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<SEC-DOCUMENT>0001156973-04-001419.txt : 20041208
<SEC-HEADER>0001156973-04-001419.hdr.sgml : 20041208
<ACCEPTANCE-DATETIME>20041208141318
ACCESSION NUMBER:		0001156973-04-001419
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041208
FILED AS OF DATE:		20041208
DATE AS OF CHANGE:		20041208

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:		041190491

	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>u48150e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>


<P align="center" style="font-size: 12pt">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934



<P align="center" style="font-size: 10pt">For December&nbsp;8, 2004



<P align="center" style="font-size: 10pt">Commission File Number 001-10409


<P align="center" style="font-size: 24pt"><B>InterContinental Hotels Group PLC</B>

<DIV align="center" style="font-size: 10pt">(Name of Registrant)</DIV>



<P align="center" style="font-size: 10pt"><B>65 Alma Road, Windsor, Berkshire<BR>
SL4 3HD, England</B><BR>
(Address of principal executive offices)


<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.



<P align="center" style="font-size: 10pt">Form&nbsp;20-F&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">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&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.



<P align="center" style="font-size: 10pt">Yes&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>


<P align="left" style="font-size: 10pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):



<P align="center" style="font-size: 10pt">Not applicable.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt">EXHIBIT INDEX


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Exhibit Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shareholder Circular and Notice of EGM, dated November&nbsp;16, 2004</DIV></TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<B><FONT size="2">THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION. If you are in any doubt about the action
you should take, you should consult your stockbroker, solicitor,
accountant, bank manager or other independent financial adviser
duly authorised under the Financial Services and Markets Act
2000 immediately.</FONT></B>
</DIV>

<P align="left">
<FONT size="2">If you have sold or otherwise transferred some or
all of your Ordinary Shares, please send this document, together
with the accompanying Form of Proxy, as soon as possible to the
purchaser or transferee or to the stockbroker, bank or other
agent through whom the sale or transfer was effected, for
delivery to the purchaser or transferee.
</FONT>

<P align="left">
<FONT size="2">Cazenove &#38; Co. Ltd is acting for
InterContinental Hotels Group PLC and no-one else in connection
with the Special Dividend and Share Consolidation and will not
be responsible to anyone other than InterContinental Hotels
Group PLC for providing the protections afforded to its clients
or for giving advice in relation to the Special Dividend and
Share Consolidation.
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<IMG src="u48150u4815001.gif" alt="(LOGO)">

<P align="center">
<B><FONT size="4">InterContinental Hotels Group PLC</FONT></B>

<DIV align="center">
<B><I><FONT size="2">Incorporated and registered in England and
Wales under the Companies Act 1985</FONT></I></B>
</DIV>

<DIV align="center">
<B><I><FONT size="2">Registered number 4551528</FONT></I></B>
</DIV>

<P align="center">
<B>Special Dividend of 72&nbsp;pence per Existing Ordinary
Share</B>

<DIV align="center">
<B>and</B>
</DIV>

<DIV align="center">
<B>Share Consolidation</B>
</DIV>

<DIV align="center">
<B>and</B>
</DIV>

<DIV align="center">
<B>Notice of EGM</B>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="left">
<FONT size="2">Application will be made to the UK Listing
Authority for the New Ordinary Shares arising from the proposed
consolidation of the Company&#146;s ordinary share capital to be
admitted to the Official List and to the London Stock Exchange
for the New Ordinary Shares to be admitted to trading on the
London Stock Exchange&#146;s market for listed securities. It is
expected that dealings in the Existing Ordinary Shares will
continue until close of business on Friday 10&nbsp;December 2004
and that Admission of the New Ordinary Shares will become
effective and dealings for normal settlement will commence at
8.00&nbsp;a.m. on Monday 13&nbsp;December 2004.
</FONT>

<P align="left">
<FONT size="2">Notice of an Extraordinary General Meeting of the
Company to be held at 10.30&nbsp;a.m. on Friday 10&nbsp;December
2004 at The Queen Elizabeth&nbsp;II Conference Centre, Broad
Sanctuary, Westminster, London&nbsp;SW1P&nbsp;3EE is set out at
the end of this document.
</FONT>

<P align="left">
<FONT size="2">A Form of Proxy is enclosed with this document
and, if used, should be lodged with the Company&#146;s
Registrar, Lloyds TSB Registrars, at The Causeway, Worthing,
West Sussex BN99&nbsp;6BF no later than 10.30&nbsp;a.m. on
Wednesday 8&nbsp;December 2004.
</FONT>

<P align="left">
<FONT size="2">If you hold shares in CREST, you may appoint a
proxy by completing and transmitting a CREST Proxy Instruction
to Lloyds TSB Registrars (CREST participant ID&nbsp;7RA01) so
that it is received by no later than 10.30&nbsp;a.m. on
Wednesday 8&nbsp;December 2004. The return of a completed Form
of Proxy or CREST Proxy Instruction will not prevent you from
attending the Extraordinary General Meeting and voting in person
if you wish to do so.
</FONT>

<P align="left">
<FONT size="2">Electronic Proxy Appointment is available for
this Extraordinary General Meeting. This facility enables
shareholders to lodge their proxy appointment by electronic
means on a website provided by Lloyds TSB Registrars via
www.sharevote.co.uk. Further details are set out in the notes to
the Form of Proxy.
</FONT>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>



<P align="center">
<B>CONTENTS</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2"><A HREF='#101'>EXPECTED TIMETABLE</A></FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">i</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2"><A HREF='#102'>LETTER FROM THE CHAIRMAN OF INTERCONTINENTAL
    HOTELS GROUP PLC</A></FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><A HREF='#103'>APPENDIX&nbsp;I</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><A HREF='#103'>FURTHER DETAILS OF THE SPECIAL DIVIDEND AND SHARE
    CONSOLIDATION</A>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><A HREF='#104'>APPENDIX&nbsp;II</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><A HREF='#104'>DEFINITIONS</A>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2"><A HREF='#105'>NOTICE OF EXTRAORDINARY GENERAL
    MEETING</A></FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="2"><A HREF='#106'>SIGNATURE</A></FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<!-- /TOC -->
</DIV>



<DIV align="left">
<A name='101'></A>
</DIV>


<!-- link1 "CONTENTS" -->

<P align="center">
<B>EXPECTED TIMETABLE</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <B><FONT size="2">2004</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Latest time and date for receipt of Forms of Proxy
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">10.30&nbsp;a.m. on Wednesday 8&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Extraordinary General Meeting
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">10.30&nbsp;a.m. on Friday 10&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Record Date for entitlement to the Special
    Dividend and for the Share Consolidation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">6.00&nbsp;p.m. on Friday 10&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shares marked ex-Special Dividend
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Monday 13&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commencement of dealings in New Ordinary Shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">8.00&nbsp;a.m. on Monday 13&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CREST accounts credited with New Ordinary Shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Monday 13&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payment of the Special Dividend. Despatch of
    cheques for fractional&nbsp;entitlements and certificates for
    New Ordinary Shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Friday 17&nbsp;December
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<I><FONT size="2">If any of the above times and/or dates change,
the revised times and/or dates will be notified to Shareholders
by announcement through the Regulatory Information Service of
the London Stock Exchange.</FONT></I>

<P align="left">
<I><FONT size="2">Unless otherwise stated, all references to
times in this document are to London time.</FONT></I>

<P align="left">
<I><FONT size="2">Holders of ADRs should see &#147;Key Dates for
ADR Holders&#148; on page&nbsp;9.</FONT></I>

<P align="left">
<B><FONT size="2">Shareholder Helpline</FONT></B>

<P align="left">
<FONT size="2">If you have any questions about the Special
Dividend or the Share Consolidation, please call our shareholder
helpline on 0870&nbsp;600&nbsp;2027 (or
+&nbsp;44&nbsp;1903&nbsp;702767 from outside the UK) between
9.00&nbsp;a.m. and 5.00&nbsp;p.m. Monday to Friday. For legal
reasons, the shareholder helpline will not be able to provide
advice on the merits of the Special Dividend or the Share
Consolidation or to provide financial advice.
</FONT>

