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<SEC-DOCUMENT>0000950123-05-007797.txt : 20050627
<SEC-HEADER>0000950123-05-007797.hdr.sgml : 20050627
<ACCEPTANCE-DATETIME>20050627124312
ACCESSION NUMBER:		0000950123-05-007797
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20050627
DATE AS OF CHANGE:		20050627
EFFECTIVENESS DATE:		20050627

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-126139
		FILM NUMBER:		05916887

	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>S-8
<SEQUENCE>1
<FILENAME>u48958sv8.htm
<DESCRIPTION>FORM S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM S-8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933</B>

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


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="top">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="top">
    <TD align="center" valign="top"><B>England and Wales</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="top">
    <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>67 Alma Road<BR>
Windsor, Berkshire SL4 3HD</B><BR>
(Address of principal executive offices)



<P align="center" style="font-size: 10pt"><B>InterContinental Hotels Group Executive Share Option Plan<BR>
InterContinental Hotels Group Performance Restricted Share Plan<BR>
InterContinental Hotels Group Short Term Deferred Incentive Plan<BR>
InterContinental Hotels Group US Employee Stock Purchase Plan</B><BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><B>Robert Jackman<BR>
InterContinental Hotels Group PLC<BR>
Three Ravinia Drive, Suite&nbsp;100<BR>
Atlanta, Georgia 30346-2149<BR>
Tel: (770)&nbsp;604-8177</B><BR>
(Name, Address and Telephone Number,<BR>
Including Area Code, of Agent For Service)



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="top">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="16" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Title of each</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">class of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">maximum</TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">maximum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">securities</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">offering</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">aggregate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">to be</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">to be</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">offering</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">registration</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">registered</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">registered (1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">per unit (2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">price (2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">fee</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Ordinary
Shares, par value &#163;6.25 per share&nbsp;&nbsp;(3) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">InterContinental Hotels Group <BR>Executive Share Option Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">InterContinental Hotels Group<BR>
Performance
Restricted Share
Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100,480,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">InterContinental Hotels Group
Short <BR>Term Deferred
Incentive Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">InterContinental Hotels Group US<BR>
Employee Stock
Purchase Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">87,920,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,348</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:-0px">TOTAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">34,001</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">The amount of Ordinary Shares being registered represents the maximum aggregate amount
issuable to employees in the United States pursuant to the above-referenced plans (the &#147;Plans&#148;) of
InterContinental Hotel Group PLC (the &#147;Registrant&#148; or the &#147;Company&#148;).</TD>
</TR>

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

<TR valign="top">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">This Registration Statement on Form S-8 shall also cover any additional Ordinary Shares which
become issuable under the Plans by reason of any stock dividend, stock split, recapitalization or
other similar transaction effected without the receipt of consideration which results in an
increase in the number of outstanding Ordinary Shares of the Registrant.</TD>
</TR>

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

<TR valign="top">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">Estimated solely for the purpose of determining the registration fee in accordance with
Rule 457(h) under the Securities Act of 1933, as amended. The above calculation is based on (i)&nbsp;the
middle market quotation for the Ordinary Shares on June&nbsp;24, 2005 on the London Stock Exchange, and
(ii)&nbsp;the noon buying rate in New York City for cable transfers in pounds sterling as certified for
custom purposes by the Federal Reserve Bank of New York on June&nbsp;24, 2005 of &#163;1 = $1.82 .</TD>
</TR>

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

<TR valign="top">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">The par value of each Ordinary Share will be reduced from &#163;6.25 to 10 pence upon the
Registrant&#146;s reduction of capital, expected to become effective on June&nbsp;30, 2005.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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

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




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003"> PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption From Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012"> Index to Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv3w1.htm">EX-3.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv4w1.htm">EX-4.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv4w2.htm">EX-4.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv4w3.htm">EX-4.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv4w4.htm">EX-4.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv4w5.htm">EX-4.5</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv5w1.htm">EX-5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="u48958exv23w1.htm">EX-23.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 " PART I " -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>


<DIV align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></DIV>


<!-- link2 "Item&nbsp;1. Plan Information " -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1. Plan Information</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted pursuant to the instructions and provisions of Form S-8.

<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted pursuant to the instructions and provisions of Form S-8.


<P align="center" style="font-size: 10pt">2
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " PART II " -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>


<DIV align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT</B></DIV>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference " -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reports listed below have been filed with or furnished to the
Commission by the Registrant, and are incorporated herein by reference
to the extent not superseded by documents or reports subsequently
filed or furnished:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Parts 1 and 3 of the Registrant&#146;s Listing Particulars, dated
May&nbsp;3, 2005, containing financial information and other
materials information regarding InterContinental Hotels
Group PLC, furnished to the Commission under cover of a Form
6-K by InterContinental Hotels Group PLC on May&nbsp;4, 2005;

&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Annual Report for InterContinental Hotels Group PLC on
Form 20-F for the fiscal year ended December&nbsp;31, 2004, filed
with the Commission on May&nbsp;3, 2005;


&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)(1) </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form 6-K, dated May&nbsp;26, 2005, furnished to the Commission by
InterContinental Hotels Group PLC, enclosing Supplementary
Listing Particulars relating to the Registrant;


&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form&nbsp;6-K, dated June&nbsp;27, 2005, furnished to the Commission
by the Registrant, enclosing a press release announcing the
results of the scheme of arrangement; and


&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s ordinary shares of &#163;6.25
each and American Depositary Shares (&#147;ADSs&#148;) each
representing one Ordinary Share of &#163;6.25 each evidenced by
American Depositary Receipts (&#147;ADRs&#148;) and contained in the
Registrant&#146;s Registration Statement on Form F-6, as filed
with the Commission on June&nbsp;3, 2005.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, all filings on Form 20-F filed by the Registrant pursuant
to the Securities Exchange Act of 1934 after the date of this
Registration Statement and prior to the termination of the
distribution contemplated hereby are incorporated by reference in this
Registration Statement from the date of filing such documents or
reports. Also, to the extent designated therein, Reports on Form 6-K
filed or furnished by the Registrant after the date hereof and prior
to the termination of the distribution contemplated hereby are
incorporated by reference in this Registration Statement from the date
of filing or furnishing such documents or reports.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All documents subsequently filed by the Registrant pursuant to
Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of
1934, prior to the filing of the post-effective amendment which
indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold, shall be deemed to
be incorporated by reference in the registration statement and to be
part thereof from the date of filing of such documents. Any statement
contained in a document incorporated or deemed to be incorporated by
reference herein shall be deemed to be modified or superseded for
purposes of this Registration Statement to the extent that a statement
contained herein or in any other subsequently filed document which
also is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</TD>
</TR>

</TABLE>

<!-- link2 "Item&nbsp;4. Description of Securities " -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel " -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>None.</TD>
</TR>

</TABLE>

<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Article&nbsp;158.1 of the Registrant&#146;s Articles of Association provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Subject to the provisions of, and so far as may be
permitted by and consistent with, the Statutes, every
Director and officer of the Company shall be indemnified
by the Company out of its own funds against (a)&nbsp;any
liability incurred by or attaching to him in connection
with any negligence, default, breach of duty or breach of
trust by him in relation to the Company in the actual or
purported </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
</DIV>

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

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execution and/or discharge of his duties and/or
the exercise or purported exercise of his powers other
than (i)&nbsp;any liability to the Company or any associated
company (as defined in Section&nbsp;309A(6) of the Act) and
(ii)&nbsp;any liability of the kind referred to in Sections
309B(3) or (4)&nbsp;of the Act; and (b)&nbsp;any other liability
incurred by or attaching to him in the actual or
purported execution and/or discharge of his duties and/or
the exercise or purported exercise of his powers and/or
otherwise in relation to or in connection with his
duties, powers or office. Such indemnity shall extend to
liabilities arising after a person ceases to be a
Director or an officer of the Company in respect of acts
or omissions while he was a Director or an officer if
such acts or omissions would have been indemnified had
the relevant person remained a Director or officer, as
the case may be. Where a Director or officer is
indemnified against any liability in accordance with this
paragraph 158.1, such indemnity shall extend to all
costs, charges, losses, expenses and liabilities incurred
by him in relation thereto.&#148;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Article&nbsp;158.2 of the Registrant&#146;s Articles of Association provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Without prejudice to paragraph 158.1 above, the
Directors shall have power to purchase and maintain
insurance for or for the benefit of (i)&nbsp;any person who is
or was at any time a Director or officer of any Relevant
Company (as defined in paragraph 158.3 below), or (ii)
any person who is or was at any time a trustee of any
pension fund or employees&#146; share scheme in which
employees of any Relevant Company are interested,
including (without prejudice to the generality of the
foregoing) insurance against any liability incurred by or
attaching to him in respect of any act or omission in the
actual or purported execution and/or discharge of his
duties and/or in the exercise or purported exercise of
his powers and/or otherwise in relation to his duties,
powers or offices in relation to any Relevant Company, or
any such pension fund or employees&#146; share scheme (and all
costs, charges, losses, expenses and liabilities incurred
by him in relation thereto).&#148;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Article&nbsp;158.3 of the Registrant&#146;s Articles of Association provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;For the purpose of paragraph 158.2 above, &#147;Relevant
Company&#148; shall mean the Company, any holding company of
the Company or any other body, whether or not
incorporated, in which the Company or such holding
company or any of the predecessors of the Company or of
such holding company has or had any interest whether
direct or indirect or which is in any way allied to or
associated with the Company, or any subsidiary
undertaking of the Company or of such other body.&#148;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Article&nbsp;158.4 of the Registrant&#146;s Articles of Association provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Subject to the provisions of and so far as may be
permitted by the Statutes, the Company (i)&nbsp;may provide
any current or former Director or officer with funds to
meet expenditure incurred or to be incurred by him in
defending any criminal or civil proceedings which relate
to anything done or omitted or alleged to have been done
or omitted by him as such a Director or officer of the
Company in the actual or purported execution and/or
discharge of his duties and/or the exercise or purported
exercise of his powers or in connection with any
application under the provisions mentioned in Section
337A(2) of the Act and (ii)&nbsp;may do anything to enable a
Director or officer to avoid incurring such expenditure,
but so that the terms set out in Section&nbsp;337A(4) of the
Act shall apply to any such provision of funds or other
things done provided that, for the purpose of this
paragraph 158.4, references to &#147;director&#148; in Section
337A(4) of the Act shall be deemed to include references
to a former Director or a current or former officer of
the Company.&#148;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;309A of the Companies Act 1985 provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This section applies in relation to any liability
attaching to a director of a company in connection with
any negligence, default, breach of duty or breach of
trust by him in relation to the company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any provision which purports to exempt (to any extent) a
director of a company from any liability within
subsection (1)&nbsp;is void.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any provision by which a company directly or indirectly
provides (to any extent) an indemnity for a director of &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an associated company,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>against any liability within subsection (1)&nbsp;is void</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
</DIV>

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

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This is subject to subsections (4)&nbsp;and (5).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsection (3)&nbsp;does not apply to a qualifying third party
indemnity provision (see section 309B(1)).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsection (3)&nbsp;does not prevent a company from purchasing
and maintaining for a director of &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an associated company,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>insurance against any liability within subsection (1).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this section &#150;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;associated company&#148;, in relation to a company (&#147;C&#148;), means
a company which is C&#146;s subsidiary, or C&#146;s holding company or
a subsidiary of C&#146;s holding company;<BR><BR>&#147;provision&#148; means a
provision of any nature, whether or not it is contained in a
company&#146;s articles or in any contract with a company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;309B of the Companies Act 1985 provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of section 309A(4) a provision is a
qualifying third party indemnity provision if it is a
provision such as is mentioned in section 309A(3) in
relation to which conditions A to C below are satisfied.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Condition A is that the provision does not provide any
indemnity against any liability incurred by the director &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the company, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to any associated company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Condition B is that the provision does not provide any
indemnity against any liability incurred by the director to
pay &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fine imposed in criminal proceedings, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a sum payable to a regulatory authority by way of a
penalty in respect of noncompliance with any requirement of a regulatory
nature (however arising).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Condition C is that the provision does not provide any
indemnity against any liability incurred by the director &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in defending any criminal proceedings in which he
is convicted, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in defending any civil proceedings brought by the
company, or an associated company, in which
judgment is given against him, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with any application under any of
the following provisions in which the court
refuses to grant him relief, namely &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 144(3) or (4) (acquisition of shares by innocent nominee), or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 727 (general power to grant relief in case of honest and reasonable conduct).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In paragraph (a), (b)&nbsp;or (c)&nbsp;of subsection (4)&nbsp;the reference
to any such conviction, judgment or refusal of relief is a
reference to one that has become final.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of subsection (5)&nbsp;a conviction, judgment or
refusal of relief becomes final &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if not appealed against, at the end of the period
for bringing an appeal, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if appealed against, at the time when the appeal
(or any further appeal) is disposed of.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An appeal is disposed of &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is determined and the period for bringing
any further appeal has ended, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is abandoned or otherwise ceases to have
effect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this section &#147;associated company&#148; and &#147;provision&#148; have
the same meaning as in section 309A.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;309C of the Companies Act 1985 provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsections (2)&nbsp;and (3)&nbsp;impose disclosure requirements in
relation to a directors&#146; report under section 234 in respect
of a financial year.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">5
</DIV>

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

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the time when the report is approved under
section 234A, any qualifying third party indemnity
provision (whether made by the company or
otherwise) is in force for the benefit of one or
more directors of the company, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any time during the financial year, any such
provision was in force for the benefit of one or
more persons who were then directors of the
company,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the report must state that any such provision is or (as the case may be) was so in force.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the company has made a qualifying third party indemnity
provision and &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at the time when the report is approved under
section 234A, any qualifying third party indemnity
provision made by the company is in force for the
benefit of one or more directors of an associated
company, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at any time during the financial year, any such
provision was in force for the benefit of one or
more persons who were then directors of an
associated company,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the report must state that any such provision is or (as the case may be) was so in force.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsection (5)&nbsp;applies where a company has made a qualifying
third party indemnity provision for the benefit of a
director of the company or of an associated company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;318 shall apply to &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the director is a director of an associated
company, the associated company,</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as if a copy of the provision, or (if it is not in writing)
a memorandum setting out its terms, were included in the
list of documents in section 318(1).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this section &#150;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;associated company&#148; and &#147;provision&#148; have the same meaning as in section 309A; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;qualifying third party indemnity provision&#148; has the meaning given by section 309B(1).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;337A of the Companies Act 1985 provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A company is not prohibited by section 330 from doing
anything to provide a director with funds to meet
expenditure incurred or to be incurred by him &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in defending any criminal or civil proceedings, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with any application under any of
the provisions mentioned in subsection (2).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions are &#150;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 144(3) and (4) (acquisition of shares by innocent nominee), and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 727 (general power to grant relief in case of honest and reasonable conduct).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nor does section 330 prohibit a company from doing anything
to enable a director to avoid incurring such expenditure.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsections (1)&nbsp;and (3)&nbsp;only apply to a loan or other thing
done as mentioned in those subsections if the terms on which
it is made or done will result in the loan falling to be
repaid, or any liability of the company under any
transaction connected with the thing in question falling to
be discharged, not later than &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event of the director being convicted in
the proceedings, the date when the conviction
becomes final,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event of judgment being given against him
in the proceedings, the date when the judgment
becomes final, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the event of the court refusing to grant him
relief on the application, the date when the
refusal of relief becomes final.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of subsection (4)&nbsp;a conviction, judgment or
refusal of relief becomes final &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if not appealed against, at the end of the period
for bringing an appeal, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if appealed against, at the time when the appeal
(or any further appeal) is disposed of.</TD>

</TR>

</TABLE>

<P align="center" style="font-size: 10pt">6
</DIV>

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

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An appeal is disposed of &#150;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is determined and the period for bringing
any further appeal has ended, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is abandoned or otherwise ceases to have
effect.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;727 of the Companies Act 1985 provides:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If in any proceedings for negligence, default, breach of
duty or breach of trust against an officer of a company or a
person employed by a company as auditor (whether he is or is
not an officer of the company) it appears to the court
hearing the case that that officer or person is or may be
liable in respect of the negligence, default, breach of duty
or breach of trust, but that he has acted honestly and
reasonably, and that having regard to all the circumstances
of the case (including those connected with his appointment)
he ought fairly to be excused for the negligence, default,
breach of duty or breach of trust, that court may relieve
him, either wholly or partly, from his liability on such
terms as it thinks fit.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any such officer or person as above-mentioned has reason
to apprehend that any claim will or might be made against
him in respect of any negligence, default, breach of duty or
breach of trust, he may apply to the court for relief; and
the court on the application has the same power to relieve
him under this section as it would have had if it had been a
court before which proceedings against that person for
negligence, default, breach of duty or breach of trust had
been brought.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a case to which subsection (1)&nbsp;applies is being tried
by a judge with a jury, the judge, after hearing the
evidence, may, if he is satisfied that the defendant or
defender ought in pursuance of that subsection to be
relieved either in whole or in part from the liability
sought to be enforced against him, withdraw the case in
whole or in part from the jury and forthwith direct judgment
to be entered for the defendant or defender on such terms as
to costs or otherwise as the judge may think proper.</TD>
</TR>

</TABLE>

<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption From Registration Claimed</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</TD>
</TR>

</TABLE>

<!-- link2 "Item&nbsp;8. Exhibits " -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following are filed as exhibits to this registration statement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">3.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Memorandum and Articles of Association.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Specimen share certificate for the Registrant&#146;s Ordinary Shares of 10 pence each.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rules of the InterContinental Hotels Group Executive Share Option Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rules of the InterContinental Hotels Group Performance Restricted Share Plan</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">4.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rules of the InterContinental Hotels Group Short Term Deferred Incentive Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">4.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rules of the InterContinental Hotels Group US Employee Stock Purchase Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Linklaters, as to the validity of the securities being registered.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Ernst &#038; Young LLP.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Linklaters (included in Exhibit&nbsp;5 to this Registration Statement).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included on signature pages).</TD>
</TR>

</TABLE>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which
offers or sales are being made, a
post-effective amendment to this
registration statement:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after the effective date of</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">7
</DIV>

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

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20&nbsp;percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="16%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect of the plan of distribution not
previously disclosed in the registration statement or any material change to such
information in the registration statement;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>provided, however,</I> that paragraphs
(a)(1)(i) and (a)(1)(ii) do not apply if
the registration statement is on Form
S-3, Form S-8 or Form F-3, and the
information required to be included in a
post-effective amendment by those
paragraphs is contained in periodic
reports filed with or furnished to the
Commission by the registrant pursuant to
Section&nbsp;13 or 15(d) of the Securities
Exchange Act of 1934 that are
incorporated by reference in the
registration statement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any
liability under the Securities Act of
1933, each such post-effective amendment
shall be deemed to be a new registration
statement relating to the securities
offered therein, and the offering of
such securities at that time shall be
deemed to be the initial <I>bona fide</I>
offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of
a post-effective amendment any of the
securities being registered which remain
unsold at the termination of the
offering.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that,
for purposes of determining any liability under
the Securities Act of 1933, each filing of the
registrant&#146;s annual report pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of
1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to
Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the
registration statement shall be deemed to be a new
registration statement relating to the securities
offered therein, and the offering of such
securities at that time shall be deemed to be the
initial <I>bona fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as the indemnification for liabilities
arising under the Securities Act may be permitted
to directors, officers and controlling persons of
the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such
indemnification is against public policy as
expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for
indemnification against such liabilities (other
than the payment by the Registrant of expenses
incurred or paid by a director, officer or
controlling person of the Registrant in the
successful defense of any action, suit or
proceeding) is asserted by such director, officer
or controlling person in connection with the
securities being registered, the Registrant will,
unless in the opinion of its counsel the question
has already been settled by controlling precedent,
submit to a court of appropriate jurisdiction the
question of whether such indemnification by it is
against public policy as expressed in the
Securities Act and will be governed by the final
adjudication of such issue.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">8
</DIV>

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

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


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements of filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized in the city of London, England, on June&nbsp;27, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">InterContinental Hotels Group PLC<BR>
(Registrant)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Andrew Cosslett</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:<BR>
Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Andrew Cosslett<BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Richard Solomons, Richard Winter, Nicolette Henfrey and Catherine Springett, and each
of them severally, his true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him and in his name, place and stead, in any and all capacities, to do any
and all things and execute any and all instruments that such attorney may deem necessary or
advisable under the Securities Act of 1933 (the &#147;Securities Act&#148;), and any rules, regulations and
requirements of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;) in connection with
the registration under the Securities Act of the Ordinary Shares of the Registrant, including
specifically, but without limiting the generality of the foregoing, the power and authority to
sign his name in his respective capacity as Member of the Board of Directors or Officer of the
Registrant, this Registration Statement and/or such other form or forms as may be appropriate to
be filed with the Commission as he may deem appropriate in respect of the Ordinary Shares of the
Registrant, to any and all amendments, including post-effective amendments, to this Registration
Statement and to any and all instruments and documents filed as part of or in connection with this
Registration Statement and any and all amendments thereto, including post-effective amendments.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities on June&nbsp;27, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Andrew Cosslett
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Andrew Cosslett
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert C. Larson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director and Chief Executive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Executive Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard Solomons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David Prosser</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard Solomons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Prosser</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director and Finance Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Financial and Accounting Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David Webster
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Sir Howard Stringer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David Webster
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sir Howard Stringer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard Hartman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David Kappler</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard Hartman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Kappler</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Stevan Porter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Robert Jackman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stevan Porter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert Jackman</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agent for Service of Process and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Representative in the</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United States of America</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ralph Kugler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ralph Kugler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;
</DIV>

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

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

<!-- link1 " Index to Exhibits" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 10pt">Index to Exhibits


<DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memorandum and Articles of Association.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen share certificate for the Registrant&#146;s Ordinary Shares of 10 pence each.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rules of the InterContinental Hotels Group Executive Share Option Plan.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rules of the InterContinental Hotels Group Performance Restricted Share Plan.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rules of the InterContinental Hotels Group Short Term Deferred Incentive Plan.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rules of the InterContinental Hotels Group US Employee Stock Purchase Plan.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Linklaters, as to the validity of the securities being registered.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Linklaters (included in Exhibit&nbsp;5.1 to this Registration Statement).</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on signature pages).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>u48958exv3w1.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-3.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="right" style="font-size: 10pt"><B>Exhibit 3.1</B>

<P align="center" style="font-size: 10pt">No.&nbsp;5134420


<P align="center" style="font-size: 10pt">The Companies Act 1985<BR>
Company Limited by Shares


<P align="center" style="font-size: 10pt">INTERCONTINENTAL HOTELS GROUP PLC


<P align="center" style="font-size: 14pt">MEMORANDUM AND ARTICLES OF ASSOCIATION


<P align="left" style="font-size: 10pt"><B>Linklaters</B>


<P align="left" style="font-size: 10pt">One Silk Street<BR>
London EC2Y 8HQ


<P align="left" style="font-size: 10pt">Telephone (44-20) 7456 2000<BR>
Facsimile (44-20) 7456 2222<BR>
Ref JLF/TXMB

<P align="center" style="font-size: 10pt">Memorandum altered and
Articles of Association adopted with effect from 27 June 2005 pursuant to a<BR>
Special Resolution of the Company passed on 15 June&nbsp;2005.


