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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001021231-03-000992.txt : 20031119
<SEC-HEADER>0001021231-03-000992.hdr.sgml : 20031119
<ACCEPTANCE-DATETIME>20031119121542
ACCESSION NUMBER:		0001021231-03-000992
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20031119
FILED AS OF DATE:		20031119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERCONTINENTAL HOTELS GROUP PLC /NEW/
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		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:		031012123

	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:			W1K 6WN

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>b72984x-6k.htm
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top"></td>
  </tr>
  <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
</table>
<p align="center"><b><font size="2" face="serif">
<font face="serif" size="4">SECURITIES AND EXCHANGE COMMISSION</font>
</font></b><br>
<font size="2" face="serif"><b>Washington DC 20549</b></font></p>
<hr align="center" width="150" size="2" noshade>

<p align="center"><font size="2" face="serif"><b><font face="serif" size="5">FORM 6-K</font></b></font></p>
<p align="center"><font size="2" face="serif"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 OF</b></font><br>
<font size="2" face="serif"><b>THE SECURITIES EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font size="2" face="serif">For 19 November 2003</font></p>
<p align="center"><font size="2" face="serif"><b><font face="serif" size="5">InterContinental Hotels Group PLC</font></b></font><br>
<font size="2" face="serif"> (Registrant&#8217;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 align="left"><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>
<p align="center"><font size="2" face="serif">Form 20-F&nbsp;&nbsp;&nbsp;<img src="tickedbox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
    40-F&nbsp;&nbsp;&nbsp;<img src="emptybox.gif"></font></p>

<p align="left"><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>
<p align="center"><font size="2" face="serif">Yes&nbsp;&nbsp;&nbsp;<img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;<img src="tickedbox.gif"></font></p>

<p align="left"><font size="2" face="serif">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): <u>Not applicable</u></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td height="1" valign="top" bgcolor="#000000"></td>
  </tr>
  <tr>
    <td height="2" valign="top" bgcolor="#FFFFFF"></td>
  </tr>
  <tr>
    <td height="4" valign="bottom" bgcolor="#000000"></td>
  </tr>
</table>
<div style="page-break-before:always">
  <page>
  <p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
  <p align="left"><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></p>
  <table border="0" width="100%" cellspacing="0" cellpadding="0">
    <tr valign="bottom">
      <td align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td width="5%" align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td width="45%" align="left"><font size="2" face="serif"><b>InterContinental
            Hotels Group PLC</b></font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td align="left"><font size="2" face="serif">(Registrant)</font></td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td align="left"><font size="2" face="serif">By:</font></td>
      <td align="left"><font size="2" face="serif"><u>/s/ C. Springett </u></font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td align="left"><font size="2" face="serif">Name:</font></td>
      <td align="left"><font size="2" face="serif">C. SPRINGETT</font></td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td align="left"><font size="2" face="serif">Title:</font></td>
      <td align="left"><font size="2" face="serif">HEAD OF SECRETARIAT</font></td>
    </tr>
    <tr valign="bottom">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align="left"><font size="2" face="serif">&nbsp;</font></td>
      <td align="left"><font size="2" face="serif">Date: </font></td>
      <td align="left"><font size="2" face="serif">19 November 2003</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <hr noshade align="center" width="100%" size="2">
  <div style="page-break-before:always">
  <page>
  <p align="center"><font size="2" face="serif">EXHIBIT INDEX</font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="12%"><font size="2" face="serif">Exhibit Number</font></td>
      <td><font size="2" face="serif">Exhibit Description</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td><a href="b72984xex99-1.htm"><font size="2" face="serif">99.1</font></a></td>
      <td><a href="b72984xex99-1.htm"><font size="2" face="serif">Pro forma Results
            for the Nine Months to 30 September 2003</font></a></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>

</div>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
</div></body>
</html>

</TEXT>
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<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">

