3m(1.5%)to$198mandoperatingprofitincreasedby$1m(2.0%)to$50m.Atconstantcurrencyandexcludingtheimpactofdisposals,revenueincreasedby$10m(5.1%)andoperatingprofitincreasedby$4m(8.3%).TheInterContinentalLondonParkLaneandtheInterContinentalParisLeGranddeliveredyear-on-yearRevPARgrowthof8.0%and2.5%respectively.

AMEA resultsRevenueandoperatingprofitbeforeexceptionalitemsincreasedby$2m(0.9%)to$218mandby$4m(4.8%)to$88mrespectively.RevPARincreased4.9%,with1.2%growthinaveragedailyrate,withrobusttradinginSoutheastAsiaandJapan,partlyoffsetbycontinuinguncertaintyimpactingsomemarketsintheMiddleEast.Onbothaconstantandactualcurrencybasis,franchisedrevenuedecreasedby$1m(5.3%)to$18mandoperatingprofitwasflatat$12m.Managedrevenueandoperatingprofitincreasedby$1m(0.7%)to$152mandby$3m(3.4%)to$90mrespectively.Atconstantcurrency,excludingthebenefitofa$6mliquidateddamagesreceiptin2011andafteradjustingforthedisposalofahotelassetandpartnershipinterestinAustralia,whichcontributed$3mtooperatingprofitin2011,revenueandoperatingprofitincreasedby$7m(4.8%)and$11m(14.1%)respectively.RevPARgrowthwas4.6%andalthoughyear-endSystemsizewas7.1%higherthanattheendof2011,duetothephasingofopeningstowardstheendoftheyear,roomsavailableduringtheyeargrewbyonly2.2%.Operatingprofitin2012benefitedfroma$1mincreaseinprofitfromanassociateand$2mloweryear-on-yearbaddebtexpense.Intheownedandleasedestate,revenueandoperatingprofitincreasedby$2m(4.3%)to$48mandby$1m(20.0%)to$6mrespectively.

Greater China resultsRevenueandoperatingprofitbeforeexceptionalitemsincreasedby$25m(12.2%)to$230mandby$14m(20.9%)to$81mrespectively.RevPARincreased5.4%with3.1%growthinaveragedailyrate.

Franchisedrevenueincreasedby$1m(50.0%)to$3mandoperatingprofitby$1m(33.3%)to$4m,boostedbytheopeningofthe1,224-roomHolidayInnMacaoCotaiCentral.Managedrevenueincreasedby$12m(15.6%)to$89mandoperatingprofitincreasedby$8m(18.6%)to$51m.RevPARgrowthof5.6%reflectedcontinuedeconomicgrowthintheregion,althoughthewholeindustrywasaffectedinthelatterpartoftheyearbytheonceinadecadepoliticalleadershipchangeandtheDiaoyu/Senkakuislandsterritorialdispute.TherewasalsocontinuedsignificantSystemsizegrowthforthemanagedestateintheregion(9.7%roomsgrowthin2012following14.2%roomsgrowthin2011).Ownedandleasedrevenueincreasedby$12m(9.5%)to$138mandoperatingprofitincreasedby$8m(21.6%)to$45m,withRevPARgrowthof6.7%attheInterContinentalHongKong.

Central resultsNetcentralcostsincreasedby$9m(6.1%)from$147min2011to$156min2012.Atconstantcurrency,netcentralcostsincreasedby$11m(7.5%).Themovementwasdrivenbyinvestmentininfrastructureandcapabilitiestosupportthegrowthofthebusiness.Centralrevenuemainlycomprisedtechnologyfeeincome.

Other financial itemsExceptionaloperatingitemstotalledanetlossof$4m.Exceptionalgainsincludeda$23mimpairmentreversalandthereleaseofa$9mliabilitynolongerrequired.Exceptionalchargesincluded$16mreorganisationcosts,$2mlossondisposalofaninterestinahoteland$18mwrite-offofsoftware.Netfinancialexpensesdecreasedby$8mto$54mprimarilyduetoloweraveragedebtlevels.Theeffectiverateoftaxonoperatingprofit,excludingtheimpactofexceptionalitems,was27%(201124%).Basicearningsperordinarysharein2012was189.5¢,comparedwith159.2¢in2011.Adjustedearningsperordinarysharewas141.5¢,against130.4¢in2011.TheBoardhasproposedafinaldividendperordinaryshareof43.0¢(27.7p).Withtheinterimdividendperordinaryshareof21.0¢(13.5p),thefull-yeardividendperordinarysharefor2012willtotal64.0¢(41.2p),anincreaseof16%over2011.On22October2012,aspecialdividendperordinaryshareof$1.72(108.4p)waspaidtoshareholders.

This Summary Financial Statement was approved by the Board on 18 February 2013 and signed on its behalf by Tom Singer. It does not contain sufficient information to provide as complete an understanding of the Group’s results and state of affairs as that provided in the Annual Report and Financial Statements 2012. That report may be obtained, free of charge, by writing to IHG or the Company’s Registrar, Equiniti (contact details are provided on page 59).

The auditors have issued an unqualified report on the Financial Statements containing no statement under section 498(2) or 498(3) of the Companies Act 2006. Information concerning Directors’ emoluments is shown on pages 50 to 57.

“We continued to win share by adding rooms to meet growing demand and driving up RevPAR. We have delivered good fee growth of 6.8% for the Group, driven by 2.7% net rooms growth and RevPAR outperformance in our two largest markets, the US and China.”

Tom Singer Chief Financial Officer

Capital structure and liquidity managementDuringtheyear,$472mofcashwasgeneratedfromoperatingactivities,ofwhich$133mwasinvestedincapitalexpenditure.Aftershareholderreturnsof$786m,includinga$505mspecialdividendand$107mofsharebuybacks,netdebtat31December2012was$1,074m,anincreaseovertheyearof$536m.

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Summary Financial Statement 43

Summary Financial Statement continued

SummarisedGroupincomestatement

2012 2011

Before Before exceptional Exceptional exceptional Exceptional items items Total items items TotalFortheyearended31December2012 $m $m $m $m $m $m

RevenueAmericas 837 – 837 830 – 830Europe 436 – 436 405 – 405AMEA 218 – 218 216 – 216GreaterChina 230 – 230 205 – 205Central 114 – 114 112 – 112Totalrevenue 1,835 – 1,835 1,768 – 1,768

OperatingprofitAmericas 486 23 509 451 13 464Europe 115 (4) 111 104 (39) 65AMEA 88 (5) 83 84 26 110GreaterChina 81 – 81 67 – 67Central (156) (18) (174) (147) 35 (112)Operatingprofit 614 (4) 610 559 35 594Netfinancecosts (54) – (54) (62) – (62)Profitbeforetax 560 (4) 556 497 35 532Tax (153) 142 (11) (120) 48 (72)Profitfortheyearfromcontinuingoperations 407 138 545 377 83 460

Earningsperordinaryshare(cents)Basic–continuingandtotaloperations 189.5 159.2Adjusted–continuingandtotaloperations 141.5 130.4 Dividendpershare(cents)Final–paidinrespectofprioryear 39.0 35.2Interim–paid 21.0 16.0Special–paid 172.0 –Final–proposed 43.0 39.0

WehaveexaminedtheSummaryFinancialStatementfortheyearended31December2012whichcomprisesthesummarisedGroupincomestatement,summarisedGroupstatementofcashflowsandsummarisedGroupstatementoffinancialposition.ThisstatementismadesolelytotheCompany’smembers,asabody,inaccordancewithsection428(4)oftheCompaniesAct2006.OurauditworkhasbeenundertakensothatwemightstatetotheCompany’smembersthosematterswearerequiredtostatetotheminanauditor’sstatementandfornootherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthantheCompanyandtheCompany’smembersasabody,forourauditwork,forthisstatement,orfortheopinionswehaveformed.

RespectiveresponsibilitiesofDirectorsandtheauditorTheDirectorsareresponsibleforpreparingtheAnnualReviewandSummaryFinancialStatementinaccordancewithapplicableUnitedKingdomlaw.OurresponsibilityistoreporttoyououropinionontheconsistencyoftheSummaryFinancialStatementwithintheAnnualReviewandSummaryFinancialStatementwiththefullannualFinancialStatements,theDirectors’RemunerationReportandtheDirectors’Report,anditscompliancewiththerelevantrequirementsofsection428oftheCompaniesAct2006andtheregulationsmadethereunder.WealsoreadtheotherinformationcontainedintheAnnualReviewandSummaryFinancialStatementandconsidertheimplicationsforourreportifwebecomeawareofanyapparentmisstatementsormaterialinconsistencieswith

theSummaryFinancialStatement.TheotherinformationcomprisesonlytheHeadlines,Chairman’sStatement,ChiefExecutive’sReview,BusinessReviews,SummaryDirectors’Report,CorporateGovernanceStatement,SummaryAuditCommitteeReportandSummaryDirectors’RemunerationReport.WeconductedourworkinaccordancewithBulletin2008/3issuedbytheAuditingPracticesBoard.OurreportontheCompany’sfullannualFinancialStatementsdescribesthebasisofouropiniononthoseFinancialStatements,theDirectors’RemunerationReportandtheDirectors’Report.