<P align="center"><FONT size="2">i
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<IMG src="u48150u4815001.gif" alt="(LOGO)">
</DIV>

<DIV>&nbsp;</DIV>

<!-- link1 "LETTER FROM THE CHAIRMAN OF INTERCONTINENTAL HOTELS GROUP PLC" -->


<DIV align="left">
<A name='102'></A>
</DIV>

<DIV align="center">
<B>LETTER FROM THE CHAIRMAN OF</B>
</DIV>

<DIV align="center">
<B>INTERCONTINENTAL HOTELS GROUP PLC</B>
</DIV>

<P align="right">
<FONT size="2">16 November 2004
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><I><FONT size="2">To:&nbsp;</FONT></I></TD>
    <TD>
    <I><FONT size="2">Holders of Existing Ordinary Shares and, for
    information only, holders of options and awards under the Share
    Schemes.</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Dear Shareholder
</FONT>

<P align="left">
<B><FONT size="2">Introduction</FONT></B>

<P align="left">
<FONT size="2">On 9 September 2004, the Board announced its
intention to return &#163;500&nbsp;million to Shareholders by
way of a special dividend. The Special Dividend forms part of a
total of &#163;1&nbsp;billion of funds that the Board has
committed to be returned to its Shareholders since the
separation of Six Continents PLC into InterContinental Hotels
Group PLC and Mitchells &#38; Butlers plc in April 2003.
</FONT>

<P align="left">
<FONT size="2">For the reasons explained in this letter, it is
proposed that the payment of the Special Dividend of
72&nbsp;pence per Existing Ordinary Share be accompanied by a
consolidation of the Company&#146;s ordinary share capital.
</FONT>

<P align="left">
<FONT size="2">The purpose of this letter is to provide further
details of the Special Dividend and the Share Consolidation and
to seek Shareholders&#146; consent to the Share Consolidation
and to a renewed authority to enable the Company to continue to
make market purchases of its Ordinary Shares.
</FONT>

<P align="left">
<B><FONT size="2">Special Dividend</FONT></B>

<P align="left">
<FONT size="2">The Board is proposing to pay the Special
Dividend to Shareholders on the Register at 6.00&nbsp;p.m. on
Friday 10&nbsp;December 2004. The Special Dividend will be paid
as a second interim dividend in respect of the financial year
ending 31 December 2004 and is expected to be paid to
Shareholders on Friday 17&nbsp;December 2004.
</FONT>

<P align="left">
<B><FONT size="2">Share Consolidation</FONT></B>

<P align="left">
<FONT size="2">The ratio used for the purposes of the Share
Consolidation has been determined by reference to the closing
mid-market price of 680&nbsp;pence per Existing Ordinary Share
on 12&nbsp;November 2004 (being the last practicable day prior
to the date of posting of this Document) when there were
699,176,104 Existing Ordinary Shares.
</FONT>

<P align="left">
<FONT size="2">As at the close of business on 12&nbsp;November
2004, the total amount of the Special Dividend was equivalent to
just over 10.54&nbsp;per cent. of the market capitalisation of
the Company. The effect of the Share Consolidation will be to
reduce the number of Ordinary Shares in issue by approximately
the same percentage.
</FONT>

<P align="left">
<FONT size="2">The Share Consolidation is intended to maintain
comparability of the Company&#146;s share price before and after
the payment of the Special Dividend and to maintain the position
of participants under the Share Schemes.
</FONT>

<P align="left">
<FONT size="2">As all ordinary shareholdings in the Company will
be consolidated, Shareholders&#146; percentage holdings in the
issued share capital of the Company will (save in respect of
fractional entitlements) remain unchanged.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="52%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">InterContinental Hotels Group PLC
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Registered in England Number 4551528
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Registered Office: 67&nbsp;Alma Road, Windsor
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Berkshire SL4&nbsp;3HD
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">1
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">
<FONT size="2">The Share Consolidation will replace every 28
Existing Ordinary Shares with 25 New Ordinary Shares. Fractional
entitlements arising from the Share Consolidation will be
aggregated and sold in the market on behalf of the relevant
Shareholders. The proceeds of sale are expected to be sent to
Shareholders on Friday 17&nbsp;December 2004. The value of any
Shareholder&#146;s fractional entitlement will not exceed the
value of one New Ordinary Share.
</FONT>

<P align="left">
<FONT size="2">For purely illustrative purposes, examples of the
effects of the Special Dividend and the Share Consolidation in
respect of certain holdings of Existing Ordinary Shares are set
out below:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Existing Ordinary Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">New Ordinary Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Special Dividend</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">100
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">250
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;180</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">500
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;360</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">892</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;720</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">These examples do not show fractional
entitlements, the value of which will depend on the market value
of the New Ordinary Shares at the time of sale, as detailed in
Appendix&nbsp;I below.
</FONT>

<P align="left">
<FONT size="2">Following the Share Consolidation, the
Company&#146;s authorised ordinary share capital will comprise
8,928,571,428 New Ordinary Shares and, assuming no further
shares are issued or repurchased between the date of this
circular and the Share Consolidation becoming effective, the
issued share capital will comprise 624,264,378 New Ordinary
Shares. The New Ordinary Shares will have the same rights,
including voting and dividend rights, as the Existing Ordinary
Shares.
</FONT>

<P align="left">
<FONT size="2">Further details of the Special Dividend and Share
Consolidation are included in Appendix&nbsp;I.
</FONT>

<P align="left">
<B><FONT size="2">American Depositary Receipts</FONT></B>

<P align="left">
<FONT size="2">Holders of ADRs should read paragraphs&nbsp;5 and
7 of Appendix&nbsp;I to this document, which contain important
information regarding the Special Dividend and Share
Consolidation which is relevant to them, and a description of
certain US tax consequences of the Special Dividend and Share
Consolidation. Holders of ADRs will be sent this document
through the ADR Depositary.
</FONT>

<P align="left">
<B><FONT size="2">Share Schemes</FONT></B>

<P align="left">
<FONT size="2">Details of the Special Dividend and the Share
Consolidation with respect to the Share Schemes are set out in
paragraph&nbsp;4 of Appendix&nbsp;I.
</FONT>

<P align="left">
<B><FONT size="2">Taxation</FONT></B>

<P align="left">
<FONT size="2">A summary of the taxation consequences of the
Special Dividend and the Share Consolidation for certain
categories of UK resident Shareholders, US Shareholders and
holders of ADRs is set out in paragraph&nbsp;5 of
Appendix&nbsp;I. As more particularly set out in that paragraph,
the Directors have been advised that:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="2%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#151;</FONT></TD>
    <TD align="left">
    <FONT size="2">the tax treatment of UK resident Shareholders who
    receive the Special Dividend will generally be similar to the
    tax treatment of such holders receiving any other dividend paid
    by the Company since 6 April 2004; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#151;</FONT></TD>
    <TD align="left">
    <FONT size="2">UK resident Shareholders should not be treated as
    having made a disposal of their Existing Ordinary Shares for the
    purposes of UK taxation of chargeable gains as a result of the
    Share Consolidation.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Shareholders and holders of ADRs should read
paragraph&nbsp;5 of Appendix&nbsp;I and, if they are in any
doubt as to their tax position, should consult their
professional advisers.</FONT></B>

<P align="center"><FONT size="2">2
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Extraordinary General Meeting</FONT></B>

<P align="left">
<FONT size="2">A notice convening the Extraordinary General
Meeting of the Company to be held at 10.30&nbsp;a.m. on Friday
10&nbsp;December 2004 at The Queen Elizabeth&nbsp;II Conference
Centre, Broad Sanctuary, Westminster, London SW1P&nbsp;3EE is
set out at the end of this document.
</FONT>

<P align="left">
<FONT size="2">The first resolution will effect the Share
Consolidation, following which the total number of issued
Ordinary Shares will be reduced and the nominal value of the
Ordinary Shares will change. As a result, the general authority
to make market purchases of Ordinary Shares which was given to
the Company at the Annual General Meeting of the Company held on
1&nbsp;June 2004 can no longer be used.
</FONT>