 <p align="right"><font size="2" face="serif"><b>Exhibit 99.1</b></font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>19<sup>th</sup> November 2003</b></font></p>
<p align="center"><font size="2" face="serif"><b>InterContinental Hotels Group PLC<br>
</b></font><font size="2" face="serif"><b>Pro forma Results for the Nine Months to 30 September 2003</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td colspan="2" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center" bgcolor="#CCCCCC"><font size="1" face="serif"><b>Three months to</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Nine months to</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="2" align="left" bgcolor="#FFFFFF"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="1" face="serif"><b>30 Sept <br>
  2003*</b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="1" face="serif"><b>30 Sept <br>
  2002*</b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="1" face="serif"><b>%</b></font><br>
  <font size="1" face="serif"><b>change</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="1" face="serif"><b>30 Sept <br>
  2003*</b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="1" face="serif"><b>30 Sept <br>
  2002*</b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF"><font size="1" face="serif"><b>%</b></font><br>
  <font size="1" face="serif"><b>change</b></font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif">Hotels</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 width="3%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&#150;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Turnover</font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">387</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">385</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">0.5</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="9%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,095</font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="9%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,155</font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="9%" align="right" bgcolor="#eeeeee"><font size="2" face="serif">(5.2</font></td>
<td width="2%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&#150;</font></td>
<td align="left"><font size="2" face="serif">EBITDA</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">122</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">112</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">8.9</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">284</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">306</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(7.2</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&#150;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Operating profit</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">81</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">76</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6.6</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">167</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">202</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(17.3</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif">Soft Drinks</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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" bgcolor="#eeeeee"><font size="2" face="serif">&#150;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Turnover</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">182</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">155</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">17.4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">517</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">465</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">11.2</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&#150;</font></td>
<td align="left"><font size="2" face="serif">EBITDA</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">36</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">33</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">9.1</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">97</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">90</font></td>
<td align="left">&nbsp;</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>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&#150;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Operating profit</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">27</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">22</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">22.7</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">66</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">56</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">17.9</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif">Group</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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" bgcolor="#eeeeee"><font size="2" face="serif">&#150;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Turnover</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">569</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">540</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">5.4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,612</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,620</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(0.5</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&#150;</font></td>
<td align="left"><font size="2" face="serif">EBITDA</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">153</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">142</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">7.7</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">366</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">391</font></td>
<td align="left">&nbsp;</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">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&#150;</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Operating profit</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">103</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">94</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">9.6</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">217</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">251</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(13.5</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&#150;</font></td>
<td align="left"><font size="2" face="serif">Profit before tax</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">93</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">82</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">13.4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">185</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">215</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(14.0</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td colspan="2" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Earnings per share (pence)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">8.1</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6.9</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">17.4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">15.7</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">18.1</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(13.3</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)%</font></td>
</tr>
</table>
<br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="right" width="3%"><div align="left"><font size="2" face="serif">*</font></div></td>
<td align="left"><font size="2" face="serif">Pro forma numbers before exceptional items.  Soft Drinks results to 27 September 2003 (28 September 2002).</font></td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&#8226;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Group operating profit for the quarter to 30 September 2003 up 9.6%.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&#8226;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Total Hotels operating profit for the quarter to 30 September 2003 up 6.6%. </font></td>
</tr>
<tr valign="top">
<td align="left" width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%">
  <font size="2" face="serif">&#150;</font></td>
<td>
<font face="serif" size="2">Americas operating profit up $5m to $82m demonstrating the strength of our midscale franchising business and indicating signs of improvement in some markets, but no consistent trend.</font></td>
</tr>
<tr valign="top">
<td></td>
<td>
  <font size="2" face="serif">&#150;</font></td>
<td>
<font face="serif" size="2">EMEA operating profit down &pound;5m to &pound;37m. Continental Europe remains challenging, particularly in France and Germany. UK Holiday Inn estate continues to show positive trends with performance consistently ahead of the market. </font></td>
</tr>
<tr valign="top">
<td></td>
<td>
  <font size="2" face="serif">&#150;</font></td>
<td>
<font face="serif" size="2">Asia Pacific operating profit marginally below last year at $6m with business now close to pre SARS levels.</font></td>
</tr>
<tr valign="top">
<td></td>
<td>
  <font size="2" face="serif">&#150;</font></td>
<td>
<font face="serif" size="2">Central overheads and marketing down by &pound;8m.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&#8226;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Improved distribution in the extended stay market with the acquisition of the Candlewood Suites brand, subject to CNDL shareholder approval.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&#8226;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Cost reduction programme on track with annualised run rate of savings of $70m as at  September 2003.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&#8226;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Continuing strong cash and capital control. Net debt at 30 September 2003, &pound;532m.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&#8226;</font></td>
<td colspan="2" align="left"><font size="2" face="serif">Excellent performance for Soft Drinks with record profits for the quarter of &pound;27m &#150; up 22.7% against the prior year, helped by exceptional summer weather.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif">Richard North, chief executive, InterContinental Hotels Group PLC said:</font></p>
<p align="left"><font size="2" face="serif">&#8220;We continue to strengthen this great company for the future.  We are driving revenue, cutting overheads and selling assets we do not need to own.</font></p>
<p align="left"><font size="2" face="serif">&#8220;Trading around the world is something of a mixed bag.  We are seeing the beginning of a recovery in the UK but conditions in Europe remain difficult.  Asia Pacific has proved enormously resilient with trading now close to pre SARS levels.  Finally, North America appears to be at the turning point but we are not yet convinced that a sustainable upturn has begun.</font></p>
<p align="left"><font size="2" face="serif">&#8220;We have achieved a great deal, albeit much remains to be done. Nonetheless we are well placed to benefit from the recovery when it comes.&#8221;</font></p>
<p align="left"><font size="2" face="serif"><b>For further information, please contact:</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Karen Whitworth, Investor Relations</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="41%" align="right"><font size="2" face="serif">01753 410 177</font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Dee Cayhill, Corporate Affairs</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">01753 410 423 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Kathryn Holland, Corporate Affairs</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">01753 410 425</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><b>Teleconference for Analysts</b></font></p>
<p align="left"><font size="2" face="serif">A teleconference with Richard North (CEO) and Richard Solomons (CFO) will commence at 9.00 am (London time) on 19th November. There will be an opportunity to ask questions. The conference call will conclude at approximately 9.30 am (London time).</font></p>
<p align="left"><font size="2" face="serif">To join us for this conference call please dial the relevant number below by 9.00 am (London time).</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td width="40%" align="left"><font size="2" face="serif">International dial-in</font></td>
<td align="left"><font size="2" face="serif">Tel: +44 (0) 1452 569 339</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">UK dial-in</font></td>
<td align="left"><font size="2" face="serif">Tel: 0845 245 5300</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">US dial-in</font></td>
<td align="left"><font size="2" face="serif">Tel: 1866 629 0055</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">A recording of the conference call will be available for 7 days. To access this please dial the relevant number below and use the access number 676483</font></p>
<p align="left"><font size="2" face="serif"></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td width="40%" align="left"><font size="2" face="serif">International dial in</font></td>
<td width="60%" align="left"><font size="2" face="serif">Tel: +44 (0) 1452 550 000</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">UK dial in</font></td>
<td align="left"><font size="2" face="serif">Tel: 0845 245 5205</font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">US dial in</font></td>
<td align="left"><font size="2" face="serif">Tel: 1866 276 1167</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"></font></p>
<p align="left"><font size="2" face="serif"><b>Website</b></font></p>
<p align="left"><font size="2" face="serif">The full release and supplementary data will be available on our website from 7.00 am on  19<sup>th</sup> November. The web address is <u>http://www.ihgplc.com/septemberresults</u></font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>INTERCONTINENTAL HOTELS GROUP</b></font></p>
<p align="left"><font size="2" face="serif">Following shareholder and regulatory approval, on 15 April 2003 Six Continents PLC separated into two new groups, InterContinental Hotels Group PLC (IHG) comprising the Hotels and Soft Drinks businesses and Mitchells &amp; Butlers plc (MAB) comprising the Retail and Standard Commercial Property Developments businesses (the &#8220;Separation&#8221;).</font></p>
<p align="left"><font size="2" face="serif">The financial statements following this Operating Review constitute a second set of Interim Results required by the UK Listing Rules as a result of IHG&#8217;s change to a calendar year end.  The financial statements include the results of the Hotels and Soft Drinks businesses for the 12 months to September 2003 together with the results of MAB up until Separation.</font></p>
<p align="left"><font size="2" face="serif">This Operating Review concentrates on the performance of the Hotels and Soft Drinks businesses for the quarter to 30 September 2003 and the results for the nine months to 30 September 2003.</font></p>
<p align="left"><font size="2" face="serif"><b>GROUP SUMMARY</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td colspan="7" align="center" bgcolor="#CCCCCC"><font size="1" face="serif"><b>Three months to</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="7" align="center"><font size="1" face="serif"><b>Nine months to</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="1" face="serif"><b>30 Sept <br>
  2003*    <br>&pound;m</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="1" face="serif"><b>30 Sept <br>
  2002* <br>&pound;m</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="1" face="serif"><b>% <br>
  change</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>30 Sept <br>
  2003* <br>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>30 Sept <br>
  2002* <br>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>% <br>
  change</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Turnover</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">569</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">540</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">5.4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,612</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,620</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(0.5</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Operating profit:</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" width="1%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Hotels</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">81</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">76</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6.6</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">167</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">202</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="10%" align="right"><font size="2" face="serif">(17.3</font></td>
<td width="2%" 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">Soft Drinks</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">27</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">22</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">22.7</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">66</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">56</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">17.9</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;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Other</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(5</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(25.0</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(16</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</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">(128.6</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Total operating profit</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">103</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">94</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">9.6</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">217</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">251</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(13.5</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="3%"><font size="2" face="serif">*</font></td>
<td align="left"><font size="2" face="serif">Pro forma numbers before operating exceptionals.</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><b>HOTELS</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td colspan="4" align="left"><font size="2" face="serif"><b>Hotels results</b></font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td colspan="4" align="center" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">Three months to</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="2" face="serif"><b><font face="serif" size="1">Nine months to </font></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>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept</font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">2003 <br>&pound;m</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2002 <br>&pound;m</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">%</font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">change</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2003 <br>&pound;m</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2002 <br>&pound;m</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">%</font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">change</font></b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 colspan="4" align="left"><font size="2" face="serif">Turnover:</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" width="1%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Americas</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">138</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">146</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(5.5</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">410</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">442</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">(7.2</font></td>
<td width="2%" 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">EMEA</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">222</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">212</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">4.7</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">607</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">618</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1.8</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;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Asia Pacific</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">27</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">27</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">78</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">95</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(17.9</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Total turnover</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">387</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">385</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">0.5</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,095</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,155</font></td>
<td align="left">&nbsp;</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">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Operating profit:</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Americas</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">51</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">48</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6.3</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">134</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">141</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(5.0</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">EMEA</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">37</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">42</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(11.9</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">67</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">97</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(30.9</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;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Asia Pacific</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">3</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">4</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(25.0</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">18</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(61.1</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">Other</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(10</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(18</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">44.4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(41</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">(54</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">24.1</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Total operating profit</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">81</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">76</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6.6</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">167</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">202</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(17.3</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>Americas </b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="bottom">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td colspan="4" align="center" bgcolor="#CCCCCC"><font size="1" face="serif"><b>Three months to</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Nine months to</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td colspan="4" align="left"><font size="2" face="serif"><b>Americas results</b></font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept
        2003<br>
      $m</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept
        2002<br>
      $m</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">% change</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept 2003 <br>
  $m</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1"> 30</font></b><b><font face="serif" size="1"> Sept 2002 <br>
  $m </font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">%
    change</font></b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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="right">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Turnover</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">221</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">230</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(3.9</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">662</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">657</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>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Operating profit:</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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="right">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Owned &amp; Leased</font></td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">5</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">7</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(28.6</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">18</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">20</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">(10.0</font></td>
<td width="2%" 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">Managed &amp; Upscale Franchised</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">10</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">10</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">29</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">30</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>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<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">Midscale Franchised</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">67</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">60</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">11.7</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">169</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">160</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5.6</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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="right">&nbsp;</td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Total operating profit</font></td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">82</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">77</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6.5</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">216</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">210</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2.9</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Total operating profit in the quarter to 30 September 2003 was 6.5% ahead of last year.  Total operating profit at $216m for the nine months to 30 September 2003 was 2.9% ahead of last year demonstrating, in particular, the strength of our midscale franchise business and reduced overheads.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td align="left"><font size="2" face="serif"><b>Americas &#150; RevPAR movement on previous year</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">Three months to September</font></b></font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">Six months to June</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">Nine months to September</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">2003</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003</font></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" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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" bgcolor="#eeeeee"><font size="2" face="serif">InterContinental O&amp;L</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">4.6</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2.2</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2.8</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Holiday Inn Franchise</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">0.3</font></td>
<td align="left" bgcolor="#CCCCCC"><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>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(2.3</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Holiday Inn Express Franchise</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">3.5</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(0.6</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)%</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1.0</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">%</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">In the quarter to 30 September 2003 we continued to see an improvement in RevPAR in the InterContinental owned &amp; leased (O&amp;L) estate when compared with the previous year and over the nine months to 30 September 2003 RevPAR growth was 2.8%.  The InterContinental O&amp;L properties continue to outperform their market reflecting the benefits of the refurbishment programme and the brand re-positioning investment.  Adjusting for the sale of 16 Staybridge Suites properties to Hospitality Property Trust (HPT) in July, O&amp;L operating profit was marginally higher than the prior year.</font></p>
<p align="left"><font size="2" face="serif">In the quarter to 30 September 2003, operating profit from the managed and upscale franchise business was flat on 2002 with the contribution from the properties sold to HPT in July not being material in the period.  For the nine months to 30 September 2003 operating profit was down $1m at $29m, reflecting continuing difficult economic conditions in Latin America and the impact of SARS on the Toronto Crowne Plaza property.  </font></p>
<p align="left"><font size="2" face="serif">The quarter to 30 September 2003 showed some signs of encouraging growth in RevPAR (in particular with rate driven improvements) but it is too early to identify any firm trends.  The growth in operating profit in the midscale franchise business of $7m in the quarter was due to a mix of trading and overhead savings.  Operating profit for the nine months to 30 September 2003 at $169m was 5.6% better than 2002.  Express continues to outperform its market whilst Holiday Inn is performing in line with, or marginally below, its market.  </font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>Europe, the Middle East and Africa (EMEA)</b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td colspan="4" align="center" bgcolor="#CCCCCC"><font size="1" face="serif"><b>Three months
          to</b></font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td colspan="4" align="center"><font size="1" face="serif"><b>Nine months
          to</b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#FFFFFF">
    <td colspan="4" align="left"><font size="2" face="serif"><b>EMEA
            results</b></font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept
            2003<br>
      &pound;m</font></b></font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept
            2002<br>
      &pound;m</font></b></font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">%
            change</font></b></font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept
            2003<br>
      &pound;m</font></b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept
            2002<br>
      &pound;m</font></b></font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><p><font size="2" face="serif"><b><font face="serif" size="1">%
              change</font></b></font></p>
    </td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&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="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td colspan="4" align="left"><font size="2" face="serif">Turnover</font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">222</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">212</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">4.7</font></td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">607</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">618</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">(1.8</font></td>
    <td align="left"><font size="2" face="serif">)%</font></td>
  </tr>
  <tr valign="top">
    <td colspan="4"></td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td><hr noshade size="2">
    </td>
    <td><hr noshade size="2">
    </td>
    <td></td>
    <td><hr noshade size="2">
    </td>
    <td><hr noshade size="2">
    </td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
  </tr>
  <tr valign="top">
    <td colspan="4" align="left"><font size="2" face="serif">Operating profit:</font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&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="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td width="1%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="left"><font size="2" face="serif">Owned &amp; Leased</font></td>
    <td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">29</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">34</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(14.7</font></td>
    <td width="2%" align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="serif">48</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="serif">75</font></td>
    <td width="2%" align="left">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="9%" align="right"><font size="2" face="serif">(36.0</font></td>
    <td width="2%" 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">Managed &amp; Upscale Franchised</font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">8</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">8</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">&#8211;%</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">19</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">22</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">(13.6</font></td>
    <td align="left"><font size="2" face="serif">)%</font></td>
  </tr>
  <tr valign="top">
    <td colspan="4"></td>
    <td bgcolor="#CCCCCC"><hr noshade size="1">
    </td>
    <td bgcolor="#CCCCCC"><hr noshade size="1">
    </td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"><hr noshade size="1">
    </td>
    <td bgcolor="#CCCCCC"><hr noshade size="1">
    </td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td><hr noshade size="1">
    </td>
    <td><hr noshade size="1">
    </td>
    <td></td>
    <td><hr noshade size="1">
    </td>
    <td><hr noshade size="1">
    </td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
  </tr>
  <tr valign="top">
    <td colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" bgcolor="#CCCCCC">&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="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top" bgcolor="#eeeeee">
    <td colspan="4" align="left"><font size="2" face="serif">Total operating
        profit</font></td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">37</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">42</font></td>
    <td align="left" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC">&nbsp;</td>
    <td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(11.9</font></td>
    <td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">67</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">97</font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right"><font size="2" face="serif">(30.9</font></td>
     <td align="left"><font size="2" face="serif">)%</font></td>
  </tr>
  <tr valign="top">
    <td colspan="4"></td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"><hr noshade size="2">
    </td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td bgcolor="#CCCCCC"></td>
    <td><hr noshade size="2">
    </td>
    <td><hr noshade size="2">
    </td>
    <td></td>
    <td><hr noshade size="2">
    </td>
    <td><hr noshade size="2">
    </td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">Total operating profit in the quarter to 30 September 2003 was only 11.9% down on the prior year.</font></p>
<p align="left"><font size="2" face="serif">Overall, EMEA operating profit for the nine months to September was 30.9% down on last year.  </font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td align="left"><font size="2" face="serif"><b>EMEA &#150; RevPAR movement on previous year</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">Three months to September</font></b></font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">Six months to June</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">Nine months to September</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">2003</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003</font></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" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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">InterContinental O&amp;L</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(4.6</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(11.5</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">(8.9</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Crowne Plaza O&amp;L</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(4.4</font></td>
<td align="left" bgcolor="#CCCCCC"><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>
<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>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Holiday Inn UK London</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">0.9</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(8.5</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">(5.1</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Holiday Inn UK Regions</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6.5</font></td>
<td align="left" bgcolor="#CCCCCC"><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">3.2</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">In the quarter to 30 September 2003 RevPAR growth generally improved compared with the six months to June, but most of the growth was occupancy driven.</font></p>
<p align="left"><font size="2" face="serif">Conditions across the region varied significantly over the quarter to 30 September 2003 with Paris, Frankfurt and Rome continuing to be affected by the reduction in international visitors.  In London and the UK Regional estate there were signs of improvement in the last quarter.  The UK Holiday Inn estate experienced RevPAR growth over last year&#8217;s levels for four consecutive months and continued to significantly outperform its relative market.  In London the Holiday Inn estate also continued to outperform its peer group.</font></p>
<p align="left"><font size="2" face="serif">The InterContinental Le Grand Hotel Paris was substantially re-opened by the end of September but the Paris market continued to be depressed.  In September the May Fair InterContinental Hotel was sold.</font></p>
<p align="left"><font size="2" face="serif">RevPAR improvements were primarily occupancy driven and fixed costs and depreciation continued to impact on profit.  Results in the O&amp;L estate for the quarter to 30 September 2003 were, however, improved by a reduction in overheads.  </font></p>
<p align="left"><font size="2" face="serif">Managed and franchised operating profit continued to be resilient, operating profit for the quarter to 30 September 2003 being the same as last year.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>Asia Pacific</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td colspan="4" align="center" bgcolor="#CCCCCC"><font size="1" face="serif"><b>Three months to</b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif"><b>Nine months to</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Asia Pacific results</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2003 <br>
  $m</font></b></font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept<br>
  2002<br>
  $m</font></b></font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">% <br>
  change</font></b></font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2003 <br>
  $m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2002 <br>
  $m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">% <br>
  change</font></b></font></td>
<td width="2%" 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" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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">Turnover</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">44</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">44</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">&#151;%</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">126</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">141</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(10.6</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Operating profit</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">6</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">7</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(14.3</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">11</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">27</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(59.3</font></td>
<td align="left"><font size="2" face="serif">)%</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">The results for the quarter to 30 September 2003 were only marginally below the results for 2002.</font></p>
<p align="left"><font size="2" face="serif">Overall, Asia Pacific operating profit was $11m compared with $27m for the nine months to September 2002.</font></p>
<p align="left"><font size="2" face="serif">Key markets in this region were severely impacted by the SARS virus in the second calendar quarter of 2003 but the region is now recovering, with significantly improved results in the quarter to 30 September 2003.  In the six months to June RevPAR in the Asia Pacific O&amp;L estate was down 9.6% on the prior year, whilst in the quarter to 30 September 2003 RevPAR grew by 2.5% over the previous year; a significant turnaround.  In September RevPAR at the InterContinental Hong Kong was only down 5.9% on 2002 levels compared with 46.0% down for the six months to June 2003.</font></p>
<p align="left"><font size="2" face="serif"><b>Other</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td colspan="4" align="center" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="serif"><b>Three months to </b></font></td>
<td align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td colspan="4" align="center" valign="bottom"><font size="1" face="serif"><b>Nine months  to </b></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="serif"><b>30 Sept <br>
  2003 <br>
  $m</b></font></td>
<td align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="serif"><b>30 Sept <br>
  2002 <br>
  $m</b></font></td>
<td align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="serif"><b>%</b></font><br>
  <font size="1" face="serif"><b>change</b></font></td>
<td align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif"><b>30 Sept <br>
  2003 <br>
  $m</b></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif"><b>30 Sept <br>
  2002<br>
  $m</b></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom"><font size="1" face="serif"><b>%</b></font><br>
  <font size="1" face="serif"><b>change</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Net costs</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">17</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">30</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">43.3</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">66</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">80</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">17.5</font></td>
<td width="2%" align="left"><font size="2" face="serif">%</font></td> </tr>
<tr valign="top">
<td></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">The Other segment includes central overheads, marketing costs and goodwill amortisation less dividends received from FelCor and other income items.  Dividends received from FelCor were $1m compared with $4m in 2002.  The reduction of $14m for the nine months to September 2003 ($17m after adjusting for income items) reflects the continued drive to control costs in the business.  Costs in the quarter to 30 September 2003, in particular, were reduced by the phasing of marketing spend and savings arising from the organisation review.</font></p>
<p align="left"><font size="2" face="serif">Throughout the Hotels business bonuses in the nine months to 30 September 2003, as for 2002, were lower, mainly as a result of reduced profitability.</font></p>
<p align="left"><font size="2" face="serif"><b>SOFT DRINKS</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td colspan="4" align="center" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="serif"><b>Three months to</b></font></td>
<td align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" valign="bottom" bgcolor="#CCCCCC"><font size="1" face="serif">&nbsp;</font></td>
<td align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td colspan="4" align="center" valign="bottom"><font size="1" face="serif"><b>Nine months  to </b></font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td align="right" valign="bottom">&nbsp;</td>
<td align="left" valign="bottom"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left" valign="bottom"><font size="2" face="serif"><b>Soft Drinks results</b></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2003 <br>&pound;m</font></b></font></td>
<td width="2%" align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2002 <br>&pound;m</font></b></font></td>
<td width="2%" align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" valign="bottom" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">%</font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">change</font></b></font></td>
<td width="2%" align="left" valign="bottom" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right" valign="bottom">&nbsp;</td>
<td width="9%" align="right" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2003 <br>&pound;m</font></b></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom">&nbsp;</td>
<td width="9%" align="right" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept <br>
  2002<br>
  &pound;m</font></b></font></td>
<td width="2%" align="left" valign="bottom">&nbsp;</td>
<td width="1%" align="right" valign="bottom">&nbsp;</td>
<td width="9%" align="right" valign="bottom"><font size="2" face="serif"><b><font face="serif" size="1">%</font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">change</font></b></font></td>
<td width="2%" 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" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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">Turnover</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">182</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">155</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">17.4</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">517</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">465</font></td>