<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="center" style="font-size: 10pt"><B>THE COMPANIES ACT 1985</B>


<P align="center" style="font-size: 10pt"><B>COMPANY LIMITED BY SHARES</B>


<P align="center" style="font-size: 10pt"><B>MEMORANDUM OF ASSOCIATION<BR>
OF<BR>
INTERCONTINENTAL HOTELS GROUP PLC</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>1</B></TD>
<TD width="1%">&nbsp;</TD>
<TD>The Company&#146;s name is <B>&#147;Intercontinental Hotels Group PLC&#148;.</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>2</B></TD>
<TD width="1%">&nbsp;</TD>
<TD>The Company is to be a public company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>3</B></TD>
<TD width="1%">&nbsp;</TD>
<TD>The Company&#146;s registered office is to be situated in England and Wales.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>4</B></TD>
<TD width="1%">&nbsp;</TD>
<TD>The objects for which the Company is established are:-</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(A)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To acquire, purchase and take over shares in the company formerly known as
InterContinental Hotels Group PLC (registered number 4551528) and its subsidiaries
and subsidiary undertakings and to carry on business as an investment holding
company and to control and co-ordinate the business of any companies in which the
Company is for the time being interested.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(B)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To acquire (whether by original subscription, tender, purchase,
exchange, underwriting or otherwise and whether conditionally or otherwise) shares or
stocks, debentures, debenture stock, bonds, obligations or any other securities (and any
options or rights in respect thereof or interests therein) issued or guaranteed by
any other corporation constituted or carrying on business in any part of the world and
whether or not engaged or concerned in the same or similar trades or occupations
as those carried on by the Company or its subsidiaries and the debentures, debenture
stock, bonds, obligations or any other security issued or guaranteed by any
government, sovereign ruler, commissioner, public body or authority,
whether supreme, local or otherwise in any part of the world and whether such shares,
stocks, debentures, debenture stocks, bonds, obligations or securities are or are not
fully paid up and to make payments thereon as called up or in advance of calls or
otherwise and to hold the same with a view to investment or to sell, exchange or
otherwise dispose of the same and to buy and sell foreign exchange.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(C)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To carry on all or any of the businesses of licensed victuallers, hotel
keepers, inn-keepers, beer-house keepers, restaurant keepers, lodging-house keepers, caterers
and purveyors of refreshments, refreshment contractors, refreshment
room proprietors, sugar merchants, tobacconists, and the business of owning, leasing,
managing and franchising hotels and lodging houses of all kinds.</TD>
</TR>

</TABLE>


<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The Company was incorporated as Hackremco (No.&nbsp;2154) Limited on 21 May&nbsp;2004. On
24 March&nbsp;2005 the name of the Company was changed to New InterContinental Hotels Group
Limited. On 27 April&nbsp;2005, the Company re-registered as a public limited company and its name
was changed to New InterContinental Hotels Group PLC with effect from that date. With effect
from 27 June&nbsp;2005, the name of the Company was changed to InterContinental Hotels Group PLC.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(D)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To manufacture, buy, sell, improve, treat, preserve, fine, aerate, mineralise,
bottle and otherwise deal in minerals and aerated waters and other liquids of every
description; and to produce, buy, sell and deal in all materials and things capable of
being used in connection with any such business aforesaid; and to manufacture, buy,
sell and deal in casks, kegs, bottles and other containers of all kinds and plant,
machines, apparatus and appliances capable of being used in connection with any
such business as aforesaid.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(E)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To grow, manufacture, buy, sell, manipulate, and deal both wholesale and retail in
commodities, articles and things of all kinds which can conveniently be dealt in by the
Company in connection with any of its objects.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(F)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To carry on any other business or activity of any nature whatsoever which may seem
to the Directors to be capable of being conveniently or advantageously carried on in
connection or conjunction with any business of the Company hereinbefore or
hereinafter authorised or to be expedient with a view directly or indirectly to
enhancing the value of or to rendering profitable or more profitable any of the
Company&#146;s assets or utilising its skills, know-how or expertise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(G)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To carry on any of its business by or through a subsidiary or subsidiaries and to form
or establish in any part of the world any company or companies for the purpose of
carrying on as principal or as agent for the Company any business herein authorised
or which may seem conducive to the Company&#146;s interests and to subscribe for, hold
and deal with the shares of any company that may be so formed or established and
to guarantee the due performance of its obligations and to transfer to any such
company any part or branch of its business.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(H)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To purchase, acquire, rent, build, construct, alter, remove, replace, equip, execute,
carry out, improve, work, develop, administer, maintain, manage or control any freehold,
leasehold or other property and, in particular, breweries, hotels, restaurants,
licensed premises, cafes, bars or refreshment saloons and the goodwill of any business
carried on therein and the stock-in-trade, plant, machinery or effects thereof or
thereupon and any other buildings, structures or facilities of all kinds, whether the
same be required for the purposes of the Company or for sale or hire to or in return for
any consideration from any other company, firm or persons, and to contribute to or
assist in or carry out any part of any such operations.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(I)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To purchase or otherwise acquire for any estate or interest any property (real or
personal) or assets or any concessions, licences, grants, patents, trade marks,
copyrights or other exclusive or non-exclusive rights of any kind and to hold, develop
and turn to account and deal with the same in such manner as may be thought fit, and to
make experiments and tests and to carry on all kinds of research work.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(J)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To borrow and raise money and to secure or discharge any debt or obligation of or
binding on the Company in such manner as may be thought fit and in particular by mortgage
and charges upon all or any part of the undertaking, property and assets (present and
future) and the uncalled capital of the Company, or by the creation and issue on such
terms and conditions as may be thought fit of debentures, debenture stock or other
securities of any description.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(K)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To draw, make, accept, endorse, discount, negotiate, execute, and issue, and to buy,
sell and deal with bills of exchange, promissory notes, and other negotiable or
transferable instruments or securities.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(L)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To amalgamate or enter into partnership or any joint purpose or profit/loss-sharing
arrangement or other association with and to co-operate in any way with or assist or</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>subsidise any company, firm, person or body, and to purchase or otherwise acquire and
undertake all or any part of the business, property and liabilities of any company,
firm, person or body carrying on any business which the Company is authorised to carry
on or possessed of any property suitable for the purposes of the Company.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(M)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To promote, or join in the promotion of, any company, whether or not having objects
similar to those of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(N)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To pay all preliminary expenses of the Company and any company promoted by the
Company or any company in which this Company is or may contemplate being interested,
including in such preliminary expenses all or any part of the costs and expenses of
owners of any business or property acquired by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(O)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To advance, lend or deposit money or give credit to or with any company, firm or
person on such terms as may be thought fit and with or without security.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(P)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To issue any securities which the Company has power to issue for any other purpose
by way of security or indemnity or in satisfaction of any liability undertaken or agreed
to be undertaken by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(Q)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To guarantee or give indemnities or provide security, whether by personal covenant
or by mortgage or charge upon all or any part of the undertaking, property and assets
(present and future) and the uncalled capital of the Company, or by all or any such
methods, for the performance of any contracts or obligations, and the payment of capital
or principal (together with any premium) and dividends or interest on any shares,
debentures or other securities, of any person, firm or company including (without
limiting the generality of the foregoing) any company which is for the time being a
holding company of the Company or another subsidiary of any such holding company or is
associated with the Company in business.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(R)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To sell, lease, grant licenses, easements and other rights over, and in any other
manner deal with or dispose of, the undertaking, property, assets, rights and effects of
the Company or any part thereof for such consideration as may be thought fit, and in
particular for stocks, shares or securities of any other company whether fully or partly
paid up.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(S)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To procure the registration, recognition or incorporation of the Company in or under
the laws of any territory outside England.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(T)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To subscribe, or guarantee money for, any national, charitable, benevolent, public,
general or useful object or for any exhibition, or for any purpose which may be
considered likely directly or indirectly to further the interests of the Company or of
its members.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(U)</TD>
<TD width="1%">&nbsp;</TD>
<TD>(i)&nbsp;To establish and maintain or contribute to any pension or superannuation funds for
the benefit of, and to give or procure the giving of donations, gratuities, pensions,
allowances or emoluments to, any individuals who are or were at any time in the
employment or service of the Company or of any associated company, or who are or were at
any time directors or officers of the Company or of any associated company, and the
wives, widows, families and dependants of any such individuals; to establish and
subsidise or subscribe to any institutions, associations, clubs or funds which may be
considered likely to benefit any such persons or to further the interests of the Company
or of any associated company; and to make payments for or towards the insurance of any
such persons.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>(ii)&nbsp;To establish and maintain, and to lend or contribute to, any scheme for encouraging
or facilitating the holding of shares or debentures or other securities</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt"><TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>in the Company or any associated company by or for the benefit of its employees or
former employees, or those of any associated company, or by or for the benefit of such
other persons as may for the time being be permitted by law, or any scheme for sharing
profits with its employees or those of its associated companies, and (so far as for the
time being permitted by law) to lend money to employees of the Company or of any
associated company with a view to enabling them to acquire shares in the Company or any
associated company.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>(iii)&nbsp;(a)&nbsp;To purchase and maintain insurance for or for the benefit of any persons who
are or were at any time directors, officers or employees or auditors of the Company, or
of any associated company, or who are or were at any time trustees of any pension fund
or employees&#146; share scheme in which any employees of the Company or of any associated
company are interested, including (without prejudice to the generality of the foregoing)
insurance against any liability incurred by such persons in respect of any act or
omission in the actual or purported execution and/or discharge of their duties and/or in
the exercise or purported exercise of their powers and/or otherwise in relation to the
Company or associated company or pension fund; (b)&nbsp;to such extent as may be permitted by
law otherwise to indemnify any such person against or from any such liability; and (c)
(i)&nbsp;to provide a Director or officer with funds to meet expenditure incurred or to be
incurred by him in defending any criminal or civil proceedings or in connection with any
application under those provisions of the Companies Act 1985 referred to in Section
337A(2) of that Act and (ii)&nbsp;to do anything to enable a Director to avoid incurring such
expenditure.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>(iv)&nbsp;In this paragraph (U):</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>(a)&nbsp;an &#147;associated company&#148; is any company (i)&nbsp;which is the Company&#146;s
holding company or (ii)&nbsp;in which the Company or its holding company or any
of the predecessors of the Company or of such holding company has any
interest whether direct or indirect or (iii)&nbsp;which is in any way allied to or
associated with the Company or its holding company or any of the
predecessors of the Company or of such holding company, or (iv)&nbsp;which is a
subsidiary undertaking of any other associated company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>(b)&nbsp;&#147;holding company&#148; and &#147;subsidiary undertaking&#148; have the same
meanings as in the Companies Act 1985 as amended by the Companies Act
1989.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(V)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To distribute among members of the Company <I>in specie </I>or otherwise, by way of
dividend or bonus or by way of reduction of capital, all or any of the property or
assets of the Company, or any proceeds of sale or other disposal of any property or
assets of the Company, with and subject to any incident authorised and consent required
by law.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(W)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To do all or any of the things and matters aforesaid in any part of the world, and
either as principals, agents, contractors, trustees or otherwise, and by or through
trustees, agents, subsidiary companies or otherwise, and either alone or in conjunction
with others.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(X)</TD>
<TD width="1%">&nbsp;</TD>
<TD>To do all such other things as may be considered to be incidental or conducive to
any of the above objects.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD>And it is hereby declared that the objects of the Company as specified in each of the
foregoing paragraphs of this clause (except only if and so far as otherwise expressly
provided in any paragraph) shall be separate and distinct objects of the Company and shall
not be in any way limited by reference to any other paragraph or the order in which the same
occur or the name of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>5</B></TD>
<TD width="1%">&nbsp;</TD>
<TD>The liability of the members is limited.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>6</B></TD>
<TD width="1%">&nbsp;</TD>
<TD>The share capital of the Company is &#163;100 divided into 100 shares of &#163;1 each.<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
</TR>

</TABLE>


<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Share capital increased from &#163;100 to &#163;50,100 by the creation of a redeemable
preference share of &#163;50,000 by way of a resolution of the Company passed at an Extraordinary
General Meeting held on 21 April&nbsp;2005. By resolutions of the Company passed at an
Extraordinary General Meeting held on 20 May&nbsp;2005, the share capital was further increased
from &#163;50,100 to &#163;10,000,050,000 by the creation of 9,999,999,900 additional ordinary shares
of &#163;1 each and the ordinary share capital was then consolidated into 1,600,000,000 ordinary
shares of &#163;6.25 each.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">






<P align="center" style="font-size: 10pt">No.&nbsp;5134420



<P align="center" style="font-size: 10pt">The Companies Act 1985<BR>
Company Limited by Shares



<P align="center" style="font-size: 10pt">INTERCONTINENTAL HOTELS GROUP PLC



<P align="center" style="font-size: 10pt">ARTICLES OF ASSOCIATION



<P align="left" style="font-size: 10pt"><B>Linklaters</B>


<P align="left" style="font-size: 10pt">One Silk Street<BR>
London EC2Y 8HQ


<P align="left" style="font-size: 10pt">Telephone (44-20) 7456 2000<BR>
Facsimile (44-20) 7456 2222<BR>
Ref JLF/TXMB


<P align="center" style="font-size: 10pt">Adopted with effect from 27 June&nbsp;2005 pursuant to a Special Resolution of the Company passed on 15 June&nbsp;2005.




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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>Contents</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Article No.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preliminary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">1-2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">1-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">3-4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">6-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Variation of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">5-6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">7-8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alteration of Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">7-11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">8-9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">12-16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">9-11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Evidence of Title to Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">18-22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">12-13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Calls on Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">23-28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">13-14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeiture and Lien</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">29-36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">14-16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transfer of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">37-43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">16-18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transmission of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">44-46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">18-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Untraced Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">47-48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">49-50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notice of General Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">51-52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">20-21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Overflow of General Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">53-55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceedings at General Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">56-66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">21-23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Votes of Members</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">67-72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">23-26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">73-78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">26-27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporations Acting by Representatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">80-88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">28-30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appointment and Retirement of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">89-97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">30-32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alternate Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">98-101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">32-33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Meetings and Proceedings of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">102-111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">33-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowing Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">112-113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General Powers of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">114-118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">37-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Departmental, Division or Local Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">38-39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">122-124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Record Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Authentication of Documents</DIV></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Article No.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">128-140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">40-43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalisation of Profits and Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">141-142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">43-45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minutes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">144-145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">146-147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">148-155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">46-48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Winding up</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">156-157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">48-49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">49-50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Overriding Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">50-53</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>The Companies Act 1985</B>



<P align="center" style="font-size: 10pt"><B>COMPANY LIMITED BY SHARES</B>



<P align="center" style="font-size: 10pt"><B>Articles of Association</B>



<P align="center" style="font-size: 10pt">Adopted by Special Resolution passed on 15 June&nbsp;2005



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



<P align="center" style="font-size: 10pt"><B>INTERCONTINENTAL HOTELS GROUP PLC</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP>



<P align="center" style="font-size: 10pt"><B>Preliminary</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The regulations in Table A in The Companies (Tables A to F) Regulations 1985 and in any
Table A applicable to the Company under any former enactment relating to companies shall not
apply to the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In these Articles (if not inconsistent with the subject or context) the words and
expressions set out below shall have the following meanings:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Act</B>&#148; means the Companies Act 1985 as amended by the Companies Act 1989.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Auditors</B>&#148; means the auditors for the time being of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>in writing</B>&#148; means written or produced by any substitute for writing or partly one and
partly another including (but only to the extent that the recipient (if not the Company) has
requested or agreed) electronic communication.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>London Stock Exchange</B>&#148; means London Stock Exchange plc.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>month</B>&#148; means calendar month.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Office</B>&#148; means the registered office of the Company for the time being.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Operator</B>&#148; means CRESTCo Limited or such other person as may for the time being be approved
by H.M. Treasury as Operator under the Regulations.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Operator-instruction</B>&#148; means a properly authenticated dematerialised instruction
attributable to the Operator.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>paid</B>&#148; means paid or credited as paid.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>participating security</B>&#148; means a security title to units of which is permitted by the
Operator to be transferred by means of a relevant system.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Register</B>&#148; means the register of members of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Regulations</B>&#148; means the Uncertificated Securities Regulations 2001.</TD>
</TR>

</TABLE>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="3%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">The Company was incorporated as Hackremco (No.
2154) Limited on 21 May&nbsp;2004. On 24 March&nbsp;2005 the name of the Company was
changed to New InterContinental Hotels Group Limited. On 27 April&nbsp;2005, the
Company re-registered as a public limited company and its name was changed to
New InterContinental Hotels Group PLC with effect from that date. With effect
from 27 June&nbsp;2005, the name of the Company was changed to InterContinental
Hotels Group PLC.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>relevant system</B>&#148; means a computer-based system, and procedures, which enable title to units
of a security to be evidenced and transferred without a written instrument pursuant to the
Regulations.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Seal</B>&#148; means the Common Seal of the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Securities Seal</B>&#148; means the official seal kept by the Company by virtue of Section&nbsp;40 of the
Act.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Statutes</B>&#148; means the Act, the Regulations and every other statute for the time being in
force concerning companies and affecting the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>these Articles</B>&#148; means these Articles of Association as from time to time altered.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Transfer Office</B>&#148; means the place where the Register is situated for the time being.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>United Kingdom</B>&#148; means the United Kingdom of Great Britain and Northern Ireland.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>UK Listing Authority</B>&#148; means the Financial Services Authority in its capacity as competent
authority under the Financial Services and Markets Act 2000.



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>year</B>&#148; means calendar year.



<P align="left" style="margin-left:3%; font-size: 10pt">The expression &#147;<B>address</B>&#148; shall include, in relation to electronic communication, any number
or address (including in the use of any Uncertificated Proxy Instruction permitted under
Article&nbsp;75, an identification number of a participant in the relevant system) used for the
purpose of such communication.



<P align="left" style="margin-left:3%; font-size: 10pt">The expressions &#147;<B>communication</B>&#148; and &#147;<B>electronic communication</B>&#148; shall have the same
respective meanings as in the Electronic Communications Act 2000, the latter including,
without limitation, e-mail, facsimile, CD-Rom, audio tape and telephone transmission and (in
the case of electronic communication by the Company in accordance with Article&nbsp;155)
publication on a web site.



<P align="left" style="margin-left:3%; font-size: 10pt">The expressions &#147;<B>debenture</B>&#148; and &#147;<B>debenture holder</B>&#148; shall respectively include &#147;debenture
stock&#148; and &#147;debenture stockholder&#148;.



<P align="left" style="margin-left:3%; font-size: 10pt">The expression &#147;<B>Director</B>&#148; shall include all the directors of the Company.



<P align="left" style="margin-left:3%; font-size: 10pt">The expression &#147;<B>Group</B>&#148; in relation to moneys borrowed means the Company and its subsidiary
undertakings for the time being.



<P align="left" style="margin-left:3%; font-size: 10pt">The expression &#147;<B>moneys borrowed</B>&#148; shall be deemed to include (to the extent that the same
would not otherwise fall to be taken into account):


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal amount of any debentures, as defined in Section&nbsp;744 of the Act
and any fixed premium payable on final repayment thereof save to the extent that such
amounts otherwise fall to be included as moneys borrowed;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal amount raised by the acceptance of bills by the Company or any
subsidiary (not being acceptance of trade bills for the purchase of goods in the
ordinary course of business) or by any bank or accepting house under any acceptance
credit opened on behalf of the Company or any subsidiary;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nominal amount of any share capital and the principal amount of any other
debentures or other borrowed moneys (together with any fixed premium payable on final
redemption or repayment) the redemption or repayment of which is guaranteed (or is the
subject of an indemnity granted) by the Company or a</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subsidiary, save to the extent that the amount guaranteed otherwise falls to be
included as moneys borrowed;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nominal amount of any paid-up share capital, except ordinary share capital,
of a subsidiary which is not for the time being beneficially owned by the Company or a
subsidiary;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate amount owing by any member of the Group under finance leases (as
determined in accordance with any then current International Financial Reporting
Standard or otherwise in accordance with United Kingdom generally accepted accounting
principles but excluding leaseholds of immovable property);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the principal amount of any book debts of any member of the Group which have
been sold or agreed to be sold, to the extent that any member of the Group is for the
time being liable to indemnify or reimburse the purchaser in respect of any non-payment
in respect of such book debts; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any part of the purchase price of any movable or immovable assets acquired by
any member of the Group, the payment of which is deferred beyond the date of completion
of the conveyance, assignment or transfer of the legal estate to such assets or, if no
such conveyance, assignment or transfer is to take place within six months after the
date on which the contract for such purchase is entered into or (if later) becomes
unconditional, beyond that date;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">but shall be deemed not to include:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a proportion of the moneys borrowed by any partly-owned subsidiary otherwise than
from the Company or a subsidiary equal to the proportion of its ordinary share capital
not directly or indirectly attributable to the Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amounts borrowed and falling to be taken into account as moneys borrowed
pending their application for the purpose of repaying the whole or any part of the
other moneys borrowed provided that they are so applied within six months of being so
borrowed;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amounts borrowed by the Company or any subsidiary to finance any contract for
the sale of goods in respect of which any part of the price receivable is guaranteed by
the Export Credit Guarantee Department of the Board of Trade or any institution
carrying on similar business to the extent of that part of the contract price
guaranteed notwithstanding that such amount is secured by a pledge or charge on the
interest in such contract or the underlying goods or bills of exchange or the
negotiable instruments drawn or made in connection therewith or the interest in any
letters of credit issued or guarantee or indemnity or security held in relation
thereto;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all sums (whether or not carrying interest) deposited with the Company or with
any subsidiary by tenants or managers of premises owned by any such company by way of
earnest or security for the performance by such tenants or managers of their
obligations or by loan clubs or by similar associations;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and so that:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no amount shall be taken into account more than once in the same calculation
but subject thereto (i)&nbsp;to (xii)&nbsp;above shall be read cumulatively;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>moneys borrowed shall be offset by cash and cash equivalence as determined in
accordance with any then current International Financial Reporting Standards or
otherwise in accordance with United Kingdom generally accepted accounting principles;
and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in determining the amount of any debentures or other moneys borrowed or of any
share capital for the purpose of this paragraph there shall be taken into account the
nominal or principal amount thereof (or, in the case of partly-paid
debentures or shares, the amount for the time being paid up thereon) together with any fixed or
minimum premium payable on final redemption or repayment provided that if moneys are
borrowed or shares are issued on terms that they may be repayable or redeemable (or
that any member of the Group may be required to purchase them) earlier than their final
maturity date (whether by exercise of an option on the part of the issuer or the
creditor (or a trustee for the creditor) or the shareholder, by reason of a default or
for any other reason) at a premium or discount to their nominal or principal amount
then there shall be taken into account the amount (or the greater or greatest of two or
more alternative amounts) which would, if those circumstances occurred, be payable on
such repayment, redemption or purchase at the date as at which the calculation is being
made.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">The expression &#147;<B>officer</B>&#148; shall include a Director, manager and the Secretary, but shall not
include an auditor.



<P align="left" style="margin-left:3%; font-size: 10pt">The expressions &#147;<B>recognised clearing house</B>&#148; and &#147;<B>recognised investment exchange</B>&#148; shall mean
any clearing house or investment exchange (as the case may be) granted recognition under the
Financial Services and Markets Act 2000.



<P align="left" style="margin-left:3%; font-size: 10pt">The expression &#147;<B>Secretary</B>&#148; shall include any person appointed by the Directors to perform
any of the duties of the Secretary including, but not limited to, a joint, assistant or
deputy Secretary.



<P align="left" style="margin-left:3%; font-size: 10pt">The expression &#147;<B>share capital and consolidated reserves</B>&#148; shall mean at any time a sum equal
to the aggregate, as shown by the relevant balance sheet, of the amount paid up on the
issued or allotted share capital of the Company and the amount standing to the credit of the
reserves (including the profit and loss account and any share premium account or capital
redemption reserve) of the Company and its subsidiary undertakings included in the
consolidation in the relevant balance sheet but after:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding back any debit balance on profit and loss account or on any other
reserve;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>excluding any amount taken directly to reserves for taxation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making such adjustments as may be appropriate in respect of any variation in
the amount of such paid up share capital and/or any such reserves (other than profit
and loss account) subsequent to the date of the relevant balance sheet and so that for
this purpose if any issue or proposed issue of shares by the Company for cash has been
underwritten then such shares shall be deemed to have been issued and the amount
(including any premium) of the subscription moneys payable in respect thereof (not
being moneys payable later than six months after the date of allotment) shall to the
extent so underwritten be deemed to have been paid up on the date when the issue of
such shares was underwritten (or, if such underwriting was conditional, on the date
when it became unconditional);</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making such adjustments as may be appropriate in respect of any distribution
declared, recommended or made by the Company or its subsidiary undertakings (to the
extent not attributable directly or indirectly to the Company) out of profits earned up
to and including the date of the relevant balance sheet to the extent that such
distribution is not provided for in such balance sheet;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making such adjustments as may be appropriate in respect of any variation in
the interests of the Company in its subsidiary undertakings (including a variation
whereby an undertaking becomes or ceases to be a subsidiary undertaking) since the date
of the relevant balance sheet;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the calculation is required for the purposes of or in connection with a
transaction under or in connection with which any undertaking is to become or cease to
be a subsidiary undertaking of the Company, making all such adjustments as would be
appropriate if such transaction had been carried into effect; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>excluding minority interests in subsidiary undertakings to the extent not
already excluded.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">For the purpose of this definition, the &#147;<B>relevant balance sheet</B>&#148; means, at any time, the
latest audited consolidated balance sheet dealing with the state of affairs of the Company
and (with or without exceptions) its subsidiary undertakings.



<P align="left" style="margin-left:3%; font-size: 10pt">For the purposes of this definition:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital allotted shall be treated as issued and any capital already called up
or payable at any fixed future date shall be treated as already paid up, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any company which it is proposed shall become a subsidiary shall be treated as
if it had already become a subsidiary.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The expression &#147;<B>shareholders&#146; meeting</B>&#148; shall include both a General Meeting and a meeting of the
holders of any class of shares of the Company.


<P align="left" style="font-size: 10pt">All such provisions of these Articles as are applicable to paid-up shares shall apply to stock, and
the words &#147;<B>share</B>&#148; and &#147;<B>shareholder</B>&#148; shall be construed accordingly.


<P align="left" style="font-size: 10pt">Except where the context otherwise requires, any reference to issued shares of any class (whether
of the Company or of any other company) shall not include any shares of that class held as treasury
shares.


<P align="left" style="font-size: 10pt">Words denoting the singular shall include the plural and vice versa. Words denoting the masculine
shall include the feminine. Words denoting persons shall include bodies corporate and
unincorporated associations.


<P align="left" style="font-size: 10pt">References to any statute or statutory provision shall be construed as relating to any statutory
modification or re-enactment thereof for the time being in force (whether coming into force before
or after the adoption of these Articles).


<P align="left" style="font-size: 10pt">Subject as aforesaid any words or expressions defined in the Act or the Regulations shall (if not
inconsistent with the subject or context) bear the same meanings in these Articles.