OpinionInouropiniontheSummaryFinancialStatementisconsistentwiththefullannualFinancialStatements,theDirectors’ReportandtheDirectors’RemunerationReportofInterContinentalHotelsGroupPLCfortheyearended31December2012andcomplieswiththeapplicablerequirementsofsection428oftheCompaniesAct2006,andtheregulationsmadethereunder.

Ernst&YoungLLPStatutoryAuditor,London18February2013.

Directors’statementTheauditorhasissuedunqualifiedreportsonthefullannualFinancialStatements,theauditablepartoftheDirectors’RemunerationReportandontheconsistencyoftheDirectors’ReportwiththoseannualFinancialStatements.TheirreportonthefullannualFinancialStatementsandtheauditablepartoftheDirectors’RemunerationReportcontainednostatementundersections498(2)or498(3)oftheCompaniesAct2006.

Independent Auditor’s Statement to the members of InterContinental Hotels Group PLC


SummarisedGroupstatementofcashflows

2012 2011Fortheyearended31December2012 $m $m

Cashflowfromoperations 639 623Netinterestpaid (48) (55)Taxpaidonoperatingactivities (119) (89)Netcashfromoperatingactivities 472 479Capitalexpenditure (133) (194)Proceedsfromdisposalofoperationsandotherfinancialassets 8 157Taxpaidondisposals (3) (1)Purchaseofownshares (107) –Dividendspaidtoshareholders (679) (148)Issueoflong-termbonds 632 –Decreaseinotherborrowings (99) (119)Otherfinancingmovements (76) (67)Netmovementincashandcashequivalentsintheyear 15 107Cashandcashequivalentsatbeginningoftheyear 182 78Exchangerateeffects (2) (3)Cashandcashequivalentsatendoftheyear 195 182

SummarisedGroupstatementoffinancialposition

2012 201131December2012 $m $m

ASSETS Property,plantandequipment 1,056 1,362Goodwillandintangibleassets 447 400Investmentinassociatesandjointventures 84 87Retirementbenefitassets 99 21Otherfinancialassets 155 156Non-currenttaxassets 228 147Totalnon-currentassets 2,069 2,173Inventories 4 4Tradeandotherreceivables 422 369Currenttaxreceivable 31 20Derivativefinancialinstruments 2 3Otherfinancialassets 6 –Cashandcashequivalents 195 182Totalcurrentassets 660 578Non-currentassetsclassifiedasheldforsale 534 217Totalassets 3,263 2,968

LIABILITIES Loansandotherborrowings (16) (21)Tradeandotherpayables (709) (707)Provisions (1) (12)Currenttaxpayable (54) (120)Totalcurrentliabilities (780) (860)Loansandotherborrowings (1,242) (670)Derivativefinancialinstruments (19) (39)Retirementbenefitobligations (187) (188)Tradeandotherpayables (563) (497)Provisions (1) (2)Deferredtaxliabilities (93) (97)Totalnon-currentliabilities (2,105) (1,493)Liabilitiesclassifiedasheldforsale (61) (60)Totalliabilities (2,946) (2,413)Netassets 317 555

IHGshareholders’equity 308 547Non-controllinginterest 9 8Totalequity 317 555

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Summary Financial Statement 45

Board of DirectorsPatrickCescauNon-ExecutiveChairmanChairmanoftheNominationCommitteeAppointedNon-ExecutiveChairmaninJanuary2013.AlsoNon-ExecutiveDirectorofInternationalConsolidatedAirlinesGroup,S.A.andtheSeniorIndependentDirectorandNon-ExecutiveDirectorofTescoPLC.TrusteeoftheLeverhulmeTrustandChairmanoftheStJudeIndiaChildren’sCharity.FormerlyaSeniorIndependentDirectorandNon-ExecutiveDirectorofPearsonPLCandaDirectoratINSEAD.

RichardSolomonsChiefExecutiveAppointedChiefExecutiveinJuly2011.JoinedtheGroupin1992andheldanumberofseniorfinancialandoperationalroleswithhispreviousroleasChiefFinancialOfficerandHeadofCommercialDevelopmentandformerlyasChiefOperatingOfficerofTheAmericasHotelsdivision.ServesontheExecutiveCommitteeoftheWorldTravel&TourismCouncil.

TomSingerChiefFinancialOfficerAppointedChiefFinancialOfficerinSeptember2011.JoinedtheGroupfromBupa,wherehewasGroupFinanceDirectorandamainboardmember.PreviouslyGroupFinanceDirectorandChiefOperatingOfficeratWilliamHillPLCandFinanceDirectoratMossBrosGroupPLC.

KirkKinsellPresident,TheAmericasAppointedaDirectorinAugust2010.JoinedtheGroupin2002.AppointedanExecutiveCommitteememberin2007andwasPresident,Europe,MiddleEastandAfricauntilJune2011.ResponsibleforthebusinessdevelopmentandperformanceofallthehotelbrandsandpropertiesinTheAmericasregion.

TracyRobbinsExecutiveVicePresident,HumanResourcesandGroupOperationsSupportAppointedaDirectorinAugust2011.JoinedtheGroupinDecember2005fromCompassGroupPLC.Responsibleforglobaltalentmanagement,leadershipdevelopment,employeerewardstrategyandimplementation,organisationalcapabilityandoperationssupport.

DavidKapplerSeniorIndependentNon-ExecutiveDirectorChairmanoftheAuditCommittee AppointedaDirectorandSeniorIndependentDirectorinJune2004.HeisalsoaNon-ExecutiveDirectorofShireplc.FormerlyChiefFinancialOfficerofCadburySchweppesplcandNon-ExecutiveChairmanofPremierFoodsplc.AmemberoftheEuropeAdvisoryCouncilofTrilanticCapitalPartnersandChairmanofADS2BrandsLimited.

JenniferLaingIndependentNon-ExecutiveDirectorChairmanoftheCorporateResponsibilityCommittee AppointedaDirectorinAugust2005.Hasover30years’experienceinmarketingandadvertisingandwas,until2007,AssociateDean,ExternalRelationsatLondonBusinessSchool.AlsoservesasaNon-ExecutiveDirectorofHudsonGlobal,Inc.,andPremierFoodsplc.

JonathanLinenIndependentNon-ExecutiveDirector AppointedaDirectorinDecember2005.WasformerlyViceChairmanoftheAmericanExpressCompany.ServesasaNon-ExecutiveDirectorofYum!Brands,Inc.andofModernBank,N.A.,andonanumberofUScouncilsandadvisoryboards.

LukeMayhewIndependentNon-ExecutiveDirectorChairmanoftheRemunerationCommittee AppointedaDirectorinJuly2011.ANon-ExecutiveDirectorofBramblesLimited.PreviouslyservedontheBoardofJohnLewisPartnershipandasManagingDirectoroftheDepartmentStoreDivision.WasaNon-ExecutiveDirectorofWHSmithPLCandChairmanofPetsatHomeGroupLimited.

DaleMorrisonIndependentNon-ExecutiveDirector AppointedaDirectorinJune2011.AfoundingpartnerofTriPointeCapitalPartners.WaspreviouslyPresidentandChiefExecutiveOfficerofMcCainFoodsLimited.CurrentlyaNon-ExecutiveDirectorofInternationalFlavors&FragrancesInc.,andChairmanofFindusGroupLimited.

YingYehIndependentNon-ExecutiveDirector AppointedaDirectorinDecember2007.WaspreviouslyVicePresidentandChairman,GreaterChinaRegion,NalcoCompanyandChairmanandPresident,NorthAsiaRegion,President,BusinessDevelopment,AsiaPacificRegionandVicePresident,EastmanKodakCompany.AlsoaNon-ExecutiveDirectorofABVolvo,ABBLtdandSamsoniteInternationalS.A.

AuditCommitteememberCorporateResponsibilityCommitteememberNominationCommitteememberRemunerationCommitteemember

The Board of Directors and Executive Committee

Lefttoright:LarryLight,DaleMorrison,JenniferLaing,RichardSolomons,YingYeh,PatrickCescau,JonathanLinen,LukeMayhew,EricPearson,


KeithBarrChiefExecutive,GreaterChinaJoinedtheGroupin2000.BecameChiefExecutive,GreaterChinainApril2011.ResponsibleforthebusinessdevelopmentandperformanceofallthehotelbrandsandpropertiesintheGreaterChinaregion.

AngelaBravChiefExecutive,EuropeJoinedtheGroupin1988.AppointedChiefExecutive,EuropeinAugust2011.ResponsibleforthebusinessdevelopmentandperformanceofallthehotelbrandsandpropertiesinEurope.