<td align="left">&nbsp;</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">
<td></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Operating profit</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">27</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">22</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">22.7</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">%</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">66</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">56</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">17.9</font></td>
<td align="left"><font size="2" face="serif">%</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">The Soft Drinks business continues to produce excellent results helped by the exceptional summer weather.  Operating profit for the 12 weeks to 27 September was &pound;5m above last year.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif">For the 40 weeks to 27 September 2003, turnover rose 11.2% to &pound;517m as a consequence of volume increases and a growth in average realised price due to a higher mix of premium priced products.  Overall sales volumes were 7.4% higher, with significant contributions from Robinsons and Tango.  </font></p>
<p align="left"><font size="2" face="serif">Costs were well controlled and operating margins grew, resulting in total operating profit up 17.9% to &pound;66m for the 40 weeks to 27 September 2003.</font></p>
<p align="left"><font size="2" face="serif"><b>ORGANISATION REVIEW</b></font></p>
<p align="left"><font size="2" face="serif">The fundamental reorganisation in Hotels is proceeding to plan.  As a result of the reorganisation at least $100m of annual ongoing overhead savings against the budgeted cost base for the fiscal year to 30 September 2003 will be delivered by December 2004.   By 30 September 2003 the annualised run rate of savings achieved was $70m ($61m at August 2003) and over 670 positions had been eliminated (597 at August 2003).</font></p>
<p align="left"><font size="2" face="serif"><b>TREASURY</b></font></p>
<p align="left"><font size="2" face="serif">Pro forma operating cash flow for the businesses that now comprise IHG in the nine months to September 2003 was an inflow of &pound;453m after gross capital expenditure of &pound;235m and disposal proceeds of &pound;250m.  This reflects strong working capital management and capital control.  Capital expenditure in the period included the continuing investment in the Holiday Inn UK estate, the refurbishment of the InterContinental Le Grand Hotel Paris and spend on the construction of Holiday Inn Paris Disney.</font></p>
<p align="left"><font size="2" face="serif">In October, IHG launched and priced an offering of &euro;600m of Euro denominated bonds under its recently completed &euro;1bn Euro Medium Term Note facility.  The bonds, which have a final maturity date of 20 October 2010, carry a coupon of 4.75% payable annually.  The proceeds were received on 20 October 2003, on which date the $887m 364-day tranche of the syndicated loan facility was cancelled.</font></p>
<p align="left"><font size="2" face="serif">IHG has also filed an F-3 Registration Statement in the United States which is a key step in enabling IHG to raise debt of up to $1bn in the US markets, if required.</font></p>
<p align="left"><font size="2" face="serif"><b>PRO FORMA INFORMATION</b></font></p>
<p align="left"><font size="2" face="serif">IHG has changed its year end to 31 December to be in line with the majority of other quoted hotel groups and to better reflect annual contract negotiation timings.  The first set of audited published results for IHG will therefore be for the 15 months ending 31 December 2003.  These results will include pro forma results for the 12 months to 31 December 2003. </font></p>
<p align="left"><font size="2" face="serif">The pro forma information set out below comprises the results of those businesses that form IHG following the separation as if IHG had been in existence since 1 October 2001.  The information is provided as guidance only; it is not audited and, as pro forma information, it does not give a full picture of the financial position of the Group.  The key assumptions used in the preparation of the information are as follows:</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="3%"><font size="2" face="serif">i</font></td>
<td align="left"><font size="2" face="serif">The pro forma information has been prepared using accounting policies consistent with those used in the historic Six Continents PLC interim and year end financial statements.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">ii</font></td>
<td align="left"><font size="2" face="serif">Pro forma interest has been calculated to reflect the post separation capital structure of the Group as if it had been in place at 1 October 2001, using interest rate differentials applicable under the post separation borrowing agreements and excluding facility fee amortisation.  Dividend payments have been assumed at the expected ongoing level.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">iii</font></td>
<td align="left"><font size="2" face="serif">Pro forma tax is based on an estimated normal rate of tax for IHG of 25% (2002 27%) applied to pro forma profit before taxation.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">iv</font></td>
<td align="left"><font size="2" face="serif">Adjustments have been made, where appropriate, to exclude any arrangements with the demerged Mitchells &amp; Butlers Group.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">v</font></td>
<td align="left"><font size="2" face="serif">Pro forma earnings per share is based on pro forma retained profit divided by 734 million shares, being the issued share capital of InterContinental Hotels Group PLC on separation.</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">vi</font></td>
<td align="left"><font size="2" face="serif">The pro forma profit and loss account and operating cash flow excludes all exceptional items as being non-recurring.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>Pro forma Profit and Loss Account</b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="bottom">
<td colspan="4" align="left"><font size="2" face="serif"><b>InterContinental Hotels Group</b></font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif"><b><font face="serif" size="1">Three months to September   <br>
  2003  </font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">Nine months to September    <br>
  2003 </font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">Nine months to September    <br>
  2002</font></b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 colspan="4" align="left"><font size="2" face="serif">Turnover</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">569</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,612</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,620</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Operating profit:</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 colspan="4" align="left"><font size="2" face="serif">Hotels:</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Americas</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td width="9%" align="right" bgcolor="#CCCCCC"><font size="2" face="serif">51</font></td>
<td width="2%" align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">134</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">141</font></td>
<td width="2%" 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">EMEA</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">37</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">67</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">97</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<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">Asia Pacific</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">3</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">18</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">Other</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(10</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(41</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">(54</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Total Hotels</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">81</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">167</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">202</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Soft Drinks</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">27</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">66</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">56</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Other activities</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(5</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(16</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</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Total operating profit</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">103</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">217</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">251</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Net interest charge</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(10</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(32</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">(36</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Profit before taxation</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">93</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">185</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">215</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Tax charge</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(23</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(46</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">(60</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Minority equity interests</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(11</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(24</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">(22</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Retained profit for the period</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">59</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">115</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">133</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Earnings per share (pence)</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">8.1</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">15.7</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">18.1</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">EBITDA </font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">153</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">366</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">391</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif"><b>Pro forma operating cash flow</b></font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#CCCCCC">&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 colspan="4" align="left"><font size="2" face="serif">Operating profit</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">103</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">217</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 colspan="4" align="left"><font size="2" face="serif">Depreciation/amortisation</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">50</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">149</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 colspan="4" align="left"><font size="2" face="serif">Working capital/other</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">47</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">72</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 colspan="4" align="left"><font size="2" face="serif">Capital expenditure </font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">(77</font></td>
<td align="left" bgcolor="#CCCCCC"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(235</font></td>
<td align="left"><font size="2" face="serif">)</font></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 colspan="4" align="left"><font size="2" face="serif">Disposal proceeds</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">232</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">250</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 colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"><hr noshade size="1"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Operating cash flow</font></td>
<td align="left">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right" bgcolor="#CCCCCC"><font size="2" face="serif">355</font></td>
<td align="left" bgcolor="#CCCCCC">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">453</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 colspan="4"></td>
<td></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"><hr noshade size="2"></td>
<td bgcolor="#CCCCCC"></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="center"><p><font size="2" face="serif">&nbsp;</font><font size="2" face="serif"><font face="serif" size="4">INTERCONTINENTAL HOTELS GROUP PLC</font></font></p>
  <p>  <font size="2" face="serif"><font face="serif" size="4">SECOND INTERIM FINANCIAL STATEMENTS</font></font><font size="2" face="serif">&nbsp;</font></p></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Note:  the financial statements that follow are for the 12 month period to 30 September 2003 and include the results of the former Retail division up until Separation and all the accounting required by the Separation.  The preceding Operating Review provides detailed information on the ongoing business of InterContinental Hotels Group PLC. </font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>INTERCONTINENTAL HOTELS GROUP PLC<br>
GROUP PROFIT AND LOSS ACCOUNT<br>
For the 12 months ended 30 September 2003 </b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="bottom">
<td colspan="7" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td colspan="4" align="center"><font size="1" face="serif"><b>2003</b></font><font size="1"><br>
  <font face="serif"><b>12 months</b></font></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td colspan="4" align="center"><font size="1" face="serif"><b>2002</b></font><font size="1"><br>
  <font face="serif"><b>12 months</b></font></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>Before</b></font><font size="1"><br>
  <font face="serif"><b>major</b></font><br><font face="serif"><b>exceptional</b></font><br><font face="serif"><b>items</b></font></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>Total</b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>Before</b></font><font size="1"><br>
  <font face="serif"><b>major</b></font><br><font face="serif"><b>exceptional</b></font><br><font face="serif"><b>items</b></font></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>Total</b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td width="8%" align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td width="8%" align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td width="8%" align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td width="8%" align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Turnover (note 3*)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>2,934</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>2,934</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>3,615</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>3,615</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="2" face="serif">Costs and overheads, less other income</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(2,516</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">(2,516</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">(2,997</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">(3,074</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" 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>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Operating profit (note 4*)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>418</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>418</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>618</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>541</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="2" face="serif">Non-operating exceptional items (note 5*)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(161</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">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">53</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" 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>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Profit on ordinary activities before interest</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>421</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>257</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>618</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>594</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="2" face="serif">Net interest (note 6)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(39</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">(39</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">(60</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">(60</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif">Premium on early settlement of debt (note 5)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"> (136</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">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" 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>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Profit on ordinary activities before taxation</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>382</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>82</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>558</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>534</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="2" face="serif">Tax on profit on ordinary activities (note 7)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(83</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">(23</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">(167</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">(52</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" 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>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Profit on ordinary activities after taxation</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>299</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>59</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>391</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>482</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="2" face="serif">Minority equity interests</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(28</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">(28</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">(25</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">(25</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" 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>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Profit available for shareholders</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>271</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>31</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>366</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>457</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7" align="left"><font size="2" face="serif">Dividends on equity shares</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(86</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">(86</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">(305</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">(305</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="7" 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>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Retained profit/(loss) for the period</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>185</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(55</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>61</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>152</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom">
<td colspan="10" align="left"><font size="2" face="serif"><b>Earnings per ordinary share (note 8):</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="bottom" bgcolor="#eeeeee">
<td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td colspan="4" align="left"><font size="2" face="serif"><b>Basic</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>4.2</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>62.5</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
</tr>
<tr valign="bottom">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="left"><font size="2" face="serif"><b>Diluted</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>4.2</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>62.3</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="left"><font size="2" face="serif"><b>Adjusted</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>37.0</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>50.1</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="bottom" bgcolor="#eeeeee">
<td colspan="7" align="left"><font size="2" face="serif"><b>Dividend per ordinary share</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>11.7</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>&#151;</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>41.7</b></font></td>
<td align="left"><font size="2" face="serif"><b>p</b></font></td>
</tr>
<tr valign="bottom">
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">*</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td colspan="13" align="left"><font size="2" face="serif">Analysis of turnover, operating profit and non-operating exceptional items between continuing and discontinued operations is shown in the relevant notes.</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>INTERCONTINENTAL HOTELS GROUP PLC<br>
STATEMENT OF TOTAL RECOGNISED GROUP GAINS AND LOSSES<br>
For the 12 months ended 30 September 2003</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>2003</b></font><font size="1"><br>
  <font face="serif"><b>12 months</b></font></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>2002</b></font><font size="1"><br>
  <font face="serif"><b>12 months</b></font></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>Profit available for shareholders</b></font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="8%" align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>31</b></font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td width="8%" align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>457</b></font></td>
<td width="2%" align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Reversal of previous revaluation gains due to impairment</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(36</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Exchange differences on foreign currency denominated net assets*, borrowings and currency swaps</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">7</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(36</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Other recognised gains and losses</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">7</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(72</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
</tr>
<tr valign="top">
