-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 H0CyVJS4G61JNicCjX63WXst51YwffsBT8ujWbKrAIJvsFnvGYOqTubF8f4mUSO6
 GXZj2EmK4f2m1KLPJQvUEw==

<SEC-DOCUMENT>0001021231-03-000496.txt : 20030424
<SEC-HEADER>0001021231-03-000496.hdr.sgml : 20030424
<ACCEPTANCE-DATETIME>20030424102708
ACCESSION NUMBER:		0001021231-03-000496
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030424
FILED AS OF DATE:		20030424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERCONTINENTAL HOTELS GROUP PLC /NEW/
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10409
		FILM NUMBER:		03661335

	BUSINESS ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		CITY:			LONDON WIY 1WE ENGLA
		STATE:			X0
		ZIP:			32822
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		STREET 2:		-
		CITY:			LONDON ENGLAND
		STATE:			X0
		ZIP:			W1Y 1WE

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>b707311_6k.htm
<TEXT>
<html>
<head></head>
<title>Prepared and filed by St-Ives Burrups</title>
<body bgcolor="#FFFFFF">
<p>&nbsp;</p>
<hr size="3" noshade color="#000000" style="margin-top: -15px">
<hr size="1" noshade color="#000000" style="margin-top: -22px">
<font face="0Font">
<p align="center"> <font size=2 face="serif"><b><font size="4">SECURITIES AND
  EXCHANGE COMMISSION</font></b><br>
  <b>Washington DC 20549</b> </font></p>
<hr align="center" width="150" size="2" noshade>
<p align="center"><b><font size=5 face="serif">FORM 6-K</font></b></p>
<p align="center"> <b><font size=2 face="serif">REPORT OF FOREIGN PRIVATE ISSUER
  PURSUANT TO RULE 13a-16 AND 15d-16 OF<br>
  THE SECURITIES EXCHANGE ACT OF 1934 </font></b></p>
<p align="center"> <font size=2 face="serif">For 24th April 2003</font></p>
<p align="center"> <b><font size=5 face="serif">INTERCONTINENTAL HOTELS GROUP
  PLC </font></b><br>
  <font size=2 face="serif">(Registrant&#146;s name) </font></p>
<p align="center"> <font size="2" face="serif">20 North Audley Street<br>
  London W1K 6WN, England<br>
  (Address of principal executive offices)</font></p>
<hr align="center" width="150" size="2" noshade>
<p> <font size=2 face="serif">Indicate by check mark whether the registrant files
     or will file annual reports under cover Form 20-F or Form 40-F.</font></p>
<table width="100%" border="0">
  <tr>
    <td align="center"><font size=2 face="serif">Form 20-F&nbsp;&nbsp;<img src="tickedbox.gif" width="12" height="12">
      </font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">Form
      40-F&nbsp;&nbsp;<img src="emptybox.gif" width="12" height="12"></font></td>
  </tr>
</table>
<p> <font size=2 face="serif">Indicate by check mark whether the registrant by
     furnishing the information contained in this form is also thereby furnishing

  the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
     Exchange Act of 1934.</font></p>
<table width="100%" border="0">
  <tr>
    <td align="center"><font size=2 face="serif">Yes&nbsp;&nbsp;<img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">No</font><font size=2 face="serif">&nbsp;&nbsp;<img src="tickedbox.gif" width="12" height="12"></font></td>
  </tr>
</table>
<p> <font size=2 face="serif">If &#147;Yes&#148; is marked, indicate below the
     file number assigned to the registrant in connection with Rule 12g3-2(b): <u>Not
      applicable</u></font></p>
<p align="center">&nbsp;</p>
</font>
<hr size="1" noshade color="#000000" style="margin-top: -15px">
<hr size="3" noshade color="#000000" style="margin-top: -24px">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"><b>InterContinental Hotels Group
  PLC</b></font></p>
<p align="center"><font size="2" face="serif"><b>24<sup></sup> April 2003</b></font></p>
<p align="center"><font size="2" face="serif"><b>Trading update and guidance</b></font></p>
<p align="left"><font size="2" face="serif">InterContinental Hotels Group PLC
  (&#8220;IHG&#8220; or the &#8220;Company&#8221;) today provides a trading update
  and guidance in its first announcement since separation. The announcement covers:</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">trading in the three months to
      31 March 2003</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">an update on the cost reduction
      programme</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">guidance to assist with modelling
      the year to 31 December 2003 including the effect of the reopening of InterContinental
      Le Grand Hotel Paris</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">further details of IHG&#8217;s
      reporting calendar as first outlined in the Listing Particulars.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"><b>Trading update for the three months
  to 31 March 2003</b></font></p>
<p align="left"><font size="2" face="serif">The threat of and subsequent war in
  Iraq and the sustained weakness of the global economy have continued to have
  an adverse effect on global travel and with it IHG&#8217;s revenue in the three
  months to 31 March 2003. These factors have led to the erosion of the encouraging
  trading trends seen in the three months to 31 December 2002 and have particularly
  affected our hotels in EMEA. This difficult trading environment was further
  exacerbated by the occurrence of the SARS virus in the last two weeks of the
  period. </font></p>
<p align="left"><font size="2" face="serif">In addition, the Company experienced
  pressure on hotel margins, largely due to the fact that growth in revenue was
  occupancy led. As a result of all these influences profits in the period, as
  in the previous 3 months, were substantially lower than last year.</font></p>
<p align="left"><font size="2" face="serif">Richard North, Chief Executive Officer
  of IHG said &#8220;Despite having to contend with some of the worst conditions
  the industry has ever encountered, the benefits of our wide range of business