LarryLightChiefBrandsOfficerJoinedtheGroupin2012.FormerlyChiefMarketingOfficerforMcDonald’s.ResponsibleforbuildingontheGroup’sstrategyofdevelopingandnurturingapowerfulportfolioofpreferredBrands.

EricPearsonExecutiveVicePresidentandChiefInformationOfficerJoinedtheGroupin1997.AppointedExecutiveVicePresidentandChiefInformationOfficerin2012.Responsibleforglobaltechnology,includingITsystemsandinformationmanagement,throughouttheGroup.

JanSmitsChiefExecutive,Asia,MiddleEastandAfricaJoinedtheGroupin2002.BecameChiefExecutive,Asia,MiddleEastandAfricainAugust2011.ResponsibleforthebusinessdevelopmentandperformanceofallthehotelbrandsandpropertiesinAsia,MiddleEastandAfrica.

GeorgeTurnerExecutiveVicePresident,GeneralCounselandCompanySecretaryJoinedtheGroupin2008fromImperialChemicalIndustriesPLC.AppointedExecutiveVicePresident,GeneralCounselandCompanySecretaryinJanuary2009.Responsibleforcorporategovernance,riskmanagement,insurance,regulatory,internalaudit,legal,corporateresponsibilityandpublicaffairs.

StevenSickelInterimGlobalHeadofSalesandDistribution*JoinedtheGroupin2000.SinceAugust2011,Stevenhasinterimresponsibilityforrevenuemanagement,revenuesystemsandworldwidesales,inadditiontohisexistingresponsibilitiesasSeniorVicePresident,DistributionRelationshipMarketing.Previously,hewasManagingDirector,LoyaltyMarketingatContinentalAirlinesfor8years.

Executive CommitteeInadditiontotheExecutiveDirectorsontheBoard,theExecutiveCommitteecomprises:

The Board of Directors and Executive Committee

GeorgeTurner,KeithBarr,TracyRobbins,StevenSickel,KirkKinsell,AngelaBrav,JanSmits,TomSingerandDavidKappler.

InApril2013KennethMacPhersonwilljointheGroupasChiefExecutive,GreaterChinahavingpreviouslybeenGeneralManagerandBoardDirectorofSichuanShuijingfangCompanyLtd,aDiageojointventureinChina.Witheffectfrom1June2013KeithBarrwillbeappointedtothenewlycreatedpositionofChiefCommercialOfficer,responsibleforbrands,sales,marketinganddistribution,andwillremainamemberoftheExecutiveCommittee.DuringthetransitionLarryLightwillcontinueinhisroleasChiefBrandsOfficerandasamemberoftheExecutiveCommittee.FollowingthetransitionLarrywillstayonasaseniorIHGadvisor.

*StevenSickel,whohasbeenaninterimmemberoftheExecutiveCommittee,willreturntohisfull-timeroleleadingDistributionRelationshipMarketinginJune2013.

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The Board of Directors and Executive Committee 47

PrincipalactivitiesInterContinentalHotelsGroupPLC(theCompany)istheholdingcompanyoftheInterContinentalHotelsGroup(theGroup).TheGroupfranchises,manages,ownsandleasesover4,600hotels,withnearly676,000guestroomsinnearly100countriesandterritoriesaroundtheworld.AreviewoftheperformanceoftheGroupiscontainedintheChairman’sStatementandtheChiefExecutive’sReviewonpages4to7,theBusinessReviewspresentedonpages8to41andintheSummaryFinancialStatementsonpages42to45.

AnnualGeneralMeeting(AGM)TheNoticeconveningtheAGMtobeheldat11.00amonFriday,24May2013iscontainedinacircularsenttoshareholdersatthesametimeasthisAnnualReview.

ResultsanddividendsTheoperatingprofitbeforeexceptionalitemswas$614m.Aninterimdividendof13.5pencepershare(21.0centsperADR)waspaidon28September2012.Aspecialdividendof108.4pencepershare($1.72perADR)waspaidon22October2012.TheDirectorsarerecommendingafinaldividendof27.7pencepershare(43.0centsperADR)tobepaidon31May2013toshareholdersontheRegisterofMembersatthecloseofbusinesson22March2013.

SharecapitalTheCompany’sissuedsharecapitalat31December2012consistedof268,325,071ordinarysharesof14194 ⁄329penceeach.Therearenospecialcontrolrightsorrestrictionsonsharetransferattachingtotheseordinaryshares.Duringtheyear,noawardsorgrantsoversharesweremadethatwouldbedilutiveoftheCompany’sordinarysharecapital.

ShareissuesandbuybacksOn7August2012,theCompanyannounceda$1bnreturnoffundstoshareholdersviaaspecialdividendof$0.5bnandshareconsolidationona14for15basisandasharebuybackprogrammeof$0.5bn.ThesharebuybackauthorityremainsinforceuntiltheAGMin2013,andaresolutiontorenewtheauthoritywillbeputtoshareholdersatthatAGM.

SubstantialshareholdingsAsat31December2012and18February2013,theCompanyhadbeennotifiedofthefollowingsignificantholdingsinitsordinaryshares:

AsatShareholder 18February2013

CedarRockCapitalLimited 5.07%BlackRock,Inc. 5.02%Legal&GeneralGroupplc 3.96%

BoardofDirectorsBiographicaldetailsofcurrentBoardmembersareshownonpages46and47.ExecutiveDirectorshaveservicecontractsandNon-ExecutiveDirectorshavelettersofappointment.

TheBoardmayexerciseallthepowersoftheCompany.TheGroupmaintainsinsurancecoverforandhasprovidedindemnitiestoallofitsDirectorsandofficers,aspermittedbytheCompaniesAct2006.

DetailsofthebeneficialinterestsinsharesoftheCompany,heldbyDirectorswhowereontheBoardattheyearendareshownbelow:

Asat Asat 31December2012 31December2011 ordinaryshares1 ordinaryshares1

ExecutiveDirectors KirkKinsell 155,6282 109,547TracyRobbins 85,703 43,108TomSinger 20,846 –RichardSolomons 322,379 252,166Non-ExecutiveDirectors PatrickCescau3 – –DavidKappler 1,308 1,400JenniferLaing 3,148 3,373JonathanLinen 6,8534 7,343LukeMayhew 1,866 2,000DaleMorrison 4,2334 –DavidWebster3 33,438 35,828YingYeh – –

1 TheseshareholdingsincludeallbeneficialinterestsandthoseheldbyDirectors’spousesandotherconnectedpersons.NoneoftheDirectorshaveabeneficialinterestinthesharesofanysubsidiary.TheseshareholdingsdonotincludeExecutiveDirectors’entitlementstoshareawardsundertheCompany’sshareplans,whicharesetoutseparatelyintheSummaryDirectors’RemunerationReportonpages50to57.

2 155,034ordinarysharesand594AmericanDepositaryReceipts.

3 PatrickCescauwasappointedasaNon-ExecutiveChairmanon1January2013followingtheretirementofDavidWebsteron31December2012.

4 HeldintheformofAmericanDepositaryReceipts.

EmployeesIHGdirectlyemployedanaverageof7,981peopleworldwideduring2012,whosecostsarebornebytheGroup.WhenthewholeIHGestateistakenintoaccount(includingstaffworkinginthefranchisedandmanagedhotels)morethan350,000peopleworkedgloballyacrossallIHG’sbrandsat31December2012.

TheGroupiscommittedtoprovidingemployeeswithequalityofopportunity,withoutdiscrimination.Greatemphasisisplacedonemployeecommunications,particularlyonmattersrelatingtotheGroup’sbusinessanditsperformance.

CharitableandpoliticaldonationsIn2012,theGroupdonated$1,015,000insupportofcommunityinitiativesandcharitablecauses.ThisfigureincludescontributionsfromIHGemployeesandguests.Nopaymentsweremadeforpoliticalpurposes.

AuditorsTheDirectorsconfirmthattheyhavetakenstepstomakethemselvesawareofrelevantauditinformation.NoneoftheDirectorsareawareofanyrelevantauditinformationwhichhasnotbeendisclosedtotheauditors.

ThereappointmentofErnst&YoungLLPasauditorsoftheCompanywillbeputtoshareholdersattheAGM.

GoingconcernAttheendof2012,theGroupwastradingwithinitsbankingcovenantsanddebtfacilities.IHG’sfeebasedmodelandwidegeographicspreadmeansthatitiswellplacedtomanagethroughuncertaintimes.

TheFinancialStatementsfortheyearended31December2012havethereforebeenpreparedonthegoingconcernbasis.


Summary Directors’ Report

TheBoardiscommittedtocompliancewithalltheprinciplesandprovisionssetoutintheUKCorporateGovernanceCode(Code)andconsidersthattheCompanyhascompliedwithitsrequirementsthroughouttheyearended31December2012.