<P align="left" style="font-size: 10pt">A Special or Extraordinary Resolution shall be effective for any purpose for which an Ordinary
Resolution is expressed to be required under any provision of these Articles.



<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="left" style="font-size: 10pt">References herein to a share (or to a holding of shares) being in uncertificated form or in
certificated form are references, respectively, to that share being an uncertificated unit of a
security or a certificated unit of a security for the purposes of the Regulations.



<P align="center" style="font-size: 10pt"><B>Share Capital</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amount of Share Capital</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The share capital of the Company at the date of adoption of these Articles is
&#163;10,000,050,000 divided into 1,600,000,000 ordinary shares of
&#163;6.25 each (&#147;<B>Ordinary Shares</B>&#148;)
and one Redeemable Preference Share of &#163;50,000 (the &#147;<B>Redeemable Preference Share</B>&#148;). The
Ordinary Shares will have attached thereto the rights and privileges and be subject to the
limitations and restrictions specified in this Article&nbsp;3. The Redeemable Preference Share
will have attached thereto the rights and privileges and be subject to the limitations and
restrictions specified in Article&nbsp;4.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Income</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the rights attached to any other share or class of share, the holders of Ordinary
Shares shall be entitled to be paid any profits of the Company available for distribution
and determined to be paid by the Directors rateably according to the
amounts paid up on such shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Capital</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a return of capital on winding up or otherwise (except on redemption in accordance with
the terms of issue of any share, or purchase by the Company of any share or on a
capitalisation issue and subject to the rights of any other class of shares that may be
issued) after paying such sums as may be due in priority to holders
of any other class of shares in the capital of the Company, any further such amount shall be paid to the holders
of the Ordinary Shares rateably according to the amounts paid up or credited as paid up in
respect of each Ordinary Share.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voting at General Meetings</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The holders of Ordinary Shares shall be entitled, in respect
of their holdings of such shares, to receive notice of General Meetings and to attend, speak and vote at such meetings
in accordance with these Articles.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Redeemable Preference Share</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights attaching to the Redeemable Preference Share shall be as follows:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Redeemable Preference Share shall carry no rights to receive any of the profits
of the Company available for distribution by way of dividend or otherwise;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if there is a return of capital on winding up or otherwise the assets of the
Company available for distribution among the members shall be applied first in repaying in
full the holder of the Redeemable Preference Share the amount paid up on such share;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except as provided above the Redeemable Preference Share shall not carry any right
to participate in profits or assets of the Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the provisions of the Act, the Company may redeem the Redeemable
Preference Share at its nominal amount at any time specified by either the Directors or the</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holder of the Redeemable Preference Share provided always that if the Company shall at any
time be unable in compliance with the provisions of the Act to redeem the Redeemable
Preference Share on the date specified by the Directors of the Company or by the holder of
the Redeemable Preference Share then the Company shall redeem such share as soon as it is
able to comply with such provisions of the Act;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to the provisions of the Act, any notice of redemption served shall specify
the date fixed for redemption and upon such date the holder of the Redeemable Preference Share
shall be bound to present the certificate in respect thereof in order that the same may be
cancelled. Upon such delivery the Company shall pay to such holder the amount due to him in
respect of such redemption; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holder of the Redeemable Preference Share shall not be entitled to receive
notice of or attend and vote at any General Meeting of the Company unless a resolution is to
be proposed:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to wind up the Company; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which varies, modifies, alters or abrogates any of the rights attaching to
the Redeemable Preference Share.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Variation of Rights</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Manner of variation of rights</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whenever the share capital of the Company is divided into
different classes of shares, the special rights attached to any class may, subject to the provisions of the
Statutes and Article&nbsp;4.6.2, be varied or abrogated either with the consent in writing of the
holders of three-quarters in nominal value of the issued shares of the class or with the
sanction of an Extraordinary Resolution passed at a separate General Meeting of the holders of
the shares of the class (but not otherwise) and may be so varied or abrogated either whilst
the Company is a going concern or during or in contemplation of a winding up.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To every such separate General Meeting all the provisions of these Articles
relating to General Meetings of the Company and to the proceedings thereat shall <I>mutatis
mutandis </I>apply, except that the necessary quorum shall be two persons at least holding or
representing by proxy at least one-third in nominal value of the issued shares of the class
(but so that at any adjourned meeting any holder of shares of the class present in person or
by proxy shall be a quorum) and that any holder of shares of the class present in person or by
proxy may demand a poll and that every such holder shall on a poll have one vote for every
share of the class held by him but not otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The foregoing provisions of this Article shall apply to the variation or abrogation
of the special rights attached to some only of the shares of any
class as if each group of shares of the class differently treated formed a separate class the special rights whereof are
to be varied.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Matters not constituting variation of rights</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The special rights attached to any class of shares having preferential rights shall not
unless otherwise expressly provided by the terms of issue thereof be deemed to be varied by
(a)&nbsp;the creation or issue of further shares ranking as regards participation in the profits</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or assets of the Company in some or all respects <I>pari passu </I>therewith but in no respect in
priority thereto or (b)&nbsp;the purchase or redemption by the Company of any of its own shares.</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3" align="center"><B>Alteration of Share Capital</B></TD>
</TR>

 <TR><TD align="left" valign="top">&nbsp;</TD></TR>






<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Increase of Share Capital</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may from time to time by Ordinary Resolution increase its capital by such
sum to be divided into shares of such amounts as the resolution shall
prescribe. All new shares shall be subject to the provisions of the Statutes and of these Articles with
reference to allotment, payment of calls, lien, transfer, transmission, forfeiture and
otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidation, cancellation and subdivision</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may by Ordinary Resolution:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consolidate and divide all or any of its share capital into shares of larger amount
than its existing shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cancel any shares which, at the date of the passing of the resolution, have not
been taken, or agreed to be taken, by any person and diminish the amount of its capital by the
amount of the shares so cancelled;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subdivide its shares, or any of them, into shares of smaller amount than is fixed
by the Memorandum of Association (subject, nevertheless, to the provisions of the Statutes),
and so that the resolution whereby any share is subdivided may determine that, as between the
holders of the shares resulting from such subdivision, one or more of the shares may, as
compared with the others, have any such preferred, deferred or other special rights, or be
subject to any such restrictions, as the Company has power to attach
to unissued or new shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Proceeds of consolidation and subdivision</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whenever as a result of a consolidation or subdivision of shares any members would
become entitled to fractions of a share, the Directors may, on behalf of those members, sell
the shares representing the fractions for the best price reasonably obtainable to any person
(including, subject to the provisions of the Act, the Company) and distribute the net
proceeds of sale in due proportion among those members, and the Directors may authorise some
person to transfer the shares to, or in accordance with the directions of, the purchaser.
The transferee shall not be bound to see to the application of the purchase money nor shall
his title to the shares be affected by any irregularity in or invalidity of the proceedings
in reference to the sale. So far as the Statutes allow, the Directors may treat shares of a
member in certificated form and in uncertificated form as separate holdings in giving effect
to subdivisions and/or consolidations and may cause any shares arising on consolidation or
subdivision and representing fractional entitlements to be entered in the Register as shares
in certificated form where this is desirable to facilitate the sale thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purchase of own shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of the Statutes, the Company may purchase, or may enter
into a contract under which it will or may purchase, any of its own shares (including any
redeemable shares) but so that if there shall be in issue any shares which are admitted to</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">8
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:5%; font-size: 10pt">the official list maintained by the UK Listing Authority and which are convertible into
equity share capital of the Company of the class proposed to be purchased, then the Company
shall not purchase, or enter into a contract under which it will or may purchase, such
equity shares unless either:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;<B>10.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms of issue of such convertible shares include provisions
permitting the Company to purchase its own equity shares or providing for adjustment to
the conversion terms upon such a purchase; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;<B>10.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the purchase, or the contract, has first been approved by an Extraordinary
Resolution passed at a separate meeting of the holders of such convertible shares.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may not exercise any rights in respect of treasury shares held by it,
including any rights to attend or vote at meetings, to participate in any offer by the Company
to shareholders or to receive any distribution (including in a winding up), but without
prejudice to its rights to sell the treasury shares, to transfer the shares for the purposes
of or pursuant to an employees&#146; share scheme, to receive an allotment of shares as fully paid
bonus shares in respect of the treasury shares or to receive any amount payable on redemption
of any redeemable treasury shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reduction of capital</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of the Act, the Company may by Special Resolution reduce
its share capital or any capital redemption reserve, share premium account or other
undistributable reserve in any way.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Holders of shares of the Company allotted and issued pursuant to the scheme of
arrangement (the &#148;<B>Scheme</B>&#148;) under section 425 of the Act dated 3 May&nbsp;2005 between the company
formerly known as &#147;InterContinental Hotels Group PLC&#148; (with registered number 4551528) and the
holders of its Scheme Shares (as defined in the Scheme) shall be bound by any Special
Resolution to reduce or approve the reduction of the capital of the Company in any way duly
passed at any Extraordinary General Meeting prior to the Scheme becoming effective.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Shares</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rights attaching to shares on issue</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to any special rights previously conferred
on the holders of any shares or class of shares for the time being issued, any share in the Company may be issued
with such preferred, deferred or other special rights, or subject to such restrictions,
whether as regards dividend, return of capital, voting or otherwise, as the Company may from
time to time by Ordinary Resolution determine (or, in the absence of any such determination,
as the Directors may determine) and subject to the provisions of the Statutes the Company
may issue any shares which are, or at the option of the Company or the holder are liable, to
be redeemed.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; power to allot securities and to sell treasury shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of the Statutes relating to authority, pre-emption
rights and otherwise and of any resolution of the Company in General Meeting passed pursuant
thereto, all unissued shares shall be at the disposal of the Directors and they may allot</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(with or without conferring a right of renunciation), grant options over or otherwise
dispose of them to such persons, at such times and on such terms as they think proper.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall be generally and unconditionally authorised pursuant to, and
in accordance with, Section&nbsp;80 of the Act to exercise for each Allotment Period all the powers
of the Company to allot relevant securities up to a maximum aggregate nominal amount equal to
the Section&nbsp;80 Amount.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During each Allotment Period the Directors shall be empowered to allot equity
securities wholly for cash pursuant to and within the terms of any authority in paragraph 13.2
above and to sell treasury shares wholly for cash:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in connection with a rights issue; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise than in connection with a rights issue, up to an aggregate
nominal amount equal to the Section&nbsp;89 Amount,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">as if Section&nbsp;89(1) of the Act did not apply to any such allotment or sale.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By such authority and power the Directors may, during the Allotment Period, make
offers or agreements which would or might require securities to be allotted or sold after the
expiry of such period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Article&nbsp;13:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Allotment Period</B>&#148; means the period ending on the date of the next Annual
General Meeting of the Company or on 1 September&nbsp;2006, whichever is the earlier, or any
other period (not exceeding five years on any occasion) for which the authority
conferred by this Article&nbsp;13 is renewed by Resolution of the Company in General Meeting
stating the Section&nbsp;80 Amount for such period;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>rights issue</B>&#148; means an offer of equity securities open for acceptance for
a period fixed by the Directors to (i)&nbsp;holders (other than the Company) of Ordinary
Shares on the Register on a record date fixed by the Directors in proportion to their
respective holdings (for which purpose holdings in certificated and uncertificated form
may be treated as separate holdings) and (ii)&nbsp;other persons so entitled by virtue of
the rights attaching to any other equity securities held by them, but subject in both
cases to such exclusions or other arrangements as the Directors may deem necessary or
expedient in relation to fractional entitlements or legal or practical problems under
the laws of, or the requirements of any recognised regulatory body or any stock
exchange in, any territory;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.5.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Section&nbsp;80 Amount</B>&#148; shall, without prejudice to any other authority given
to the Directors, for the first Allotment Period be &#163;922,013,888 (provided that if the
nominal value of the Ordinary Shares (being relevant securities for the purposes of
Section&nbsp;80 of the Act) has been reduced to ten pence by way of a Court approved
reduction of capital, then the Section&nbsp;80 Amount shall be &#163;14,752,222) or any increased
amount fixed by Resolution of the Company in General Meeting; for any other Allotment
Period the Section&nbsp;80 Amount shall be stated in the relevant Resolution renewing the
authority conferred by paragraph 13.2 above for such period or any increased amount
fixed by Resolution of the Company in General Meeting;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.5.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Section&nbsp;89 Amount</B>&#148; shall for the first Allotment Period be &#163;138,302,083
(provided that if the nominal value of the Ordinary Shares (being equity securities for
the</TD>
</TR>



</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purposes of Section&nbsp;89 of the Act) has been reduced to ten pence by way of a Court
approved reduction of capital, then the Section&nbsp;89 Amount shall be &#163;2,212,833) or
any increased amount fixed by Special Resolution; for any other Allotment Period the
Section&nbsp;89 Amount shall be that stated in the relevant Special Resolution renewing
the power conferred by paragraph 13.3 above for such period or any increased amount
fixed by Special Resolution; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>13.5.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nominal amount of any securities shall be taken to be, in the case of
rights to subscribe for or to convert any securities into shares of the Company, the
nominal amount of such shares which may be allotted pursuant to such rights.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commission on issue of shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may exercise the powers of paying commissions conferred by the Statutes to
the full extent thereby permitted. The Company may also on any issue of shares pay such
brokerage as may be lawful.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Renunciation of allotment</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may at any time after the allotment of any share but before any person
has been entered in the Register as the holder:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recognise a renunciation thereof by the allottee in favour of some other person
and may accord to any allottee of a share a right to effect such renunciation; and/or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>allow the rights represented thereby to be one or more participating securities,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in each case upon and subject to such terms and conditions as the Directors may think fit to
impose.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>16</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Trust etc. interests not recognised</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as required by law, no person shall be recognised by the Company as holding any
share upon any trust, and the Company shall not be bound by or compelled in any way to
recognise any equitable, contingent, future or partial interest in any share, any interest
in any fractional part of a share or (except only as by these Articles or by law otherwise
provided) any other right in respect of any share, except an absolute right to the entirety
thereof in the registered holder.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="center" style="font-size: 10pt"><B>Evidence of Title to Securities</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>17</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in these Articles shall require title to any securities of the Company to be
evidenced or transferred by a written instrument, the regulations from time to time made under
the Statutes so permitting. The Directors shall have power to implement any arrangements which
they may think fit for such evidencing and transfer which accord with those regulations.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Share Certificates</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>18</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Issue of share certificate</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every share certificate shall be executed by the Company in such manner as the
Directors may decide (which may include use of the Seal or the Securities Seal (or, in the
case of shares on a branch register, an official seal for use in the relevant territory)
and/or manual or facsimile signatures by one or more Directors) and shall specify the number
and class of shares to which it relates and the amount paid up thereon. No certificate shall
be issued representing shares of more than one class. No certificate shall normally be
issued in respect of shares held by a recognised clearing house or a nominee of a recognised
clearing house or of a recognised investment exchange.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>19</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Joint holder</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of a share held jointly by several persons in certificated form the Company
shall not be bound to issue more than one certificate therefor and delivery of a certificate
to one of the joint holders shall be sufficient delivery to all.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>20</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Timing of issue of share certificate</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any person (except a person to whom the Company is not required by law to issue a
certificate) whose name is entered in the Register in respect of any shares in certificated
form of any one class upon the issue or transfer to him thereof shall be entitled without
payment to a certificate therefor (in the case of issue) within one month (or such longer
period as the terms of issue shall provide) after allotment or (in the case of a transfer of
fully-paid shares) within 14&nbsp;days after lodgment of a transfer or (in the case of a transfer
of partly-paid shares) within two months after lodgment of a transfer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>21</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Balance certificate</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where some only of the shares comprised in a share certificate are transferred, the old
certificate shall be cancelled and, to the extent that the balance is to be held in
certificated form, a new certificate for the balance of such shares issued in lieu without
charge.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Replacement of share certificates</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any two or more certificates representing shares of any one class held by any
member may at his request be cancelled and a single new certificate for such shares issued in
lieu without charge.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any member shall surrender for cancellation a share certificate representing shares held by him and request the Company to issue in lieu two or more share certificates</TD>
</TR>

</TABLE>
<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">12
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>representing such shares in such proportions as he may specify, the Directors may, if they
think fit, comply with such request.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a share certificate shall be damaged or defaced or alleged to have been lost,
stolen or destroyed, a new certificate representing the same shares may be issued to the
holder upon request subject to delivery up of the old certificate or (if alleged to have been
lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and
the payment of any exceptional out-of-pocket expenses of the Company in connection with the
request as the Directors may think fit.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of shares held jointly by several persons any such request may be made
by any one of the joint holders.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Calls on Shares</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>23</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power to make calls</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may from time to time make calls upon the members in respect of any
moneys unpaid on their shares (whether on account of the nominal value of the shares or,
when permitted, by way of premium) but subject always to the terms of allotment of such
shares. A call shall be deemed to have been made at the time when the resolution of the
Directors authorising the call was passed and may be made payable by instalments.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>24</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Liability for calls</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each member shall (subject to being given at least 14&nbsp;days&#146; notice specifying the time
or times and place of payment) pay to the Company at the time or times and place so
specified, the amount called on his shares. The joint holders of a share shall be jointly
and severally liable to pay all calls in respect thereof. A call may be wholly or partly
revoked or postponed as the Directors may determine.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>25</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest on overdue amounts</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a sum called in respect of a share is not paid before or on the day appointed for
payment thereof, the person from whom the sum is due shall pay interest on the sum from the
day appointed for payment thereof to the time of actual payment at such rate (not exceeding
3 per cent per annum above the base rate for the time being of Barclays Bank PLC on the date
on which payments are made to the Company) as the Directors determine but the Directors
shall be at liberty in any case or cases to waive payment of such interest wholly or in
part.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>26</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other sums due on shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any sum (whether on account of the nominal value of the share or by way of premium)
which by the terms of allotment of a share becomes payable upon allotment or at any fixed
date shall for all the purposes of these Articles be deemed to be a call duly made and
payable on the date on which by the terms of allotment the same becomes payable. In case of
non-payment all the relevant provisions of these Articles as to payment of interest and
expenses, forfeiture or otherwise shall apply as if such sum had become payable by virtue of
a call duly made and notified.</TD>
</TR>


</TABLE>
 <P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">13
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>27</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power to differentiate between holders</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may on the allotment of shares differentiate between the holders as to
the amount of calls to be paid and the times of payment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>28</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payment of calls in advance</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may if they think fit receive from any member willing to advance the same
all or any part of the moneys (whether on account of the nominal value of the shares or by
way of premium) uncalled and unpaid upon the shares held by him and such payment in advance
of calls shall extinguish <I>pro tanto </I>the liability upon the shares in respect of which it is
made and upon the money so received (until and to the extent that the same would but for
such advance become payable) the Company may pay interest at such rate (not exceeding 3 per
cent per annum above the base rate for the time being of Barclays Bank PLC on the date on
which payments are made to the Company) as the member paying such sum and the Directors may
agree.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Forfeiture and Lien</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>29</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice on failure to pay a call</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>29.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a member fails to pay in full any call or instalment of a call on or before the
due date for payment thereof, the Directors may at any time thereafter serve a notice on him
requiring payment of so much of the call or instalment as is unpaid together with any interest
which may have accrued thereon and any expenses incurred by the Company by reason of such
non-payment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>29.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The notice shall name a further day (not being less than seven days from the date
of service of the notice) on or before which and the place where the payment required by the
notice is to be made, and shall state that in the event of non-payment in accordance therewith
the shares on which the call has been made will be liable to be forfeited.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>30</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Forfeiture for non-compliance</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the requirements of any such notice as aforesaid are not complied with, any share in
respect of which such notice has been given may at any time thereafter, before payment of
all calls and interest and expenses due in respect thereof has been made, be forfeited by a
resolution of the Directors to that effect. Such forfeiture shall include all dividends
declared in respect of the forfeited share and not actually paid before forfeiture. The
Directors may accept a surrender of any share liable to be forfeited hereunder.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>31</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disposal of forfeited share</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A share so forfeited or surrendered shall become the property of the Company and may be
sold, re-allotted or otherwise disposed of either to the person who was before such
forfeiture or surrender the holder thereof or entitled thereto or to any other person upon
such terms and in such manner as the Directors shall think fit and at any time before a
sale, re-allotment or disposal the forfeiture or surrender may be cancelled on such terms as
the Directors think fit. The Directors may, if necessary, authorise some person to transfer
a forfeited or surrendered share to any such other person as aforesaid.</TD>
</TR>


</TABLE>
<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">14
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>32</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Holder to remain liable despite forfeiture</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person whose shares have been forfeited or surrendered shall cease to be a member in
respect of the shares and shall, in the case of shares held in certificated form, surrender
to the Company for cancellation the certificate for such shares. Such person shall
nevertheless remain liable to pay to the Company all moneys which at the date of forfeiture
or surrender were presently payable by him to the Company in respect of the shares with
interest thereon at 3 per cent per annum above the base rate for the time being of Barclays
Bank PLC on the date on which payments are made to the Company (or such lower rate as the
Directors may determine) from the date of forfeiture or surrender until payment. The
Directors may at their absolute discretion enforce payment without any allowance for the
value of the shares at the time of forfeiture or surrender or for any consideration received
on their disposal. They may also waive payment in whole or in part.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>33</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lien on partly-paid shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall have a first and paramount lien on every share (not being a
fully-paid share) for all moneys (whether presently payable or not) called or payable at a
fixed time in respect of such share and the Directors may waive any lien which has arisen
and may resolve that any share shall for some limited period be exempt wholly or partially
from the provisions of this Article.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>34</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sale of shares subject to lien</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may sell in such manner as the Directors think fit any share on which the
Company has a lien, but no sale shall be made unless some sum in respect of which the lien
exists is presently payable nor until the expiration of 14&nbsp;days after a notice in writing
demanding payment of the sum presently payable and giving notice of intention to sell the
share in default of payment shall have been given to the holder for the time being of the
share or the person entitled thereto by reason of his death or bankruptcy or otherwise by
operation of law.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>35</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Proceeds of sale of shares subject to lien</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The net proceeds of such sale after payment of the costs of such sale shall be applied
in or towards payment or satisfaction of the amount in respect whereof the lien exists so
far as the same is then payable and any residue shall, upon surrender (in the case of shares
held in certificated form) to the Company for cancellation of the certificate for the shares
sold and subject to a like lien for sums not presently payable as existed upon the shares
prior to the sale, be paid to the person entitled to the shares at the time of the sale. For
the purpose of giving effect to any such sale the Directors may authorise some person to
transfer the shares sold to, or in accordance with the directions of, the purchaser.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>36</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Evidence of forfeiture</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A statutory declaration that the declarant is a Director or the Secretary and that a
share has been duly forfeited or surrendered or sold to satisfy a lien of the Company on a
date stated in the declaration shall be conclusive evidence of the facts therein stated as
against all persons claiming to be entitled to the share. Such declaration shall (subject to
the relevant share transfer being made, if the same be required) constitute a good title to
the share. The person to whom the share is sold, re-allotted or disposed of shall not be
bound</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to see to the application of the consideration (if any). The title of such person to the
share shall not be affected by any irregularity or invalidity in the proceedings relating to
the forfeiture, surrender, sale, re-allotment or disposal of the share.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Transfer of Shares</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>37</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Form of transfer</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>37.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of Article&nbsp;17, all transfers of shares which are in
certificated form may be effected by transfer in writing in any usual or common form or in any
other form acceptable to the Directors and may be under hand only. The instrument of transfer
shall be signed by or on behalf of the transferor and (except in the case of fully-paid shares) by or on behalf of the transferee. The transferor shall remain the holder of the shares concerned until the name of the transferee is entered in the Register in respect
thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>37.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All transfers of shares which are in uncertificated form may, unless the
Regulations otherwise provide, be effected by means of a relevant system.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>38</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Closure of Register</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registration of transfers may be suspended at such times and for such periods as
the Directors may from time to time determine and either generally or in respect of any
class of shares except that, in respect of any shares which are participating securities,
the Register shall not be closed without the consent of the Operator. The Register shall not
be closed for more than 30&nbsp;days in any year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>39</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Right to refuse registration</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>39.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may decline to recognise any instrument of transfer relating to
shares in certificated form unless the instrument of transfer is in respect of only one class
of share and is lodged (duly stamped if required) at the Transfer Office accompanied by the
relevant share certificate(s) and such other evidence as the Directors may reasonably require
to show the right of the transferor to make the transfer (and, if the instrument of transfer
is executed by some other person on his behalf, the authority of that person so to do),
provided that, where any such shares are admitted to the official list maintained by the UK
Listing Authority, such discretion may not be exercised in such a way as to prevent dealings
in the shares of that class from taking place on an open and proper basis. In the case of a
transfer of shares in certificated form by a recognised clearing house or a nominee of a
recognised clearing house or of a recognised investment exchange the lodgment of share
certificates will only be necessary if and to the extent that certificates have been issued in
respect of the shares in question.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>39.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may, in the case of shares in certificated form, in their absolute
discretion and without assigning any reason therefor refuse to register any transfer of shares
(not being fully-paid shares) provided that, where any such shares are admitted to the
official list maintained by the UK Listing Authority, such discretion may not be exercised in
such a way as to prevent dealings in the shares of that class from taking place on an open and
proper basis.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>39.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may also refuse to register an allotment or transfer of shares
(whether fully-paid or not) in favour of more than four persons jointly.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">16
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>39.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Directors refuse to register an allotment or transfer of shares they shall
within two months after the date on which:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>39.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the letter of allotment or instrument of transfer was lodged with the
Company (in the case of shares held in certificated form); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>39.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Operator-instruction was received by the Company (in the case of
shares held in uncertificated form),</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>send to the allottee or transferee notice of the refusal.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>40</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Instruments of transfer</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All instruments of transfer which are registered may be retained by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>41</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No fee on registration</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee will be charged by the Company in respect of the registration of any transfer or
any document relating to or affecting the title to any shares or otherwise for making any
entry in the Register affecting the title to any shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>42</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Destruction of documents</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to compliance with the rules (as defined in the Regulations) applicable to
shares of the Company in uncertificated form, the Company shall be entitled to destroy or
delete all instruments of transfer or other documents (whether in hard copy or electronic
form) which have been registered or on the basis of which registration was made at any time
after the expiration of six years from the date of registration thereof and all dividend
mandates and notifications of change of address at any time after the expiration of two
years from the date of recording thereof and all share certificates which have been
cancelled at any time after the expiration of one year from the date of the cancellation
thereof and it shall conclusively be presumed in favour of the Company that every entry in
the Register purporting to have been made on the basis of an instrument of transfer or other
document so destroyed or deleted was duly and properly made and every instrument of transfer
so destroyed or deleted was a valid and effective instrument duly and properly registered
and every share certificate so destroyed was a valid and effective certificate duly and
properly cancelled and every other document hereinbefore mentioned so destroyed or deleted
was a valid and effective document in accordance with the recorded particulars thereof in
the books or records of the Company. Provided always that:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>42.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provisions aforesaid shall apply only to the destruction or deletion of a
document in good faith and without notice of any claim (regardless of the parties thereto) to
which the document might be relevant;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>42.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nothing herein contained shall be construed as imposing upon the Company any
liability in respect of the destruction or deletion of any such document earlier than as
aforesaid or in any other circumstances which would not attach to the Company in the absence
of this Article;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>42.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any document referred to above may, subject to the Statutes, be destroyed before
the end of the relevant period so long as a copy of such document (whether made
electronically, by microfilm, by digital imaging or by any other means) has been made and is
retained until the end of the relevant period; and</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">17
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>42.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>references herein to the destruction or deletion of any document include
references to the disposal thereof in any manner.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>43</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Further provisions on shares in uncertificated form</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>43.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the Statutes and the rules (as defined in the Regulations), and apart
from any class of wholly dematerialised security, the Directors may determine that any class
of shares may be held in uncertificated form and that title to such shares may be transferred
by means of a relevant system or that shares of any class should cease to be held and
transferred as aforesaid.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>43.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of these Articles shall not apply to shares of any class which are
in uncertificated form to the extent that such Articles are inconsistent with:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>43.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holding of shares of that class in uncertificated form;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>43.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the transfer of title to shares of that class by means of a relevant system; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>43.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provision of the Regulations.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Transmission of Shares</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>44</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Persons entitled on death</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In case of the death of a member, the survivors or survivor where the deceased was a
joint holder, and the executors or administrators of the deceased where he was a sole or
only surviving holder, shall be the only persons recognised by the Company as having any
title to his interest in the shares, but nothing in this Article shall release the estate of
a deceased member (whether sole or joint) from any liability in respect of any share held by
him.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>45</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election by persons entitled by transmission</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any person becoming entitled to a share in consequence of the death or bankruptcy of a
member or otherwise by operation of law may (subject as hereinafter provided) upon supplying
to the Company such evidence as the Directors may reasonably require to show his title to
the share either be registered himself as holder of the share upon giving to the Company
notice in writing to that effect or transfer such share to some other person. All the
limitations, restrictions and provisions of these Articles relating to the right to transfer
and the registration of transfers of shares shall be applicable to any such notice or
transfer as aforesaid as if the notice or transfer were a transfer made by the member
registered as the holder of any such share.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>46</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rights of persons entitled by transmission</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Save as otherwise provided by or in accordance with these Articles, a person becoming
entitled to a share in consequence of the death or bankruptcy of a member or otherwise by
operation of law (upon supplying to the Company such evidence as the Directors may
reasonably require to show his title to the share) shall be entitled to the same dividends
and other advantages as those to which he would be entitled if he were the registered holder
of the share except that he shall not be entitled in respect thereof (except with the
authority of the Directors) to exercise any right conferred by membership in relation to</TD>