  models and broad geographical distribution are clear. While EMEA is finding
  the environment tough, our Americas business is relatively resilient. Meanwhile
  we are making good progress with our two key initiatives &#150; to reduce both
  costs and asset intensity.&#8221;</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><u>RevPAR variance against last
      year</u></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="14%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="15%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="18%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif">Americas</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">January</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">February</font></td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">March</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O &amp; L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">3.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Crowne Plaza
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Holiday Inn
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Express Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif">EMEA</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O &amp; L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.5</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-9.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HI UK Regions</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">2.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HI UK London</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">14.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-9.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">In the Americas, our owned and leased
  InterContinental hotels continued to outperform their relative markets reflecting
  the benefits of our refurbishment programme and the completion of the InterContinental
  Houston&#8217;s phased reopening.</font></p>
<p align="left"><font size="2" face="serif">Our midscale franchise business performed
  relatively well with Holiday Inn Express continuing to outperform, and Holiday
  Inn performing in line with their relative markets. This demonstrates the strength
  and resilience of our midscale franchise business and its strong presence in
  the &#8216;drive to&#8217; market in the US.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><a name="p?"></a></div>
<page>

<p align="left"><font size="2" face="serif">In EMEA, trading in our owned and
  leased upscale hotels continued to be adversely impacted by the reduction in
  the number of US guests. Holiday Inn UK continued to outperform its relative
  market, benefiting from the increased revenue investment which has taken place.
  Overall however, in EMEA, the economic environment and geo-political factors
  described earlier, combined with the increased revenue investment, has meant
  that profits are still substantially down on the equivalent period last year.</font></p>
<p align="left"><font size="2" face="serif">Performance in the Asia Pacific region
  remained strong until the emergence of the SARS virus which has severely affected
  occupancy particularly in the InterContinental Hong Kong.</font></p>
<p align="left"><font size="2" face="serif"><u>Soft drinks</u></font></p>
<p align="left"><font size="2" face="serif">Turnover in Britvic Soft Drinks rose
  by over 5 per cent in the 16 weeks to 12 April 2003. Britvic&#8217;s leading
  brands have continued to perform well, with Pepsi, Robinsons and Tango in particular
  growing market share in the same period.</font></p>
<p align="left"><font size="2" face="serif"><b>Update on cost reduction programme</b></font></p>
<p align="left"><font size="2" face="serif">We are making good progress on the
  reduction of at least $100m of annual on-going overheads against the budgeted
  cost base for the fiscal year to 30 September 2003. We are on target to achieve
  an annualised run rate of savings of at least $75m by the end of calendar 2003,
  and actual savings of at least $40m in the year to 31 December 2003.</font></p>
<p align="left"><font size="2" face="serif">In excess of 50 per cent of the savings
  will be achieved through headcount reductions. We estimate that there will be
  up to 800 redundancies from a global corporate staff of 2,600. These redundancies
  span all levels of seniority with approximately 30% of senior management roles
  being removed. Over 150 employees have already left our business. In addition,
  over 200 have been notified that their roles will be made redundant.</font></p>
<p align="left"><font size="2" face="serif">As we announced, the Six Continents
  Group&#8217;s London head office will close in September 2003. IHG&#8217;s corporate
  headquarters will be consolidated with the EMEA regional offices in Windsor,
  which will achieve a cost saving of approximately $9m per annum. A number of
  other small satellite offices will also be closed during the next few months.</font></p>
<p align="left"><font size="2" face="serif"><b>Guidance</b></font></p>
<p align="left"><font size="2" face="serif">The following guidance, in relation
  to the financial results for calendar 2003 is given to assist with modelling
  forecasts:</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td colspan="3" align="left"><font size="2" face="serif">IHG anticipates a
      charge of certain exceptional costs arising from the separation and cost
      reduction programme:</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="2" align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td colspan="2" align="left"><font size="2" face="serif">The total cost of
      the separation and defence costs for Six Continents Group will be approximately
      &pound;129m. Of this figure &pound;97m will be shown as an exceptional cost.