<P align="left">
<FONT size="2">The purpose of the second resolution is,
therefore, to put in place a new authority to enable the Company
to make market purchases of Ordinary Shares. This authority will
apply to up to 93,189,655 New Ordinary Shares, representing
approximately 14.93&nbsp;per cent. of the Company&#146;s
expected issued ordinary share capital after the Share
Consolidation. The Directors have previously announced progress
towards the completion of a &#163;250&nbsp;million share
repurchase programme and their intention, subject to there being
no significant adverse change in market conditions, to conduct a
further &#163;250&nbsp;million share repurchase programme, using
the new authority as it applies to the New Ordinary Shares. The
new authority will only be used if, in the opinion of the
Directors, to do so would be in the best interests of
Shareholders generally.
</FONT>

<P align="left">
<B><FONT size="2">Action to be taken</FONT></B>

<P align="left">
<FONT size="2">Whether or not you propose to attend the EGM, you
are requested to complete and sign the enclosed Form of Proxy.
Completed Forms of Proxy should be returned to Lloyds TSB
Registrars, The Causeway, Worthing, West Sussex BN99&nbsp;6BF as
soon as possible, and in any event so as to be received by
Lloyds TSB Registrars no later than 10.30&nbsp;a.m. on Wednesday
8&nbsp;December 2004.
</FONT>

<P align="left">
<FONT size="2">If you hold shares in CREST, you may appoint a
proxy by completing and transmitting a CREST Proxy Instruction
to Lloyds TSB Registrars (CREST participant ID&nbsp;7RA01) so
that it is received by no later than 10.30&nbsp;a.m. on
Wednesday 8&nbsp;December 2004. The return of a completed Form
of Proxy or CREST Proxy Instruction will not prevent you from
attending the Extraordinary General Meeting and voting in person
if you wish to do so.
</FONT>

<P align="left">
<FONT size="2">Electronic Proxy Appointment is available for
this Extraordinary General Meeting. This facility enables
shareholders to lodge their proxy appointment by electronic
means on a website provided by Lloyds TSB Registrars via
www.sharevote.co.uk. Further details are set out in the notes to
the Form of Proxy.
</FONT>

<P align="left">
<B><FONT size="2">Recommendation</FONT></B>

<P align="left">
<B><FONT size="2">The Directors of InterContinental Hotels Group
PLC, who have received financial advice from Cazenove &#38; Co.
Ltd, consider the passing of the Resolutions to be in the best
interests of the Company and its Shareholders as a whole. In
giving their financial advice, Cazenove &#38; Co. Ltd has placed
reliance on the Directors&#146; commercial
assessments.</FONT></B>

<P align="left">
<B><FONT size="2">Accordingly, the Directors unanimously
recommend Shareholders to vote in favour of the Resolutions to
be proposed at the Extraordinary General Meeting as they intend
to do in respect of their own beneficial holdings of 160,601
Existing Ordinary Shares representing 0.02&nbsp;per cent. of the
existing issued share capital of the Company.</FONT></B>

<P align="left">
<FONT size="2">Yours sincerely
</FONT>

<P align="left">
<IMG src="u48150u4815004.gif" alt="(DAVID WEBSTER SIG)">

<P align="left">
<FONT size="2">David Webster
</FONT>

<DIV align="left">
<FONT size="2">Chairman
</FONT>
</DIV>

<P align="center"><FONT size="2">3
</FONT>

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<DIV align="left">
<A name='103'></A>
</DIV>

<!-- link1 "APPENDIX I FURTHER DETAILS OF THE SPECIAL DIVIDEND AND SHARE CONSOLIDATION" -->

<P align="center">
<B>APPENDIX I</B>

<P align="center">
<B>FURTHER DETAILS OF THE SPECIAL DIVIDEND AND</B>

<DIV align="center">
<B>SHARE CONSOLIDATION</B>
</DIV>

<P align="left">
<B><FONT size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
Consolidation</FONT></B>

<P align="left">
<FONT size="2">The effect of the Share Consolidation will be
that Shareholders on the Register at the close of business on
the Record Date, which is expected to be 6.00&nbsp;p.m. on
Friday 10&nbsp;December 2004, will, on the implementation of the
Share Consolidation, exchange:
</FONT>

<P align="center">
<B><FONT size="2">28&nbsp;Existing Ordinary Shares for
25&nbsp;New Ordinary Shares</FONT></B>

<P align="left">
<FONT size="2">and in that proportion for any other number of
Existing Ordinary Shares then held. The proportion of the issued
ordinary share capital of the Company held by each Shareholder
following the Share Consolidation will, save for fractional
entitlements, remain unchanged. Apart from having a different
nominal value, each New Ordinary Share will carry the same
rights as set out in the Company&#146;s Articles of Association
that currently attach to the Existing Ordinary Shares.
</FONT>

<P align="left">
<FONT size="2">To effect the Share Consolidation it may be
necessary to issue such minimum number of additional Existing
Ordinary Shares so that the number of the Company&#146;s
Existing Ordinary Shares is exactly divisible by 28.
</FONT>

<P align="left">
<B><FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects of
proposals</FONT></B>

<P align="left">
<FONT size="2">For purely illustrative purposes, examples of the
effects of the Special Dividend and the Share Consolidation in
respect of certain holdings of Existing Ordinary Shares are set
out below:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Existing Ordinary Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">New Ordinary Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Special Dividend</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">100
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">250
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;180</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">500
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;360</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1000
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">892</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#163;720</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">These examples do not show fractional
entitlements, the value of which will depend on the market value
of the New Ordinary Shares at the time of sale, as detailed
below.
</FONT>

<P align="left">
<FONT size="2">Shareholders whose holdings of Existing Ordinary
Shares cannot be consolidated into an exact number of New
Ordinary Shares will be left with a fractional entitlement. Such
Shareholders will receive cash in respect of fractional
entitlements to New Ordinary Shares following the Share
Consolidation. New Ordinary Shares representing such fractional
entitlements will be sold in the market on Monday
13&nbsp;December 2004 on behalf of the relevant Shareholders.
Cheques in respect of the net proceeds of sale are expected to
be despatched on Friday 17&nbsp;December 2004. Shareholders who
hold only one Existing Ordinary Share will only receive cash.
</FONT>

<P align="left">
<B><FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions</FONT></B>

<P align="left">
<FONT size="2">The Share Consolidation is conditional on the
first resolution set out in the notice of Extraordinary General
Meeting being passed and becoming unconditional. This resolution
is conditional on the New Ordinary Shares being admitted to the
Official List by the UK Listing Authority and being admitted to
trading by the London Stock Exchange.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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<P align="left">
<B><FONT size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
Schemes</FONT></B>

<P align="left">
<FONT size="2">Participants under the Share Schemes are not
entitled to receive the Special Dividend unless they participate
under the Britvic Share Incentive Plan or the Six Continents
Employee Profit Share Scheme. The Directors have determined, in
relation to those participants who will not be entitled to
receive the Special Dividend, that as the effect of the Share
Consolidation will be broadly to preserve the value of their
share options and awards, subject to normal market fluctuations,
no adjustment to their share options or awards is required.
Following the Share Consolidation, holders of such options and
awards will be entitled on the exercise of options and/or
vesting of awards to receive the same number of New Ordinary
Shares as their previous entitlement to Existing Ordinary Shares.
</FONT>

<P align="left">
<FONT size="2">For practical reasons, there may be a delay in
the processing of option exercises during the week preceding the
Record Date for the Special Dividend and the Share
Consolidation. Optionholders wishing to hold shares which will
qualify for the Special Dividend and Share Consolidation should
therefore exercise their options before 3&nbsp;December 2004.
</FONT>