</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">18
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shareholders&#146; meetings until he shall have been registered as a member in respect of the
share.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Untraced Shareholders</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>47</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Untraced shareholders</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall be entitled to sell at the best price reasonably obtainable at the
time of sale the shares of a member or the shares to which a person is entitled by virtue of
transmission on death or bankruptcy or otherwise by operation of law if and provided that:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>47.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during the period of six years prior to the date of the publication of the
advertisements referred to in paragraph 47.2 below (or, if published on different dates, the
first thereof) no communication has been received by the Company from the member or the person
entitled by transmission and no cheque or warrant sent by the Company through the post in a
pre-paid letter addressed to the member or to the person entitled by transmission to the
shares at his address on the Register or the last known address given by the member or the
person entitled by transmission to which cheques and warrants are to be sent has been cashed
and at least three dividends in respect of the shares in question have become payable and no
dividend in respect of those shares has been claimed;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>47.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company shall on expiry of the said period of six years have inserted
advertisements in both a leading national daily newspaper and in a newspaper circulating in
the area in which the address referred to in paragraph 47.1 above is located giving notice of
its intention to sell the said shares; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>47.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during the said period of six years and the period of three months following the
publication of the said advertisements the Company shall have received no communication from
such member or person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>48</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Executor and proceeds</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To give effect to any such sale the Company may appoint any person to transfer, as
transferor, the said shares and such transfer shall be as effective as if it had been
carried out by the registered holder of or person entitled by transmission to such shares
and the title of the transferee shall not be affected by any irregularity or invalidity in
the proceedings relating thereto. The net proceeds of sale shall belong to the Company which
shall be obliged to account to the former member or other person previously entitled as
aforesaid for an amount equal to such proceeds and shall enter the name of such former
member or other person in the books of the Company as a creditor for such amount which shall
be a permanent debt of the Company. No trust shall be created in respect of the debt, no
interest shall be payable in respect of the same and the Company shall not be required to
account for any money earned on the net proceeds, which may be employed in the business of
the Company or invested in such investments (other than shares of the Company or its holding
company if any) as the Directors may from time to time think fit.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>General Meetings</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>49</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Annual and Extraordinary General Meetings</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Annual General Meeting shall be held not more than 18&nbsp;months after the incorporation
of the Company and subsequently once in every year, at such time (within a period of not</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">19
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>more than 15&nbsp;months after the holding of the last preceding Annual General Meeting) and
place as may be determined by the Directors. All other General Meetings shall be called
Extraordinary General Meetings.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>50</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Convening of General Meetings</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may whenever they think fit, and shall on requisition in accordance with
the Statutes, proceed with proper expedition to convene an Extraordinary General Meeting.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Notice of General Meetings</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>51</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice of General Meetings</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Annual General Meeting and any Extraordinary General Meeting at which it is proposed
to pass a Special Resolution or (save as provided by the Statutes) a resolution of which
special notice has been given to the Company, shall be called by 21 clear days&#146; notice in
writing (including, subject to the provision of the Statutes and regulations of the London
Stock Exchange, electronic mail) at the least and any other Extraordinary General Meeting by
14 clear days&#146; notice in writing (including, subject to the provision of the Statutes and
regulations of the London Stock Exchange, electronic mail) at the least. The period of
notice shall in each case be exclusive of the day on which it is served or deemed to be
served and of the day on which the meeting is to be held and shall be given in manner
hereinafter mentioned to all members other than such as are not under the provisions of
these Articles entitled to receive such notices from the Company: provided that the Company
may determine that only those persons entered on the Register at the close of business on a
day determined by the Company, such day being no more than 21&nbsp;days before the day that
notice of the meeting is sent, shall be entitled to receive such a notice and provided also
that a General Meeting notwithstanding that it has been called by a shorter notice than that
specified above shall be deemed to have been duly called if it is so agreed:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>51.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of an Annual General Meeting by all the members entitled to attend and
vote thereat; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>51.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of an Extraordinary General Meeting by a majority in number of the
members having a right to attend and vote thereat, being a majority together holding not less
than 95 per cent in nominal value of the shares giving that right.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>52</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Contents of notice of General Meetings</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>52.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Every notice calling a General Meeting shall specify the place and the day and
hour of the meeting, and there shall appear with reasonable prominence in every such notice a
statement that a member entitled to attend and vote is entitled to appoint a proxy or proxies
to attend and vote instead of him and that a proxy need not be a member of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>52.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of an Annual General Meeting, the notice shall also specify the
meeting as such.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>52.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The notice shall specify the general nature of the business to be transacted at
the meeting and if any resolution is to be proposed as an Extraordinary Resolution or as a
Special Resolution, the notice shall contain a statement to that effect.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">20
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>52.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of determining which persons are entitled to attend or vote at a
meeting and how many votes such person may cast, the Company may specify in the notice of the
meeting a time, not more than 48 hours before the time fixed for the meeting, by which a
person must be entered on the Register in order to have the right to attend or vote at the
meeting.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Overflow of General Meetings</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>53</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board may, notwithstanding that the notice of any General Meeting may specify the
place of the meeting (the &#147;<B>Principal Place</B>&#148;), at which the chairman of the meeting shall
preside, make arrangements for simultaneous attendance and participation at other places by
members and proxies entitled to attend the General Meeting but unable to do so at the
Principal Place.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>54</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such arrangements for simultaneous attendance at the meeting may include arrangements
regarding the level of attendance as aforesaid at the other places provided that they shall
operate so that any members and proxies excluded from attendance at the Principal Place are
able to attend at one or more of the other places. For the purpose of all other provisions of
these Articles any such meeting shall be treated as being held and taking place at the
Principal Place.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>55</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board may, for the purpose of facilitating the organisation and administration of
any General Meeting to which such arrangements apply, from time to time make arrangements,
whether involving the issue of tickets (on a basis intended to afford all members and proxies
entitled to attend the meeting an equal opportunity of being admitted to the Principal Place)
or the imposition of some random means of selection or otherwise as it shall in its absolute
discretion consider to be appropriate, and may from time to time vary any such arrangements or
make new arrangements in their place and the entitlement of any member or proxy to attend a
General Meeting at the Principal Place shall be subject to the arrangements as may be for the
time being in force whether stated in the notice of meeting to apply to that meeting or
notified to the members concerned subsequent to the provision of the notice of the meeting.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Proceedings at General Meetings</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>56</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chairman</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Chairman of the Directors, failing whom a Deputy Chairman, failing whom any
Director present and willing to act and, if more than one, chosen by the Directors present
at the meetings shall preside as chairman at a General Meeting. If no Director is present
within five minutes after the time appointed for holding the meeting and willing to act as
chairman, the Directors present shall choose one of their number (or, if no Director be
present or if all the Directors present decline to take the chair, the members present and
entitled to vote shall choose one of their number) to be chairman of the meeting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>57</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Quorum</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No business other than the appointment of a chairman shall be transacted at any General
Meeting unless a quorum is present at the time when the meeting proceeds to business.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

<P align="center" style="font-size: 10pt">21
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Three members present in person or by proxy and entitled to vote shall be a quorum for all
purposes.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>58</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lack of quorum</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If within five minutes from the time appointed for a General Meeting (or such longer
interval as the chairman of the meeting may think fit to allow) a quorum is not present, or
if during the meeting a quorum ceases to be present, the meeting, if convened on the
requisition of members, shall be dissolved. In any other case it shall stand adjourned to
such other day and such time and place as may have been specified for the purpose in the
notice convening the meeting or (if not so specified) as the chairman of the meeting may
determine.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>59</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjournment</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The chairman of any General Meeting at which a quorum is present may with the consent
of the meeting (and shall if so directed by the meeting) adjourn the meeting from time to
time (or <I>sine die</I>) and from place to place, but no business shall be transacted at any
adjourned meeting except business which might lawfully have been transacted at the meeting
from which the adjournment took place. Where a meeting is adjourned <I>sine die</I>, the time and
place for the adjourned meeting shall be fixed by the Directors. When a meeting is adjourned
for 30&nbsp;days or more or <I>sine die</I>, not less than seven days&#146; notice of the adjourned meeting
shall be given in like manner as in the case of the original meeting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>60</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice of adjourned meeting</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Save as hereinbefore expressly provided, it shall not be necessary to give any notice
of an adjournment or of the business to be transacted at an adjourned meeting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>61</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendments to resolutions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an amendment shall be proposed to any resolution under consideration but shall in
good faith be ruled out of order by the chairman of the meeting the proceedings on the
substantive resolution shall not be invalidated by any error in such ruling. In the case of
a resolution duly proposed as a Special or Extraordinary Resolution, no amendment thereto
(other than a mere clerical amendment to correct a patent error) may in any event be
considered or voted upon.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>62</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Polls</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At any General Meeting a resolution put to the vote of the meeting shall be decided on
a show of hands unless a poll is (before, or on the declaration of the result of, the show
of hands) demanded by:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>62.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the chairman of the meeting;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>62.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not less than five members present in person or by proxy and entitled to vote;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>62.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a member or members present in person or by proxy and representing not less than
one-tenth of the total voting rights of all the members having the right to vote at the
meeting; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>62.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a member or members present in person or by proxy and holding shares in the
Company conferring a right to vote at the meeting being shares on which an aggregate sum has</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">22
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>been paid up equal to not less than one-tenth of the total sum paid up on
all the shares conferring that right.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>63</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Demand for poll</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A demand for a poll may, before the poll is taken, be withdrawn only with the approval
of the chairman of the meeting. A demand so withdrawn shall not be taken to have invalidated
the result of a show of hands declared before the demand was made. Unless a poll is taken a
declaration by the chairman that a resolution has been carried, or carried unanimously, or
by a particular majority, or lost, and an entry to that effect in the minute book, shall be
conclusive evidence of that fact without proof of the number or proportion of the votes
recorded for or against such resolution. If a poll is demanded, it shall be taken in such
manner (including by use of ballot, voting papers, tickets, electronic means, or any
combination thereof) as the chairman of the meeting may direct, and the result of the poll
shall be deemed to be the resolution of the meeting at which the poll was demanded. The
chairman of the meeting may (and if so directed by the meeting shall) appoint scrutineers
(who need not be members) and may adjourn the meeting to some place and time fixed by him
for the purpose of declaring the result of the poll. The result of the poll shall be deemed
to be the resolution of the meeting at which the poll was demanded.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>64</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voting on a poll</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On a poll votes may be given either personally or by proxy and a person entitled to
more than one vote need not use all his votes or cast all the votes he uses in the same way.
Unless his appointment otherwise provides, the proxy may vote or abstain at his discretion
on any matter coming before the meeting on which proxies are entitled to vote.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>65</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chairman&#146;s casting vote</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of an equality of votes, whether on a show of hands or on a poll, the
chairman of the meeting at which the show of hands takes place or at which the poll is
demanded shall be entitled to a casting vote in addition to any other vote he may have.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>66</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Timing of poll</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A poll demanded on the choice of a chairman or on a question of adjournment shall be
taken forthwith. A poll demanded on any other question shall be taken either immediately or
at such subsequent time (not being more than 30&nbsp;days from the date of the meeting) and place
as the chairman may direct. No notice need be given of a poll not taken immediately. The
demand for a poll shall not prevent the continuance of the meeting for the transaction of
any business other than the question on which the poll has been demanded.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Votes of Members</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>67</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Votes attaching to shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Articles 10.2 and 52.4 and to any special rights or restrictions as to
voting attached by or in accordance with these Articles to any class of shares, on a show of
hands every member who is present in person or by proxy shall have one vote and on a poll
every member who is present in person or by proxy shall have one vote for every share of
which he is the holder.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">23
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>68</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Votes of joint holders</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">In the case of joint holders of a share the vote of the senior who tenders a vote,
whether in person or by proxy, shall be accepted to the exclusion of the votes of the other
joint holders and for this purpose seniority shall be determined by the order in which the
names stand in the Register in respect of the share.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>69</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voting by guardian</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">Where in England or elsewhere a guardian, receiver or other person (by whatever name
called) has been appointed by any Court claiming jurisdiction in that behalf to exercise
powers with respect to the property or affairs of any member on the ground (however
formulated) of mental disorder, the Directors may in their absolute discretion, upon or
subject to production of such evidence of the appointment as the Directors may require,
permit such guardian, receiver or other person on behalf of such member to vote in person or
by proxy at any shareholders&#146; meeting or to exercise any other right conferred by membership
in relation to shareholders&#146; meetings.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>70</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restrictions on voting if holding unpaid shares</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">No member shall, unless the Directors otherwise determine, be entitled in respect of
any share held by him to vote either personally or by proxy at a shareholders&#146; meeting or to
exercise any other right conferred by membership in relation to shareholders&#146; meetings if
any call or other sum presently payable by him to the Company in respect of that share
remains unpaid.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>71</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restrictions on voting in particular circumstances</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>71.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any member, or any other person appearing to be interested in shares held by
such member, has been duly served with a notice under Section&nbsp;212 of the Act and is in default
for a period of 14&nbsp;days from the date of service in supplying to the Company the information
thereby required, then (unless the Directors otherwise determine) in respect of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the shares comprising the shareholding account in the Register which
comprises or includes the shares in relation to which the default occurred (all or the
relevant number as appropriate of such shares being the &#147;default shares&#148;, which
expression shall include any further shares which are issued in respect of such shares); and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other shares held by the member,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">the member shall (for so long as the default continues) not, nor shall any transferee to
whom any of such shares are transferred (other than pursuant to an approved transfer or
pursuant to paragraph 71.2.2 below) be entitled to attend or vote either personally or by
proxy at a shareholders&#146; meeting or to exercise any other right conferred by membership in
relation to shareholders&#146; meetings.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>71.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the default shares represent at least 0.25 per cent of the issued shares of
the class in question, the Directors may in their absolute discretion by notice (a &#147;<B>direction
notice</B>&#148;) to such member direct that:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any dividend or part thereof or other money which would otherwise be
payable in respect of the default shares shall be retained by the Company without any
liability to pay interest thereon when such dividend or other money is finally paid to
the</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">24
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:10%; font-size: 10pt">member and the member shall not be entitled to elect to receive shares in lieu of
dividend; and/or


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no transfer of any of the shares held by such member shall be registered
unless the transfer is an approved transfer or:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the member is not himself in default as regards supplying the
information required; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the transfer is of part only of the member&#146;s holding and, when
presented for registration, is accompanied by a certificate by the member in a
form satisfactory to the Directors to the effect that after due and careful
enquiry the member is satisfied that none of the shares the subject of the
transfer are default shares,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">provided that, in the case of shares in uncertificated form, the Directors may only exercise
their discretion not to register a transfer if permitted to do so by the Regulations.



<P align="left" style="margin-left:5%; font-size: 10pt">Any direction notice may treat shares of a member in certificated and uncertificated form as
separate holdings and either apply only to the former or to the latter or make different
provision for the former and the latter.



<P align="left" style="margin-left:5%; font-size: 10pt">Upon the giving of a direction notice its terms shall apply accordingly.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>71.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall send to each other person appearing to be interested in the shares which are the subject of any direction notice a copy of the notice, but the failure or
omission by the Company to do so shall not invalidate such notice.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>71.4</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Save as herein provided any direction notice shall have effect in
accordance with its terms for so long as the default in respect of which the direction
notice was issued continues and shall cease to have effect thereafter upon the
Directors so determining (such determination to be made within a period of one week of
the default being duly remedied, with written notice thereof being given forthwith to
the member).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any direction notice shall cease to have effect in relation to any shares
which are transferred by such member by means of an approved transfer or in accordance
with paragraph 71.2.2 above.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>71.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;For the purposes of this Article:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person shall be treated as appearing to be interested in any shares if
the member holding such shares has been served with a notice under the said Section&nbsp;212
and either (a)&nbsp;the member has named such person as being so interested or (b) (after
taking into account the response of the member to the said notice and any other
relevant information) the Company knows or has reasonable cause to believe that the
person in question is or may be interested in the shares; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>71.5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer of shares is an approved transfer if:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is a transfer of shares to an offeror by way or in pursuance
of acceptance of a takeover offer (as defined in Section&nbsp;428 of the Act); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Directors are satisfied that the transfer is made pursuant
to a bona fide sale of the whole of the beneficial ownership of the shares to a
party</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">25
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:12%; font-size: 10pt">unconnected with the member or with any person appearing to be interested in
such shares including any such sale made through a recognised investment
exchange or through a stock exchange outside the United Kingdom on which the
Company&#146;s shares are normally traded. For the purposes of this sub-paragraph
any associate (as that term is defined in Section&nbsp;435 of the Insolvency Act
1986) shall be included amongst the persons who are connected with the
member or any person appearing to be interested in such shares.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>71.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of this Article are in addition and without prejudice to the
provisions of the Act.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>72</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Validity and result of vote</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">No objection shall be raised as to the qualification of any voter or the admissibility
of any vote except at the meeting or adjourned meeting at which the vote is tendered. Every
vote not disallowed at such meeting shall be valid for all purposes. Any such objection
shall be referred to the chairman of the meeting, whose decision shall be final and
conclusive.


<P align="center" style="font-size: 10pt"><B>Proxies</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>73</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Proxy need not be a member</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">A proxy need not be a member of the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>74</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Form of proxy</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The appointment of a proxy must be in writing in any usual or common form or in any
other form which the Directors may approve and:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>74.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of an individual must either be signed by the appointor or his
attorney or comply with Article&nbsp;154; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>74.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a corporation must be either given under its common seal or be
signed on its behalf by an attorney or a duly authorised officer of the corporation or comply
with Article&nbsp;154.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The signature on such appointment need not be witnessed. Where an appointment of a proxy is
signed on behalf of the appointor by an attorney, the power of attorney or a copy thereof
certified notarially or in some other way approved by the Directors must (failing previous
registration with the Company) be submitted to the Company, failing which the appointment
may be treated as invalid.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>75</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deposit of form of proxy</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>75.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment of a proxy must be received at such address or one of such
addresses (if any) as may be specified for that purpose in or by way of note to or in any
document accompanying the notice convening the meeting (or, if no address is so specified,
must be left at the Transfer Office) not less than forty-eight hours before the time appointed
for the holding of the meeting or adjourned meeting or (in the case of a poll taken otherwise
than at or on the same day as the meeting or adjourned meeting) for the taking of the poll at
which it is to be used, and in default shall not be treated as valid. The appointment shall,
unless the contrary is stated thereon, be valid as well for any adjournment of the meeting</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">26
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:4%; font-size: 10pt">as for the meeting to which it relates. An appointment relating to more than one meeting
(including any adjournment thereof) having once been so delivered for the purposes of any
meeting shall not require again to be delivered for the purposes of any subsequent meeting
to which it relates.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>75.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without limiting the foregoing, in relation to any shares in uncertificated form
the Directors may permit a proxy to be appointed by means of an electronic communication in
the form of an Uncertificated Proxy Instruction (that is, a properly authenticated
dematerialised instruction, and/or other instruction or notification, sent by means of a
relevant system to such participant in that system acting on behalf of the Company as the
Directors may prescribe, in such form and subject to such terms and conditions as may from
time to time be prescribed by the Directors (subject always to the facilities and requirements
of the relevant system)); and may permit any supplement to, or amendment or revocation of, any
such Uncertificated Proxy Instruction to be made by a further Uncertificated Proxy
Instruction. The Directors may in addition prescribe the method of determining the time at
which any such instruction or notification is to be treated as received by the Company. The
Directors may treat any such instruction or notification purporting or expressed to be sent on
behalf of a holder of a share as sufficient evidence of the authority of the person sending
the instruction to send it on behalf of that holder.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>76</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Differing proxy appointments</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">When two or more valid but differing proxy appointments are delivered in respect of the
same share for use at the same meeting, the one which is last delivered (regardless of its
date or the date of its execution (if relevant)) shall be treated as replacing and revoking
the others as regards that share and if the Company is unable to determine which was last
delivered none of them shall be treated as valid in respect of that share.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>77</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rights of proxy</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">A proxy shall have the right to demand or join in demanding a poll but no further right
to speak at the meeting, except with the permission of the chairman of the meeting.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>78</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revocation of proxy</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">A vote cast or demand for a poll made by proxy shall not be invalidated by the previous
death or insanity of the member or by the revocation of the appointment of the proxy or of
the authority under which the appointment was made unless notice in writing of such death,
insanity or revocation shall have been received by the Company at the address or one of the
addresses specified under Article&nbsp;75 (subject to any conditions attached to the use of a
particular address imposed under that Article) or, if no address was specified, at the
Transfer Office 48 hours or such lesser time as the Directors may determine before the
commencement of the meeting or adjourned meeting or (in the case of a poll taken otherwise
than at or on the same day as the meeting or adjourned meeting) the time appointed for the
taking of the poll at which the vote is cast. The Directors may establish such procedures as
they deem appropriate to receive and verify the validity and acceptance of the revocation of
proxy.