      Of the &pound;129m, &pound;28m relates to facility fees. IHG&#8217;s share
      of these fees is &pound;13m which will be amortised over the life of the
      facilities and charged in the interest line. </font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="2" align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td colspan="2" align="left"><font size="2" face="serif">The premiums paid
      of &pound;135m on the repayment of the former group&#8217;s &pound;250m
      10 3/8 per cent debenture and EMTN loans will also be shown as an exceptional
      item in the Six Continents Group results.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td colspan="2" align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="3%" align="left">&nbsp;</td>
    <td width="3%" align="left"><font size="2" face="serif">&#150;</font></td>
    <td colspan="2" align="left"><font size="2" face="serif">We expect to incur
      costs of approximately $100m relating to the delivery of the cost reduction
      programme. </font></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><a name="p?"></a></div>
<page>

<br>
<br>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="3%">&nbsp;</td>
    <td align="left" width="3%"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">April 14<sup>th</sup> saw the
      reopening on schedule of InterContinental Le Grand Hotel Paris. The opening
      is phased with the full room count coming back on stream in late August
      2003. From the last full year of opening in 2001 to the first full year
      of closing there was a $40m profit swing.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">As an outcome of management&#8217;s
      focus to reduce the capital intensity of IHG, the planned capital expenditure
      in the year to 30 September 2003 will be approximately &pound;400m, &pound;50m
      less than previously indicated. The capital expenditure for the year to
      31 December 2003 will be approximately &pound;375m.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">As reported in our trading statement
      on 1 October 2002, we committed investment in marketing and IT expenditure
      of $30m in the year to 30 September 2003. Of this amount some $25m has been
      spent in the six months to 31 March. This cost will be substantially lower
      going forward.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">We expect to incur additional
      insurance costs of at least $10m in calendar 2003 against the prior year.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">Dividends received from Felcor
      were $3m in the six months to 31 March 2003. Felcor announced on 4 February
      2003 that it does not expect to pay further dividends until there is a 2-4
      per cent positive RevPAR environment.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">We expect the net debt position
      of IHG at 31 December 2003 to be around &pound;1.2bn. As expected, the credit
      rating of IHG has been confirmed at investment grade, with Standard and
      Poor&#8217;s rating the Group at BBB and Moody&#8217;s at Baa2.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">We expect the effective tax rate
      for IHG to be no more than 25 per cent for the calendar year.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"><b>Reporting timetable</b></font></p>
<p align="left"><font size="2" face="serif">Set out below is the proposed timetable
  of announcements for IHG following the decision to change its accounting year
  end to 31 December from 30 September: </font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="20%"><font size="2" face="serif">22 May 2003 </font></td>
    <td align="left"><font size="2" face="serif">Results for the six months to
      31 March 2003:</font></td>
  </tr>
</table>
<br>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="right" width="20%">&nbsp;</td>
    <td align="left" width="3%"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">IHG revenue and operating profit
      for each of the quarters to 31 December 2002 and 31 March 2003.</font></td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">IHG calendar 2002 proforma profit
      and loss account and balance sheet.</font></td>
  </tr>
  <tr valign="top">
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&#150;</font></td>
    <td align="left"><font size="2" face="serif">Six Continents Group first half
      results.</font></td>
  </tr>
</table>
<br>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="20%"><font size="2" face="serif">September 2003 </font></td>
    <td align="left"><font size="2" face="serif">Interim results for the three
      months and six months to 30 <sup></sup>June 2003.</font></td>
  </tr>
</table>
<br>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="20%"><font size="2" face="serif">November 2003 </font></td>
    <td align="left"><font size="2" face="serif">Results for the three months
      and nine months to 30 September 2003.</font></td>
  </tr>
</table>
<br>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="20%"><font size="2" face="serif">March 2004 </font></td>
    <td align="left"><font size="2" face="serif">Preliminary results for the three
      months and 15 months to 31 December 2003. IHG will also provide an unaudited
      calendar 2003 proforma profit and loss account.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">For the year to 31 December 2004,
  our first 12 month reporting period, we expect to report interim results in
  early September 2004 and preliminary results in early March 2005.</font></p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><a name="p?"></a></div>
<page>

<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>FY03 v&#8217;s FY02</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td colspan="7" align="center"><font size="2" face="serif"><b>REVPAR GROWTH</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Americas</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="14%" align="right"><font size="2" face="serif"><b>January</b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="15%" align="right"><font size="2" face="serif"><b>February</b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="17%" align="right"><font size="2" face="serif"><b>March</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O &amp; L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">3.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Crowne Plaza
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Holiday Inn