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>Total recognised gains for the period</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>38</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>385</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><b>INTERCONTINENTAL HOTELS GROUP PLC<br>
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS&#8217; FUNDS<br>
For the 12 months ended 30 September 2003</b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left" bgcolor="#ffffff"><font size="1" face="serif">&nbsp;</font></td>
<td width="2%" align="left" bgcolor="#ffffff"><font size="1">&nbsp;</font></td>
<td width="1%" align="right" bgcolor="#ffffff"><font size="1">&nbsp;</font></td>
<td width="8%" align="right" bgcolor="#ffffff"><font size="1" face="serif"><b>2003</b></font><font size="1"><br>
  <font face="serif"><b>12 months</b></font></font></td>
<td width="2%" align="left" bgcolor="#ffffff"><font size="1">&nbsp;</font></td>
<td width="1%" align="right" bgcolor="#ffffff"><font size="1">&nbsp;</font></td>
<td width="8%" align="right" bgcolor="#ffffff"><font size="1" face="serif"><b>2002</b></font><font size="1"><br>
  <font face="serif"><b>12 months</b></font></font></td>
<td width="2%" align="left" bgcolor="#ffffff"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif"><b>Profit available for shareholders</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>31</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>457</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Dividends</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(86</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">(305</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(55</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">152</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Other recognised gains and losses</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(72</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Issue of Six Continents PLC ordinary shares</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Issue of InterContinental Hotels Group PLC ordinary shares</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Net assets of Retail business eliminated on separation</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(2,777</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">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Movement in goodwill</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 width="1%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left"><font size="2" face="serif">Goodwill in Retail business eliminated</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">50</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</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">Exchange differences*</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">53</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">98</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Net movement in shareholders&#8217; funds</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(2,712</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>181</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif">Opening shareholders&#8217; funds</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,366</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,185</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Closing shareholders&#8217; funds</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>2,654</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>5,366</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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">*</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="7" align="left"><font size="2" face="serif">Including exchange differences on goodwill purchased prior to 30 September 1998 and eliminated against Group reserves.</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>INTERCONTINENTAL HOTELS GROUP PLC<br>
GROUP CASH FLOW STATEMENT<br>
For the 12 months ended 30 September 2003</b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="top" bgcolor="#ffffff">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right" bgcolor="#ffffff"><font size="1" face="serif"><b>2003</b></font><br>
  <font size="1" face="serif"><b>12 months</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right" bgcolor="#ffffff"><font size="1" face="serif"><b>2002</b></font><br>
  <font size="1" face="serif"><b>12 months</b></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif"><b>Operating activities (note 9)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>736</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>720</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif">Interest paid</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(120</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">(186</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Costs associated with new facilities</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(20</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">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Premium on early settlement of debt</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(136</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">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Dividends paid to minority shareholders</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(22</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</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Interest received</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">97</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">124</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Returns on investments and servicing of finance</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(201</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(75</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif">UK corporation tax received/(paid)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">30</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(96</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Overseas corporate tax paid</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(14</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</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Taxation</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>16</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(123</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="60%" 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">Paid:</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Tangible fixed assets</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(377</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">(648</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">Fixed asset investments</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(27</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</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">Received:</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Tangible fixed assets</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">261</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">134</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">Fixed asset investments</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">9</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">15</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Capital expenditure and financial investment</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(134</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(513</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif">Acquisitions</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(24</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Disposals</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">9</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Separation costs</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(65</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">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Acquisitions and disposals</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(65</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(15</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Equity dividends</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(269</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(299</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Net cash flow (note 9)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>83</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(305</b></font></td>
<td align="left"><font size="2" face="serif"><b>) </b></font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Management of liquid resources and financing</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(21</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>295</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Movement in cash and overdrafts</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>62</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(10</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>INTERCONTINENTAL HOTELS GROUP PLC<br>
GROUP BALANCE SHEET<br>
30 September 2003</b></font></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="top" bgcolor="#ffffff">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right" bgcolor="#ffffff"><font size="1" face="serif"><b>2003</b></font><br>
  <font size="1" face="serif"><b>30 Sept</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right" bgcolor="#ffffff"><font size="1" face="serif"><b>2002</b></font><br>
  <font size="1" face="serif"><b>30 Sept</b></font></td>
<td width="2%" align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Intangible assets</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">154</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">173</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Tangible assets</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">4,029</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7,641</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Investments</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">245</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">249</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Fixed assets</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>4,428</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>8,063</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif">Stocks</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">40</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">91</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Debtors</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">472</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">623</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Investments</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">108</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">218</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Cash at bank and in hand</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">91</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">84</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Current assets</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>711</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>1,016</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif">Creditors &#150; amounts falling due within one year:</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 width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Overdrafts</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(30</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">(66</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">Other borrowings</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(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">(782</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;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Other creditors</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1,058</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">(1,425</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Net current liabilities</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(380</b></font></td>
<td align="left"><font size="2" face="serif"><b>)</b></font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>(1,257</b></font></td>
<td align="left"><font size="2" face="serif"><b>) </b></font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Total assets less current liabilities</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>4,048</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>6,806</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Creditors &#150; amounts falling due after one year:</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;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Borrowings</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(698</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">(631</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">Other creditors</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(144</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">(133</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Provisions for liabilities and charges:</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;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Deferred taxation</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(333</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">(495</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">Other provisions</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(53</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">(32</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Minority interests</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(166</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">(149</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Net assets (note 13)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>2,654</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>5,366</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Capital and reserves</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>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Equity share capital</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">737</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">734</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Share premium account</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Revaluation reserve</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">279</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,020</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4" align="left"><font size="2" face="serif">Merger reserve</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,164</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,164</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td colspan="4" align="left"><font size="2" face="serif">Profit and loss account</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">467</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">2,448</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="4" 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 colspan="4" align="left"><font size="2" face="serif"><b>Equity shareholders&#8217; funds</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>2,654</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b>5,366</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<p align="left"><font size="2" face="serif"><b>NOTES TO THE INTERIM FINANCIAL STATEMENTS</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="1%" align="left"><font size="2" face="serif"><b>1.</b></font></td>
<td align="left" width="1%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Basis of preparation</b></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">The interim financial statements are for the InterContinental Hotels Group PLC Group for the 12 months ended 30 September 2003.  Following shareholder and regulatory approval, on 15 April 2003 Six Continents PLC separated into two new groups, InterContinental Hotels Group PLC (IHG) comprising the Hotels and Soft Drinks businesses and Mitchells &amp; Butlers plc (MAB) comprising the Retail and Standard Commercial Property Developments (SCPD) businesses.<br><br>The transfer of Six Continents PLC to InterContinental Hotels Group PLC (the &#8216;Company&#8217;) has been accounted for as a group reconstruction in accordance with the principles of merger accounting.  The consolidated financial statements are therefore
presented as if the Company had been the parent company of the Group throughout the periods presented.  The results of MAB have been included in discontinued operations.<br><br>As a result of the change of accounting reference date to 31 December, IHG is required to present a second interim set of results.  The interim financial statements, which are unaudited, comply with relevant accounting standards under UK GAAP and should be read in conjunction with the Six Continents PLC Annual Report and Financial Statements 2002.<br><br>The interim financial statements do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985.   The financial information for the year ended 30 September 2002 has been
extracted from the Six Continents PLC published financial statements for that year which contain an unqualified audit report and which have been filed with the Registrar of Companies.<br><br>The accounting policies applied by the Group are consistent with those applied in 2002.<br><br>The period ended 30 September 2003 is regarded as a distinct financial period for accounting purposes; income and costs are recognised in the profit and loss account as they arise; tax is charged on the basis of the expected effective tax rate for the full 15 month period for IHG and the actual tax charge of MAB for the period up to 12 April 2003.</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif"><b>2.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Exchange rates</b></font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</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">The results of overseas operations have been translated into sterling at the weighted average rates of exchange for the period.  In the case of the US dollar, the translation rate is &pound;1=$1.60 (2002 &pound;1=$1.48).  In the case of the euro, the translation rate is &pound;1 = &euro; 1.48 (2002 &pound;1 = &euro; 1.60).<br><br>Foreign currency denominated assets and liabilities have been translated into sterling at the rates of exchange on the last day of the period.  In the case of the US dollar, the translation rate is &pound;1=$1.67 (2002 &pound;1=$1.56). In the case of the euro, the translation rate is &pound;1 = &euro; 1.43 (2002 &pound;1 = &euro; 1.59).</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif"><br></font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="left"><font size="2" face="serif"><b>3.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="left"><font size="2" face="serif"><b>Turnover</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="2" face="serif"><b><font face="serif" size="1">2003</font></b><br><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months*</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="2" face="serif"><b><font face="serif" size="1">2002</font></b><br><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months*</font></b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td colspan="4" 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="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">$m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">$m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td width="2%" 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 colspan="4" align="left"><font size="2" face="serif">Hotels**</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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Americas</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">883</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">552</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">862</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">584</font></td>
<td align="left" bgcolor="#eeeeee">&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">EMEA</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,302</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">813</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1,209</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">819</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" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Asia Pacific</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">181</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">113</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">191</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">129</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2,366</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,478</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2,262</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,532</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Soft Drinks</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">663</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">602</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">InterContinental Hotels Group PLC***</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2,141</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2,134</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><hr noshade size="1"></td>
<td align="right"><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td><td><hr noshade size="1"></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="4" 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>
<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 colspan="4" align="left"><font size="2" face="serif">Retail </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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Pubs &amp; Bars</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">466</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">866</font></td>
<td align="left" bgcolor="#eeeeee">&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">Restaurants</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="right"><font size="2" face="serif">323</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="right"><font size="2" face="serif">609</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">789</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,475</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">SCPD</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="right"><font size="2" face="serif">4</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="right"><font size="2" face="serif">6</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Mitchells &amp; Butlers plc***</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">793</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">1,481</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>2,934</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>3,615</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><hr noshade size="2"></td>
<td align="right"><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><hr noshade size="2"></td>
<td align="right"><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">*</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="19" align="left"><font size="2" face="serif">Other than for the Soft Drinks division which reflects the 52 weeks ended 27 September (2002 28 September) and the Retail division which reflects the 28 weeks ended 12 April (2002 52 weeks ended 28 September).</font></td>