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">27
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>Corporations Acting by Representatives</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>79</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any corporation which is a member of the Company may by resolution of its directors or
other governing body authorise such person as it thinks fit to act as its representative at
any shareholders&#146; meeting. The person so authorised shall be entitled to exercise the same
powers on behalf of such corporation as the corporation could exercise if it were an
individual member of the Company and such corporation shall for the purposes of these Articles
be deemed to be present in person at any such meeting if a person so authorised is present
thereat.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Directors</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>80</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Number of Directors</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">Subject as hereinafter provided the Directors shall not be less than five nor more than
18 in number. The Company may by Ordinary Resolution from time to time vary the minimum
number and/or maximum number of Directors.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>81</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Share qualification</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">A Director shall not be required to hold any shares of the Company by way of
qualification. A Director who is not a member of the Company shall nevertheless be entitled
to receive notice of, attend and speak at shareholders&#146; meetings.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>82</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; fees</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">Each of the Directors, other than those who hold executive office or are employees of
the Company or any subsidiary, shall be paid a fee (which shall accrue from day to day) at
such rate as may from time to time be determined by the Directors, provided that the
aggregate of all such fees shall not in respect of any year exceed &#163;1,000,000 or such other
sum as shall be determined by Ordinary Resolution of the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>83</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other remuneration of Directors</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">Any Director who holds any executive office (including for this purpose the office of
Chairman, Deputy Chairman or Vice Chairman whether or not such office is held in an
executive capacity), or who serves on any committee of the Directors, or who otherwise
performs services which in the opinion of the Directors are outside the scope of the
ordinary duties of a Director, may be paid such extra remuneration by way of salary,
commission or otherwise or may receive such other benefits as the Directors may determine.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>84</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; expenses</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The Directors may repay to any Director all such reasonable expenses as he may incur in
attending and returning from meetings of the Directors or of any committee of the Directors
or shareholders&#146; meetings or otherwise in connection with the business of the Company.


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">28
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>85</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; pensions and other benefits</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The Directors shall have power to pay and agree to pay gratuities, pensions or other
retirement, superannuation, death or disability benefits to (or to any person in respect of)
any Director or ex-Director of the Company or any of its subsidiaries and for the purpose of
providing any such gratuities, pensions or other benefits to contribute to any scheme or
fund or to pay premiums.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>86</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; interests</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">Subject to the provisions of the Statutes and to any further restrictions contained in
his contract of employment, and provided that he has disclosed to the Directors the nature
and extent of any interest of his, a Director notwithstanding his office:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>86.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may be a party to, or otherwise interested in, any contract, transaction or
arrangement with the Company or in which the Company is otherwise interested;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>86.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may be a director or other officer of, or employed by, or a party to any contract,
transaction or arrangement with, or otherwise interested in, any body corporate promoted by
the Company or in which the Company is otherwise interested;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>86.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may (or any firm of which he is a partner, employee or member may) act in a
professional capacity for the Company (other than as Auditor) and be remunerated therefor; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>86.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall not, save as otherwise agreed by him, be accountable to the Company for any
benefit which he derives from any such contract, transaction or arrangement or from any such
office or employment or from any interest in any such body corporate or for such remuneration
and no such contract, transaction or arrangement shall be liable to be avoided on the grounds
of any such interest or benefit.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>87</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appointment of executive Directors</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>87.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may from time to time appoint one or more of their body to be the
holder of any executive office (including, where considered appropriate, the office of
Chairman, Deputy Chairman, Vice Chairman or Group Chief Executive) on such terms and for such
period as they may (subject to the provisions of the Statutes) determine and, without
prejudice to the terms of any contract entered into in any particular case, may at any time
revoke or vary the terms of any such appointment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>87.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment of any Director to the office of Chairman, Deputy Chairman, Vice
Chairman or Group Chief Executive or Managing or Joint Managing or Deputy or Assistant
Managing Director shall automatically determine if he ceases to be a Director but without
prejudice to any claim for damages for breach of any contract of service between him and the
Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>87.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment of any Director to any other executive office shall not
automatically determine if he ceases from any cause to be a Director, unless the contract or
resolution under which he holds office shall expressly state otherwise, in which event such
determination shall be without prejudice to any claim for damages for breach of any contract
of service between him and the Company.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">29
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>88</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Powers of executive Directors</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>88.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may entrust to and confer upon any Director holding any executive
office any of the powers exercisable by them as Directors upon such terms and conditions and
with such restrictions as they think fit, and either collaterally with or to the exclusion of
their own powers, and may from time to time revoke, withdraw, alter or vary all or any of such
powers.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Appointment and Retirement of Directors</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>89</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election or appointment of additional director</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The Company may by Ordinary Resolution elect any person to be a Director either to fill
a casual vacancy or as an additional Director. Without prejudice thereto the Directors shall
have power at any time so to do, but so that the total number of Directors shall not thereby
exceed the maximum number (if any) fixed by or in accordance with these Articles. Any person
so appointed by the Directors shall hold office only until the next Annual General Meeting
and shall then be eligible for election.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>90</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vacation of office</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The office of a Director shall be vacated in any of the
following events, namely:</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>90.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if he shall become prohibited by law from acting as a Director;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>90.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if he shall resign by writing under his hand left at the Office or if he shall in
writing offer to resign and the Directors shall resolve to accept such offer;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>90.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if he shall have a bankruptcy order made against him or shall compound with his
creditors generally or shall apply to the Court for an interim order under Section&nbsp;253 of the
Insolvency Act 1986 in connection with a voluntary arrangement under that Act;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>90.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if in England or elsewhere an order shall be made by any Court claiming
jurisdiction in that behalf on the ground (however formulated) of mental disorder for his
detention or for the appointment of a guardian or for the appointment of a receiver or other
person (by whatever name called) to exercise powers with respect to his property or affairs;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>90.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if he shall be absent from meetings of the Directors for six months without leave
and the Directors shall resolve that his office be vacated; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>90.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a notice in writing is served upon him, signed by at least 75 per cent of his
co-Directors for the time being, to the effect that his office as Director shall on receipt of
such notice <I>ipso facto </I>be vacated, but so that if he holds an appointment to an executive
office which thereby automatically determines such removal shall be deemed an act of the
Company and shall have effect without prejudice to any claim for damages for breach of any
contract of service between him and the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>91</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Retirement by rotation at Annual General Meetings</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>91.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Director shall retire at the Annual General Meeting held in the third
calendar year following the year in which he was elected or last re-elected but, unless he
falls within paragraph 91.2 below, he shall be eligible for re-election.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">30
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>91.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Director shall also retire at any Annual General Meeting if he has agreed to do
so (whether in accordance with the terms of his appointment or otherwise) and, unless the
Directors have agreed otherwise, he shall not be eligible for re-election.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>92</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Re-election of retiring Director</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The Company at the meeting at which a Director retires under any provision of these
Articles may by Ordinary Resolution fill the office being vacated by electing thereto the
retiring Director (if eligible for re-election) or some other person eligible for election.
In the absence of such a resolution the retiring Director shall nevertheless be deemed to
have been re-elected except in any of the following cases:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>92.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where at such meeting it is expressly resolved not to fill such office or a
resolution for the re-election of such Director is put to the meeting and lost;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>92.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where such Director is ineligible for re-election or has given notice in writing
to the Company that he is unwilling to be re-elected;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>92.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where a resolution to elect such Director is void by reason of contravention of
the next following Article; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>92.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where such Director has attained any retiring age applicable to him as Director.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The retirement shall not have effect until the conclusion of the meeting except where a
resolution is passed to elect some other person in the place of the retiring Director or a
resolution for his re-election is put to the meeting and lost and accordingly a retiring
Director who is re-elected or deemed to have been re-elected will continue in office without
a break.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>93</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election of two or more Directors</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">A resolution for the election of two or more persons as Directors by a single
resolution shall not be moved at any General Meeting unless a resolution that it shall be so
moved has first been agreed to by the meeting without any vote being given against it. Any
resolution moved in contravention of this provision shall be void.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>94</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Nomination of Directors for election</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">No person other than a Director retiring at the meeting shall, unless recommended by
the Directors for election, be eligible for election as a Director at any General Meeting
unless not less than seven nor more than 42&nbsp;days (inclusive of the date on which the notice
is given) before the date appointed for the meeting there shall have been lodged at the
Office notice in writing signed by some member (other than the person to be proposed) duly
qualified to attend and vote at the meeting for which such notice is given of his intention
to propose such person for election and also notice in writing signed by the person to be
proposed of his willingness to be elected.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>95</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Power to remove Director</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The Company may in accordance with and subject to the provisions of the Statutes by
Ordinary Resolution of which special notice has been given remove any Director from office
(notwithstanding any provision of these Articles or of any agreement between the Company and
such Director, but without prejudice to any claim he may have for damages


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">31
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:4%; font-size: 10pt">for breach of any such agreement) and elect another person in place of a Director so removed
from office.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>96</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Age Limit</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">Any provision of the Statutes which, subject to the provisions of these Articles, would
have the effect of rendering any person ineligible for appointment or election as a Director
or liable to vacate office as a Director on account of his having reached any specified age
or of requiring special notice or any other special formality in connection with the
appointment or election of any Director over a specified age, shall not apply to the
Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>97</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Retirement age</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">A Director shall vacate his office at the conclusion of the Annual General Meeting
commencing next after he attains the age of 70. Such a retiring Director shall be eligible
for re-appointment. Any person who has attained the age of 70 and is appointed or
re-appointed by the Company as a Director shall hold office only until the next Annual
General Meeting and shall then be eligible for re-appointment.


<P align="center" style="font-size: 10pt"><B>Alternate Directors</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>98</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Director may at any time by writing under his hand and deposited at the Office, or
delivered at a meeting of the Directors, appoint any person (including another Director) to be
his alternate Director and may in like manner at any time terminate such appointment. Such
appointment, unless previously approved by the Directors or unless the appointee is another
Director, shall have effect only upon and subject to being so approved.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>99</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The appointment of an alternate Director shall determine on the happening of any event
which if he were a Director would cause him to vacate such office or if his appointor ceases
to be a Director, otherwise than by retirement at a General Meeting at which he is re-elected.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>100</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An alternate Director shall be entitled to receive notices of meetings of the
Directors and shall be entitled to attend and vote as a Director at any such meeting at which
the Director appointing him is not personally present and generally at such meeting to perform
all functions of his appointor as a Director and for the purposes of the proceedings at such
meeting the provisions of these Articles shall apply as if he (instead of his appointor) were
a Director. If he shall be himself a Director or shall attend any such meeting as an alternate
for more than one Director, his voting rights shall be cumulative but he shall not be counted
more than once for the purposes of the quorum. If his appointor is for the time being absent
from the United Kingdom or temporarily unable to act through ill health or disability his
signature to any resolution in writing of the Directors shall be as effective as the signature
of his appointor. To such extent as the Directors may from time to time determine in relation
to any committees of the Directors the foregoing provisions of this paragraph shall also apply
<I>mutatis mutandis </I>to any meeting of any such committee of which his appointor is a member. An
alternate Director shall not (save as aforesaid) have power to act as a Director, nor shall he
be deemed to be the agent of his appointor.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>101</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An alternate Director shall be entitled to contract and be interested in and benefit
from contracts or arrangements or transactions and to be repaid expenses and to be</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">32
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:5%; font-size: 10pt">indemnified to the same extent <I>mutatis mutandis </I>as if he were a Director but he shall not be
entitled to receive from the Company in respect of his appointment as alternate Director any
remuneration except only such part (if any) of the remuneration otherwise payable to his
appointor as such appointor may by notice in writing to the Company from time to time
direct.


<P align="center" style="font-size: 10pt"><B>Meetings and Proceedings of Directors</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>102</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing of meetings of Directors</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>102.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of these Articles the Directors may meet together for
the despatch of business, adjourn and otherwise regulate their proceedings as they think fit.
At any time any Director may, and the Secretary at the request of a Director shall, call a
meeting of the Directors. Any Director may waive notice of any meeting and any such waiver may
be retroactive.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>102.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A notice of a meeting of directors convened in accordance with paragraph 102.1,
or a copy of the text of any resolution proposed to be passed in accordance with Article&nbsp;110,
(each a &#147;<B>Communication</B>&#148;) shall be provided to each Director at their last known address, fax
number or electronic mail address in the United Kingdom or to such temporary address, fax
number or electronic mail address as may be notified to the Secretary from time to time. Any
such Communication may be delivered by hand or sent by courier, fax, electronic mail or
pre-paid first class post. If sent by fax or electronic mail such Communication shall
conclusively be deemed to have been given or served at the time of despatch. If sent by post
or courier such Communication shall conclusively be deemed to have been received 24 hours from
the time of posting or despatch, in the case of inland mail and couriers in the United
Kingdom, or 48 hours from the time of posting or despatch in the case of international mail
and couriers.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>102.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Communication shall be deemed duly served under paragraph 102.2 if sent to the
address, fax number or electronic mail address last provided by each Director to the
Secretary. The non-receipt by any Director of any Communication served in accordance with the
provisions of this Article&nbsp;102 shall not invalidate any meeting of directors, or any written
resolution signed in accordance with Article&nbsp;110, to which the Communication relates if such
meeting or resolution is otherwise held or signed in accordance with the provisions of these
Articles.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>103</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Quorum</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">The quorum necessary for the transaction of business of the Directors may be fixed from
time to time by the Directors and unless so fixed at any other number shall be three. A
meeting of the Directors at which a quorum is present shall be competent to exercise all
powers and discretions for the time being exercisable by the Directors. For the purposes of
these Articles any Director who is able (directly or by telephonic or other communication
equipment) to speak and be heard by each of the other Directors present or deemed to be
present at any meeting of the Directors, shall be deemed to be present in person at such
meeting and shall be entitled to vote or be counted in the quorum accordingly. Such meeting
shall be deemed to take place where the largest group of those participating is assembled,
or, if there is no such group, where the chairman of the meeting then is, and the word
&#147;meeting&#148; shall be construed accordingly.


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">33
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>104</B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD><B>Casting vote</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt">Questions arising at any meeting of the Directors shall be determined by a majority of
votes. In the case of an equality of votes, the chairman of the meeting shall have a second
or casting vote.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>105</B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD><B>Directors&#146; interests</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:6%; font-size: 10pt">Save as herein provided, a Director shall not vote in respect of any contract or
arrangement or any other proposal whatsoever in which he has any material interest otherwise
than by virtue of interests in shares or debentures or other securities of, or otherwise in
or through, the Company. A Director shall not be counted in the quorum at a meeting in
relation to any resolution on which he is not entitled to vote.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>106</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors may have interests</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>106.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of the Statutes, a Director shall (in the absence of
some other material interest than is indicated below) be entitled to vote (and be counted in
the quorum) in respect of any resolution concerning any of the following matters, namely:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>106.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the giving of any security, guarantee or indemnity in respect of (i)
money lent or obligations incurred by him or by any other person at the request of or
for the benefit of the Company or any of its subsidiary undertakings or (ii)&nbsp;a debt or
other obligation of the Company or any of its subsidiary undertakings for which he
himself has assumed responsibility in whole or in part under a guarantee or indemnity
or by the giving of security;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>106.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any proposal concerning an offer of shares or debentures or other
securities of or by the Company or any of its subsidiary undertakings in which offer he
is or may be entitled to participate as a holder of securities or in the underwriting
or sub-underwriting of which he is to participate;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>106.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any proposal concerning any other body corporate in which he is
interested, directly or indirectly and whether as an officer or shareholder or
otherwise, provided that he (together with persons connected with him within the
meaning of Section&nbsp;346 of the Act) does not have an interest (as that term is used in
Sections&nbsp;198 to 211 of the Act) in 1 per cent or more of the issued equity share
capital of any class of such body corporate (or of any third company through which his
interest is derived) or of the voting rights available to members of the relevant body
corporate (any such interest being deemed for the purpose of this Article to be a
material interest in all circumstances);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>106.1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any proposal relating to an arrangement for the benefit of the employees
of the Company or any of its subsidiary undertakings which does not award him any
privilege or benefit not generally awarded to the employees to whom such arrangement
relates; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>106.1.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any proposal concerning (i)&nbsp;insurance which the Company proposes to
maintain or purchase for the benefit of Directors or for the benefit of persons who
include Directors, or (ii)&nbsp;indemnities in favour of Directors, or (iii)&nbsp;the funding of
expenditure by one or more Directors on defending proceedings against him or them, or
(iv)&nbsp;doing anything to enable such Director or Directors to avoid incurring such
expenditure.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">34
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>106.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where proposals are under consideration concerning the appointment (including
fixing or varying the terms of appointment) of two or more Directors to offices or employments
with the Company or any body corporate in which the Company is interested, the proposals may
be divided and considered in relation to each Director separately and in such case each of the
Directors concerned (if not debarred from voting under paragraph 106.1.3 of this Article)
shall be entitled to vote (and be counted in the quorum) in respect of each resolution except
that concerning his own appointment.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>106.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any question shall arise at any time as to the materiality of a Director&#146;s
interest or as to his entitlement to vote and such question is not resolved by his voluntarily
agreeing to abstain from voting, such question shall be referred to the chairman of the
meeting and his ruling in relation to any Director other than himself shall be final and
conclusive except in a case where the nature or extent of the interest of such Director has
not been fairly disclosed.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>106.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may by Ordinary Resolution suspend or relax the provisions of this
Article to any extent or ratify any transaction not duly authorised by reason of a
contravention of this Article&nbsp;106.</TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>107</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; interests &#150; general</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of Articles 86, 105 and 106:</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B><B>107.1</B></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a general notice given to the Directors that a Director is to be regarded as
having an interest of the nature and extent specified in the notice in any contract,
transaction or arrangement in which a specified person or class of persons is interested shall
be deemed to be a disclosure that the Director has an interest in any such contract,
transaction or arrangement of the nature and extent so specified;</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>107.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an interest of a person who is connected (within the meaning of Section&nbsp;346 of
the Act) with a Director shall be treated as an interest of the Director; and</TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>107.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an interest (whether of his or of such a connected person) of which a Director
has no knowledge and of which it is unreasonable to expect him to have knowledge shall not be
treated as an interest of his.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>108</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Number of Directors below minimum</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
<TD>The continuing Directors may act notwithstanding any vacancies, but if and so long as
the number of Directors is reduced below the minimum number fixed by or in accordance with
these Articles the continuing Directors or Director may act for the purpose of filling such
vacancies or of summoning General Meetings, but not for any other purpose. If there be no
Directors or Director able or willing to act, then any two members may summon a General
Meeting for the purpose of appointing Directors.</TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>109</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Chairman</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>109.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may elect from their number a Chairman, a Deputy Chairman and/or a
Vice Chairman (or two or more Deputy Chairmen and/or Vice Chairmen) and determine the period
for which each is to hold office. If no Chairman, Deputy Chairman or Vice Chairman shall have
been appointed or if at any meeting of the Directors no Chairman, Deputy Chairman or Vice
Chairman shall be present within five minutes after the time appointed</TD>
</TR>


</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">35
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
<TD>for holding the meeting, the Directors present may choose one of their number to be chairman
of the meeting.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>109.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If at any time there is more than one Deputy Chairman and/or Vice Chairman the
right in the absence of the Chairman to preside at a meeting of the Directors or of the
Company shall be determined as between the Deputy Chairmen and/or Vice Chairmen present (if
more than one) by seniority in length of appointment or otherwise as resolved by the
Directors.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>110</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Written resolutions</B></TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
<TD>A resolution in writing signed by 70 per cent of the Directors entitled to vote thereon
(being not less in number than a quorum for the meetings of Directors) shall be as valid and
effectual as a resolution duly passed at a meeting of the Directors and may consist of
several documents in the like form each signed by one or more Directors. The documents may
be facsimile or electronic copies of the resolution. A resolution in writing shall be
effective upon receipt by the Secretary of resolutions signed by the requisite number of
Directors.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>111</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appointment and constitution of committees</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>111.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may delegate any of their powers or discretions (including without
prejudice to the generality of the foregoing all powers and discretions whose exercise
involves or may involve the payment of remuneration to or the conferring of any other benefit
on all or any of the Directors) to committees. Any such committee shall, unless the Directors
otherwise resolve, have power to sub-delegate to sub-committees any of the powers or
discretions delegated to it. Any such committee or sub-committee shall consist of one or more
Directors and (if thought fit) one or more other named person or persons to be co-opted as
hereinafter provided. Insofar as any such power or discretion is delegated to a committee or
sub-committee, any reference in these Articles to the exercise by the Directors of the power
or discretion so delegated shall be read and construed as if it were a reference to the
exercise hereof by such committee or sub-committee. Any committee or sub-committee so formed
shall in the exercise of the powers so delegated conform to any regulations which may from
time to time be imposed by the Directors. Any such regulations may provide for or authorise
the co-option to the committee or sub-committee of persons other than Directors and may
provide for members who are not Directors to have voting rights as members of the committee or
sub-committee.</TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>111.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The meetings and proceedings of any such committee or sub-committee consisting of
two or more persons shall be governed <I>mutatis mutandis </I>by the provisions of these Articles
regulating the meetings and proceedings of the Directors, so far as the same are not
superseded by any regulations made by the Directors under the last preceding Article.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>111.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All acts done by any meeting of Directors, or of any such committee or
sub-committee, or by any person acting as a Director or as a member of any such committee or
sub-committee, shall as regards all persons dealing in good faith with the Company,
notwithstanding that there was some defect in the appointment of any of the persons acting as
aforesaid, or that any such persons were disqualified or had vacated office, or were not
entitled to vote, be as valid as if every such person had been duly appointed and was
qualified and had continued to be a Director or member of the committee or sub-committee and
had been entitled to vote.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">36
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="center" style="font-size: 10pt"><B>Borrowing Powers</B>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>112</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Borrowing powers</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
<TD>Subject as hereinafter provided and to the provisions of the Statutes, the Directors
may exercise all the powers of the Company to borrow money, and to mortgage or charge its
undertaking, property (present and future) and uncalled capital or any part or parts thereof
and to issue debentures and other securities, whether outright or as collateral security for
any debt, liability or obligation of the Company or of any third
party.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>113</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Borrowing restrictions</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>113.1</B></TD>
    <TD width="1%">&nbsp;</TD>
 <TD>The Directors shall restrict the borrowings of the Company and exercise all
voting and other rights or powers of control exercisable by the Company in relation to its
subsidiary companies (if any) so as to secure (so far, as regards subsidiaries, as by such
exercise they can secure) that the aggregate amount for the time being remaining outstanding
of all moneys borrowed by the Group and for the time being owing to persons outside the Group
shall not at any time without the previous sanction of an Ordinary Resolution of the Company
exceed an amount equal to three times the share capital and consolidated reserves.</TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>113.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No person dealing with the Company or any of its subsidiaries shall by reason of
the foregoing provision be concerned to see or enquire whether the said limit is observed and
no debt incurred or security given in excess of such limit shall be invalid or ineffectual
unless the lender or the recipient of the security had, at the time when the debt was incurred
or security given, express notice that the said limit had been or would thereby be exceeded.</TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General Powers of Directors</B></TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>114</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General powers</B></TD>
</TR>


<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
<TD>The business and affairs of the Company shall be managed by the Directors, who may
exercise all such powers of the Company as are not by the Statutes or by these Articles
required to be exercised by the Company in General Meeting subject nevertheless to any
regulations of these Articles, to the provisions of the Statutes and to such regulations,
whether or not consistent with these Articles, as may be prescribed by Special Resolution of
the Company, but no regulation so made by the Company shall invalidate any prior act of the
Directors which would have been valid if such regulation had not been made. The general
powers given by this Article shall not be limited or restricted by any special authority or
power given to the Directors by any other Article.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>115</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Local boards</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
<TD>The Directors may establish any local boards or agencies for managing any of the
affairs of the Company, either in the United Kingdom or elsewhere, and may appoint any
persons to be members of such local boards, or any managers or agents, and may fix their
remuneration, and may delegate to any local board, manager or agent any of the powers,
authorities and discretions vested in the Directors, with power to sub-delegate, and may
authorise the members of any local boards, or any of them, to fill any vacancies therein,
and to act notwithstanding vacancies, and any such appointment or delegation may be</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">37
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:7%; font-size: 10pt">made upon such terms and subject to such conditions as the Directors may think fit, and the
Directors may remove any person so appointed, and may annul or vary any such delegation, but
no person dealing in good faith and without notice of any such annulment or variation shall
be affected thereby.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>116</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Appointment of attorney</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">The Directors may from time to time and at any time by power of attorney or otherwise
appoint any company, firm or person or any fluctuating body of persons, whether nominated
directly or indirectly by the Directors, to be the attorney or attorneys of the Company for
such purposes and with such powers, authorities and discretions (not exceeding those vested
in or exercisable by the Directors under these Articles) and for such period and subject to
such conditions as they may think fit, and any such appointment may contain such provisions
for the protection and convenience of persons dealing with any such attorney as the
Directors may think fit, and may also authorise any such attorney to sub-delegate all or any
of the powers, authorities and discretions vested in him.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>117</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Register of members in territories</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">Subject to and to the extent permitted by the Statutes, the Company, or the Directors
on behalf of the Company, may cause to be kept in any territory a branch register of members
resident in such territory, and the Directors may make and vary such regulations as they may
think fit respecting the keeping of any such register.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>118</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Signature on cheques etc.</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">All cheques, promissory notes, drafts, bills of exchange, and other negotiable or
transferable instruments, and all receipts for moneys paid to the Company, shall be signed,
drawn, accepted, endorsed, or otherwise executed, as the case may be, in such manner as the
Directors shall from time to time by resolution determine.