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Express Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>EMEA</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O &amp; L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.5</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-9.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HI UK Regions</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">2.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HI UK London</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">14.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-9.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td colspan="7" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>FY03 v&#8217;s FY01</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td colspan="7" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Americas</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>January</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>February</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>March</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-10.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-6.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-11.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Crowne Plaza
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-21.5</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-14.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-17.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Holiday Inn
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-13.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-11.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-13.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Express Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>EMEA</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-18.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-18.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-27.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK Regions</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-6.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-6.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK London</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-17.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-24.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-30.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td colspan="7" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>FY03 v&#8217;s FY02</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td colspan="7" align="center"><font size="2" face="serif"><b>OCCUPANCY %pts
      GROWTH</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Americas</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>January</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>February</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>March</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">6.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">6.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Crowne Plaza
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Holiday Inn
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Express Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>EMEA</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">2.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK Regions</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK London</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">9.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-6.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>FY03 v&#8217;s FY01</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Americas</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>January</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>February</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>March</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">4.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">9.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">4.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Crowne Plaza
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Holiday Inn
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-6.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Express Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.5</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>EMEA</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-6.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-12.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK Regions</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.5</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.5</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK London</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.5</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-8.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-14.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"><a name="p?"></a></div>
<page>

<br>
<br>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>FY03 v&#8217;s FY02</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td colspan="7" align="center"><font size="2" face="serif"><b>AVERAGE RATE
      GROWTH</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Americas</b></font></td>
    <td align="left" width="2%">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="14%" align="right"><font size="2" face="serif"><b>January</b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="15%" align="right"><font size="2" face="serif"><b>February</b></font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="17%" align="right"><font size="2" face="serif"><b>March</b></font></td>
    <td width="2%" align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-8.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-6.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Crowne Plaza
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-3.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-2.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Holiday Inn
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Express Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>EMEA</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-7.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-7.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK Regions</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK London</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-1.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>FY03 v&#8217;s FY01</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"><b>Americas</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>January</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>February</b></font></td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b>March</b></font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-17.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-18.7</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-17.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Crowne Plaza