TheBoardofDirectorsTheBoardisresponsibletotheshareholdersforthestrategicdirection,development,performanceandcontroloftheGroup.ItalsoensuresthatthenecessaryfinancialandhumanresourcesareinplacefortheGrouptomeetitsobjectives.During2012eightBoardmeetingswereheld.

DavidWebsterwasNon-ExecutiveChairmanthroughouttheyear.InMay2012DavidWebsternotifiedtheBoardofhisintentiontoretireandstepdownasNon-ExecutiveChairmanwitheffectfrom31December2012.InJune2012GrahamAllanretiredfromtheBoard,AuditCommittee,NominationCommitteeandCorporateResponsibilityCommitteeandinNovember2012DaleMorrisonwasappointedtotheCorporateResponsibilityCommittee.TheprogressiverefreshingoftheBoardensuresthatwehaveappropriatecontinuationandamulti-skilledanddiverseBoard.

TheBoardiscomprisedoffourExecutiveDirectorsandateamofsevenexperiencedindependentNon-ExecutiveDirectorsrepresentastrongsourceofadviceandjudgement.TogethertheBoardhasabroadrangeofskills,knowledgeandexperienceandrepresentawidegeographicalspread.

ThescheduleofmatterswhicharereservedfortheBoardareavailableontheCompany’swebsiteatwww.ihgplc.com/investorsundercorporategovernance.

CommitteesTheBoardCommitteesinclude:AuditCommittee;CorporateResponsibilityCommittee;NominationCommittee;andRemunerationCommittee.TheAudit,NominationandRemunerationCommitteesconsistwhollyofNon-ExecutiveDirectors.TheChairmanoftheBoardisamemberoftheNominationCommitteeonly.ThetermsofreferenceoftheseCommitteeswerereviewedduring2012toensurethattheycontinuetoreflectbestpracticeandareavailableontheCompany’swebsiteatwww.ihgplc.com/investorsundercorporategovernance/committeesorfromtheCompanySecretary’sofficeonrequest.

InductionprogrammesarepreparedfornewDirectorsandongoingtraininganddevelopmentneedsforallDirectorsarekeptunderreview.

The2012BoardperformanceevaluationoftheBoardanditsCommitteeswasconductedbyanindependentexternalfacilitator,LintstockLimited.ItinvolvedthecompletionofcomprehensivequestionnairesinwhichDirectorsandtheCompanySecretarywereaskedtoevaluatetheBoard,eachofitsCommitteesandtheirrespectiveChairmenandtheChairmanoftheBoard.

ThefeedbackconfirmedthattheBoardandeachofitsCommitteescontinuetooperateeffectivelyandthateachDirectorcontinuestomakeaneffectivecontributionandretainsastrongcommitmenttotherole.

TheDirectorshaveagreedtoretireateachAnnualGeneralMeeting(AGM)andofferthemselvesforre-electionannuallyinlinewiththeCoderecommendations.

SeniorIndependentDirectorDavidKapplerwasSeniorIndependentDirectorthroughouttheyear.Hisroleincludesbeingavailabletoliaisewithshareholderswhohaveconcernsthattheyfeelhavenotbeenaddressedthroughthenormalchannels,beingasoundingboardfortheChairmanandleadingtheperformanceevaluationoftheChairman.

CompanySecretaryAllDirectorshaveaccesstotheadviceandservicesoftheCompanySecretary.HisresponsibilitiesincludeadvisingtheBoardoncorporategovernance,andforensuringgoodinformationflowstotheBoardanditsCommitteesandbetweentheExecutiveCommitteeandtheNon-ExecutiveDirectors.HealsofacilitatestheinductionofnewDirectorsandtheregularupdatingandrefreshingofallDirectors’skillsandknowledge.

InternalcontrolandriskmanagementTheBoardhasultimateresponsibilityfortheGroup’ssystemofinternalcontrolandriskmanagementandforreviewingitseffectiveness.Inordertodischargethatresponsibility,theBoardhasestablishedtheproceduresnecessarytoapplytheCode,includingclearoperatingprocedures,linesofresponsibilityanddelegatedauthorities.

Fortheyearended31December2012,theBoardhasconductedareviewoftheeffectivenessofthesystemofinternalcontrolandriskmanagement.Thesystemisdesignedtomanagetheriskoffailuretoachievebusinessobjectives,anditcanonlyprovidereasonableandnotabsoluteassurance.WhilstareasforcontinuousimprovementhavebeenidentifiedandactionsinitiatedasaresultoftheGroup’sprocesses,nosignificantshortcomingshavebeenidentifiedfromthe2012riskassessments.

ShareholderrelationsTheGroupreportsformallytoshareholderstwiceayearandreleasesquarterlyresults.Inaddition,regularmeetingsareheldwithmajorinstitutionalshareholderstodiscuss,usingpubliclyavailableinformation,progressofthebusiness,itsperformance,plansandobjectives.TheChairman,theSeniorIndependentDirectorandotherNon-ExecutiveDirectorsareavailabletomeetwithmajorshareholderstounderstandtheirissuesandconcernsandtodiscussgovernanceandstrategy.

TheAGMprovidesausefulforumforone-to-onecommunicationwithprivateshareholders,manyofwhomarealsoguestsinourhotels.InformationofinteresttoinvestorsisalsomaintainedontheCompany’swebsiteatwww.ihgplc.com/investors

SummaryAuditCommitteeReportTheAuditCommittee,whichischairedbyafinancialexpert,supportstheBoardinmeetingitsresponsibilitiesinrelationtotheintegrityoftheGroup’sfinancialstatementsandassociatedannouncements,theadequacyofinternalcontrolandriskmanagementsystemsandtheappointmentandworkoftheinternalandexternalauditors.TheexternalauditorsandtheHeadofGlobalInternalAuditbothhavetheopportunitytomeetprivatelywiththeCommittee.

Duringtheyear,theCommittee’sdeliberationsincludedawiderangeofmattersaddressingallitsmainareasofresponsibility.TheCommittee’smainfocuswastoreviewthequarterly,interimandfull-yearfinancialresultsandtoreviewtheeffectivenessofinternalcontrol,financialreportingandriskmanagementprocesses,throughreportsandpresentationsreceivedfromGlobalInternalAudit(GIA),theexternalauditorsandmanagement.ConsiderationwasalsogiventoGIA’sannualinternalauditplan,disclosurecontrols,developmentsincorporategovernanceandaccountingstandardsintheUKandUSandsignificantincidentsoffraudandwhistleblowing.

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Summary Directors’ Report and Corporate governance 49

Corporate governance

IntroductionThis year, 2013, is a year of transition for directors’ remuneration reports. We have prepared this report before new final Government regulations on executive remuneration disclosure are issued. However, we have reflected as much as is practical of the direction and spirit of the draft regulations in both the content and structure of the full 2012 Directors’ Remuneration Report from which this summary report is extracted.

We have historically tried to make the report transparent and easy to read and in recent years already included, for example, the single figure for Executive Directors’ remuneration and a remuneration policy summary table.

Executive Director remuneration at IHG has evolved during 2012:

• the measures under the Annual Bonus Plan (ABP) have been changed for Executive Directors in 2013. To distinguish it from the previous measures, we refer to it as the Annual Performance Plan (APP). Although not a radical change, the APP does align annual incentives more closely to the key elements of our strategic priorities of Brands, People and Delivery; and

• the 2010/12 Long Term Incentive Plan (LTIP), which will vest in 2013, is the last LTIP using the previous measures. The 2011/13 LTIP, which vests in 2014, is the first LTIP including the new corporate performance measures of net rooms growth and RevPAR.

Remuneration for Executive Directors in 2012 reflects another year of strong corporate results, as shown in the table below:

2012 2011 2010

EBIT +9.8% +25.9% +22.3%Adjusted EPS* +21.7% +2.5% +9.6%TSR* +28.2% +29.8% +8.0%

* Annualised three-year changes.

Remuneration has reflected these results with an ABP award just above target for 2012 and a maximum vesting of the 2010/12 LTIP cycle.

We continually keep all aspects of remuneration under review and listen to the views of shareholders, the Government and other

stakeholders. We believe our current approach to remuneration is responsible and appropriate as it:

• is structured to drive execution of our business strategy;

• aligns reward with the creation of shareholder value;

• allows the Company to recruit and retain talent in a competitive global sector;

• incorporates measures and safeguards to ensure that high rewards only follow strong, balanced results; and

• incentivises the delivery of long-term, sustainable business growth and shareholder value, rather than the pursuit of unsustainable short-term results.

The targets for 2013 are stretching and will require a strong corporate performance to achieve similar levels of remuneration.