<P align="center" style="font-size: 10pt"><B>President</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>119</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may from time to time elect a President of the Company and may
determine the period for which he shall hold office. Such President may be either honorary or
paid such remuneration as the Directors in their discretion shall think fit, and need not be a
Director but shall, if not a Director, be entitled to receive notice of and attend and speak,
but not to vote, at meetings of the Board of Directors only if so invited by the Directors.
The President (unless he is a Director) shall not be an officer of the Company for the
purposes of the Act.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Departmental, Divisional or Local Directors</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>120</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may from time to time appoint any person to be a Departmental,
Divisional or Local Director and define, limit or restrict his powers and duties and determine
his remuneration and the designation of his office and may at any time remove any such person
from such office. A Departmental, Divisional or Local Director (notwithstanding that the
designation of his office may include the word &#147;Director&#148;) shall not by virtue of such office
be or have power in any respect to act as a Director of the Company nor be entitled</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">38
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:7%; font-size: 10pt">to receive notice of or attend or vote at meetings of the Directors nor be deemed to be a
Director for any of the purposes of these presents.


<P align="center" style="font-size: 10pt"><B>Secretary</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>121</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Secretary shall be appointed by the Directors on such terms and for such period
as they may think fit. Any Secretary so appointed may at any time be removed from office by
the Directors, but without prejudice to any claim for damages for breach of any contract of
service between him and the Company. If thought fit two or more persons may be appointed as
Joint Secretaries. The Directors may also appoint from time to time on such terms as they may
think fit one or more Deputy and/or Assistant Secretaries.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>The Seal</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>122</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall provide for the safe custody of the Seal and any Securities Seal
and neither shall be used without the authority of the Directors or of a committee authorised
by the Directors in that behalf. The Securities Seal shall be used only for sealing securities
issued by the Company and documents creating or evidencing securities so issued. Every
instrument to which the Seal or the Securities Seal shall be affixed (other than a certificate
for or evidencing shares, debentures or other securities (including options) issued by the
Company) shall be signed autographically by one Director and the Secretary or Deputy or
Assistant Secretary or by two Directors.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>123</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the Statutes so permit, any instrument signed by one Director and the Secretary
or by two Directors and expressed to be executed by the Company shall have the same effect as
if executed under the Seal, provided that no instrument shall be so signed which makes it
clear on its face that it is intended to have effect as a deed without the authority of the
Directors or of a committee authorised by the Directors in that behalf.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>124</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may exercise the powers conferred by the Statutes with regard to having
an official seal for use abroad and such powers shall be vested in the Directors.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Record Date</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>125</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding any other provision of these Articles but subject always to the
Statutes the Company or the Directors may by resolution specify any date (the &#147;<B>record date</B>&#148;)
as the date at the close of business (or such other time as the Directors may determine) on
which persons registered as the holders of shares or other securities shall be entitled to
receipt of any dividend, distribution, interest, allotment, issue, notice, information,
document or circular and such record date may be on or at any time before the date on which
the same is paid or made or (in the case of any dividend, distribution, interest, allotment or
issue) at any time after the same is recommended, resolved, declared or announced but without
prejudice to the rights <I>inter se </I>in respect of the same of transferors and transferees of any
such shares or other securities.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">39
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>Authentication of Documents</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>126</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Director or the Secretary or any person appointed by the Directors for the
purpose shall have power to authenticate any documents affecting the constitution of the
Company and any resolution passed at a shareholders&#146; meeting or at a meeting of the Directors
or any committee, and any books, records, documents and accounts relating to the business of
the Company, and to certify copies thereof or extracts therefrom as true copies or extracts;
and where any books, records, documents or accounts are elsewhere than at the Office the local
manager or other officer of the Company having the custody thereof shall be deemed to be a
person appointed by the Directors as aforesaid. A document purporting to be a copy of any such
resolution, or an extract from the minutes of any such meeting which is certified as aforesaid
shall be conclusive evidence in favour of all persons dealing with the Company upon the faith
thereof that such resolution has been duly passed or, as the case may be, that any minute so
extracted is a true and accurate record of proceedings at a duly constituted meeting.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Reserves</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>127</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may from time to time set aside out of the profits of the Company and
carry to reserve such sums as they think proper which, at the discretion of the Directors,
shall be applicable for any purpose to which the profits of the Company may properly be
applied and pending such application may either be employed in the business of the Company or
be invested. The Directors may divide the reserve into such special funds as they think fit
and may consolidate into one fund any special funds or any parts of any special funds into
which the reserve may have been divided. The Directors may also without placing the same to
reserve carry forward any profits. In carrying sums to reserve and in applying the same the
Directors shall comply with the provisions of the Statutes.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Dividends</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>128</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Final dividends</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">The Company may by Ordinary Resolution declare dividends but no such dividend shall
exceed the amount recommended by the Directors.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>129</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fixed and interim dividends</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">If and so far as in the opinion of the Directors the profits of the Company justify
such payments, the Directors may pay the fixed dividends on any class of shares carrying a
fixed dividend expressed to be payable on fixed dates on the half-yearly or other dates
prescribed for the payment thereof and may also from time to time pay
interim dividends on shares of any class of such amounts and on such dates and in respect of such periods as they
think fit. Provided the Directors act in good faith they shall not incur any liability to
the holders of any shares for any loss they may suffer by the lawful payment, on any other
class of shares having rights ranking after or <I>pari passu </I>with those shares, of any such
fixed or interim dividend as aforesaid.


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">40
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>130</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ranking of shares for dividends</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">Unless and to the extent that the rights attached to any shares or the terms of issue
thereof otherwise provide, all dividends shall (as regards any shares not fully paid
throughout the period in respect of which the dividend is paid) be apportioned and paid pro
rata according to the amounts paid on the shares during any portion or portions of the
period in respect of which the dividend is paid. For the purposes of this Article no amount
paid on a share in advance of calls shall be treated as paid on the share.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>131</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No dividend except out of profits</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">No dividend shall be paid otherwise than out of profits available for distribution
under the provisions of the Statutes.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>132</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Treatment of dividend</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">Subject to the provisions of the Statutes, where any asset, business or property is
bought by the Company as from a past date the profits and losses thereof as from such date
may at the discretion of the Directors in whole or in part be carried to revenue account and
treated for all purposes as profits or losses of the Company. Subject as aforesaid, if any
shares or securities are purchased cum dividend or interest, such dividend or interest may
at the discretion of the Directors be treated as revenue, and it shall not be obligatory to
capitalise the same or any part thereof.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>133</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No interest on dividends</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">No dividend or other moneys payable on or in respect of a share shall bear interest as
against the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>134</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Retention of dividends</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>134.1</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Directors may retain any dividend or other moneys payable on or in respect of
a share on which the Company has a lien and may apply the same in or towards satisfaction of
the moneys payable to the Company in respect of that share.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><B>134.2</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Directors may retain the dividends payable upon shares in respect of which
any person is under the provisions as to the transmission of shares hereinbefore contained
entitled to become a member, or which any person is under those provisions entitled to
transfer, until such person shall become a member in respect of such shares or shall transfer
the same.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>135</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Waiver of dividends</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:7%; font-size: 10pt">The waiver in whole or in part of any dividend on any share by any document (whether or
not executed as a Deed) shall be effective only if such waiver is in writing (whether or not
executed as a deed), signed by the shareholder (or the person entitled to the share in
consequence of the death or bankruptcy of the holder or otherwise by operation of law) and
delivered to the Company and if or to the extent that the same is accepted as such or acted
upon by the Company.


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">41
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>136</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Unclaimed dividends</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>137</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The payment by the Directors of any unclaimed dividend or other moneys payable on or in
respect of a share into a separate account shall not constitute the Company a trustee in
respect thereof, no interest shall be payable in respect of the same and the Company shall
not be required to account for any money earned on the net proceeds, which may be employed
in the business of the Company or invested in such investments (other than shares of the
Company or its holding company if any) as the Directors may from time to time think fit. Any
dividend unclaimed after a period of six years from the date of declaration of such dividend
shall be forfeited and shall revert to the Company.

</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>137</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Distribution </B><B><I>in specie</I></B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>138</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may upon the recommendation of the Directors by Ordinary Resolution direct
payment of a dividend in whole or in part by the distribution of specific assets (and in
particular of paid-up shares or debentures of any other company) and the Directors shall
give effect to such resolution. Where any difficulty arises in regard to such distribution,
the Directors may settle the same as they think expedient and in particular may issue
fractional certificates, may fix the value for distribution of such specific assets or any
part thereof, may determine that cash payments shall be made to any members upon the footing
of the value so fixed in order to adjust the rights of members and may vest any assets in
trustees.
</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>138</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Manner of payment of dividends</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>138.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any dividend or other moneys payable on or in respect of a share shall be paid to
the member or to such other person as the member (or, in the case of joint holders of a share,
all of them) may in writing direct. Such dividend or other moneys may be paid (i)&nbsp;by cheque
sent by post to the payee or, where there is more than one payee, to any one of them, or (ii)
by inter-bank transfer to such account as the payee or payees shall in writing direct, or
(iii) (if so authorised by the holder of shares in uncertificated form) using the facilities
of a relevant system (subject to the facilities and requirements of the relevant system), or
(iv)&nbsp;by such other method of payment as the member (or, in the case of joint holders of a
share, all of them) may agree to. Every such payment shall be sent at the risk of the person
or persons entitled to the money represented thereby, and payment of a cheque by the banker
upon whom it is drawn, and any transfer or payment within (ii), (iii)&nbsp;or (iv)&nbsp;above, shall be
a good discharge to the Company.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>138.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of these Articles and to the rights
attaching to any shares, any dividend or other moneys payable on or in respect of a share may be paid in such
currency as the Directors may determine, using such exchange rate for currency conversions as
the Directors may select.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>138.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may cease to send any cheque, warrant or order by post for any
dividend on any shares which is normally paid in that manner if in respect of at least two
consecutive dividends payable on those shares the cheque, warrant or order has been returned
undelivered or remains uncashed but, subject to the provisions of these Articles, shall
recommence sending cheques, warrants or orders in respect of the
dividends payable on those shares if the holder or person entitled by transmission claims the arrears of dividend and
does not instruct the Company to pay future dividends in some other way.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">42
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>139</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Joint holders</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>
If two or more persons are registered as joint holders of any share, or are entitled
jointly to a share in consequence of the death or bankruptcy of the holder or otherwise by
operation of law, any one of them may give effectual receipts for any dividend or other
moneys payable or property distributable on or in respect of the share.
 </TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>140</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Record date for dividends</B></TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any resolution for the declaration or payment of a dividend on shares of any class,
whether a resolution of the Company in General Meeting or a resolution of the Directors, may
specify that the same shall be payable to the persons registered as the holders of such
 shares at the close of business on a particular date, notwithstanding that it may be a date
prior to that on which the resolution is passed, and thereupon the dividend shall be payable
to them in accordance with their respective holdings so registered, but without prejudice to
the rights <I>inter se </I>in respect of such dividend of transferors and transferees of any such
 shares.
</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3" align="center"><B>Capitalisation of Profits and Shares</B></TD>
</TR>
 <TR><TD align="left" valign="top">&nbsp;</TD></TR>






<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>141</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may, with the sanction of an Ordinary Resolution of the Company,
capitalise any sum standing to the credit of any of the Company&#146;s reserve accounts (including
any share premium account, capital redemption reserve or other undistributable reserve) or any
sum standing to the credit of profit and loss account by appropriating such sum to the holders
of Ordinary Shares on the Register at the close of business on the date of the Resolution (or
such other date as may be specified therein or determined as therein provided) in proportion
to their then holdings of Ordinary Shares and applying such sum on their behalf in paying up
in full unissued Ordinary Shares (or, subject to any special rights previously conferred on
any shares or class of shares for the time being issued, unissued shares of any other class)
for allotment and distribution credited as fully paid up to and amongst them as bonus shares
in the proportion aforesaid. The Directors may do all acts and things considered necessary or
expedient to give effect to any such capitalisation with full power to the Directors to make
such provisions as they think fit for any fractional entitlements which would arise on the
basis aforesaid (including provisions whereby fractional entitlements are disregarded or the
benefit thereof accrues to the Company rather than to the members concerned). The Directors
may authorise any person to enter on behalf of all the members interested into an agreement
with the Company providing for any such capitalisation and matters incidental thereto and any
agreement made under such authority shall be effective and binding on all concerned.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left"><B>142</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Scrip dividends</B></TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>142.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject as hereinafter provided, the Directors may offer to ordinary shareholders
the right to receive, in lieu of dividend (or part thereof), an allotment of new Ordinary
Shares credited as fully paid.</TD>
</TR>

<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>142.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall not make such an offer unless so authorised by an Ordinary
Resolution passed at any General Meeting, which authority may extend to dividends declared or
paid prior to the Annual General Meeting of the Company occurring thereafter, but no further
provided that this Article shall, without the need for any further Ordinary Resolution,
authorise the Directors to offer rights of election in respect of any dividend declared or</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">43
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:8%; font-size: 10pt">proposed after the date of the adoption of these Articles and at or prior to the Annual
General Meeting which is held in the fifth year after the Ordinary Resolution is passed.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may either offer such rights of election in respect of the next
dividend (or part thereof) proposed to be paid; or may offer such rights of election in
respect of that dividend and all subsequent dividends, until such time as the election is
revoked; or may allow shareholders to make an election in either form.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The basis of allotment on each occasion shall be determined by the Directors so
that, as nearly as may be considered convenient, the value of the Ordinary Shares to be
allotted in lieu of any amount of dividend shall equal such amount. For such purpose the value
of an Ordinary Share shall be either (i)&nbsp;the average of the closing price of an Ordinary Share
on the London Stock Exchange, as derived from the Daily Official List, on each of the first
five business days on which the Ordinary Shares are quoted &#147;ex&#148; the relevant dividend; or (ii)
established in such other manner as may be determined by the Directors.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Directors determine to offer such right of election on any occasion they
shall give notice in writing to the ordinary shareholders of such right and shall issue forms
of election and shall specify the procedures to be followed in order to exercise such right
provided that they need not give such notice to a shareholder who has previously made, and has
not revoked, an earlier election to receive Ordinary Shares in lieu of all future dividends,
but instead shall send him a reminder that he has made such an election, indicating how that
election may be revoked in time for the next dividend proposed to be paid.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On each occasion the dividend (or that part of the dividend in respect of which a
right of election has been accorded) shall not be payable on Ordinary Shares in respect
whereof the share election has been duly exercised and has not been revoked (the &#147;<B>elected
Ordinary Shares</B>&#148;), and in lieu thereof additional shares (but not any fraction of a share)
shall be allotted to the holders of the elected Ordinary Shares on the basis of allotment
determined as aforesaid. For such purpose the Directors shall capitalise, out of such of the
sums standing to the credit of reserves (including any share premium account or capital
redemption reserve) or profit and loss account as the Directors may determine, a sum equal to
the aggregate nominal amount of the additional Ordinary Shares to be allotted on that occasion
on such basis and shall apply the same in paying up in full the appropriate number of unissued
Ordinary Shares for allotment and distribution to and amongst the holders of the elected
Ordinary Shares on such basis.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The additional Ordinary Shares so allotted on any occasion shall rank <I>pari passu</I>
in all respects with the fully-paid Ordinary Shares then in issue save only as regards
participation in the relevant dividend.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Article&nbsp;141 shall apply (<I>mutatis mutandis</I>) to any capitalisation made pursuant to
this Article.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fraction of an Ordinary Share shall be allotted. The Directors may make such
provision as they think fit for any fractional entitlements including, without limitation,
provision whereby, in whole or in part, the benefit thereof accrues to the Company and/or
fractional entitlements are accrued and/or retained and in either case accumulated on behalf
of any ordinary shareholder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may on any occasion determine that rights of election shall not be
made available to any ordinary shareholders with registered addresses in any territory where
in the absence of a registration statement or other special formalities the circulation of an</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">44
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">





<P align="left" style="margin-left:8%; font-size: 10pt">offer of rights of election would or might be unlawful, and in such event the provisions
aforesaid shall be read and construed subject to such determination.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>142.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In relation to any particular proposed dividend the Directors may in their
absolute discretion decide (i)&nbsp;that shareholders shall not be entitled to make any election in
respect thereof and that any election previously made shall not extend to such dividend or
(ii)&nbsp;at any time prior to the allotment of the Ordinary Shares which would otherwise be
allotted in lieu thereof, that all elections to take shares in lieu of such dividend shall be
treated as not applying to that dividend, and if so the dividend shall be paid in cash as if
no elections had been made in respect of it.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Minutes</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>143</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall cause Minutes to be made in books to be provided for the purpose:</TD>
</TR>

</TABLE>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>143.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of all appointments of officers made by the Directors;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>143.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of the names of the Directors present at each meeting of Directors and of any
committee of Directors; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>143.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of all resolutions and proceedings at all meetings of the Company and of any
class of members of the Company and of the Directors and of committees of Directors.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Accounts</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>144</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accounting records</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 10pt">Accounting records sufficient to show and explain the Company&#146;s transactions and
otherwise complying with the Statutes shall be kept at the Office, or at such other place as
the Directors think fit, and shall always be open to inspection by the officers of the
Company. Subject as aforesaid no member of the Company or other person shall have any right
of inspecting any account or book or document of the Company except as conferred by statute
or ordered by a Court of competent jurisdiction or authorised by the Directors.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="left"><B>145</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Copies of accounts for members</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 10pt">A copy of every balance sheet and profit and loss account which is to be laid before a
General Meeting of the Company (including every document required by law to be comprised
therein or attached or annexed thereto) shall not less than 21&nbsp;days before the date of the
meeting be sent to every member of, and every holder of debentures of, the Company and to
every other person who is entitled to receive notices of General Meetings from the Company
under the provisions of the Statutes or of these Articles provided that this Article shall
not require a copy of these documents to be sent to any member to whom a summary financial
statement is sent in accordance with the Statutes and provided further that this Article
shall not require a copy of these documents to be sent to more than one of joint holders nor
to any person of whose postal address the Company is not aware, but any member or holder of
debentures to whom a copy of these documents has not been sent shall be entitled to receive
a copy free of charge on application at the Office. To the extent permitted by the Statutes
and agreed by the member, the documents referred to in this Article may be sent by
electronic communication.


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">45
</DIV>


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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="center" style="font-size: 10pt"><B>Auditors</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>146</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Validity of Auditor&#146;s acts</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of the Statutes, all acts done by any person acting as an
Auditor shall, as regards all persons dealing in good faith with the Company, be valid,
notwithstanding that there was some defect in his appointment or that he was at the time of
his appointment not qualified for appointment or subsequently became disqualified.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>147</B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD><B>Auditor&#146;s rights to attend General Meetings</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Auditor shall be entitled to attend any General Meeting and to receive all notices
of and other communications relating to any General Meeting which any member is entitled to
receive and to be heard at any General Meeting on any part of the business of the meeting
which concerns him as Auditor.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Notices</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>148</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Service of notice</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>148.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice to be given to or by any person pursuant to these Articles shall be in
writing, except that a notice calling a meeting of the directors need not be in writing.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>148.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice or document (including a share certificate) may be served on or
delivered to any member by the Company either personally or by sending it by post in a
pre-paid cover addressed to such member at his registered address, or (if he has no registered
address within the United Kingdom) to the address, if any, within the United Kingdom supplied
by him to the Company as his address for the service of notices, or by delivering it to such
address addressed as aforesaid.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>148.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any document or notice (excluding a share certificate) which, in accordance with
these Articles, may be sent by the Company by electronic communication shall, if so sent, be
deemed to be received at the expiration of 24 hours after the time it was sent. Proof (in
accordance with the formal recommendations of best practice contained in the guidance issued
by the Institute of Chartered Secretaries and Administrators) that an electronic communication
was sent by the Company shall be conclusive evidence of such sending.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>148.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a notice or other document is served or sent by post, service or delivery
shall be deemed to be effected at the expiration of 24 hours (or, where second-class mail is
employed, 48 hours) after the time when the cover containing the same is posted and in proving
such service or delivery it shall be sufficient to prove that such cover was properly
addressed, stamped and posted.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>148.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The accidental failure to send, or the non-receipt by any person entitled to, any
notice of or other document relating to any meeting or other proceeding shall not invalidate
the relevant meeting or other proceeding.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>149</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Joint holders</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice given to that one of the joint holders of a share whose name stands first in
the Register in respect of the share shall be sufficient notice to all the joint holders in
their capacity as such. For such purpose a joint holder having no registered address in the</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">46
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>United Kingdom and not having supplied a postal address within the United Kingdom for the
service of notices shall be disregarded.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>150</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Deceased and bankrupt members</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person entitled to a share in consequence of the death or bankruptcy of a member or
otherwise by operation of law, upon supplying to the Company such evidence as the Directors
may reasonably require to show his title to the share, and upon supplying also a postal
address within the United Kingdom for the service of notices, shall be entitled to have
served upon or delivered to him at such address any notice or document to which the said
member would have been entitled, and such service or delivery shall for all purposes be
deemed a sufficient service or delivery of such notice or document on all persons interested
(whether jointly with or as claiming through or under him) in the share. Save as aforesaid
any notice or document delivered or sent to any member in pursuance of these Articles shall,
notwithstanding that such member be then dead or bankrupt or in liquidation, and whether or
not the Company has notice of his death or bankruptcy or liquidation, be deemed to have been
duly served or delivered in respect of any share registered in the name of such member as
sole or first-named joint holder.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>151</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Overseas members</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A member who (having no registered address within the United Kingdom) has not supplied
to the Company an address within the United Kingdom for the service of notices shall not be
entitled to receive notices from the Company. If on three consecutive occasions notices have
been sent through the post to any member at his registered address or his address for the
service of notices but have been returned undelivered, such member shall not thereafter be
entitled to receive notices from the Company until he shall have communicated with the
Company and supplied in writing to the Transfer Office a new registered address within the
United Kingdom for the service of notices.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>152</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Suspension of postal services</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If at any time by reason of the suspension or curtailment of postal services within the
United Kingdom the Company is unable effectively to convene a shareholders&#146; meeting by
notices sent through the post, such meeting may be convened by a notice advertised on the
same date in at least two national daily newspapers with appropriate circulation and such
notice shall be deemed to have been duly served on all members entitled thereto on the day
when the advertisement appears (or first appears). In any such case the Company may still,
where applicable, serve notice by electronic communication and shall send confirmatory
copies of the notice by post to members to whom it was not sent by electronic communication
if at least seven days prior to the meeting the posting of notices to addresses throughout
the United Kingdom again becomes practicable.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>153</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Statutory requirements as to notices</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in any of the preceding five Articles shall affect any requirement of the
Statutes that any particular offer, notice or other document be served in any particular
manner.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">47
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>154</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Signature of documents</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where under these Articles a document requires to be signed by a member or other person
then, if in the form of an electronic communication, it must to be valid incorporate the
electronic signature or personal identification details (which may be details previously
allocated by the Company) of that member or other person, in such form as the Directors may
approve, or be accompanied by such other evidence (including evidence in accordance with the
last sentence of Article&nbsp;75.2) as the Directors may require to satisfy themselves that the
document is genuine. The Company may designate mechanisms for validating any such document,
and any such document not so validated by use of such mechanisms shall be deemed not to have
been received by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>155</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Electronic communication</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any member may notify the Company of an address for the purpose of his receiving
electronic communications from the Company, and having done so shall be deemed to have
agreed to receive notices and other documents from the Company by electronic communication
of the kind to which the address relates. In addition, if a member notifies the Company of
his e-mail address, the Company may satisfy its obligation to send him any notice or other
document by:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>155.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>publishing such notice or document on a web site; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>155.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>notifying him by e-mail to that e-mail address that such notice or document has
been so published, specifying the address of the web site on which it has been published, the
place on the web site where it may be accessed, how it may be accessed and (if it is a notice
relating to a shareholders&#146; meeting) stating (i)&nbsp;that the notice concerns a notice of a
company meeting served in accordance with the Act, (ii)&nbsp;the place, date and time of the
meeting, (iii)&nbsp;whether the meeting is to be an Annual or Extraordinary General Meeting and
(iv)&nbsp;such other information as the Statutes may prescribe.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any amendment or revocation of a notification given to the Company under this Article shall
only take effect if in writing, signed by the member and on actual receipt by the Company
thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An electronic communication shall not be treated as received by the Company if it is
rejected by computer virus protection arrangements.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Winding up</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>156</B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD><B>Directors&#146; powers to petition</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall have power in the name and on behalf of the Company to present a
petition to the Court for the Company to be wound up.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>157</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Distribution of assets </B><B><I>in specie</I></B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Company shall be wound up (whether the liquidation is voluntary, under
supervision, or by the Court) the Liquidator may, with the authority of an Extraordinary
Resolution, divide among the members <I>in specie </I>or kind the whole or any part of the assets
of the Company and whether or not the assets shall consist of property of one kind or shall
consist of properties of different kinds, and may for such purpose set such value as he
deems fair upon any one or more class or classes of property and may determine how</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">48
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>such division shall be carried out as between the members or different classes of members.
The Liquidator may, with the like authority, vest any part of the assets in trustees upon
such trusts for the benefit of members as the Liquidator with the like authority shall think
fit, and the liquidation of the Company may be closed and the Company dissolved but so that
no contributory shall be compelled to accept any shares or other property in respect of
which there is a liability.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Indemnity</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>158</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnity</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>158.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of, and so far as may be permitted by and consistent
with, the Statutes, every Director and officer of the Company shall be indemnified by the
Company out of its own funds against (a)&nbsp;any liability incurred by or attaching to him in
connection with any negligence, default, breach of duty or breach of trust by him in relation
to the Company in the actual or purported execution and/or discharge of his duties and/or the
exercise or purported exercise of his powers other than (i)&nbsp;any liability to the Company or
any associated company (as defined in Section&nbsp;309A(6) of the Act) and (ii)&nbsp;any liability of
the kind referred to in Sections&nbsp;309B(3) or (4)&nbsp;of the Act; and (b)&nbsp;any other liability
incurred by or attaching to him in the actual or purported execution and/or discharge of his
duties and/or the exercise or purported exercise of his powers and/or otherwise in relation to
or in connection with his duties, powers or office. Such indemnity shall extend to liabilities
arising after a person ceases to be a Director or an officer of the Company in respect of acts
or omissions while he was a Director or an officer if such acts or omissions would have been
indemnified had the relevant person remained a Director or officer, as the case may be. Where
a Director or officer is indemnified against any liability in accordance with this paragraph
158.1, such indemnity shall extend to all costs, charges, losses, expenses and liabilities
incurred by him in relation thereto.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>158.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to paragraph 158.1 above, the Directors shall have power to
purchase and maintain insurance for or for the benefit of (i)&nbsp;any person who is or was at any
time a Director or officer of any Relevant Company (as defined in paragraph 158.3 below), or
(ii)&nbsp;any person who is or was at any time a trustee of any pension fund or employees&#146; share
scheme in which employees of any Relevant Company are interested, including (without prejudice
to the generality of the foregoing) insurance against any liability incurred by or attaching
to him in respect of any act or omission in the actual or purported execution and/or discharge
of his duties and/or in the exercise or purported exercise of his powers and/or otherwise in
relation to his duties, powers or offices in relation to any Relevant Company, or any such
pension fund or employees&#146; share scheme (and all costs, charges, losses, expenses and
liabilities incurred by him in relation thereto).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>158.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of paragraph 158.2 above, &#147;<B>Relevant Company</B>&#148; shall mean the
Company, any holding company of the Company or any other body, whether or not incorporated, in
which the Company or such holding company or any of the predecessors of the Company or of such
holding company has or had any interest whether direct or indirect or which is in any way
allied to or associated with the Company, or any subsidiary undertaking of the Company or of
such other body.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>158.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the provisions of and so far as may be permitted by the Statutes, the
Company (i)&nbsp;may provide any current or former Director or officer with funds to meet
expenditure incurred or to be incurred by him in defending any criminal or civil proceedings
which relate</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">49
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>to anything done or omitted or alleged to have been done or omitted by him as such a
Director or officer of the Company in the actual or purported execution and/or discharge of
his duties and/or the exercise or purported exercise of his powers or in connection with any
application under the provisions mentioned in Section&nbsp;337A(2) of the Act and (ii)&nbsp;may do
anything to enable a Director or officer to avoid incurring such expenditure, but so that
the terms set out in Section&nbsp;337A(4) of the Act shall apply to any such provision of funds
or other things done provided that, for the purpose of this paragraph 158.4, references to
&#147;director&#148; in Section&nbsp;337A(4) of the Act shall be deemed to include references to a former
Director or a current or former officer of the Company.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><B>Overriding Provisions</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>159</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Overriding provisions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>159.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If and for so long as the Company shall hold any class of security of Six
Continents Hotels Inc. the provisions of this Article shall apply and to the extent of any
inconsistency shall have overriding effect as against all other provisions of these Articles.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>159.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Article the words and expressions set out below shall
bear the meanings set opposite them respectively:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Disqualified Person</B>&#148; means any holder of any class of shares of the Company whose holding
of such shares, either individually or when taken together with the
holding of any class of shares of the Company by any other holders, may result, in the opinion of the Directors, in
the loss, or the failure to secure the reinstatement, of any licence or franchise from any
United States&#146; governmental agency held by Six Continents Hotels Inc. or any subsidiary
thereof to conduct any portion of the business of Six Continents Hotels Inc. or any
subsidiary thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Relevant Shares</B>&#148; means shares of the Company comprised in the interest or holding of a
Disqualified Person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Required Disposal</B>&#148; means the sale and transfer of Relevant Shares or of interests therein
in such manner as may be required to cause such shares to cease to be Relevant Shares.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>159.3</B>