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-13.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-10.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-9.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Holiday Inn
      Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-5.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.8</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-4.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#FFFFFF">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;Express Brands</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">0.3</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"><b>EMEA</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;InterContinental
      O&amp;L</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-12.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-9.4</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-11.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#ffffff">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK Regions</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">2.0</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-0.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">1.2</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td align="left"><font size="2" face="serif"> &nbsp;&nbsp;&nbsp;HIUK London</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-10.9</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-15.1</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">-15.6</font></td>
    <td align="left"><font size="2" face="serif">%</font></td>
  </tr>
</table>
<table width="100%" border="0">
  <tr valign="top">
    <td width="3%"><font size="2" face="serif">&nbsp;</font></td>
    <td width="3%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="center"><font size="2" face="serif">&#150; ends<i></i>&#150;</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"><b>For further information, please
  contact:</b></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="21%"><font size="2" face="serif">Jo Guano, Investor
      Relations</font></td>
    <td width="79%" align="left"><font size="2" face="serif">020 7409 8134</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Dee Cayhill, Corporate Affairs</font></td>
    <td align="left"><font size="2" face="serif">020 7409 8101</font></td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">Fiona Antcliffe, Brunswick</font></td>
    <td align="left"><font size="2" face="serif">020 7404 5959</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"><b>Note to Editors</b></font></p>
<p align="left"><font size="2" face="serif">InterContinental Hotels Group PLC
  of the United Kingdom [LON:IHG, NYSE:IHG (ADRs)], owns, manages, leases or franchises
  more than 3,300 hotels and 515,000 guest rooms in nearly 100 countries and territories
  around the world (www.ichotelsgroup.com). The Group owns a portfolio of well
  recognised and respected hotel brands including InterContinental Hotels &amp;
  Resorts, Crowne Plaza Hotels &amp; Resorts, Holiday Inn, Express by Holiday
  Inn and Staybridge Suites, and also has a controlling interest in Britvic, the
  second largest soft drinks manufacturer in the UK.</font></p>
<p align="left"><font size="2" face="serif">InterContinental Hotels Group offers
  information and reservations capability on the Internet &#150; www.intercontinental.com
  for InterContinental Hotels &amp; Resorts, www.crowneplaza.com for Crowne Plaza
  Hotels &amp; Resorts, www.holiday-inn.com for Holiday Inn hotels, www.hiexpress.com
  for Express by Holiday Inn hotels, www.staybridge.com for Staybridge Suites
  by Holiday Inn hotels and, for the Group&#8217;s rewards programme, www.priorityclub.com</font></p>
<p align="left"><font size="2" face="serif">For the latest news from InterContinental
  Hotels Group, visit our online Press Office at www.pressoffice.ichotelsgroup.com.<u></u></font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p><font size="2" face="serif">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned, thereunto duly authorized.</font><font size="2" face="serif"><b><br>
  </b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="42%">&nbsp;</td>
    <td width="4%" valign="top">&nbsp;</td>
    <td width="53%" valign="top"><font size="2" face="serif"><b>INTERCONTINENTAL
      HOTELS GROUP PLC</b></font></td>
    <td width="1%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size="2">(Registrant)</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">By:</font></td>
    <td valign="top"><font size="2"><u>/s/ Catherine Springett</u></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Name:</font></td>
    <td valign="top"><font size="2">CATHERINE SPRINGETT</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Title:</font></td>
    <td valign="top"><font size="2">HEAD OF SECRETARIAT</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Date: </font></td>
    <td valign="top"><font size="2">24th April 2003</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>emptybox.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 emptybox.gif
M1TE&.#EA#``,`/?^``````$!`0("`@,#`P0$!`4%!08&!@<'!P@("`D)"0H*
M"@L+"PP,#`T-#0X.#@\/#Q`0$!$1$1(2$A,3$Q04%!45%186%A<7%Q@8&!D9
M&1H:&AL;&QP<'!T='1X>'A\?'R`@("$A(2(B(B,C(R0D)"4E)28F)B<G)R@H
M*"DI*2HJ*BLK*RPL+"TM+2XN+B\O+S`P,#$Q,3(R,C,S,S0T-#4U-38V-C<W
M-S@X.#DY.3HZ.CL[.SP\/#T]/3X^/C\_/T!`0$%!04)"0D-#0T1$1$5%149&
M1D='1TA(2$E)24I*2DM+2TQ,3$U-34Y.3D]/3U!04%%145)24E-34U145%55
M55965E=75UA86%E965I:6EM;6UQ<7%U=75Y>7E]?7V!@8&%A86)B8F-C8V1D
M9&5E969F9F=G9VAH:&EI:6IJ:FMK:VQL;&UM;6YN;F]O;W!P<'%Q<7)R<G-S
M<W1T='5U=79V=G=W=WAX>'EY>7IZ>GM[>WQ\?'U]?7Y^?G]_?X"`@(&!@8*"
M@H.#@X2$A(6%A8:&AH>'AXB(B(F)B8J*BHN+BXR,C(V-C8Z.CH^/CY"0D)&1
MD9*2DI.3DY24E)65E9:6EI>7EYB8F)F9F9J:FIN;FYR<G)V=G9Z>GI^?GZ"@
MH*&AH:*BHJ.CHZ2DI*6EI::FIJ>GIZBHJ*FIJ:JJJJNKJZRLK*VMK:ZNKJ^O
MK["PL+&QL;*RLK.SL[2TM+6UM;:VMK>WM[BXN+FYN;JZNKN[N[R\O+V]O;Z^
MOK^_O\#`P,'!P<+"PL/#P\3$Q,7%Q<;&QL?'Q\C(R,G)R<K*RLO+R\S,S,W-
MS<[.SL_/S]#0T-'1T=+2TM/3T]34U-75U=;6UM?7U]C8V-G9V=K:VMO;V]S<
MW-W=W=[>WM_?W^#@X.'AX>+BXN/CX^3DY.7EY>;FYN?GY^CHZ.GIZ>KJZNOK
MZ^SL[.WM[>[N[N_O[_#P\/'Q\?+R\O/S\_3T]/7U]?;V]O?W]_CX^/GY^?KZ
M^OO[^_S\_/W]_?[^_O___R'Y!`$``/X`+``````,``P`!P@Z`/\)'$APX)L?