<P align="left">
<FONT size="2">As at 12 November 2004 (being the last
practicable date prior to the publication of this document), the
total number of outstanding options and awards to acquire
Ordinary Shares was 28,286,809 which, if the Ordinary Shares
were subscribed for, would represent approximately 4.0&nbsp;per
cent. of the Company&#146;s issued share capital as at that
date. If the Resolutions to be proposed at the EGM are passed
and become unconditional, and no further options have been
exercised or awards vested or Ordinary Shares repurchased, these
options and awards will represent approximately 4.5&nbsp;per
cent. of the Company&#146;s issued share capital immediately
after the Share Consolidation.
</FONT>

<P align="left">
<FONT size="2">Following the Share Consolidation, the Directors
have determined that the Share Schemes will be operated in such
a way as to ensure that New Ordinary Shares are not issued to
employees under the Share Schemes in excess of the maximum
permitted percentage of the Company&#146;s issued ordinary share
capital.
</FONT>

<P align="left">
<B><FONT size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation</FONT></B>

<P align="left">
<B><I><FONT size="2">United Kingdom Taxation</FONT></I></B>

<P align="left">
<B><FONT size="2">The following summary is intended as a general
guide only and relates only to the UK taxation treatment of the
Special Dividend and the related Share Consolidation. It is
based on current UK law and current published Inland Revenue
practice for Shareholders who (except where otherwise indicated)
are resident in the UK for tax purposes, who are the beneficial
owners of those shares and who hold them as investments.
Shareholders who are in any doubt about their tax position, or
who are subject to tax in any jurisdiction other than the UK,
should consult their own appropriate professional
advisers.</FONT></B>

<P align="left">
<I><FONT size="2">Special Dividend</FONT></I>

<P align="left">
<FONT size="2">There is no UK withholding tax on dividends.
</FONT>

<P align="left">
<FONT size="2">An individual Shareholder should generally be
entitled to a tax credit in respect of the Special Dividend
which he or she can offset against his or her total income tax
liability. The amount of the tax credit is equal to 10 per cent.
of the aggregate of the dividend and the tax credit (the
&#147;gross dividend&#148;) (one-ninth of the amount of the net
cash dividend). The gross dividend is included in computing the
income of such an individual holder for UK tax purposes.
</FONT>

<P align="left">
<FONT size="2">The rate of income tax on dividends is 10 per
cent. of the gross dividend for taxpayers liable to income tax
at rates not exceeding the basic rate. The tax credit will
discharge the income tax liability on the Special Dividend of an
individual Shareholder who is not liable to income tax at a rate
higher than the basic rate. A higher rate taxpayer will be
liable to tax on the Special Dividend at the rate of 32.5 per
cent. of the gross dividend; so after the tax credit has been
set against his or her tax liability, he or she will have to
account for tax equal to 22.5 per cent. of the gross dividend
(25 per cent. of the net cash dividend received) to the extent
that the gross dividend, being treated as the top slice of his
or her income, falls above the threshold for higher rate income
tax.
</FONT>

<P align="left">
<FONT size="2">UK resident taxpayers who are not liable to UK
tax on dividends, including pension funds and charities, will
generally not be entitled to claim repayment of the tax credit
in respect of the Special Dividend.
</FONT>

<P align="left">
<FONT size="2">A UK resident corporate Shareholder will not
normally be liable to corporation tax in respect of the Special
Dividend. Such a holder will not be able to claim any repayment
of tax credits.
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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<P align="left">
<FONT size="2">The right of Shareholders who are not resident in
the UK for tax purposes to reclaim tax credits attaching to the
Special Dividend will depend upon the existence and terms of an
applicable double tax treaty. In most cases, the amount that can
be paid to such Shareholders will be reduced to nil as a result
of the terms of the relevant treaty. Shareholders who are not
resident in the UK for tax purposes should consult their own tax
advisers concerning their tax liabilities on the Special
Dividend in the UK and in any other country.
</FONT>

<P align="left">
<I><FONT size="2">Share Consolidation</FONT></I>

<P align="left">
<FONT size="2">It is expected that for the purposes of UK
taxation on chargeable gains the Share Consolidation will be
treated as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">the New Ordinary Shares arising from the Share
    Consolidation will result from a reorganisation of the share
    capital of the Company. Accordingly, a Shareholder will not
    generally be treated as making a disposal of all or part of the
    Shareholder&#146;s holding of Existing Ordinary Shares by reason
    of the Share Consolidation being implemented, and the New
    Ordinary Shares which replace a Shareholder&#146;s holding of
    Existing Ordinary Shares (&#147;the new holding&#148;) as a
    result of the Share Consolidation will be treated as the same
    asset acquired at the same time as the Shareholder&#146;s
    holding of Existing Ordinary Shares was acquired;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)</FONT></TD>
    <TD align="left">
    <FONT size="2">to the extent that a Shareholder receives cash by
    virtue of a sale on his or her behalf of any New Ordinary Shares
    to which he or she has a fractional entitlement, the Shareholder
    will not in practice normally be treated as making a part
    disposal of the Shareholder&#146;s holding of Existing Ordinary
    Shares, the proceeds instead being deducted from the base cost
    of the Shareholder&#146;s new holding; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(c)</FONT></TD>
    <TD align="left">
    <FONT size="2">on a subsequent disposal of the whole or part of
    the New Ordinary Shares comprised in the new holding, a
    Shareholder may, depending on his or her circumstances, be
    subject to tax on the amount of any chargeable gain realised.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<I><FONT size="2">Section&nbsp;703 of the Income and Corporation
Taxes Act 1988 (&#147;ICTA&#148;)</FONT></I>

<P align="left">
<FONT size="2">Under the provisions of section&nbsp;703 ICTA,
the Inland Revenue can, in certain circumstances, counteract tax
advantages arising in relation to certain transactions in
securities. No clearance has been or will be sought under
section&nbsp;707 ICTA that the Inland Revenue will not seek to
apply those provisions in relation to the Special Dividend.
These provisions, however, should not affect the taxation of
Shareholders who receive the Special Dividend while continuing
to hold their Ordinary Shares.
</FONT>

<P align="left">
<FONT size="2">Shareholders considering transactions in respect
of their Existing Ordinary Shares are advised to take
independent advice on the potential application of
section&nbsp;703 ICTA in the light of their own particular
circumstances.
</FONT>

<P align="left">
<B><I><FONT size="2">United States Taxation</FONT></I></B>

<P align="left">
<B><FONT size="2">The following summary is intended as a general
guide only and relates only to the US federal income tax
treatment of the Special Dividend and the related Share
Consolidation. It is based on current US law (including the US
Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), its legislative history, existing and
proposed US Treasury Regulations promulgated thereunder (the
&#147;Regulations&#148;), published rulings, and court
decisions), and the Conventions Between the Government of the
United States of America and the Government of the United
Kingdom of Great Britain and Northern Ireland for the Avoidance
of Double Taxation and the Prevention of Fiscal Evasion with
Respect to Taxes on Income and Capital Gains signed on
24&nbsp;July 2001 (the &#147;Income Tax Convention&#148;), as
and to the extent they are in effect as of the date of this
document and all of which are subject to change after that date,
possibly with retroactive effect. US Holders (as defined below)
who own Existing Ordinary Shares or ADRs are advised to consult
their own tax advisers with respect to the US federal income tax
consequences of the Special Dividend and the Share
Consolidation, as well as any of the elections mentioned
herein.</FONT></B>

<P align="left">
<FONT size="2">This summary concerns the US federal income tax
consequences of the Special Dividend and the related Share
Consolidation that are applicable to a beneficial owner of
Existing Ordinary Shares or ADRs (i)&nbsp;that is resident in
the United States and not resident in the United Kingdom for the
purposes of the Income Tax Convention, (ii)&nbsp;whose holding
is not connected with a permanent establishment or
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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<DIV align="left">
<FONT size="2">fixed base in the UK through or from which the
investor carries on or performs business activities or personal
services, (iii)&nbsp;that is otherwise eligible for benefits
under the Income Tax Convention with respect to income and gain
from Existing Ordinary Shares or ADRs, and (iv)&nbsp;that is a
&#147;US Holder&#148;. A &#147;US Holder&#148; is, for US
federal income tax purposes, (a)&nbsp;a citizen or resident of
the United States, (b)&nbsp;a corporation created or organised
under the laws of the United States or any State, (c)&nbsp;an
estate the income of which is subject to US federal income tax
without regard to its source, or (d)&nbsp;a trust if a court
within the United States is able to exercise primary supervision
over the administration of the trust and one or more United
States persons have the authority to control all substantial
decisions of the trust, or the trust has elected to be treated
as a domestic trust for US federal income tax purposes.
</FONT>
</DIV>