<P align="left" style="margin-left:13%; text-indent:-8%; margin-right: 0%; font-size: 10pt"><B>159.3.1
</B>&nbsp;&nbsp;&nbsp;&nbsp;The Directors may at any time serve a notice upon any member requiring
him to furnish the Directors with information (in the case of (ii)&nbsp;below, to the extent
that such paragraph applies to any person other than the member so far as such
information lies within the knowledge of such member), supported by a declaration and
by such other evidence (if any) in support as the Directors may require, for the
purpose of determining:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether such member is a party to an agreement or arrangement
(whether legally enforceable or not) whereby any of the shares held by him are
to be voted in accordance with some other person&#146;s instructions (whether given
by that other person directly or through any other person); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether such member and/or any other person who has an interest
in any shares held by such member is a Disqualified Person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="4"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>




</TABLE>

<P align="center" style="font-size: 10pt">50
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>



<P align="left" style="margin-left:9%; font-size: 10pt">If such information and evidence is not furnished within a reasonable period (not
being less than 14&nbsp;days) from the date of service of such notice or the information
and evidence provided is, in the opinion of the Directors, unsatisfactory for the
purposes of so determining, the Directors may serve upon such member a further
notice calling upon him, within 14&nbsp;days after the service of such further notice, to
furnish the Directors with such information and evidence or further information and
evidence as shall (in their opinion) enable them so to determine.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any person holding any share of the Company shall notify the Directors
forthwith in writing if he, or to his knowledge any person controlling or beneficially
owning or otherwise having an interest in such share, is likely to be or become a
Disqualified Person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may assume without enquiry that a person is not or will not
become a Disqualified Person unless the information obtained by them above or a
notification under this paragraph 159.3 indicates to the contrary or the Directors have
reason to believe otherwise; in these circumstances the Directors shall use all
reasonable endeavours to discover whether the person concerned is a Disqualified
Person.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>159.4</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any person becomes or is determined in accordance with paragraph
159.3.3 above to be a Disqualified Person the Directors shall serve a written notice (a
&#147;<B>Disposal Notice</B>&#148;) on all those who (to the knowledge of the Directors) have interests
in, and, if different, on the holder or holders of, the Relevant Shares. The Disposal
Notice shall refer to the voting restrictions as set out in paragraph 159.6 below and
shall call for a Required Disposal to be made and for reasonable evidence that such
Required Disposal shall have been effected to be supplied to the Company within 21&nbsp;days
from the date of such notice or such other period as the Directors may consider
reasonable and which they may extend. The Directors may withdraw a Disposal Notice
(whether before or after the expiration of the period referred to) if it appears to
them that there is no Disqualified Person in relation to the shares concerned.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Disposal Notice served under paragraph 159.4.1 above is not complied
with to the satisfaction of the Directors and has not been withdrawn, the Directors
shall, so far as they are able, sell the shares comprised in such Disposal Notice, at
the best price reasonably obtainable in all the circumstances and shall give written
notice of such disposal to those persons on whom the Disposal Notice was served. Except
as hereinafter provided such a sale shall be completed as soon as reasonably
practicable after expiry of the Disposal Notice as may in the opinion of the Directors
be consistent with obtaining the best price reasonably obtainable and in any event
within 30&nbsp;days of expiry of such notice provided that such a sale shall be postponed
during the period when dealings by the Directors in the Company&#146;s shares are not
permitted either by law or by Regulations of the London Stock Exchange but any sale
postponed as aforesaid shall be completed within 30&nbsp;days after expiry of the period of
such suspension and provided further that neither the Company nor the Director shall be
liable to any holder or any person having an interest in any share or other person for
failing to obtain the best price so long as the Directors act in good faith within the
period specified above.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="4"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">51
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.4.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of effecting any Required Disposal, the Directors may
authorise in writing an officer or employee of the Company to execute any necessary
transfer on behalf of any holder and may issue a new certificate to the purchaser. The
net proceeds of such disposal shall be received by the Company, whose receipt shall be
a good discharge for the purchase money, and shall be paid (without any interest being
payable thereon) to the former holder upon surrender by him of the certificate in
respect of the shares sold and formerly held by him.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>159.5</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors shall not be obliged to serve any notice under the
foregoing provisions of this Article upon any person if they do not know his identity
or his address and the absence of service of such a notice in such circumstances as
aforesaid and any accidental error in, or failure to give any notice to any person upon
whom notice is required to be served under the foregoing provisions shall not prevent
the implementation of or invalidate any procedure thereunder.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice to be served under this Article upon a person who is not a
member shall be deemed validly served if sent through the post to that person at the
address, if any, at which the Directors believe him to be resident or carrying on
business. Any such notice shall be deemed served on the day following any day on which
it was put in the post and, in proving service, it shall be sufficient to prove that
the notice was properly addressed, stamped and put in the post.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.5.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any determination of the Directors under the foregoing provision of this
Article shall be final and conclusive, but without prejudice to the power of the
Directors subsequently to vary or revoke such determination.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>159.6</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If in accordance with paragraph 159.3 above the Directors shall have
assumed that any person is not a Disqualified Person, the exercise by that person
and/or, if shares owned or controlled by such person are held by another person or by
other persons, by such other person or persons shall not be challenged or invalidated
by any subsequent determination by the Directors that such person is a Disqualified
Person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any person becomes or is determined by the Directors to be a
Disqualified Person the Directors shall serve written notice on such person and, if
different, on the holder or holders of the shares owned or controlled by such person to
the effect that he has been determined to be a Disqualified Person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.6.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With effect from the expiration of such period as the Directors shall
specify in the notice under paragraph 159.6.2 above (not being longer than 30&nbsp;days from
the date of service of such notice) the said person and, if different, the holder or
holders of the shares owned or controlled by such person (to the extent that such
holder or holders is/are not able to prove to the satisfaction of the
Directors that shares registered in his/their name(s) are not owned or controlled by such person)
shall not be entitled to receive notice of, or to attend or vote at, any General
Meeting of the Company or any meeting of the holders of any class of shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>159.6.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any member who has pursuant to paragraph 159.3.1 above been served with a
further notice by the Directors requiring him to furnish the Directors with information
and evidence or further information or evidence within 14&nbsp;days after the service of</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="4"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">52
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such further notice shall not, with effect from the expiration of such period and
until information or evidence is furnished to the satisfaction of the Directors, be
entitled to receive notice of, or to attend or vote at, any General Meeting of the
Company or meeting of the holders of any class of shares other than in respect of
such of the shares held by such member as are shares in respect of which it shall
have been established to the satisfaction of the Directors that they are not shares
in which a Disqualified Person has an interest or shares in respect of which the
Directors may require a disposal pursuant to the provisions of paragraph 159.4
above.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>159.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No person shall be capable of being appointed or continuing as a Director if, in
the opinion of the Directors, his directorship of the Company may result in the loss, or the
failure to secure the reinstatement, of any licence or franchise from any United States
governmental agency held by Six Continents Hotels Inc. or any subsidiary thereof to conduct
any portion of the business of Six Continents Hotels Inc. or any subsidiary thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD colspan="3"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>
</TABLE>



<P align="center" style="font-size: 10pt">53
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="center" style="font-size: 10pt"><B>Index</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Article No.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">144-145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">146-147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Authentication of Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Borrowing Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">112-113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalisation of Profits and Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">141-142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">43-45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Corporations Acting by Representatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">80-88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">28-30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Alternate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">98-101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">32-33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Appointment and Retirement of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">89-97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">30-32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Departmental, Divisional or Local</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">38-39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General Powers of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">114-118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">37-38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Meetings and Proceedings of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">102-111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">33-36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">128-140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">40-43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Evidence of Title to Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeiture and Lien</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">29-36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">14-16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">49-50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">19-20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Notice of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">51-52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">20-21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Overflow of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">53-55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proceedings at</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">56-66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">21-23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">49-50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minutes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">148-155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">46-48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Overriding Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">50-53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preliminary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">1-2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">1-6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proxies </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">73-78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">26-27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Record Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">122-124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">3-4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">6-7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Alteration of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">7-11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">8-9</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">54
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Article No.</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Page No.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Variation of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">5-6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">7-8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">18-22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">12-13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">12-16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">9-11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Calls on</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">23-28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">13-14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Transfer of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">37-43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">16-18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Transmission of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">44-46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">18-19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Untraced Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">47-48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Votes of Members</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">69-72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">23-26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Winding Up</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">156-157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">48-49</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">55
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>u48958exv4w1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;4.1</B>

<P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%" align="left">Reference</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%" align="right"><B>2625-10</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="right" style="font-size: 12pt"><B>InterContinental Hotels Group PLC</B>
<DIV align="right" style="font-size: 10pt"><B>ORDINARY SHARES OF 10 PENCE EACH</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="top"  style="border-top: 1px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000"><B>5th
PROOF</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>THE ATTACHED CERTIFICATE IS VALUABLE.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000"><B>103214</B> SS
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PLEASE KEEP IT IN A SAFE PLACE.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Should you need to notify the Registrar of a change of address, please complete the form on
the reverse of this counterfoil and send it to Lloyds TSB Registrars. In the case of a joint
holding, the change of address of the first-named shareholder only should be notified and the form
should be signed by the first-named shareholder only.<BR><BR> Please do NOT return your share certificate
with the change of address form.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<DIV style="width: 100%; border: 3px solid black; padding: 11px;">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%"></TD>
    <TD width="1%"></TD>
    <TD width="17%"></TD>
    <TD width="1%"></TD>
    <TD width="17%"></TD>
    <TD width="1%"></TD>
    <TD width="9%"></TD>
    <TD width="1%"></TD>
    <TD width="35%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">CERTIFICATE No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ACCOUNT No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">TRANSFER No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">DATE
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NUMBER OF ORDINARY SHARES</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><IMG src="u48958u4895800.gif" alt="(INTERCONTINENTAL HOTELS GROUP LOGO)">



<P align="center" style="font-size: 10pt"><I>Incorporated and registered in England and Wales under the Companies Acts 1985 and 1989<BR>
Registered No.&nbsp;5134420</I>



<P align="center" style="font-size: 10pt"><B>ORDINARY SHARES OF 10 PENCE EACH</B>



<P align="left" style="font-size: 10pt"><B>This is to Certify </B>that the undermentioned is/are the registered holder(s) of Ordinary Shares
of 10 pence each fully paid in InterContinental Hotels Group PLC as shown herein subject to the
Memorandum and Articles of Association of the Company.



<P align="left" style="font-size: 10pt">NAME(S) OF HOLDER(S)



<DIV align="right" style="font-size: 10pt"><B>Given </B>under the Securities Seal, of the Company</DIV>



<P align="right" style="font-size: 10pt"><IMG src="u48958u4895801.gif" alt="(COMPANY SEAL)">



<P align="left" style="font-size: 10pt">NUMBER OF ORDINARY SHARES

<P align="right" style="font-size: 10pt">Orchestra 103214


<P align="left" style="font-size: 10pt">This certificate should be
kept in a safe place. It will be needed when you sell or transfer the shares.


<P align="left" style="font-size: 10pt">No transfer of any portion of
this holding will be registered unless this certificate is deposited at the office of the Registrar.


<P align="left" style="font-size: 10pt">The Registrar&#146;s address
is Lloyds TSB Registrars, The Causeway, Worthing, West Sussex BN99 6DA<BR>
(Telephone 0870 600 3957, overseas callers should call &#043;44 121415 7034) and the relevant reference<BR>
for correspondence is No.&nbsp;2625.


<P align="left" style="font-size: 10pt">There is now a range of shareholder information on line. You can check your holding and find<BR>
practical help on transferring shares or updating your details at www.shareview.co.uk.


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


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

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CHANGE OF ADDRESS - Please use BLOCK LETTERS</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">To: The Registrar,
Intercontinental Hotels Group PLC, Lloyds TSB Registrars, The Causeway,
Worthing, West Sussex BN99 6DA.</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
<TD></TD></TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Name(s) of shareholders) -</B> Please fill in the full name(s) of the shareholder($) as shown in the
certificate.</TD>
    <TD nowrap width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="right"><B>2625</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
<TD valign="top" style="border-left: 1px solid #000000; border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD></TD>
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD nowrap valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">1st or Sole Holder</DIV></TD>
<TD></TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD></TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD nowrap valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">2nd Holder (if any)</DIV></TD>
<TD></TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD></TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">3rd Holder (if any)</DIV></TD>
<TD></TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD></TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000"><DIV style="margin-left:20px; text-indent:-15px">4th Holder (if any)</DIV></TD>
<TD></TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" style="border-left: 1px solid #000000; border-top: 0px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD></TD>
    <TD style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
<TD valign="top" style="border-left: 1px solid #000000; border-bottom: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD></TD>
    <TD colspan="7" valign="top" align="left" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>OLD ADDRESS</B></DIV></TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please change the
</DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">address in the  </DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Register of</DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Members from:</DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD colspan="7" valign="top" align="left" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">to:</DIV></TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>NEW ADDRESS</B></DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please fill in full</DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">details including<BR>
</DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
postcode:</DIV></TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top"  style="border-top: 1px solid #000000; border-left: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top"  style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top"  style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top"  style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top"  style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD valign="top" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 4px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD colspan="7" valign="top" align="left" style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px"><B>PLEASE SIGN HERE</B>
</DIV></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>DATE</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
<TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="23%" align="right"><B>NOTES</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="73%" >The above information will be used to amend any InterContinental Hotels Group PLC
share accounts in which your name appears as the first or sole
holder and which contains the same old address, including any accounts with designations.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the change affects holdings of shares in other companies
for which Lloyds TSB Registrars
acts as Registrar, please give full details on a separate piece of paper.</TD>
</TR>

</TABLE>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>u48958exv4w2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="right" style="font-size: 10pt"><B>Exhibit 4.2</B>



<P align="center" style="font-size: 10pt">NEW INTERCONTINENTAL HOTELS GROUP PLC



<P align="center" style="font-size: 10pt">RULES OF THE NEW INTERCONTINENTAL HOTELS GROUP



<P align="center" style="font-size: 10pt">EXECUTIVE SHARE OPTION PLAN


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shareholders&#146; Approval:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">15 June&nbsp;2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Directors&#146; Adoption:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">15 June&nbsp;2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IR Ref:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">X22982</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expiry Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">15 June&nbsp;2015</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue Approval:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Linklaters</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">One Silk Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">London EC2Y 8HQ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Telephone (44-20) 7456 2000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Facsimile (44-20) 7456 2222</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ref A Croft</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="center" style="font-size: 10pt"><B>Table of Contents</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Contents</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grant of Options
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Option Price
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Individual limit
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plan limits
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Variations in share capital
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercise and lapse - general rules
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercise and lapse - exceptions to the general rules
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">7</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exchange of Options
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exercise of Options
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">13</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Changing the Plan
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing law and jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Schedule&nbsp;1 The InterContinental Hotels Group Executive Approved Share Option Plan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="center" style="font-size: 10pt"><B>Rules of the New InterContinental Hotels Group Executive Share Option Plan</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Meanings of words used</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">In these Rules:



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Annual Salary</B>&#148; means basic annual salary excluding all payments additional to basic salary
(for example mortgage support, expatriate allowance, etc.);



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Business Day</B>&#148; means a day on which the London Stock Exchange (or, if relevant and if the
Directors determine, any stock exchange nominated by the Directors on which the Shares are
traded) is open for the transaction of business;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Company</B>&#148; means New InterContinental Hotels Group PLC (with registered number 5134420);



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Condition</B>&#148; means any conditions imposed under Rule&nbsp;2.3;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Control</B>&#148; has the meaning given to it by Section&nbsp;840 of the Taxes Act;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Date of Grant</B>&#148; means the date which the Directors set for the grant of an Option;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Directors</B>&#148; means, subject to Rule&nbsp;8.7, the board of directors of the Company or a duly
authorised committee;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Eligible Employee</B>&#148; means any person who:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is an executive director or employee of a Participating Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unless decided otherwise by the Directors, is not at the Date of Grant within
24&nbsp;months of his anticipated leaving date;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Financial Year</B>&#148; means the financial year of the Company;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>ITEPA</B>&#148; means the Income Tax (Earnings and Pensions) Act 2003;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>London Stock Exchange</B>&#148; means London Stock Exchange plc;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Member of the Group</B>&#148; means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its Subsidiaries from time to time; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other company which is associated with the Company and is so designated by
the Directors;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Model Code</B>&#148; means the UK Listing Authority Model Code for transactions in securities by
directors, certain employees and persons connected with them;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Option</B>&#148; means a right to acquire Shares granted under the Plan which is subject to the
Rules;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Optionholder</B>&#148; means a person holding an Option or his personal representatives;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Option Period</B>&#148; means a period starting on the Date of Grant of an Option and ending at the
end of the day before the 10th anniversary of the Date of Grant, or such shorter period as
may be specified on the Date of Grant;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Option Price</B>&#148; means the amount payable for each Share on the exercise of an Option
calculated as described in Rule&nbsp;3;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Participating Companies</B>&#148; means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Subsidiary and any other company which in both cases is so designated by
the Directors;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Plan</B>&#148; means this plan known as &#147;The InterContinental Hotels Group Executive Share Option
Plan&#148; as changed from time to time;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>PRSP</B>&#148; means the InterContinental Hotels Group Performance Restricted Share Plan as changed
from time to time;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Regulatory Information Service</B>&#148; means a service listed in schedule 12 to the UK Listing
Authority Listing Rules;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Rolled Over Options</B>&#148; means Options granted under the Plan in exchange for options granted
under the Six Continents Plc Executive Share Option Scheme 1985 or the Six Continents Plc
Executive Share Option Scheme 1995;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Rules</B>&#148; means these rules of the Plan as changed from time to time;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>STDIP</B>&#148; means the InterContinental Hotels Group Short Term Deferred Incentive Plan as
amended from time to time;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Shares</B>&#148; means fully paid ordinary shares in the capital of the Company;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>SIPs</B>&#148; means the InterContinental Hotels Group Share Incentive Plan and the Britvic Share
Incentive Plan as amended from time to time;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Subsidiary</B>&#148; means a company which is a subsidiary of the Company within the meaning of
Section&nbsp;736 of the Companies Act 1985;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Taxes Act</B>&#148; means the Income and Corporation Taxes Act 1988;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Grant of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Grant of Options</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may resolve to grant to any Eligible Employee an Option to
acquire such number of Shares as the Directors may determine at the Option Price. The
Company will execute a deed on the grant of an Option.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless the Directors decide otherwise in any particular case, Options must
not be granted to an Eligible Employee who has given or received notice of termination
of employment with a Participating Company whether or not such termination is lawful.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may also resolve to grant a Rolled Over Option, subject to
the terms of the Rules as modified by any special terms that they may set, to any
person who</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;is an employee or former employee of Six Continents Plc or any of its Subsidiaries
or former Subsidiaries.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;<B>2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Time when Options may be granted</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options may only be granted within 42&nbsp;days starting on any of the following:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date of adoption of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the day on which the Plan is formally approved by the Inland
Revenue;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the day after the announcement of the Company&#146;s results
through a Regulatory Information Service for any period;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any day on which the Directors resolve that exceptional
circumstances exist which justify the grant of Options;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any day on which changes to the legislation or regulations
affecting share option plans are announced, effected or made; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the day on which Shares are first admitted to the UK Listing
Authority Official List and traded on the London Stock Exchange or admitted to
any other stock exchange nominated by the Directors.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Directors do not grant any Options due to restrictions imposed by
statute, order, regulation or Government directive, or by any code adopted by the
Company based on the Model Code, the Directors may grant Options within 42&nbsp;days after
the lifting of such restrictions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options may be granted at any time between the adoption of the Plan and the
10th anniversary of that date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may not grant Options on any day if the Option Price would be
calculated as described in Rule&nbsp;3.1 using any days immediately before the announcement
of results through a Regulatory Information Service.</TD>
</TR>