Luke MayhewChairman of the Remuneration Committee 18 February 2013

Summary Directors’ Remuneration Report glossary of terms

ABP Annual Bonus Plan

APP Annual Performance Plan

DB Defined Benefit

DC Defined Contribution

DJGH index Dow Jones Global Hotels index

EBIT Earnings before interest and tax

EPS Earnings per share

ICETUS InterContinental Executive Top-Up Scheme

IC Plan InterContinental Hotels UK Pension Plan

LTIP Long Term Incentive Plan

OPR Overall performance rating

RevPAR Revenue per available room

TSR Total Shareholder Return

Summary of IHG’s Executive Director remuneration policy for 2013

Fixed remuneration Variable remuneration

SalaryPensionBenefits

Annual incentive – APP50% cash and 50% shares deferred for three yearsLinked to individual and company achievement using performance measures relating to:– Brands;– People; and– Delivery.

Long-term incentive – LTIPShare awards vest after three years if performance conditions are met:– 25% relative net rooms growth;– 25% relative RevPAR growth; and– 50% relative TSR v the DJGH index.

Minimum shareholding requirement

Corporate performance indicators 2012 2011 2010Operating profit before exceptional items +9.8%

$614m†

+25.9%$559mt

+22.3% $444m

Full-year dividend (excluding any special dividends and capital returns) 64 cents (41.2p) per share

55 cents (34.5p) per share

48 cents (30.0p) per share

Three-year total TSR (annualised) +28.2% +29.8% +8.0%

Three-year adjusted EPS (annualised) +21.7% +2.5% +9.6%

Budgeted salary increase (US and UK corporate employees) 3.0% 3.0% 2.9%†�Includes one significant liquidated damages receipt in 2012 of $3m in The Americas.t�Includes two significant liquidated damages receipts in 2011; $10m in The Americas and $6m in Asia, Middle East and Africa.

50� IHG Annual Review and Summary Financial Statement 2012

Summary Directors’ Remuneration Report

ApproachformembersoftheExecutiveCommitteeMembersoftheExecutiveCommitteearerewardedonthesamebasisastheExecutiveDirectors,participatinginthesameincentiveplansandwithasimilarsplitbetweenfixedandvariableremuneration,andbetweencashandshares.

Keychangesin2012Changestotheannualincentiveforseniorexecutives,includingtheExecutiveDirectors,wereapprovedbytheCommitteefor2013,withtheobjectiveofmorecloselyaligningrewardtothedeliveryofourstrategicobjectivesofBrands,PeopleandDelivery.

FactorstakenintoaccountindeterminingpayInmakingdecisionsinrelationto2012pay,theCommitteetookintoaccount:

•theachievementofcorporateperformancetargetsundertheABPandLTIP(seethetablesonpages55and56);

•anappropriatemixoffixedandvariablepay,withanemphasisondrivingperformancethroughapproximatelytwo-thirdsoftotalpaybeingvariable;

•payandconditionselsewhereintheGroup,includingtheaveragebudgetedsalaryincreasefortheemployeepopulation(seethetableonthepreviouspage);and

•thecorporateperformanceindicatorsshowninthetableonthepreviouspage.

A–KeyremunerationprinciplesIHG’sexecutiveremunerationprinciplesaredesignedtodrivethedeliveryofstrategicobjectivesby:

•attractingandretaininghigh-qualityexecutivesinanenvironmentwherecompensationisbasedonglobalmarketpractice;

•aligningrewardsforexecutiveswiththeachievementofbusinessperformancetargets,strategicobjectivesandreturnstoshareholders;

•supportingequitabletreatmentbetweenmembersofthesameexecutiveteam;and

•facilitatingglobalassignmentsandrelocations.

IHG’sremunerationstructureforseniorexecutivesplacesastrongemphasisonperformance-relatedreward.TheCommitteebelievesthatitisimportanttorewardmanagement,includingtheExecutiveDirectors,fortargetsachieved,providedthosetargetsarestretching.

B–LinkwithstrategyOurstrategy(summarisedbelow)isthedriverofourrewardstructure.ThecurrentperformancemeasuresusedinIHG’sincentiveplansarealignedwithourstrategicpriorities,whichwillenableustoachieveourVisionofbecomingoneofthegreatcompaniesintheworldbycreatingGreatHotelsGuestsLove.

Where we compete How we win

Relevant consumer segments

most attractive markets

appropriate business model

Responsible Business

Long Term Incentive PlanMeasuresbalancethequalityofhotels

withthespeedatwhichwegrow:

Relative net rooms growthsupports our business model, segment

and market strategies to grow system size over three years

Relative RevPAR growthReflects the sustainable power of our Brands, scale and experience and engaged workforce

Focusses growth on quality rooms in key markets

Relative TSRprovides alignment with shareholder returns

Annual Performance PlanMeasuresprovidefocusonkeydriversofsustainablegrowth:

HeartbeatIncreases guest satisfaction as an

indicator of the strength of our Brands

Engagement Increases the engagement of our

people who bring our Brands to life

EBITprovides annual focus on earnings growth

driven by core operating inputs, namely rooms growth, RevpaR, fee revenue

and margins

Brands

People

Delivery

portfolio of preferred Brandstalented people

Best-in-class deliveryResponsible Business

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Summary Directors’ Remuneration Report 51

C–RemunerationpolicysummaryThefollowingtableshowsasummaryoftheindividualelementsofremunerationprovidedtotheExecutiveDirectorsfor2013.TheAPPreplacestheABPforseniorexecutivesfrom2013.

Rewardelement Purposeandlinktostrategy Operation Opportunity Performancemetrics Changesinyear

Salary(cash)

Recognisesthemarketvalueoftheroleandtheindividual’sskill,performanceandexperience.

Reviewedannuallyandfixedfor12monthsfrom1April.

Committeeconsiders:•businessandindividualperformance;•currentremunerationagainstinternalandexternal

benchmarks;and•averagesalaryincreasesforthewiderIHGworkforce.

Whenexternalbenchmarkingisused,thecomparatorgroupsarechosenhavingregardto:•size–marketcapitalisation,turnover,profitsandthe

numberofemployees;•diversityandcomplexityofthebusiness;•geographicalspreadofthebusiness;and•relevancetothehotelindustry.

Determinedannuallyonthefactorssetouttotheleft

None Directors’salariesincreasedbetween2.5%-3%in2012

APP

(50%cashand50%shares)

Drivesandrewardsannualperformanceagainstbothfinancialandnon-financialmetrics.

AlignsindividualsandteamswithkeystrategicprioritiesofBrands,PeopleandDelivery.

Alignsshort-termannualperformancewithstrategytogeneratelong-termreturnstoshareholders.

Takesintoaccountpersonalperformanceofindividuals.

Reviewedannuallywithtargetssetinlinewithstrategicobjectives.

Regionalaswellasglobaltargetsareusedwhenappropriate.

PaymentisdeterminedbytheCommittee,whichhascertainspecifieddiscretionsoverawardlevels,aftertheendoftheyear.

Target=115%ofsalary

Maximum=200%ofsalary

20%Brands:year-on-yearimprovementinguestsatisfaction

10%People:year-on-yearimprovementinemployeeengagement

70%Delivery:EBITvtarget

Alltargetsmeasuredoveroneyear

APPforseniorexecutivesfrom2013

LTIP

(shares)

Drivesandrewardsdeliveryofsustainedlong-termperformanceonmeasuresthatarealignedwiththeinterestsofshareholders.

AnnualawardsoverIHGshares,whichvestafterthreeyears,subjecttotheachievementofcorporateperformancetargets.

Reviewedannuallywithtargetssetinlinewithstrategicobjectives.VestingisconfirmedbytheCommitteeaftertheendofthevestingperiod,withdiscretiontoreducevestinglevelifthequalityoftheunderlyingperformanceoftheCompanyisnotsatisfactory.

Maximumfor2013/15LTIPcycle=205%ofsalary

Willnotexceedthreetimesannualsalaryotherthaninexceptionalcircumstances

25%relativenetroomsgrowthand25%relativeRevPARgrowth(bothmeasuredvcomparatorgroup):•20%thresholdvestingifequaltoaveragegrowthof

comparatorgroup;•maximumvestingifrankedas1stinthecomparator

group;and•straight-linevestinginbetween.

50%relativeTSR(vDJGHindex):•20%thresholdvestingifequaltoindex;•maximumvestingif8%ormoreperyearaheadofindex;and•straight-linevestinginbetween.

Alltargetsmeasuredoverathree-yearperformanceperiod

Nonein2012

Pension Helpsrecruitandretain.

Rewardslong-termindividualperformance.

Thefollowingplansareoperated:•forUKexecutives,theexecutivesectionofthe

InterContinentalHotelsUKPensionPlan(ICPlan),whichhasadefinedbenefitsection(UKDBPlan)andadefinedcontributionsection(UKDCPlan);

•forUKexecutives,theInterContinentalExecutiveTop-UpScheme(ICETUS);

•forUSexecutives,aDC401(k)Plan(US401(k)Plan)andaDCDeferredCompensationPlan(USDeferredCompensationPlan);and

•fornon-UKandnon-USexecutives,theInterContinentalHotelsGroupInternationalSavingsandRetirementPlan,andotherlocalplans.