<P align="left">
<FONT size="2">The discussion does not cover all aspects of US
federal income taxation that may be relevant to, or the actual
tax effect that any of the matters described herein will have
on, the acquisition, ownership or disposition of Shares or ADRs
by particular investors, and does not address state, local,
foreign or other tax laws. In particular, this summary does not
take into account the specific circumstances of particular
investors (such as financial institutions, dealers or traders in
securities or commodities that elect mark-to-market treatment,
insurance companies, tax-exempt entities, regulated investment
companies, thrifts, persons that own (directly, indirectly, or
by attribution) 10 per cent. or more by voting power of the
Company&#146;s shares, persons who have ceased to be US citizens
or to be taxed as resident aliens, or persons who hold the
Existing Ordinary Shares or ADRs through partnerships or other
pass-through entities or as part of a &#147;hedging&#148;,
&#147;straddle&#148;, &#147;conversion&#148; or other integrated
financial transaction), some of which may be subject to special
rules. It also does not address the indirect tax consequences
applicable to holders of equity interests in a holder of the
Existing Ordinary Shares or ADRs, or any alternative minimum tax
consequences under US federal income tax law.
</FONT>

<P align="left">
<FONT size="2">For the purposes of the Income Tax Convention and
the Code, US Holders of ADRs will be treated as the beneficial
owners of the underlying Existing Ordinary Shares represented by
the ADRs.
</FONT>

<P align="left">
<I><FONT size="2">Special Dividend</FONT></I>

<P align="left">
<FONT size="2">Distributions paid by the Company out of current
or accumulated earnings and profits (as determined for US
federal income tax purposes) will generally be taxable to a US
Holder as foreign source dividend income, and will not be
eligible for the dividends received deduction allowed to
corporations. Distributions in excess of current and accumulated
earnings and profits will be treated as a non-taxable return of
capital to the extent of the US Holder&#146;s basis in the
Existing Ordinary Shares or ADRs and thereafter as capital gain.
However, the Company does not maintain calculations of its
earnings and profits in accordance with US federal income tax
accounting principles. US Holders should therefore assume that
the Special Dividend will constitute ordinary dividend income
includable in the US Holder&#146;s gross income when the Special
Dividend is received by the US Holder, in the case of Existing
Ordinary Shares or by the Depositary, in the case of ADRs. For
foreign tax credit limitation purposes, the Special Dividend
will be foreign source income and generally will be treated as
&#147;passive income&#148; (or in the case of certain holders,
&#147;financial services income&#148;). The amount of the
Special Dividend to be included in income of a US Holder for US
federal income tax purposes will be the US dollar value of the
Special Dividend, determined at the spot rate on the date such
Special Dividend is to be included in the income of the US
Holder, regardless of whether the payment is in fact converted
into US dollars at that time. If the foreign currency is
converted into US dollars on the date of receipt, a US Holder
generally should not be required to recognise foreign currency
gain or loss in respect of it. If the foreign currency received
as a Special Dividend is not converted into US&nbsp;dollars on
the date of receipt, a US&nbsp;Holder will have a basis in the
foreign currency equal to its US dollar value on the date of
receipt. Any gain or loss on a subsequent conversion or other
disposition of the foreign currency will be treated as ordinary
income or loss, and will generally be income or loss from
sources within the United States for foreign tax credit
limitation purposes.
</FONT>

<P align="left">
<FONT size="2">Under US federal income tax legislation enacted
in 2003 (the &#147;2003 Tax Act&#148;), for taxable years that
begin on or before 31&nbsp;December 2008 &#147;qualified
dividend income&#148; received by non-corporate US Holders
generally will be taxed at a preferential US federal income tax
rate provided the Company qualifies for the benefits of the
Income Tax Convention and certain other conditions are met. A US
Holder will be eligible for this reduced rate only if it has
held the Existing Ordinary Shares or ADRs for more than
60&nbsp;days during the 121&nbsp;day period beginning
60&nbsp;days before the ex-dividend date. The Company believes
that the Special Dividend is likely to constitute
&#147;qualified dividend income&#148; for US federal income tax
purposes.
</FONT>

<P align="center"><FONT size="2">7
</FONT>

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<P align="left">
<FONT size="2">Additionally, the 2003 Tax Act provides special
rules relating to the payment of an &#147;extraordinary
dividend&#148;. A Special Dividend on an Existing Ordinary Share
or ADR will constitute an extraordinary dividend if such
dividend equals or exceeds 10&nbsp;per cent. of the US
Holder&#146;s adjusted basis in the Existing Ordinary Share or
ADR. Non-corporate US Holders that receive extraordinary
dividends must treat any subsequent losses on the sale or
exchange of the relevant shares or ADRs as long-term capital
losses, to the extent of such extraordinary dividends.
</FONT>

<P align="left">
<I><FONT size="2">Share Consolidation</FONT></I>

<P align="left">
<FONT size="2">The Share Consolidation should constitute a
recapitalisation under the Code. Consequently a US Holder should
generally not recognise gain or loss for US federal income tax
purposes on an exchange of Existing Ordinary Shares or ADRs for
New Ordinary Shares or the associated ADRs (the &#147;New
ADRs&#148;) pursuant to the Share Consolidation.
</FONT>

<P align="left">
<FONT size="2">To the extent that a US Holder receives a payment
representing a fractional entitlement in the New Ordinary Shares
or New ADRs, the payment should be treated as payment in
exchange for the fractional entitlement, and the US Holder
should realise a gain or loss on such exchange in an amount
equal to the difference between the US dollar value of the
amount realised and the US Holder&#146;s tax basis in the
appropriate portion of Existing Ordinary Shares or ADRs.
</FONT>

<P align="left">
<FONT size="2">Such gain or loss generally will be long-term
capital gain or loss if the Existing Ordinary Shares or ADRs
were held for more than one year or, in the case of a loss, if
the extraordinary dividend rules discussed above in &#147;United
States Taxation&nbsp;&#151; Special Dividend&#148; apply, and
will be income or loss from sources within the United States for
foreign tax credit limitation purposes. The 2003 Tax Act
provides preferential tax rates for non-corporate US Holders
with respect to certain long-term capital gains. The deduction
of capital losses is subject to significant limitations. The
basis of the US Holders in the New Ordinary Shares or New ADRs
will be equal to their basis in the Existing Ordinary Shares or
ADRs decreased by their basis in the fractional entitlements to
the New Ordinary Shares or New ADRs, if any.
</FONT>

<P align="left">
<FONT size="2">If foreign currency received by a US Holder as
payment for a fractional entitlement to the New Ordinary Shares
or New ADRs is converted into US dollars on the date of receipt,
a US Holder generally should not be required to recognise
foreign currency gain or loss in respect of the payment. If the
foreign currency received as a payment is not converted into
US&nbsp;dollars on the date of receipt, a US Holder will have a
basis in the foreign currency equal to the US&nbsp;dollar value
thereof on the date of receipt. Any gain or loss on a subsequent
conversion or other disposition of the foreign currency will be
treated as ordinary income or loss, and will generally be income
or loss from sources within the United States for foreign tax
credit limitation purposes.
</FONT>

<P align="left">
<I><FONT size="2">Passive Foreign Investment Company
considerations</FONT></I>