</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif">**</font></td>
<td align="right">&nbsp;</td>
<td colspan="19" align="left"><font size="2" face="serif">The dollar amounts shown are translated at the weighted average rate of exchange (see note 2).</font></td>

</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif">***</font></td>
<td align="right">&nbsp;</td>
<td colspan="19" align="left"><font size="2" face="serif">InterContinental Hotels Group PLC relates to continuing operations.  Mitchells &amp; Butlers plc relates to discontinued operations.</font></td>

</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="left"><font size="2" face="serif"><b>4.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="left"><font size="2" face="serif"><b>Operating profit</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="2" face="serif"><b><font face="serif" size="1">2003<br>
12</font></b><b><font face="serif" size="1"> months*</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="2" face="serif"><b><font face="serif" size="1">2002<br>
12</font></b><b><font face="serif" size="1"> months*</font></b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td colspan="4" 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="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">$m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">$m</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td width="2%" 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 colspan="4" align="left"><font size="2" face="serif">Hotels**</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>
<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 width="1%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Americas</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">271</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">169</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">264</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">178</font></td>
<td align="left" bgcolor="#eeeeee">&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">EMEA</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">139</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">87</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">184</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">125</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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Asia Pacific</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">28</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">17</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">36</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">24</font></td>
<td align="left" bgcolor="#eeeeee">&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">Other</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(97</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">(60</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">(97</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">(65</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">341</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">213</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">387</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">262</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td>&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td>&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Soft Drinks</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">78</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">63</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">Other activities</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="right"><font size="2" face="serif">(10</font></td>
<td align="left"><font size="2" face="serif">)</font></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="right"><font size="2" face="serif">4</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">InterContinental Hotels Group PLC***  </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">281</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">329</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" align="left"><font size="2" face="serif">Retail </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>
<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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Pubs &amp; Bars</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">91</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">190</font></td>
<td align="left" bgcolor="#eeeeee">&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">Restaurants</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="right"><font size="2" face="serif">45</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="right"><font size="2" face="serif">98</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">136</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">288</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">SCPD</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="right"><font size="2" face="serif">1</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="right"><font size="2" face="serif">1</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Mitchells &amp; Butlers plc***</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">137</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">289</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>Operating profit before operating exceptional items</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>418</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>618</b></font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" 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>
<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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Hotels operating exceptional item (note 5)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> (77</font></td>
<td align="left" bgcolor="#eeeeee"><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="4" 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>
<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="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="4"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>Operating profit</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>418</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>541</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td><td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="4" 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>
<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">*</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="17" align="left"><font size="2" face="serif">Other than for the Soft Drinks division which reflects the 52 weeks ended 27 September (2002 28 September) and the Retail division which reflects the 28 weeks ended 12 April (2002 52 weeks ended 28 September).</font></td>