AcashallowanceinlieuofpensionbenefitsisofferedforUKexecutives.

UKDBPlan:1/30thaccrualrate

UKDCPlan:7.5%employeecontributionwith30%matchingCompanycontribution

US401(k)Plan:2%-75%employeecontributionwith4%matchingCompanycontribution

USDeferredCompensationPlan:upto75%employeecontributionwith2%matchingCompanycontributionand4%-20%additionalCompanycontributionifcertainconditionsaremet

None Nonein2012

UKDBPlanwillclosetofutureaccrualforexistingmemberswitheffectfrom1July2013


Summary Directors’ Remuneration Report continued

Rewardelement Purposeandlinktostrategy Operation Opportunity Performancemetrics Changesinyear

Salary(cash)

Recognisesthemarketvalueoftheroleandtheindividual’sskill,performanceandexperience.

Reviewedannuallyandfixedfor12monthsfrom1April.

Committeeconsiders:•businessandindividualperformance;•currentremunerationagainstinternalandexternal

benchmarks;and•averagesalaryincreasesforthewiderIHGworkforce.

Whenexternalbenchmarkingisused,thecomparatorgroupsarechosenhavingregardto:•size–marketcapitalisation,turnover,profitsandthe

numberofemployees;•diversityandcomplexityofthebusiness;•geographicalspreadofthebusiness;and•relevancetothehotelindustry.

Determinedannuallyonthefactorssetouttotheleft

None Directors’salariesincreasedbetween2.5%-3%in2012

APP

(50%cashand50%shares)

Drivesandrewardsannualperformanceagainstbothfinancialandnon-financialmetrics.

AlignsindividualsandteamswithkeystrategicprioritiesofBrands,PeopleandDelivery.

Alignsshort-termannualperformancewithstrategytogeneratelong-termreturnstoshareholders.

Takesintoaccountpersonalperformanceofindividuals.

Reviewedannuallywithtargetssetinlinewithstrategicobjectives.

Regionalaswellasglobaltargetsareusedwhenappropriate.

PaymentisdeterminedbytheCommittee,whichhascertainspecifieddiscretionsoverawardlevels,aftertheendoftheyear.

Target=115%ofsalary

Maximum=200%ofsalary

20%Brands:year-on-yearimprovementinguestsatisfaction

10%People:year-on-yearimprovementinemployeeengagement

70%Delivery:EBITvtarget

Alltargetsmeasuredoveroneyear

APPforseniorexecutivesfrom2013

LTIP

(shares)

Drivesandrewardsdeliveryofsustainedlong-termperformanceonmeasuresthatarealignedwiththeinterestsofshareholders.

AnnualawardsoverIHGshares,whichvestafterthreeyears,subjecttotheachievementofcorporateperformancetargets.

Reviewedannuallywithtargetssetinlinewithstrategicobjectives.VestingisconfirmedbytheCommitteeaftertheendofthevestingperiod,withdiscretiontoreducevestinglevelifthequalityoftheunderlyingperformanceoftheCompanyisnotsatisfactory.

Maximumfor2013/15LTIPcycle=205%ofsalary

Willnotexceedthreetimesannualsalaryotherthaninexceptionalcircumstances

25%relativenetroomsgrowthand25%relativeRevPARgrowth(bothmeasuredvcomparatorgroup):•20%thresholdvestingifequaltoaveragegrowthof

comparatorgroup;•maximumvestingifrankedas1stinthecomparator

group;and•straight-linevestinginbetween.

50%relativeTSR(vDJGHindex):•20%thresholdvestingifequaltoindex;•maximumvestingif8%ormoreperyearaheadofindex;and•straight-linevestinginbetween.

Alltargetsmeasuredoverathree-yearperformanceperiod

Nonein2012

Pension Helpsrecruitandretain.

Rewardslong-termindividualperformance.

Thefollowingplansareoperated:•forUKexecutives,theexecutivesectionofthe

InterContinentalHotelsUKPensionPlan(ICPlan),whichhasadefinedbenefitsection(UKDBPlan)andadefinedcontributionsection(UKDCPlan);

•forUKexecutives,theInterContinentalExecutiveTop-UpScheme(ICETUS);

•forUSexecutives,aDC401(k)Plan(US401(k)Plan)andaDCDeferredCompensationPlan(USDeferredCompensationPlan);and

•fornon-UKandnon-USexecutives,theInterContinentalHotelsGroupInternationalSavingsandRetirementPlan,andotherlocalplans.

AcashallowanceinlieuofpensionbenefitsisofferedforUKexecutives.

UKDBPlan:1/30thaccrualrate

UKDCPlan:7.5%employeecontributionwith30%matchingCompanycontribution

US401(k)Plan:2%-75%employeecontributionwith4%matchingCompanycontribution

USDeferredCompensationPlan:upto75%employeecontributionwith2%matchingCompanycontributionand4%-20%additionalCompanycontributionifcertainconditionsaremet

None Nonein2012

UKDBPlanwillclosetofutureaccrualforexistingmemberswitheffectfrom1July2013

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Detailsofelementsshown:

2012actualsalarypaid–salaryfortheyear;forKirkKinsellthisshowsactualsalarypaidconvertedintosterling;

2012ABPcash–cashportionofABPawardfor2012performance;

2012ABPdeferredshares–valueofdeferredshareportionofABPawardfor2012performance(basedonsharepriceof1,707.0pasat31December2012);

2010/12LTIP–valueofLTIPawardduetoveston20February2013asaresultof2010to2012performance(basedonsharepriceof1,707.0pasat31December2012);

2012benefits–alltaxablebenefitsarisingfromtheindividual’semploymentin2012;thisincludestheprovisionofafully-expensedcompanycar,privatehealthcare,financialcounsellingandotherbenefits.ForKirkKinsell,thisincludesthecostofexpatriatebenefitsrelatedtohisinternationalassignmentpriortotakinguphisBoardappointmentasPresident,TheAmericas,on13June2011;

2012pensionbenefit–forRichardSolomons,theincreaseinpensionvalueduring2012;forotherExecutiveDirectors,thevalueofCompanycontributionstopensionplansoranycashallowancespaidinlieuofpensioncontributions.ThepensionbenefitaccruingtoRichardSolomonsin2012aroseprincipallyfromhissalaryreviewwhenappointedChiefExecutiveinJuly2011.

2009ABPdeferredshares–therewasnovestingofABPdeferredsharesrelatingto2009asnoannualincentivewaspaidinrespectoffinancialyear2009.

AllfiguresarecalculatedinaccordancewithourunderstandingoftherequirementsofthedraftBISregulationsondisclosureofexecutivepay.

D–Singlefigureremunerationin2012–actualandmaximum

SingleTotalFigureTable(£000) 2012 2012 2012ABP 2012actual 2012 pension ABP deferred 2010/12 Director salarypaid benefits benefit cash shares LTIP Total

RichardSolomons 716 48 1,140 494 494 1,738 4,630KirkKinsell* 474 663 110 306 306 1,287 3,146TracyRobbins 409 23 123 300 300 954 2,109TomSinger 540 19 162 346 346 1,194 2,607

*KirkKinsellispaidinUSdollarsandthesterlingvaluesinthechartabovehavebeencalculatedusinganexchangerateof$1=£0.63.

2010/12LTIP2012ABPdeferredshares2012ABPcash2012pensionbenefit2012benefits2012actualsalarypaid

Value (£000)

max

max

max

max

actual

actual

actualactual

0

1,000

2,000

3,000

4,000

5,000

6,000

Tracy RobbinsKirk Kinsell Tom SingerRichard Solomons



E–Salaryandbenefits•Basesalaryistheonlyelementofremunerationwhichis

pensionable.

•Inadditiontosalary,benefitsareprovidedtoExecutiveDirectors,whoareallbasedintheUKorUS,inaccordancewithlocalmarketpractice.

•TheoverallbudgetforsalaryincreasesforIHGcorporateemployeesintheUKandUS,andtheoverallincreaseintheDirectors’salariesfor2013isshownbelow:

UKcorporateemployees

UScorporateemployees

ExecutiveDirectors

3.0% 3.0% 2.5%

ExecutiveDirectorannualsalariesfor2012and2013

2013 2013 2012 2012Director £ $ £ $

RichardSolomons 739,000 721,000KirkKinsell* 774,000 755,400TracyRobbins 424,300 412,000TomSinger 550,800 540,000

* KirkKinsellispaidinUSdollarsandhisannualbasesalaryfor2012and2013isshowninUSdollarsabove.Theequivalentsterlingvaluescalculatedusinganexchangerateof$1=£0.63are:2012–£476,562;and2013–£488,296.