<P align="left">
<FONT size="2">Whether a company is a Passive Foreign Investment
Company (&#147;PFIC&#148;) is a factual determination made
annually. Based on the Company&#146;s results to date, the
Company believes it should not be a PFIC in 2004 for US federal
income tax purposes. If the Company is treated as a PFIC, US
Holders may be subject to certain potentially materially adverse
US federal income tax consequences with respect to the Special
Dividend and any payment for fractional entitlements to the New
Ordinary Shares or New ADRs.
</FONT>

<P align="left">
<I><FONT size="2">Backup withholding and information
reporting</FONT></I>

<P align="left">
<FONT size="2">US information reporting requirements and backup
withholding tax will not apply to payments of Special Dividends
or for fractional entitlements to the New Ordinary Shares or New
ADRs (together, the &#147;Payments&#148;) if such Payments are
made outside the United States by the Company. US backup
withholding and information reporting requirements may apply to
certain Payments made to US Holders other than certain exempt
recipients (such as corporations) by a US paying agent or US
intermediary including certain US-related financial
intermediaries if the US Holder fails to (i)&nbsp;furnish its
correct taxpayer identification number, (ii)&nbsp;certify that
such US Holder is not subject to backup withholding, or
(iii)&nbsp;otherwise comply with applicable backup withholding
requirements.
</FONT>

<P align="left">
<FONT size="2">Any amounts withheld under the backup withholding
rules will be allowed as a refund or a credit against the US
Holder&#146;s US federal income tax liability provided the
required information and applicable forms are furnished to or
filed with the US Internal Revenue Service.
</FONT>

<P align="center"><FONT size="2">8
</FONT>

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<P align="left">
<B><FONT size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dealings and
settlement</FONT></B>

<P align="left">
<FONT size="2">Application will be made to the UK Listing
Authority for the New Ordinary Shares to be admitted to the
Official List and to the London Stock Exchange for the New
Ordinary Shares to be admitted to trading. Subject to the Share
Consolidation becoming effective, it is expected that dealings
in the New Ordinary Shares will commence at 8.00&nbsp;a.m. on
Monday 13&nbsp;December 2004.
</FONT>

<P align="left">
<FONT size="2">New share certificates in respect of the New
Ordinary Shares are expected to be posted at the risk of
Shareholders by Friday 17&nbsp;December 2004 to those
Shareholders who hold their shares in Certificated Form. These
will replace existing certificates which should then be
destroyed. Pending the receipt of new certificates, transfers of
New Ordinary Shares held in Certificated Form will be certified
against the Register. Shareholders who hold their entitlement to
New Ordinary Shares in Uncertificated Form through CREST will
have their CREST accounts adjusted to reflect their entitlement
to New Ordinary Shares on Monday 13&nbsp;December 2004.
</FONT>

<P align="left">
<B><FONT size="2">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADRs</FONT></B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="69%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><I><FONT size="2">Key dates for ADR holders</FONT></I></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <B><FONT size="2">2004</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Latest date and time for receipt by the ADR
    Depositary of completed&nbsp;Voting Instruction cards from
    holders of ADRs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">3.00&nbsp;p.m. (New York time) on Friday
    3&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Extraordinary General Meeting
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">10.30&nbsp;a.m. (London time) on Friday
    10&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Effective Date
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">6.00&nbsp;p.m. (New York time) on Friday
    10&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commencement of dealings in new ADRs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Monday 13&nbsp;December
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exchange of existing ADRs commences
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top">
    <FONT size="2">Tuesday 21&nbsp;December
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><I><FONT size="2">Voting by ADR holders</FONT></I></B>

<P align="left">
<FONT size="2">The latest time to provide the ADR Depositary
with voting instructions for the Extraordinary General Meeting
is 3.00&nbsp;p.m. (New York time) on Friday 3&nbsp;December 2004.
</FONT>

<P align="left">
<FONT size="2">Holders of ADRs will not, except as mentioned
below, be entitled to attend the Extraordinary General Meeting.
However, the ADR Depositary, as registered holder of the
InterContinental Hotels Group Shares underlying the ADRs, will
be so entitled and will vote or appoint a proxy in respect of
such shares in accordance with written instructions received
from holders of ADRs. Registered holders of ADRs as at
5.00&nbsp;p.m. (New York time) on 15&nbsp;November 2004 wishing
to attend the Extraordinary General Meeting should apply to the
ADR Depositary to be appointed as its proxy in respect of the
Existing Ordinary Shares underlying their ADRs so that such
application is received before 3.00&nbsp;p.m. (New&nbsp;York
time) on Friday 3&nbsp;December 2004.
</FONT>

<P align="left">
<FONT size="2">Alternatively, holders of ADRs who wish to attend
the Extraordinary General Meeting in person should take steps to
present their ADRs to the ADR Depositary for cancellation and
(upon compliance with the terms of the ADR Deposit Agreement,
including payment of the ADR Depositary&#146;s fees and any
applicable taxes and governmental charges) delivery of Existing
Ordinary Shares so as to become registered members of the
Company prior to the Extraordinary General Meeting.
</FONT>

<P align="left">
<FONT size="2">If no instructions are received by the ADR
Depositary from any holder with respect to any of the ADRs on or
before 3&nbsp;December 2004, the ADR Depositary shall deem such
holder to have instructed the ADR Depositary to give a
discretionary proxy to a person designated by the Company with
respect to such ADRs and the ADR Depositary shall give a
discretionary proxy to a person designated by the Company to
vote such ADRs.
</FONT>

<P align="left">
<B><I><FONT size="2">Share Consolidation</FONT></I></B>

<P align="left">
<FONT size="2">Following the Share Consolidation becoming
effective, the Existing Ordinary Shares held by the ADR
Depositary and underlying each existing ADR will be exchanged
for New Ordinary Shares. As a result of the Share Consolidation
and Special Dividend, for each existing ADR held at the
Effective Date, holders will, upon exchange of their existing
ADRs, receive new ADRs and, in connection with the Special
Dividend, will also be paid the US dollar equivalent of
0.72&nbsp;pounds sterling converted at the prevailing spot
market rate on the day that the funds for the Special Dividend
are received by the ADR Depositary
</FONT>

<P align="center"><FONT size="2">9
</FONT>

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<DIV align="left">
<FONT size="2">(net of expenses). Fractions of new ADRs will not
be issued to holders of existing ADRs. All fractions to which
holders of existing ADRs would otherwise have been entitled will
be aggregated and sold in the market as soon as practicable
after the Share Consolidation becomes effective and the net
proceeds of sale will be paid to the holders of the existing
ADRs entitled thereto.
</FONT>
</DIV>

<P align="left">
<FONT size="2">Following the Share Consolidation becoming
effective, the ADR Depositary will mail a notice to registered
holders of ADRs regarding the mechanics of the exchange of their
existing ADRs. For those ADR holders who hold a book-entry
position through the Direct Registration System (DRS), the
Depositary will automatically mail a new DRS Statement advising
of the number of new ADRs to be credited to the holder&#146;s
account along with the Special Dividend and any proceeds from
the sale of fractional shares to which the holder may be
entitled. No action will be necessary on the part of the holder.
For registered holders of ADR certificate(s), instructions for
the exchange of ADR certificates will be set out in the Letter
of Transmittal. If such holders do not surrender their
certificate(s) for exchange, they will not receive the new
entitlement and all dividends will be held until such time as
they surrender their old certificate(s). ADR holders who hold
their ADRs through a broker, financial institution or other
nominee or otherwise, must rely on the procedures of such
broker, financial institution or other nominee. The ADR
Depositary will, upon surrender of the existing ADRs, deliver
new ADRs, the Special Dividend and any proceeds from the sale of
fractional shares to which the holder may be entitled.
</FONT>

<P align="left">
<B><I><FONT size="2">Available information</FONT></I></B>

<P align="left">
<FONT size="2">InterContinental Hotels Group is currently
subject to the information requirements of the US Securities
Exchange Act applicable to foreign private issuers having
securities registered under section&nbsp;12 of that Act and as
required by that Act files an annual report and other
information with the SEC. The reports and other information
filed with the SEC can be inspected and copied at the public
reference room located at 450&nbsp;Fifth Street, NW, Washington
DC&nbsp;20549 (www.sec.gov). Please call the SEC at
+1-800-SEC-0330 for further information on the public reference
rooms and their copy charges. In addition such material may also
be inspected and copied at the offices of the New York Stock
Exchange, Inc., 11&nbsp;Wall Street, New&nbsp;York,
New&nbsp;York 10005 (www.nyse.com). Please call the New York
Stock Exchange, Inc. at +1-212-656-3000.
</FONT>