M"!,J_/<#F;B'$!\:8"BNX,`#%"T*Q/BCHD:.'BV"U/AOY,>,)SN2Y&C@@,N7
&+@$$!``[
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tickedbox.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tickedbox.gif
M1TE&.#EA#``,`/?^``````$!`0("`@,#`P0$!`4%!08&!@<'!P@("`D)"0H*
M"@L+"PP,#`T-#0X.#@\/#Q`0$!$1$1(2$A,3$Q04%!45%186%A<7%Q@8&!D9
M&1H:&AL;&QP<'!T='1X>'A\?'R`@("$A(2(B(B,C(R0D)"4E)28F)B<G)R@H
M*"DI*2HJ*BLK*RPL+"TM+2XN+B\O+S`P,#$Q,3(R,C,S,S0T-#4U-38V-C<W
M-S@X.#DY.3HZ.CL[.SP\/#T]/3X^/C\_/T!`0$%!04)"0D-#0T1$1$5%149&
M1D='1TA(2$E)24I*2DM+2TQ,3$U-34Y.3D]/3U!04%%145)24E-34U145%55
M55965E=75UA86%E965I:6EM;6UQ<7%U=75Y>7E]?7V!@8&%A86)B8F-C8V1D
M9&5E969F9F=G9VAH:&EI:6IJ:FMK:VQL;&UM;6YN;F]O;W!P<'%Q<7)R<G-S
M<W1T='5U=79V=G=W=WAX>'EY>7IZ>GM[>WQ\?'U]?7Y^?G]_?X"`@(&!@8*"
M@H.#@X2$A(6%A8:&AH>'AXB(B(F)B8J*BHN+BXR,C(V-C8Z.CH^/CY"0D)&1
MD9*2DI.3DY24E)65E9:6EI>7EYB8F)F9F9J:FIN;FYR<G)V=G9Z>GI^?GZ"@
MH*&AH:*BHJ.CHZ2DI*6EI::FIJ>GIZBHJ*FIJ:JJJJNKJZRLK*VMK:ZNKJ^O
MK["PL+&QL;*RLK.SL[2TM+6UM;:VMK>WM[BXN+FYN;JZNKN[N[R\O+V]O;Z^
MOK^_O\#`P,'!P<+"PL/#P\3$Q,7%Q<;&QL?'Q\C(R,G)R<K*RLO+R\S,S,W-
MS<[.SL_/S]#0T-'1T=+2TM/3T]34U-75U=;6UM?7U]C8V-G9V=K:VMO;V]S<
MW-W=W=[>WM_?W^#@X.'AX>+BXN/CX^3DY.7EY>;FYN?GY^CHZ.GIZ>KJZNOK
MZ^SL[.WM[>[N[N_O[_#P\/'Q\?+R\O/S\_3T]/7U]?;V]O?W]_CX^/GY^?KZ
M^OO[^_S\_/W]_?[^_O___R'Y!`$``/X`+``````,``P`!PA>`/]%8T:PH,%_
M&0`H7,@0(3UF_R)&C*8N`T)P"O1(1"4@F$6+UB@0^H=*P2V$*/]94\!$P$F4
J%B/^`1!%XL>('#-EC'BSY,F0(S]&<REQY:B;RR1&M`8S@].G3P4$!``[
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