F–AnnualBonusPlan(ABP)StructureFrom2013,seniorexecutiveswillparticipateintheAPP,detailsofwhichareonpages52and53.In2012,ExecutiveDirectorsparticipatedinthe2012ABP,thestructureofwhichisasfollows:

ABP2012

30%individual

50%cash

Performancemeasures

Paymentstructure

70%EBIT

50%shares(deferredforthreeyears)

Themeasuresfor2012were:

•GlobalEBITachievementagainsttargetfor2012:

–thresholdpayout:90%oftargetperformance;

–maximumpayout:110%oftargetperformance;and

–straight-linevestinginbetween.

•OPR–basedonachievementofspecificindividualobjectiveslinkeddirectlytostrategicpriorities,andanassessmentagainstleadershipcompetenciesandbehaviours.TheobjectivesandOPRsarereviewedandagreedbytheCommittee.

2012targetandmaximumpayments

Keyperformance

Awardas%ofsalary

Measure indicator Target Maximum

Financial EBIT(70%) 80.5 161Individual OPR(30%) 34.5 69Totalfor2012 115 200*

*CombinedEBITandOPRpayoutsubjecttoamaximumof200%ofbasesalary.

Outcomefor20122012EBITachievedwas101.7%oftargetfortheyear.Basedonthisperformance,thefollowingtableshowsthelevelof2012awards.50%waspaidincashand50%indeferredsharesthatwillvestafterthreeyears.

EBIT% OPR% TotalawardasDirector award award %ofsalary

RichardSolomons 93.8 43.1 136.9KirkKinsell 93.8 34.5 128.3TracyRobbins 93.8 51.8 145.6TomSinger 93.8 34.5 128.3

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G–LongTermIncentivePlan(LTIP)Structureandoutcomefor2012Theawardforthe2010/12cyclehadcorporateperformancemeasuresbasedonrelativeTSRandEPS.Thestructureisasfollows:

LTIP2010/12

50%EPS

Performancemeasures

Paymentstructure

50%TSR

100%shares

Themeasuresandoutcomesareasfollows:

Performancemeasure

Thresholdperformance

Maximumperformance

Threshold/maximum

vesting

Weighting Maximumaward–%ofsalary

Outcome

2010/12cycle

TSR GrowthequaltotheDJGHindex

Growthexceedstheindexby8%peryearormore

20%/100% 50% 102.5% Growthexceededindexby15%peryear

EPS Growthof5%peryear

Growthof15%peryearormore

20%/100% 50% 102.5% Growthof21.7%peryear

Totalvestingoutcome

100%ofmaximumaward

CurrentpositiononotheroutstandingawardsFrom2011,theperformancemeasuresfortheLTIPwerechanged.Detailsoftheperformancemeasuresandpotentialvestingoutcomesforoutstandingawardsasat31December2012areasfollows:

Performancemeasure

Thresholdperformance

Maximumperformance

Threshold/maximumvesting

Weighting Maximumaward–%ofsalary

Potentialvestingoutcomes

2011/13cycle

Netroomsgrowth

Averageofthecomparatorgroup

1stinthecomparatorgroup

20%/100% 25% 51.25% Improvedperformanceneededtoachievethresholdvesting

RevPARgrowth



20%/100% 25% 51.25% Betweenthresholdandmaximumvestingifcurrentperformancemaintained



20%/100% 50% 102.5% Maximumvestingifcurrentperformancemaintained

2012/14cycle

Netroomsgrowth




RevPARgrowth






20%/100% 50% 102.5% Maximumvestingifcurrentperformancemaintained



H–ExecutiveshareholdingrequirementTheCommitteebelievesthatshareownershipbyExecutiveDirectorsandseniorexecutivesstrengthensthelinkbetweentheindividuals’personalinterestsandthoseoftheshareholders.

ExecutiveDirectorsareexpectedtoholdallsharesearned(netofanysharesalesrequiredtomeetpersonaltaxliabilities)untiltheguidelineshareholdingrequirementisachieved.

SharesheldbyExecutiveDirectors

Sharesheldoutright Totalsharesandawards4 Guidelineshareholdingrequirement

ABP Total Guideline Sharesheld deferredshare LTIPshare sharesand shareholdingas outrightas awardsas awardsas awardsasDirector %ofsalary %ofsalary1 %ofsalary2 %ofsalary3 %ofsalary4

RichardSolomons 300 763 153 693 1,609KirkKinsell 200 557 180 776 1,513TracyRobbins 200 355 167 706 1,228TomSinger5 200 66 0 715 781

Percentagesarebasedonsharepriceof1,707.0ppershareasat31December2012.

1 SharesheldoutrightbyeachExecutiveDirectorwithnorestrictions.2 ABPdeferredshareawardssubjecttoriskofforfeitureifemploymentceases.3 LTIPshareawardssubjecttoachievementofcorporateperformancetargets.4 Includessharesheldoutright,ABPdeferredsharesandLTIPshareawards.5 TomSingerjoinedin2011anddidnotqualifyforthe2011ABPdeferredshareaward.

0 1,600200 400 600 800 1,000 1,200 1,400%

Richard Solomons

Kirk Kinsell

TomSinger

Tracy Robbins

I–PensionsIHGoperatesthefollowingpensionarrangementsinwhichtheExecutiveDirectorsparticipate:

•forUKexecutives,theexecutivesectionoftheICPlan,whichhasaDBsectionandaDCsection(theUKDBPlanandtheUKDCPlanrespectively);

•forUKexecutives,ICETUS;thisisanunfundedarrangement,butwithappropriatesecurity;

•forUSexecutives,theDCUS401(k)PlanandtheDCUSDeferredCompensationPlan;and

•forexecutivesoutsidetheUKandUS,theInterContinentalHotelsGroupInternationalSavingsandRetirementPlan,orotherlocalplans.

Asanalternativetothepensionarrangements,acashallowancemaybetakeninlieubyUKexecutives.

FollowinganextensiveUKpensionreviewandsubsequentconsultationswithaffectedemployees,itwasannouncedon29September2011thattheUKDBPlanwouldclosetofutureaccrualforexistingmemberswitheffectfrom1July2013.TheUKDBPlanisalreadyclosedtonewentrants.AcaponpensionablesalaryincreasesofRPIplus2.5%perannumbecameeffectiveon1October2011.

Aspartoftheconsultationwithemployeesandtheplantrusteesaboutthesechanges,itwasagreedthattheEnhancedEarlyRetirementFacility(EERF)wouldberetained.Thisprovidesanoptionforplanmembers,withtheCompany’sagreement,toretirewithinfiveyearsofnormalretirementageonaccruedbenefitswithoutreduction.ThelevelofplanfundingprovidesfortheEERF.TheCommitteeconsideredthatthereductioninriskandexpenseachievedbytheclosingoftheUKDBPlanjustifiedthecostofretainingtheEERFforexistingactivemembers.

TheExecutiveDirectorsparticipateasfollows:

•RichardSolomonsparticipatesintheUKDBPlanandtheICETUSonthesamebasisasotherseniorUK-basedexecutives;

•TracyRobbinsparticipatedintheexecutiveUKDCPlanonthesamebasisasotherseniorUK-basedexecutivesuntilMarch2012;fromApril2012shereceivedacashallowanceinlieuofpensionbenefits;

•TomSingerdoesnotparticipateinanypensionplanandreceivesacashallowanceinlieuofpensionbenefits;and

•KirkKinsellparticipatesintheDCUS401(k)PlanandtheDCUSDeferredCompensationPlan.

ThevalueofRichardSolomons’DBpensionarrangementasat31December2012issetouttotheright.

RichardSolomonsiseligiblefortheEERF,whichisavailabletoallmembersoftheUKDBPlan,asexplainedabove.Thisenablesmemberstoretirewithoutreductionintheirpensioniftheyarewithinfiveyearsofnormalretirementage.AlthoughtheEERFisnon-contractual,itscontinuationformedpartoftheagreementwithtrusteesonclosureoftheUKDBPlan.TheEERFtermsrequireanexecutivetoobtaintheconsentoftheCompany;theconsentisdiscretionarybutshouldnotbeunreasonablyrefused.

Accruedvalueofannualpensionifretired31December2012

Accruedvalueofannualpensionat31December2012,assumingretirementatnormalretirementage(9October2021)

£245,180,ofwhich:

•£46,770isfunded•£198,410isunfunded

£377,200,ofwhich:

•£71,950isfunded•£305,250isunfunded

Theincreaseintheaccruedvalueofthepensionin2012arisesprincipallyfromRichardSolomons’salaryreviewwhenappointedChiefExecutiveinJuly2011.

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Investor information

WebsiteandelectroniccommunicationAspartoftheCompany’scommitmenttoreducingthecostandenvironmentalimpactofproducinganddistributingprinteddocumentsinverylargequantities,IHG’sAnnualReportandAnnualReviewhavebeenmadeavailabletoshareholdersthroughtheCompany’swebsitewww.ihgplc.com/investorsunderfinanciallibrary.