<P align="left">
<B><FONT size="2">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent</FONT></B>

<P align="left">
<FONT size="2">Cazenove&nbsp;&#38; Co. Ltd has given and not
withdrawn its written consent to the inclusion in this document
of the references to its name in the form and context in which
it appears.
</FONT>

<P align="left">
<B><FONT size="2">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents
available for inspection</FONT></B>

<P align="left">
<FONT size="2">Copies of the following documents will be
available for inspection during normal business hours on any
weekday (Saturdays, Sundays and public holidays excepted) at the
offices of Linklaters, One Silk Street, London EC2Y 8HQ until
the date of the EGM:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">this document; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)</FONT></TD>
    <TD align="left">
    <FONT size="2">the consent letter referred to above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">16 November 2004.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<DIV align="left">
<A name='104'></A>
</DIV>

<!-- link1 "APPENDIX II DEFINITIONS" -->

<P align="center">
<B>APPENDIX II</B>

<P align="center">
<B>DEFINITIONS</B>

<P align="left">
<FONT size="2">The following definitions apply throughout this
document and the accompanying Form of Proxy unless the context
requires otherwise.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="24%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Act
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the Companies Act 1985 (as amended)
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Admission
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">admission of the New Ordinary Shares to the
    Official List and to trading on the market for listed securities
    of the London Stock Exchange
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">ADR
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">an American depositary receipt evidencing an
    American depositary share, issued by the ADR Depositary in
    accordance with the provisions of the ADR Deposit Agreement
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">ADR Deposit Agreement
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the deposit agreement entered into between
    InterContinental Hotels Group, the ADR Depositary and holders
    from time to time of ADRs issued under it
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">ADR Depositary
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the Bank of New York in its capacity as the ADR
    depositary under the ADR Deposit Agreement
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Board
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the board of Directors of the Company
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Certificated or <BR>
     In Certificated Form
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2"> <BR>
     not in Uncertificated Form
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">CREST
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the relevant system (as defined in the CREST
    Regulations) in respect of which CRESTCo Limited is the Operator
    (as defined in the CREST Regulations)
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">CREST Regulations
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the Uncertificated Securities Regulations 2001
    (SI 2001 No.&nbsp;3755)
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Directors
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the directors of the Company
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Effective Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the date on which entitlement to the Special
    Dividend and Share Consolidation becomes effective
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Existing Ordinary Shares
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the existing issued ordinary shares of &#163;1
    each in the capital of the Company
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Extraordinary General Meeting or EGM
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the Extraordinary General Meeting of the Company
    convened for 10.30&nbsp;a.m. on 10&nbsp;December 2004 (and any
    adjournment thereof), notice of which is set out at the end of
    this document
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Form of Proxy
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the form of proxy for use by holders of Existing
    Ordinary Shares accompanying this document for use in connection
    with the EGM
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">InterContinental Hotels Group or the Company
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2"> <BR>
     InterContinental Hotels Group PLC
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">London Stock Exchange
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">London Stock Exchange PLC
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">New Ordinary Shares
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the proposed new ordinary shares of
    112&nbsp;pence each in the capital of the Company resulting from
    the Share Consolidation
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Official List
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the Official List of the UK Listing Authority
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Ordinary Shares
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">prior to the Share Consolidation, the Existing
    Ordinary Shares and, thereafter, the New Ordinary Shares
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Registrar
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Lloyds TSB Registrars at The Causeway, Worthing,
    West Sussex, BN99&nbsp;6BF
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Record Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">6.00&nbsp;p.m. on 10&nbsp;December 2004 (or such
    other time and date as the Directors may determine)
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Register
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the register of members of the Company
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">11
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="24%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Resolutions
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the resolutions set out in the notice convening
    the Extraordinary General Meeting
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">SEC
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the United States Securities and Exchange
    Commission
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Share Consolidation
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the proposed consolidation to be effected by
    consolidating every 28 Existing Ordinary Shares or 28 authorised
    but unissued ordinary shares respectively into 25 New Ordinary
    Shares
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Shareholders
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">holders of Ordinary Shares in the Company
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Share Schemes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the InterContinental Hotels Group Executive Share
    Option Plan, the InterContinental Hotels Group Performance
    Restricted Share Plan, the InterContinental Hotels Group Short
    Term Deferred Incentive Plan, the InterContinental Hotels Group
    Sharesave Plan, the Britvic Share Incentive Plan and the Six
    Continents Employee Profit Share Scheme
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Special Dividend
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the proposed special interim dividend of 72 pence
    per Existing Ordinary Share
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">UK Listing Authority
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the Financial Services Authority acting in its
    capacity as the competent authority for the purposes of
    Part&nbsp;VI of the Financial Services and Markets Act 2000
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Uncertificated or <BR>
     In Uncertificated Form
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">recorded on the Register as being held in
    uncertificated form in CREST and title to which, by virtue of
    the CREST Regulations, may be transferred by means of CREST
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">United Kingdom or UK
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the United Kingdom of Great Britain and Northern
    Ireland
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">United States or US
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the United States of America, its territories and
    possessions, any State of the United States of America and the
    District of Columbia
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">US Securities Exchange Act
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">the US Securities Exchange Act of 1934, as amended
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<P align="center">
<B>INTERCONTINENTAL HOTELS GROUP PLC</B>