</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif">**</font></td>
<td align="right">&nbsp;</td>
<td colspan="17" align="left"><font size="2" face="serif">The dollar amounts shown are translated at the weighted average rate of exchange (see note 2).</font></td>

</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif">***</font></td>
<td align="right">&nbsp;</td>
<td colspan="17" align="left"><font size="2" face="serif">InterContinental Hotels Group PLC relates to continuing operations.  Mitchells &amp; Butlers plc relates to discontinued operations.</font></td>

</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="1%" align="left"><font size="2" face="serif"><b>5.</b></font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td colspan="7" align="left"><font size="2" face="serif"><b>Exceptional items</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003<br>
12</font></b><b><font face="serif" size="1"> months</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2002<br>
12</font></b><b><font face="serif" size="1"> months</font></b></font></td>
<td width="2%" 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 colspan="7" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></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 colspan="7" align="left"><font size="2" face="serif"><b>Operating exceptional item:</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>
</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" bgcolor="#eeeeee"><font size="2" face="serif">Continuing operations &#150; Hotels impairment charge* (note a)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(77</font></td>
<td align="left" bgcolor="#eeeeee"><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>
<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 colspan="7" align="left"><font size="2" face="serif"><b>Non-operating exceptional items:</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>
</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">Continuing operations:</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 width="1%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Cost of fundamental reorganisation* (note b)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(67</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">Separation costs* (note c)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(56</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</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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Profit on disposal of fixed assets</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">5</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
<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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(118</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(2</font></td>
<td align="left" bgcolor="#eeeeee"><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">Discontinued operations:***</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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Separation costs* (note c)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(41</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">Loss on disposal of fixed assets</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(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</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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Profit on disposal of Bass Brewers* (note d)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">57</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
<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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(43</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">55</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
<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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Total non-operating exceptional items</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(161</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">53</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
<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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>Total exceptional items before interest and taxation</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(161</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(24</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></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">Premium on early settlement of debt* (note e)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(136</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">&#151;</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 colspan="7" 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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Tax credit/(charge) on above items**</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">60</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(9</font></td>
<td align="left" bgcolor="#eeeeee"><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>
<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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Exceptional tax credit* (note f)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">114</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
<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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>Total exceptional items after interest and taxation</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(237</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>81</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
<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">a.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="11" align="left"><font size="2" face="serif">Tangible fixed assets were written down in 2002 by &pound;113m following an impairment review of the hotel estate.  &pound;77m was charged above as an operating exceptional item and &pound;36m reversed previous revaluation gains. </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 colspan="11" align="left"><font size="2" face="serif">&nbsp;</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">b.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="11" align="left"><font size="2" face="serif">Relates to a fundamental reorganisation of the Hotels business.  The cost includes redundancy entitlements, property exit costs and other implementation costs.</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 colspan="11" align="left"><font size="2" face="serif">&nbsp;</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">c.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="11" align="left"><font size="2" face="serif">On 15 April 2003 the separation of the Six Continents Group was completed.  Costs of the separation and bid defence total &pound;101m.  &pound;4m of costs were incurred in the year to 30 September 2002, the remainder in the 12 months to 30 September 2003. </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 colspan="11" align="left"><font size="2" face="serif">&nbsp;</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">d.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="11" align="left"><font size="2" face="serif">Bass Brewers was disposed of in 2000.  The profit in 2002 comprised &pound;9m received in respect of the finalisation of completion account adjustments, together with the release of disposal provisions no longer required of &pound;48m. </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 colspan="11" align="left"><font size="2" face="serif">&nbsp;</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">e.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="11" align="left"><font size="2" face="serif">Relates to the premiums paid on the repayment of the Group&#8217;s &pound;250m 10 3/8 per cent debenture and EMTN loans.</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 colspan="11" align="left"><font size="2" face="serif">&nbsp;</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">f.</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="11" align="left"><font size="2" face="serif">Represents the release of over provisions for tax in respect of prior years. </font></td>

</tr>
</table>
<br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="3%"><font size="2" face="serif">*</font></td>
<td align="left"><font size="2" face="serif">Major exceptional items for the purpose of calculating adjusted earnings per ordinary share (see note 8).</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">**</font></td>
<td align="left"><font size="2" face="serif">Major exceptional items, except for tax charges of &pound;10m in September 2002, for the purpose of calculating adjusted earnings per ordinary share (see note 8).</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">***</font></td>
<td align="left"><font size="2" face="serif">Discontinued operations relate to Mitchells &amp; Butlers plc and Bass Brewers, the latter having been sold in August 2000.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="1%" align="left"><font size="2" face="serif"><b>6.</b></font></td>
<td align="left" width="1%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Net interest</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003<br>
12</font></b><b><font face="serif" size="1"> months</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2002<br>
12</font></b><b><font face="serif" size="1"> months</font></b></font></td>
<td width="2%" 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="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></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" bgcolor="#eeeeee"><font size="2" face="serif">Interest receivable</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">90</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">116</font></td>
<td align="left" bgcolor="#eeeeee">&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">Interest payable and similar charges</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(129</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">(176</font></td>
<td align="left"><font size="2" face="serif">) </font></td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(39</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(60</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="1%" align="left"><font size="2" face="serif"><b>7.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="12" align="left"><font size="2" face="serif"><b>Tax on profit on ordinary activities</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="1%" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td width="1%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td colspan="7" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003<br>
12<br>
months<br>
Before major<br>
exceptional<br>
items</font></b></font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003<br>
12<br>
months<br>
<br>
<br>
Total</font></b></font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
<td width="1%" align="right"><font size="1">&nbsp;</font></td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2002<br>
12<br>
months<br>
<br>
<br>
Total</font></b></font></td>
<td width="2%" align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td colspan="7" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">&pound;m</font></b></font></td>
<td align="left"><font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td colspan="7" align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</font></td>
<td align="right"><font size="1">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1">&nbsp;</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">Current tax:</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 width="1%" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left" bgcolor="#eeeeee">&nbsp;</td>
<td width="1%" align="right" bgcolor="#eeeeee">&nbsp;</td>
<td colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">UK corporation tax</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(29</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(23</font></td>
<td align="left" bgcolor="#eeeeee"><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 colspan="4" align="left"><font size="2" face="serif">Foreign tax</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">30</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">27</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">64</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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>
<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 colspan="7" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">29</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(2</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">41</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="7" align="left"><font size="2" face="serif">Deferred tax</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">54</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">25</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">11</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td ><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td ><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>83</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>23</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>52</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td colspan="7"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="17" align="left"><font size="2" face="serif">Tax has been calculated using an estimated effective rate of 17% in respect of IHG together with the actual tax charge of Mitchells &amp; Butlers plc for the period up to 12 April 2003 resulting in a combined effective rate of 22% (2002 30%) on profit on ordinary activities before taxation and major exceptional items. Tax relating to non-operating exceptional items (see note 5) is a credit of &pound;60m, all of which relates to major items.<br><br>In respect of 2002, tax relating to the non-operating exceptional items (see note 5) was a charge of &pound;9m for the period to 30 September, of which &pound;1m credit related to major items.  The major operating exceptional item (see note 5) attracted no
tax charge.  The exceptional tax credit of &pound;114m (see note 5) was included in UK corporation tax.</font></td>

</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td colspan="10" align="left"><font size="2" face="serif">The expected effective rate for the 15 months to 31 December 2003 for IHG has been reduced by releases of provisions relating to tax matters which have been settled or in respect of which the relevant statute of limitations has expired.  The effective tax rate in the foreseeable future is also likely to be impacted by further negotiations with the relevant tax authorities which cannot be accurately predicted.  If any of these issues are settled prior to 31 December 2003 this will further reduce the effective rate for IHG for 2003.</font></td>

</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td colspan="10" align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif"><b>8.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="10" align="left"><font size="2" face="serif"><b>Earnings per share</b></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="10" align="left"><font size="2" face="serif">Basic earnings per ordinary share is calculated by dividing the earnings available for shareholders of &pound;31m (2002 &pound;457m), by 732m (2002 731m), being the weighted average number of ordinary shares, excluding investment in own shares, in issue during the period.<br><br>Diluted earnings per ordinary share is calculated by adjusting basic earnings per ordinary share to reflect the notional exercise of the weighted average number of dilutive ordinary share options outstanding during the period.  The resulting weighted average number of ordinary shares is 737m (2002 734m).<br><br>Adjusted earnings per ordinary share is calculated as follows:</font></td>