ShareholdersmayappointelectronicallyaproxytovoteontheirbehalfonanypollthatistobeheldattheforthcomingAnnualGeneralMeeting.ShareholderswhoholdtheirsharesthroughCRESTmayappointproxiesthroughtheCRESTelectronicproxyappointmentservice,byusingtheproceduresdescribedintheCRESTManual.

ShareholderHotelDiscountPromotionIHGoffersdiscountedhotelstays(subjecttoavailability)forregisteredshareholdersthroughadedicated,controlledaccesswebsite.ForfurtherdetailspleasecontacttheCompanySecretariatdepartmenton01895512000oremailcompanysecretariat@ihg.com

CorporateResponsibilityReportIHGupdatesitsonlineCorporateResponsibilityReportregularly,coveringprogressonarangeofenvironmental,socialandcommunityissues.Thiscanbeviewedatwww.ihgplc.com/responsibility

IHGShelterinaStormProgrammeTheIHGShelterinaStormProgrammeenablesIHGtosupportourhotelsandsurroundingcommunities,employeesandguestswhenadisasterstrikes,byprovidingimmediateandvitalassistance.

Ifyouwouldliketomakeadonationtotheprogramme,youcandosoonlineviaasecurepaymentpagewww.ihgshelterinastorm.com

RegistrarForinformationonarangeofshareholderservicesincluding,enquiriesconcerningindividualshareholdings,notificationofashareholder’schangeofaddressandamalgamationofshareholderaccounts(inordertoavoidduplicatemailingofshareholdercommunications),shareholdersshouldcontacttheCompany’sRegistrar,Equiniti,on08713842132†* (callsfromwithintheUK)or+44(0)1214157034(callsfromoutsidetheUK).

Dividendservices

DividendReinvestmentPlan(DRIP)TheCompanyoffersaDRIPforshareholderstopurchaseadditionalIHGshareswiththeircashdividends.ForfurtherinformationabouttheDRIP,pleasecontactourRegistrarhelplineon08713842268†*.ADRIPapplicationformandinformationbookletareavailableatwww.shareview.co.uk/products/pages/applyforadrip.aspx

BankmandateWeencourageshareholderstohavetheirdividendspaiddirectlyintotheirUKbankorbuildingsocietyaccounttoensureefficientpaymentandfundsbeingclearedonthepaymentdate.

ShareholderswhowouldliketheirdividendstobepaiddirectlyintotheiraccountshouldcontactourRegistrar.

OverseaspaymentserviceItisalsopossibleforshareholderstohavetheirdividendspaiddirecttotheirbankaccountinalocalcurrency.Chargesarepayableforthisservice.Furtherinformationisavailableatwww.shareview.co.uk/shareholders/pages/overseaspayments.aspx

Outofdate/unclaimeddividendsIfyouthinkthatyouhaveoutofdatedividendchequesorunclaimeddividendpaymentspleasecontactourRegistrar.

IndividualSavingsAccount(ISA)EquinitioffersaStocksandSharesISAwhereIHGsharescanbeinvested.ForfurtherinformationpleasecontactEquinition08713842244†*.

SharedealingservicesEquinitioffersthefollowingsharedealingfacilities:

PostaldealingFormoreinformationcall08713842248†*.

TelephonedealingCall08456037037†•.

InternetdealingLogontowww.shareview.co.uk

ChangestothebasecostofIHGsharesDetailsofallthechangestothebasecostofIHGsharesheldsinceApril2003toDecember2012,forUKCapitalGainsTaxpurposes,maybefoundontheCompany’swebsitewww.ihgplc.com/investorsundershareholdercentre/taxinformation.

MissingshareholdersWorkingwithProSearch(anassetreunificationcompany),wecontinuetolookforshareholderswhohavenotkepttheircontactdetailsup-to-date.Wehavefundswaitingtobeclaimedandarecommittedtodoingwhatwecantopaythesetotheirrightfulowners.ForfurtherdetailspleasecontactProSearchon01732741411oremailinfo@prosearchassets.com

ShareholdersecurityManycompanieshavebecomeawarethattheirshareholdershavereceivedunsolicitedtelephonecallsorcorrespondenceconcerninginvestmentmatters.Thesearetypicallyfrom‘brokers’whotargetUKshareholders,offeringtosellthemwhatoftenturnouttobeworthlessorhigh-risksharesinUSorUKinvestments.Theseoperationsarecommonlyknownas‘boilerrooms’.MoredetailedinformationonthisorsimilaractivitycanbefoundontheFinancialServicesAuthoritywebsitewww.moneyadviceservice.org.uk

DetailsofanysharedealingfacilitiesthattheCompanyendorseswillbeincludedinCompanymailings.

AmericanDepositaryReceipts(ADRs)TheCompany’ssharesarelistedontheNewYorkStockExchangeintheformofAmericanDepositaryShares,evidencedbyADRsandtradedunderthesymbol‘IHG’.

EachADRrepresentsoneordinaryshare.AllenquiriesregardingADRholderaccountsandpaymentofdividendsshouldbedirectedtoJPMorganChase&Co,ourauthorisedADRdepositarybank(contactdetailsshownonpage59).

Form20-FTheCompanyissubjecttothereportingrequirementsoftheSecuritiesandExchangeCommission(SEC)intheUSandfileswiththeSECanAnnualReportonForm20-F.TheForm20-FcanbefoundontheCompany’swebsitewww.ihgplc.com/investorsundershareholdercentre/ADRholdersorbyvisitingtheSEC’swebsitewww.sec.gov/edgar.shtml

† Callscost8pperminuteplusnetworkextras.* Linesareopenfrom8.30amto5.30pmMondaytoFriday,

excludingUKpublicholidays.• Linesareopenfrom8.00amto4.30pmMondaytoFriday,

excludingUKpublicholidays.

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Investor information, Financial calendar and Contacts 59

Financial calendar

2012Interimdividendof13.5ppershare(21.0¢perADR): Paymentdate 28SeptemberSpecialdividendof108.4ppershare($1.72perexistingADR): Paymentdate 22OctoberFinancialyearend 31December

2013Preliminaryannouncementofannualresults 19FebruaryFinaldividendof27.7ppershare(43.0¢perADR): Ex-dividenddate 20March Recorddate 22MarchAnnouncementoffirstquarterinterimmanagementstatements 8MayAnnualGeneralMeeting 24MayFinaldividendof27.7ppershare(43.0¢perADR): Paymentdate 31MayAnnouncementofinterimresults 6AugustInterimdividend: Paymentdate OctoberAnnouncementofthirdquarterinterimmanagementstatements 5NovemberFinancialyearend 31December

2014Preliminaryannouncementofannualresults February

Contacts

RegisteredofficeBroadwaterParkDenhamBuckinghamshireUB95HR

Telephone +44(0)1895512000

Fax +44(0)1895512101

www.ihgplc.com

ForgeneralinformationabouttheGroup’sbusinesspleasecontacttheCorporateAffairsdepartmentattheaboveaddress.ForallotherenquiriespleasecontacttheCompanySecretariatdepartmentattheaboveaddress.

RegistrarEquinitiAspectHouseSpencerRoadLancingWestSussexBN996DA

Telephone 08713842132*†(UKcalls)

+44(0)1214157034(non-UKcalls)

www.shareview.co.uk*Forthosewithhearingdifficultiesatextphoneisavailableon08713842255†forUKcallerswithcompatibleequipment. †Callscost8pperminuteplusnetworkextras.Linesareopenfrom8.30amto5.30pmMondaytoFriday,excludingUKpublicholidays.

ADRdepositaryJPMorganChaseBankN.A.POBox64504St.PaulMN55164-0504USA

Telephone +18009901135(UScalls)(tollfree)

+16514532128(non-UScalls)

[email protected]

www.adr.com

AuditorsErnst&YoungLLP

InvestmentbankersBankofAmericaMerrillLynchGoldmanSachs

SolicitorsFreshfieldsBruckhausDeringerLLP

StockbrokersBankofAmericaMerrillLynchGoldmanSachs

PriorityClubRewardsIfyouwishtoenquireabout,orjoinPriorityClubRewards,IHG’sloyaltyprogramme,visitwww.priorityclub.comortelephone:

08712261111∞(inEurope)

+18882119874(inUSandCanada)(tollfree)

+18002729273(inMexico)(tollfree)

+18019753063(English)(inCentralandSouthAmerica)(tollchargesapply)

+18019753013(Spanish)(inCentralandSouthAmerica)(tollchargesapply)

+6328578788(frommostcountriesinAsiaPacific)(tollchargesapply)

+86(0)2034198282(MandarinandCantonese)(inChinaandHongKong)(tollchargesapply)

+97144290530(inMiddleEastandAfrica)(tollchargesapply)

∞Telephonecallstothisnumberarechargedat10pperminute.Standardnetworkratesapply.Callsfrommobileswillbehigher.

Forfurtherinvestorinformationvisitwww.ihgplc.com/investors

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