<DIV align="left">
<A name='105'></A>
</DIV>

<!-- link1 "NOTICE OF EXTRAORDINARY GENERAL MEETING" -->

<P align="center">
<B>NOTICE OF EXTRAORDINARY GENERAL MEETING</B>

<P align="left">
<FONT size="2">Notice is hereby given that an Extraordinary
General Meeting of InterContinental Hotels Group PLC (the
&#147;<B>Company</B>&#148;) will be held at 10.30&nbsp;a.m. on
Friday 10&nbsp;December 2004 at The Queen Elizabeth II
Conference Centre, Broad Sanctuary, Westminster, London SW1P 3EE
for the purpose of considering and, if thought fit, passing the
following resolutions, the first of which will be proposed as an
ordinary resolution and the second as a special resolution:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">1.</FONT></TD>
    <TD align="left">
    <FONT size="2">That, subject to and conditional upon admission
    of the New Ordinary Shares (as defined below) to the Official
    List of the United Kingdom Listing Authority and to trading on
    the London Stock Exchange becoming effective:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">all the ordinary shares of &#163;1 each in the
    capital of the Company which at the close of business on Friday
    10&nbsp;December 2004 (or such other time and date as the
    directors of the Company may determine) are shown in the books
    of the Company as authorised, whether issued or unissued, shall
    be sub-divided into new ordinary shares of 4&nbsp;pence each in
    the capital of the Company (the &#147;<B>Intermediate
    Shares</B>&#148;);
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="8%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)&nbsp;&nbsp;&nbsp;(i)</FONT></TD>
    <TD align="left">
    <FONT size="2">all Intermediate Shares that are unissued shall
    be consolidated into new ordinary shares of 112&nbsp;pence each
    in the capital of the Company (the &#147;<B>Unissued New
    Ordinary Shares</B>&#148;), provided that, where such
    consolidation would otherwise result in a fraction of an
    Unissued New Ordinary Share, that number of Intermediate Shares
    which would otherwise constitute such fraction shall be
    cancelled pursuant to section&nbsp;121(2)(e) of the Companies
    Act 1985; and
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="4%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(ii)</FONT></TD>
    <TD align="left">
    <FONT size="2">all Intermediate Shares that are in issue shall
    be consolidated into new ordinary shares of 112&nbsp;pence each
    in the capital of the Company (the &#147;<B>New Ordinary
    Shares</B>&#148;), provided that, where such consolidation
    results in any member being entitled to a fraction of a New
    Ordinary Share, such fraction shall, so far as possible, be
    aggregated with the fractions of a New Ordinary Share to which
    other members of the Company may be entitled and the directors
    of the Company be and are hereby authorised to sell (or appoint
    any other person to sell to any person), on behalf of the
    relevant members, all the New Ordinary Shares representing such
    fractions at the best price reasonably obtainable to any person,
    and to distribute the proceeds of sale (net of expenses) in due
    proportion among the relevant members entitled thereto (save
    that any fraction of a penny which would otherwise be payable
    shall be rounded up or down in accordance with the usual
    practice of the registrar of the Company) and that any director
    of the Company (or any person appointed by the directors of the
    Company) shall be and is hereby authorised to execute an
    instrument of transfer in respect of such shares on behalf of
    the relevant members and to do all acts and things the directors
    consider necessary or expedient to effect the transfer of such
    shares to, or in accordance with the directions of, any buyer of
    any such shares.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">2.</FONT></TD>
    <TD align="left">
    <FONT size="2">That, subject to and conditional upon resolution
    1 above being passed and becoming unconditional, the Company
    shall be and is hereby generally and unconditionally authorised
    for the purpose of section 166 of the Companies Act 1985 to make
    market purchases (within the meaning of section 163 of the
    Companies Act 1985) of New Ordinary Shares on such terms and in
    such manner as the directors of the Company may from time to
    time determine provided that:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(a)</FONT></TD>
    <TD align="left">
    <FONT size="2">the maximum aggregate number of New Ordinary
    Shares that may be purchased under this authority is 93,189,655;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(b)</FONT></TD>
    <TD align="left">
    <FONT size="2">the minimum price which may be paid is the
    nominal value of such share;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(c)</FONT></TD>
    <TD align="left">
    <FONT size="2">the maximum price which may be paid for a New
    Ordinary Share purchased under this authority is an amount equal
    to 105&nbsp;per cent. of the average of the middle market
    quotations for a New Ordinary Share, as derived from the London
    Stock Exchange Daily Official List for the five business days
    immediately preceding the day on which that share is contracted
    to be purchased; and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">13
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="4%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(d)</FONT></TD>
    <TD align="left">
    <FONT size="2">this authority will, unless previously varied,
    revoked or renewed, expire at the conclusion of the next Annual
    General Meeting of the Company or on 10&nbsp;March 2006,
    whichever is earlier (except in relation to shares the contract
    for which was concluded before the expiry of such authority and
    which will or may be executed wholly or partly after such
    expiry).
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">By Order of the Board<BR>
    Richard Winter<BR>
    <BR>
     <I>Company Secretary</I>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <I><FONT size="2">Registered Office:<BR>
    </FONT></I><FONT size="2">67 Alma Road<BR>
    Windsor<BR>
    Berkshire SL4 3HD<BR>
    <BR>
    <BR>
    Dated 16&nbsp;November 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Notes:</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">1.</FONT></TD>
    <TD align="left">
    <FONT size="2">Any member of the Company entitled to attend and
    vote at the Extraordinary General Meeting may appoint one or
    more proxies to attend and, upon a poll, to vote on behalf of
    such member. A proxy need not be a member of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">2.</FONT></TD>
    <TD align="left">
    <FONT size="2">A Form of Proxy is enclosed. To be valid, the
    Form of Proxy, together with the power of attorney or other
    authority, if any, under which it is signed, or a duly certified
    copy thereof, should be completed, signed and deposited with the
    Company&#146;s Registrar, Lloyds TSB Registrars, at The
    Causeway, Worthing, West Sussex BN99&nbsp;6BF, not later than 48
    hours before the time appointed for the Extraordinary General
    Meeting. Completion of a Form of Proxy will not preclude a
    member from attending the Extraordinary General Meeting and
    voting in person.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">3.</FONT></TD>
    <TD align="left">
    <FONT size="2">Pursuant to Regulation&nbsp;41 of the
    Uncertificated Securities Regulations 2001, the Company
    specifies that to be entitled to attend and vote at the
    Extraordinary General Meeting or any adjournment thereof (and
    for the purposes of determining the number of votes they may
    cast) a person must be entered on the Company&#146;s register of
    members at 6.00&nbsp;p.m. (London time) on the day two days
    before the day of the Extraordinary General Meeting or adjourned
    meeting (as the case may be). Changes to entries on the register
    of members after this time shall be disregarded in determining
    the rights of any person to attend or vote at the Extraordinary
    General Meeting or any adjourned meeting (as the case may be).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">4.</FONT></TD>
    <TD align="left">
    <FONT size="2">CREST members who wish to appoint a proxy or
    proxies through the CREST electronic proxy appointment service
    may do so for the Extraordinary General Meeting to be held on
    10&nbsp;December 2004 and any adjournment(s) thereof by using
    the procedures described in the CREST Manual. CREST Personal
    Members or other CREST sponsored members, and those CREST
    members who have appointed a voting service provider(s), should
    refer to their CREST sponsor or voting service provider(s), who
    will be able to take the appropriate action on their behalf.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">In order for a proxy appointment or instruction
    made using the CREST service to be valid, the appropriate CREST
    message (a &#147;CREST Proxy Instruction&#148;) must be properly
    authenticated in accordance with CRESTCo&#146;s specifications
    and must contain the information required for such instructions,
    as described in the CREST Manual. The message, regardless of
    whether it constitutes the appointment of a proxy or an
    amendment to the instruction given to a previously appointed
    proxy must, in order to be valid, be transmitted so as to be
    received by the issuer&#146;s agent (ID&nbsp;7RA01) by the
    latest time(s) for receipt of proxy appointments specified in
    the notice of meeting. For this purpose, the time of receipt
    will be taken to be the time (as determined by the timestamp
    applied to the message by the CREST Applications Host) from
    which the issuer&#146;s agent is able to retrieve the message by
    enquiry to CREST in the manner prescribed by CREST. After this
    time any change of instructions to proxies appointed through
    CREST should be communicated to the appointee through other
    means.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">CREST members and, where applicable, their CREST
    sponsors or voting service providers should note that CRESTCo
    does not make available special procedures in CREST for any
    particular messages. Normal system timings and limitations will
    therefore apply in relation to the input of CREST Proxy
    Instructions. It is the responsibility of the CREST member
    concerned to take (or, if the CREST member is a CREST personal
    member or sponsored member or has appointed a voting service
    provider(s), to procure that his CREST sponsor or voting service
    provider(s) take(s)) such action as shall be necessary to ensure
    that a message is transmitted by means of the CREST system by
    any particular time. In this connection, CREST members and,
    where applicable, their CREST sponsors or voting service
    providers are referred, in particular, to those sections of the
    CREST Manual concerning practical limitations of the CREST
    system and timings.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">The Company may treat as invalid a CREST Proxy
    Instruction in the circumstances set out in
    Regulation&nbsp;35(5)(a) of the Uncertificated Securities
    Regulations 2001.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">5.</FONT></TD>
    <TD align="left">
    <FONT size="2">Electronic Proxy Appointment
    (&#147;<B>EPA</B>&#148;) is available for this Meeting. To use
    this facility you must visit www.sharevote.co.uk where details
    of the procedure are shown. Your reference number, card ID and
    account number will be required to complete the procedure. EPA
    will not be valid if received after 10.30&nbsp;a.m. on Wednesday
    8&nbsp;December 2004 and will not be accepted if found to
    contain a computer virus. You can also vote online at
    www.sharevote.co.uk where details of the procedure are shown.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">14
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name='106'></A>
</DIV>
<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>


<P align="left" style="font-size: 10pt">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.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top"><B>InterContinental Hotels Group PLC</B><BR>
(Registrant)</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/
<HR size="1" noshade width="70%">
Catherine Springett<BR>
Head of Secretariat</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">Dated:&nbsp;&nbsp;December 8, 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>




<P align="center" style="font-size: 10pt">15
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