</tr>
<tr valign="top">
<td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td 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="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2003<br>
12</font></b><b><font face="serif" size="1"> months</font></b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="8%" align="right"><font size="2" face="serif"><b><font face="serif" size="1">2002<br>
12</font></b><b><font face="serif" size="1"> months</font></b></font></td>
<td width="2%" 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="right"><font size="2" face="serif"><b><font face="serif" size="1">pence per<br>
  ordinary <br>
  share</font></b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif"><b><font face="serif" size="1">pence per <br>
  ordinary<br>
  share</font></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">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Basic earnings</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">4.2</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">62.5</font></td>
<td align="left" bgcolor="#eeeeee">&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">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Major exceptional items and tax thereon (notes 5, 7)</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">32.8</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"> (12.4</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Adjusted earnings</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>37.0</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>50.1</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</font></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td align="right"><font size="2" face="serif">&nbsp;</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="6" 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 colspan="6" align="left"><font size="2" face="serif">Adjusted earnings per ordinary share is disclosed in order to show performance undistorted by abnormal items. </font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif"><b>9.</b></font></td>
<td align="left" width="1%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Net cash flow</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="1" face="serif"><b>2003</b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="1" face="serif"><b>2002</b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" 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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Operating profit before major exceptional items</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>418</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>618</b></font></td>
<td align="left" bgcolor="#eeeeee">&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">Depreciation and amortisation</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">253</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">271</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" bgcolor="#eeeeee"><font size="2" face="serif">Other non-cash items</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">2</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(4</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Earnings before interest, taxation, depreciation and amortisation and major exceptional items</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>673</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>885</b></font></td>
<td align="left" bgcolor="#eeeeee">&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">Decrease/(increase) in stocks</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1</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" bgcolor="#eeeeee"><font size="2" face="serif">Increase in debtors</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(3</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(92</font></td>
<td align="left" bgcolor="#eeeeee"><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">Increase/(decrease) in creditors</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">98</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(37</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" bgcolor="#eeeeee"><font size="2" face="serif">Provisions expended</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(8</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(18</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Operating activities before expenditure relating to major exceptional items</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>763</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>737</b></font></td>
<td align="left" bgcolor="#eeeeee">&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">Cost of fundamental reorganisation</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(27</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">&#151;</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" bgcolor="#eeeeee"><font size="2" face="serif">Major operating exceptional expenditure</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(17</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Operating activities</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>736</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>720</b></font></td>
<td align="left" bgcolor="#eeeeee">&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">Net capital expenditure (note 10)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(134</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">(513</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Operating cash flow (note 11)</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>602</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>207</b></font></td>
<td align="left" bgcolor="#eeeeee">&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">Net interest paid</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(23</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">(62</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" bgcolor="#eeeeee"><font size="2" face="serif">Dividends paid</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(291</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(312</font></td>
<td align="left" bgcolor="#eeeeee"><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">Tax received/(paid)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">16</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(123</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Normal cash flow</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>304</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(290</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>) </b></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">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Acquisitions</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(24</font></td>
<td align="left" bgcolor="#eeeeee"><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">Disposals</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">9</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" bgcolor="#eeeeee"><font size="2" face="serif">Premium on early settlement of debt</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(136</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&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">Separation costs</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(65</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">&#151;</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" bgcolor="#eeeeee"><font size="2" face="serif">Costs associated with new facilities</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(20</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif"><b>Net cash flow</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>83</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(305</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif"><b>10.</b></font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Net capital expenditure</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="1" face="serif"><b>2003</b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br><font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="1" face="serif"><b>2002</b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" 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" bgcolor="#eeeeee"><font size="2" face="serif">Hotels</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">30</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">259</font></td>
<td align="left" bgcolor="#eeeeee">&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">Soft Drinks</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&nbsp;52</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">31</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" bgcolor="#eeeeee"><font size="2" face="serif">Other activities</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(9</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(3</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">InterContinental Hotels Group PLC*</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">73</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">287</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">Retail </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">61</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">227</font></td>
<td align="left" bgcolor="#eeeeee">&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">SCPD</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(1</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">Mitchells &amp; Butlers plc*</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">61</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">226</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>134</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>513</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></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">
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">*</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">InterContinental Hotels Group PLC relates to continuing operations.  Mitchells &amp; Butlers plc relates to discontinued operations.</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">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif"><b>11.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Operating cash flow</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>2003</b></font><br><font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>2002</b></font><br><font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br><font size="1" face="serif"><b>&pound;m</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" bgcolor="#eeeeee"><font size="2" face="serif">Hotels</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">349</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">60</font></td>
<td align="left" bgcolor="#eeeeee">&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">Soft Drinks</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">76</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">77</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" bgcolor="#eeeeee"><font size="2" face="serif">Other activities</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">25</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(75</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">InterContinental Hotels Group PLC*</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">450</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">62</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">Retail </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">148</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">144</font></td>
<td align="left" bgcolor="#eeeeee">&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">SCPD</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">4</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">1</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">Mitchells and Butlers plc*</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">152</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">145</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>602</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>207</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></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">
<td align="left"><font size="2" face="serif">*</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">InterContinental Hotels Group PLC relates to continuing operations.  Mitchells &amp; Butlers plc relates to discontinued operations. </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>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left"><font size="2" face="serif"><b>12.</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="4" align="left"><font size="2" face="serif"><b>Net debt</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>2003</b></font><br><font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br><font size="1" face="serif"><b>&pound;m</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="1" face="serif"><b>2002</b></font><br><font size="2" face="serif"><b><font face="serif" size="1">12</font></b><b><font face="serif" size="1"> months</font></b></font><br><font size="1" face="serif"><b>&pound;m</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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Opening net debt</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1,177</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1,001</font></td>
<td align="left" bgcolor="#eeeeee"><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="4" align="left"><font size="2" face="serif">Net cash flow (note 9)</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">83</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(305</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="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Ordinary shares issued</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">10</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">3</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">Debt assumed by Retail business</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">570</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Exchange and other adjustments</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(18</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">126</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td colspan="4"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>Closing net debt</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(532</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(1,177</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td colspan="4"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></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="4" align="left"><font size="2" face="serif">Comprising:</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 colspan="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Cash at bank and in hand</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">91</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">84</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">Overdrafts</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(30</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">(66</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="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">Current asset investments</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">108</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">218</font></td>
<td align="left" bgcolor="#eeeeee">&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 colspan="4" align="left"><font size="2" face="serif">Other borrowings:</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 width="3%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="1%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="1%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">Due within one year</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">(3</font></td>
<td width="2%" align="left"><font size="2" face="serif">)</font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="2" face="serif">(782</font></td>
<td width="2%" 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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Due after one year</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(698</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(631</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td colspan="4"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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="4" align="left" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(532</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>(1,177</b></font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif"><b>)</b></font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td colspan="4"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif"><b>13.</b></font></td>
<td align="left" width="1%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Net assets</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="1" face="serif"><b>2003</b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept</font></b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="9%" align="right"><font size="1" face="serif"><b>2002</b></font><br>
  <font size="2" face="serif"><b><font face="serif" size="1">30</font></b><b><font face="serif" size="1"> Sept</font></b></font><br>
  <font size="1" face="serif"><b>&pound;m</b></font></td>
<td width="2%" 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" bgcolor="#eeeeee"><font size="2" face="serif">Hotels</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">3,895</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">3,990</font></td>
<td align="left" bgcolor="#eeeeee">&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">Soft Drinks</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">266</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">246</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" bgcolor="#eeeeee"><font size="2" face="serif">Other activities</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">13</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">125</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">InterContinental Hotels Group PLC*</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">4,174</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">4,361</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">Retail </font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">3,467</font></td>
<td align="left" bgcolor="#eeeeee">&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">SCPD</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">26</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">Mitchells &amp; Butlers plc*</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">&#151;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">3,493</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">4,174</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">7,854</font></td>
<td align="left" bgcolor="#eeeeee">&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">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">Net debt</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(532</font></td>
<td align="left" bgcolor="#eeeeee"><font size="2" face="serif">)</font></td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif">(1,177</font></td>
<td align="left" bgcolor="#eeeeee"><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">Other net non-operating liabilities</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(988</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">(1,311</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></td>
<td><hr noshade size="1"></td>
<td><hr noshade size="1"></td>
<td></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" bgcolor="#eeeeee"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>2,654</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee">&nbsp;</td>
<td align="right" bgcolor="#eeeeee"><font size="2" face="serif"><b>5,366</b></font></td>
<td align="left" bgcolor="#eeeeee">&nbsp;</td>
</tr>
<tr valign="top">
<td></td>
<td></td>
<td></td>
<td></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></td>
<td><hr noshade size="2"></td>
<td><hr noshade size="2"></td>
<td></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">
<td align="left">&nbsp;</td>
<td align="left"><font size="2" face="serif">*</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">InterContinental Hotels Group PLC relates to continuing operations.  Mitchells &amp; Butlers plc relates to discontinued operations.</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>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>

<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif"><b>14.</b></font></td>
<td align="left" width="1%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif"><b>Contingent liabilities</b></font></td>
<td width="2%" 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">At 30 September 2003, the Group had contingent liabilities of &pound;12m (2002 &pound;16m), mainly comprising guarantees given in the ordinary course of business.  IHG has entered into management contract arrangements in the ordinary course of business that include performance guarantees.  Management does not anticipate any material funding under these arrangements in 2004.</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif"><b>15.</b></font></td>
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<td align="left"><font size="2" face="serif"><b>Auditors&#8217; review</b></font></td>
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<td align="left"><p><font size="2" face="serif">The auditors, Ernst &amp; Young
      LLP, have reported to the directors on their review of these financial
      statements in accordance with the guidance issued by the Auditing Practices
      Board. Their unqualified report will be included in the Interim Financial
      Statements 2003 which will be sent to shareholders.</font><br>
	  <font size="2" face="serif">____________________</font></p>
  <p><font size="2" face="serif">This announcement of the</font><font size="2" face="serif"> interim
    results for the 12 months ended 30 September 2003 contains certain forward-looking
    statements as defined under US legislation (Section 21E of the Securities Exchange
    Act of 1934). Such statements include, but are not limited to, statements made
    in this document. These forward-looking statements can be identified by the fact
    that they do not relate only to historical or current facts. Forward-looking
    statements often use words such as 'anticipate', 'target', 'expect', 'estimate',
    'intend', 'plan', 'goal', 'believe', or other words of similar meaning.</font></p>
  <p><font size="2" face="serif">By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty. There are a number of factors that could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements, including, but not limited to: events that impact domestic or international travel; levels of consumer and business spending in major economies where InterContinental Hotels Group does business; changes in consumer tastes and
      preferences; levels of marketing and promotional expenditure by InterContinental Hotels Group and its competitors; significant fluctuations in exchange, interest and tax rates; the effects of future business combinations, acquisitions or dispositions; legal and regulatory developments, including European Union employment legislation and regulation in the leisure retailing industry in countries in which InterContinental Hotels Group operates; the impact of the European Economic and Monetary Union; the ability of InterContinental Hotels Group to maintain appropriate levels of insurance; and changes in the cost and availability of raw materials, key personnel and changes in supplier dynamics.</font></p>
<p><font size="2" face="serif">Other factors that could affect the business and
        the financial results are described in Item 3 Key Information &#150; Risk Factors
        in the Six Continents Form 20-F for the financial year ended 30 September 2002
    filed with the United States Securities and Exchange Commission.</font></p></td>
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