</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conditions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When granting an Option, the Directors may make its exercise conditional on the
satisfaction of certain conditions. The Condition must be objective and specified at the
Date of Grant and may provide that an Option will lapse if a Condition is not satisfied. The
Directors may waive or change the Condition in accordance with their terms or if anything
happens which causes the Directors reasonably to consider that:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a changed Condition would be a fairer measure of performance, and would be
no more difficult to satisfy; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Condition should be waived.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;<B>2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Option certificates</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors will send to each Optionholder an option certificate on or as
soon as practicable after the Date of Grant. The certificate will either be the deed
referred to in Rule&nbsp;2.1 or a statement. The Directors will set the form of the
certificate, but the certificate must be consistent with these Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any option certificate is lost or damaged the Directors may replace it
on such conditions as they wish to set.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>No payment</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Optionholders are not required to pay for the grant of any Option.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclaimer of Option</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Optionholder may disclaim all or part of his Option within 30&nbsp;days after the Date
of Grant by notice in writing to the Company. If this happens, the Option will be deemed
never to have been granted under the Plan. Optionholders are not required to pay for the
disclaimer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disposal restrictions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Optionholder may not transfer, assign or otherwise dispose of an Option or any
rights in respect of it. This Rule&nbsp;2.7 does not apply to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.7.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the transmission of an Option on the death of an Optionholder to his
personal representatives; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.7.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the assignment of an Option, with the prior consent of the Directors,
subject to any terms and conditions the Directors impose.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Administrative errors</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Directors try to grant an Option which is inconsistent with Rule&nbsp;4 (Individual
limit) or Rule&nbsp;5 (Plan limits), the Option will be limited and will take effect from the
Date of Grant on a basis consistent with those Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option Price</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Setting the Price</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors will set the Option Price and state it on the Date of Grant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Option Price will be:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not less than the Market Value of a Share on the Date of Grant; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Shares are to be subscribed, not less than the nominal value of a Share.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">However, Rule&nbsp;3.1.1 will not apply to Options granted in exchange for options granted under
the Six Continents Executive Share Option Scheme 1985 or the Six Continents Executive Share
Option Scheme 1995.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Market Value</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Market Value</B>&#148; on any particular day means:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where Shares of the same class are admitted to the Official List of the UK
Listing Authority and traded on the London Stock Exchange:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their middle market quotation on the immediately preceding
Business Day; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Directors so decide, the average of the middle market
quotation on the 3 immediately preceding Business Days.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:10%; font-size: 10pt">The middle market quotation is taken from the Daily Official List of the London
Stock Exchange.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where Shares of the same class are not admitted to the Official List of the
UK Listing Authority, the market value of a Share calculated as described in Part&nbsp;VIII
of the Taxation of Chargeable Gains Act 1992.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Individual limit</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Market value limit</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;The conditions in Rules&nbsp;4.1.1 and 4.1.2 must both be satisfied.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rules&nbsp;4.1.4 and 4.1.5, an Option must not be granted to an
Eligible Employee if it would at the proposed Date of Grant cause the aggregate of the
amounts payable on the exercise of Options granted under the Plan in any financial year
to exceed:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of an Eligible Employee who is a director of the
Company, 3 times his Annual Salary as at the Date of Grant; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of any other Eligible Employee, 4 times his Annual
Salary as at the Date of Grant.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rules&nbsp;4.1.4 and 4.1.5 in any financial year no Eligible Employee
shall be granted an Option which would at the proposed Date of Grant cause the
aggregate of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>20% of the market value of the Shares over which an Option is
granted under the Plan; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>33% of the market value of the Shares over which an award is
made under the PRSP</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to exceed 130% of the Eligible Employee&#146;s Annual Salary as at the Date of Grant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of Rule&nbsp;4.1.2 the market value of a Share shall be
calculated as follows:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of Options granted under the Plan, the market value
shall be the Option Price of the relevant Shares on the date when each Option
was granted; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of awards under the PRSP, the market value shall be
the middle market quotation on the Business Day immediately preceding the
conditional award date award under the PRSP.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No account shall be taken of Options or awards under the PRSP which have
been released or have lapsed without being exercised.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.1.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The limits in this Rule&nbsp;4.1 may be exceeded if the Directors determine that
exceptional circumstances make it desirable that Options should be granted in excess of
those limits.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Remuneration</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:1%">Remuneration payable in a currency other than Pounds Sterling will be converted into
Pounds Sterling at the average of the spot buying and selling rates with the relevant
currency in comparable amounts by any clearing bank chosen by the Directors on a date chosen
by the Directors.</DIV></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plan limits</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>10 per cent. 10&nbsp;year limit</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares which may be allocated under the Plan on any day must not exceed
10 per cent. of the ordinary share capital of the Company in issue immediately before that
day, when added to the total number of Shares which have been allocated in the previous 10
years under the Plan and any other employee share plan operated by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>5 per cent. 10&nbsp;year limit</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares which may be allocated under the Plan on any day must not exceed 5
per cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated in the previous 10&nbsp;years
under the Plan and any other discretionary share plan operated by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>1.5 per cent. 1&nbsp;year limit</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares which may be allocated under the Plan on any day must not exceed
1.5 per cent. of the ordinary share capital of the Company in issue immediately before that
day when added to the total number of Shares which have been allocated in the previous 12
months under the Plan, the STDIP and the PRSP.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exclusions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the right to acquire Shares is released or lapses without being exercised, the
Shares concerned are ignored when calculating the limits in this Rule&nbsp;5.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following are also ignored:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when calculating the limits in Rules&nbsp;5.1, 5.2 and 5.3 Shares awarded as
partnership shares under the SIPs; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when calculating the limit in Rule&nbsp;5.3 rights to Shares issued in respect
of options granted in exchange for options granted under the Six Continents Executive
Share Option Scheme 1985 and the Six Continents Executive Share Option Scheme 1995.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Meaning of allocate</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Allocate</B>&#148; means granting an option or other right to acquire unissued Shares, or if
there is no such grant, the issue and allotment of Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Variations in share capital</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustment of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is a variation in the equity share capital of the Company, including a
capitalisation or rights issue, sub-division, consolidation or reduction of share capital or
a demerger (in whatever form) or exempt distribution by virtue of Section&nbsp;213 of the Taxes
Act or other distribution in specie or a special dividend:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>6.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Shares comprised in each Option; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>6.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Option Price; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>6.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">may be adjusted in any way (including retrospective adjustments) which the Directors
consider appropriate.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Nominal value</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>6.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Option Price of an Option to acquire existing Shares may be adjusted to
a price less than nominal value.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>6.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Option Price of an Option to subscribe for Shares may be adjusted to a
price less than nominal value only if the Directors resolve to capitalise the reserves
of the Company, subject to any necessary conditions. This capitalisation will be of an
amount equal to the difference between the adjusted Option Price payable for the Shares
to be issued on exercise, and the nominal value of such Shares on the date of allotment
of the Shares. If, at the time of exercise, the Directors do not resolve to capitalise
the reserves of the Company for this purpose then the adjustment under this Rule&nbsp;6.2
will be deemed not to have taken place.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may notify Optionholders of any adjustment made under this Rule&nbsp;6.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise and lapse - general rules</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rule&nbsp;7.2 (Lapse) and Rule&nbsp;8 (Exercise and lapse &#151; exceptions to the general
rules) an Option can only be exercised:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>7.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on or after the third anniversary of its Date of Grant (or such other date
as the Directors may specify on the Date of Grant);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>7.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent allowed by the Condition; and</TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>7.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if not prevented under Rule&nbsp;8.11 (Mergers and reorganisations) or by a
decision of the Directors under any of Rules&nbsp;8.3 (Takeovers), 8.4 (Section&nbsp;429 notice)
or 8.5 (Company reconstructions).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Lapse</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless Rule&nbsp;8 applies, an Option will lapse on the earliest of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>7.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date the Optionholder ceases to be a director or employee of a Member
of the Group;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>7.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Directors so decide within 14&nbsp;days of the date that the relevant
Optionholder gives or receives notice, the date on which the Optionholder gives or
receives notice of termination of his employment with any Member of the Group whether
or not such termination is lawful;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>7.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any date specified in any Condition;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>7.2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the expiry of the Option Period.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise and lapse - exceptions to the general rules</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule&nbsp;8 sets out exceptions to the general rules of exercise and lapse in Rule&nbsp;7.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cessation of employment</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Optionholder ceases to be a director or an employee of any Member of
the Group for any of the reasons set out below, then his Options will not lapse and he
may exercise them for a period of three and a half years from the date of cessation of
employment unless the Company decides otherwise. The Condition must be satisfied before
exercise of Options under this Rule&nbsp;8.1.1.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reasons are:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ill-health, injury, disability;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redundancy;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retirement in accordance with the terms of an Optionholder&#146;s
contract of employment;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>early retirement by agreement with the Optionholder&#146;s employer;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Optionholder&#146;s employing company ceasing to be under the
Control of the Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer of the undertaking, or the part of the undertaking,
in which the Optionholder works to a person which is neither under the Control
of the Company nor a Member of the Group.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors may allow an Optionholder who ceases to be a director or an
employee of any Member of the Group for any other reason to exercise his Options in
full or in part during any period specified by the Directors and subject to any
conditions. The Condition must be satisfied before exercise of Options under this Rule
8.1.2.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors must exercise any discretion provided for in this Rule&nbsp;8.1
within 90&nbsp;days after cessation of the relevant Optionholder&#146;s employment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To the extent that any Option exercisable under this Rule&nbsp;8.1 is not
exercised within the period specified, it will lapse at the end of that period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.1.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Optionholder ceases to be an employee of any Member of the Group for
reasons that would entitle his employer to dismiss him summarily under his contract of
employment, all his Options shall lapse upon such cessation.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.1.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Optionholder will not be treated as ceasing to be an employee of a
Member of the Group until he has ceased to be an employee of any Member of the Group.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Death</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Optionholder dies, his Options may be exercised for a period of 12&nbsp;months from
the date of his death by his personal representatives to the extent that the Condition is
satisfied up to the date of death. To the extent that any Option exercisable under this Rule
8.2 is not so exercised, it will lapse. Nothing in this Rule&nbsp;8.2 extends the Option Period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Takeovers</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule does not apply if Options are to be replaced in accordance with Rule&nbsp;8.11
(Mergers and reorganisations).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">This Rule applies where a person (or a group of persons acting in concert) obtains Control
of the Company as a result of making an offer to acquire shares.



<P align="left" style="margin-left:4%; font-size: 10pt">When this Rule applies Options may be exercised, subject to the satisfaction of the
Condition, within the 6&nbsp;month period after the person making the offer has obtained Control
of the Company.



<P align="left" style="margin-left:4%; font-size: 10pt">The Options will cease to be exercisable at the end of the 6&nbsp;month period. Options not
exercised or exchanged (under Rule&nbsp;9 (Exchange of Options)) will lapse at the end of the
period specified in Rule&nbsp;9.2 (Exchange).



<P align="left" style="margin-left:4%; font-size: 10pt">At any time before the day on which Control is obtained, the Directors may decide that no
Options may be exercised. This decision will cease to have effect if an offer to exchange
Options (&#147;exchange offer&#148;) is not made in accordance with Rule&nbsp;9 within 14&nbsp;days of the date
on which Control is obtained.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Section&nbsp;429 notice</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule does not apply if Options are to be replaced in accordance with Rule&nbsp;8.11
(Mergers and reorganisations).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule applies if a person (or a group of persons acting in concert) serves a notice to
acquire Shares under section 429 of the Companies Act 1985 or any other equivalent local
legislation (a &#147;section 429 notice&#148;). Options may be exercised, subject to the satisfaction
of the Condition, up to the end of the shorter of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the period during which that person is entitled and bound to acquire the
Shares to which the section 429 notice relates; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the period during which that person is entitled to serve a section 429
notice.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">Options not exercised or exchanged (under Rule&nbsp;9 (Exchange of Options)) will lapse at the
end of the period specified in Rule&nbsp;9.2 (Exchange).



<P align="left" style="margin-left:4%; font-size: 10pt">At any time before the day on which a section 429 notice is served, the Directors may decide
that no Options may be exercised. This decision will cease to have effect if an offer to
exchange Options (&#147;exchange offer&#148;) is not made in accordance with Rule&nbsp;9 within 14&nbsp;days of
the date on which a section 429 notice is served.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Company reconstructions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule does not apply if Options are to be replaced in accordance with Rule&nbsp;8.11
(Mergers and reorganisations).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule applies when, under section 425 of the Companies Act 1985 or any other equivalent
local legislation:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a court sanctions a compromise or arrangement in connection with the
acquisition of Shares; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is any other local equivalent to that sanction procedure.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">When this Rule applies, Options may be exercised, subject to the satisfaction of the
Condition, within 6&nbsp;months after the date of the sanction. Any Option not so exercised will
lapse at the end of that period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">However, the Directors may decide that no Options may be exercised. They may make this
decision not later than the date of the sanction and only if an exchange offer is proposed
to be made in accordance with Rule&nbsp;9.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Demergers and other significant distributions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule does not apply if Options are to be replaced in accordance with Rule&nbsp;8.11
(Mergers and reorganisations).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Directors become aware that the Company is or is expected to be affected by any
demerger, dividend in specie, special dividend or other transaction not falling within any
of Rules&nbsp;8.3 (Takeovers), 8.4 (Section&nbsp;429 notice) and 8.5 (Company reconstructions) which,
in the opinion of the Directors, would affect the current or future value of any Option, the
Directors, may, acting fairly, reasonably and objectively, in their discretion, allow some
or all Options to be exercised, subject to the satisfaction of the Condition. The Directors
will specify the period of exercise of such Options, whether the Options will lapse at the
end of the period and whether exercise is subject to satisfaction of any of the Condition.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors will notify any Optionholder who is affected by the Directors exercising their
discretion under this Rule.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In Rules&nbsp;8.3, 8.4, 8.5, 8.6 and 9.3.4, &#147;Directors&#148; means those people who were
directors of the Company immediately before the relevant event.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Winding-up</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule does not apply if Options are to be replaced in accordance with Rule&nbsp;8.11
(Mergers and reorganisations).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If notice is duly given of a meeting to consider a resolution for the
voluntary winding-up of the Company, Options may be exercised, subject to the
satisfaction of the Condition, until the commencement of the winding-up within the
meaning of the Insolvency Act 1986 (but the exercise of any Option in these
circumstances will be of no effect if the resolution is not passed). Options not
exercised or exchanged (under Rule&nbsp;9 (Exchange of Options)) will lapse at the end of
the period specified in Rule&nbsp;9.2 (Exchange) .</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the Company is wound-up by the court, Options may be exercised, subject
to the satisfaction of the Condition, within 2&nbsp;months after the date of the winding-up
order. However, the liquidator or the court (if appropriate) must authorise the issue
or transfer of Shares after such exercise, and the Optionholder must apply for this
authority and pay his application costs. Any Options not exercised during the 2&nbsp;month
period will lapse at the end of the period.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Administration</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule does not apply if Options are to be replaced in accordance with Rule&nbsp;8.11
(Mergers and reorganisations).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an administration order is made in relation to the Company, Optionholders may exercise
their Options, subject to the satisfaction of the Condition, within 6&nbsp;weeks after the date
of the administration order. However, the administrator or the court must authorise the
issue or transfer of Shares after such exercise. Any Options not exercised by the end of the
6</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


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

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">week period will lapse at that time only if the Directors have given written notice to that
effect to the Optionholders during the 6&nbsp;week period.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Voluntary arrangement</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule does not apply if Options are to be replaced in accordance with Rule&nbsp;8.11
(Mergers and reorganisations).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a voluntary arrangement is proposed in relation to the Company under Part&nbsp;I of the
Insolvency Act 1986, Optionholders may exercise their Options, subject to the satisfaction
of the Condition within 14&nbsp;days after the date of sending of any notices of meeting called
under Section&nbsp;3 of the Insolvency Act 1986 in relation to such proposal. Any Options not
exercised by the end of the 14&nbsp;day period will lapse at that time only if the Directors have
given written notice to that effect to the Optionholders on the date that notices of the
meeting were sent.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Mergers and reorganisations</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, as a result of events specified in Rules&nbsp;8.3 to 8.6 and 8.7 to 8.10 a company (&#147;the
<B>Acquiring Company</B>&#148;) obtains Control of the Company and:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.11.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the shareholders of the Acquiring Company, immediately after it has
obtained Control, are substantially the same as the shareholders of the Company before
then; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.11.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the obtaining of Control is pursuant to a merger with the Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.11.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company and the Acquiring Company consent to the replacement of
Options under this Rule&nbsp;8.11;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>then Options will not become exercisable. Instead all rights under the Plan will be replaced
in accordance with Rule&nbsp;9.3.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Overseas
transfer</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><div style="margin-left:3px">If an Optionholder is transferred to work in another country, and, as a result of that
transfer, the Optionholder either:</div></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.12.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>suffers a tax disadvantage in relation to his Options (this being shown to
the satisfaction of the Directors); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>8.12.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes subject to restrictions on his ability to exercise his Options or
to hold or deal in the Shares or the proceeds of the sale of the Shares acquired on
exercise because of the security laws or exchange control laws of the country to which
he is transferred</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">then, provided the Optionholder continues to hold an office or employment with a Member of
the Group, the Directors may permit the Optionholder to exercise the Option during the
period starting 3&nbsp;months before and ending 3&nbsp;months after the transfer takes place. The
Condition must be satisfied before exercise of Options under this Rule&nbsp;8.12. If he does not
exercise his Options, following this Rule, the usual exercise Rules will apply to them at
the appropriate times.



<P align="left" style="margin-left:3%; font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">11
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Priority</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is any conflict between any of the provisions of Rules&nbsp;7 and 8, the provision
which results in the shortest exercise period of the Option will prevail.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exchange of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Application</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule&nbsp;9 applies to all Options if any of the following occur:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person (or a group of persons acting in concert) has obtained Control of
the Company as a result of making an offer to acquire shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a court sanctions a scheme of arrangement under Section&nbsp;425 Companies Act
1985 (or equivalent local legislation) in connection with the acquisition of Shares or
there is a local equivalent to that sanction procedure;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any person becomes entitled or bound to acquire Shares under Sections&nbsp;428
and 429 Companies Act 1985 (or equivalent legislation);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a resolution is passed for the voluntary winding-up of the Company; or.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company and the Acquiring Company consent to the replacement of Options
in accordance with Rule&nbsp;8.11 (Mergers and reorganisations).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exchange</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If this Rule&nbsp;9 applies, Options may be exchanged during the period of 6&nbsp;months after
the relevant event and with the agreement of the company offering the exchange.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exchange terms</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where an Option is to be exchanged the Optionholder will be granted a new option to
replace it.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where an Optionholder is granted a new option then:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new option will be in respect of shares in any body corporate
determined by the company offering the exchange;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new option will be equivalent to the Option that was exchanged;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new option will be treated as having been acquired at the same time as
the Option that was exchanged and will be exercisable in the same manner and at the
same time;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new option will be subject to the Rules as they last had effect in
relation to the Option that was exchanged, except that, unless the Directors (as
defined in Rule&nbsp;8.7) decide otherwise, the Condition will not apply; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with effect from the exchange, the Rules will be construed in relation to
the new option as if references to Shares were references to the shares over which the
new option is granted and references to the Company were references to the body
corporate determined under Rule&nbsp;9.3.1.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">12
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Optionholder can exercise his Option validly only in the way described in, and
subject to, this Rule&nbsp;10.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Part exercise</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Option may be exercised in respect of all the Shares under the Option
or only some of those Shares. These restrictions will not apply where an Option is
exercised for the maximum number of Shares permissible at the time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If an Option is exercised in part, and the balance remains exercisable,
the Directors must on the surrender of the relevant certificate issue a balance
certificate.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Manner of exercise</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options must be exercised by notice in writing or in another form specified by the
Company and delivered to the Company or other duly appointed agent. The notice of exercise
of the Option must be completed, signed (in manuscript or in any other form that may be
specified by the Company) by the Optionholder or by his appointed agent, and must be
accompanied by:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the relevant option certificate (if required by the Company); and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>correct payment in full of the Option Price for the number of Shares being
acquired or details of arrangements agreed between the Optionholder and the Company for
the payment of the Option Price for the number of Shares being acquired;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if required by the Company, a declaration as to his nationality and/or
residence; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.3.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unless the Company decides otherwise, in the case of an exercise by an
Optionholder&#146;s personal representatives under Rule&nbsp;8.2, an office copy of a valid UK
grant of probate.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">Subject to Rule&nbsp;10.4 (Delay in exercise), in this Rule&nbsp;10, the &#147;Option Exercise Date&#148; will
be the date of receipt by the Company or other duly appointed agent of the documents and, if
appropriate, the payment referred to in Rule&nbsp;10.3.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Delay in exercise</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Option Exercise Date may be delayed until the later of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date on which the Directors either decide that the Condition to which
the Option is subject has been satisfied. The Directors must make a decision about the
satisfaction of the Condition within 14&nbsp;days of receipt by the Company or other duly
appointed agent of the documents and, if appropriate, the payment; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any statute, regulation or code adopted by the Company based on the
Model Code, prohibits the exercise of Options, the date when the Optionholder is
permitted to exercise an Option.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Issue or transfer</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rule&nbsp;10.7:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">13
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares to be issued following the exercise of an Option will be issued
within 30&nbsp;days of the Option Exercise Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Shares are to be transferred following the exercise of an Option, the
Directors will procure this transfer within 30&nbsp;days of the Option Exercise Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rights</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares issued on the exercise of an Option will rank equally in all
respects with the Shares in issue on the date of allotment. They will not rank for any
rights attaching to Shares by reference to a record date preceding the date of
allotment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where Shares are to be transferred on the exercise of an Option,
Optionholders will be entitled to all rights attaching to the Shares by reference to a
record date on or after the transfer date. They will not be entitled to rights before
that date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consents</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All allotments, issues and transfers of Shares will be subject to any necessary
consents under any relevant enactments or regulations for the time being in force in the
United Kingdom or elsewhere. The Optionholder will be responsible for complying with any
requirements he needs to fulfil in order to obtain or avoid the necessity for any such
consent.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Articles of association</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Shares acquired on the exercise of Options are subject to the articles of
association of the Company from time to time in force.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Listing</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If and so long as the Shares are listed on the Official List of the UK Listing
Authority and traded on the London Stock Exchange, the Company will apply for listing of any
Shares issued under the Plan as soon as practicable after their allotment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash alternative</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In exceptional circumstances, the Directors may in their discretion determine not to
procure the transfer or issue of Shares to an Optionholder who exercises his Option, but
instead to pay to him (subject to the withholding provisions in Rule&nbsp;11.8) a cash amount.
This cash amount must be equal to the amount by which the market value of the Shares in
respect of which the Option is exercised exceeds the Option Price. Alternatively, the
Directors may procure the transfer of Shares to the value of that cash amount or apply that
amount in the issue of Shares. If the Directors so determine, the Optionholder need not pay
the Option Price or, if he has paid it, the Company will repay the Option Price to him.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Rule, &#147;market value&#148; means:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.10.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the middle market quotation of a Share as derived from the Daily Official
List of the London Stock Exchange on the Option Exercise Date (or the next Business Day
if the Option Exercise Date is not a Business Day); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>10.10.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where Shares of the same class are not admitted to the Official List of
the UK Listing Authority, the market value of a Share calculated as described in Part
VIII of the Taxation of Chargeable Gains Act 1992.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice or other document which has to be given to an Eligible Employee or
Optionholder under or in connection with the Plan may be:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delivered or sent by post to him at his home address according to the
records of his employing company; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sent by e-mail or fax to any e-mail address or fax number which according
to the records of his employing company is used by him;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">or in either case such other address which the Company considers appropriate.



<P align="left" style="margin-left:4%; font-size: 10pt">Any notice or other document which has to be given to the Company or other duly appointed
agent under or in connection with the Plan may be delivered or sent by post to it at its
respective registered office (or such other place as the Directors or duly appointed agent
may from time to time decide and notify to Optionholders) or except for the exercise of
Options under Rule&nbsp;10 sent by e-mail or fax to any e-mail address or fax number notified to
the sender.



<P align="left" style="margin-left:4%; font-size: 10pt">Notices sent by post will be deemed to have been given on the second day after the date of
posting. However, notices sent by or to an Optionholder who is working overseas will be
deemed to have been given on the seventh day after the date of posting.



<P align="left" style="margin-left:4%; font-size: 10pt">Notices sent by e-mail or fax, in the absence of evidence of non-delivery, will be deemed to
have been received on the day after sending.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Documents sent to shareholders</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may send to Optionholders copies of any documents or notices normally sent
to the holders of its Shares at or around the same time as issuing them to the holders of
its Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; decisions final and binding</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The decision of the Directors on the interpretation of the Rules or in any dispute
relating to an Option or matter relating to the Plan will be final and conclusive.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Costs</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will pay the costs of introducing and administering the Plan. Each
Participating Company will reimburse the Company for any costs incurred in connection with
the grant of Options to, or exercise of Options by, employees of that Participating Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Regulations</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors have the power from time to time to make or vary regulations for the
administration and operation of the Plan but these must be consistent with the Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms of employment</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Rule&nbsp;11.6, &#147;Employee&#148; means any Optionholder, any
Eligible Employee or any other person.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule&nbsp;11.6 applies:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Company has full discretion in the operation of the
Plan, or whether the Company could be regarded as being subject to any
obligations in the operation of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during an Employee&#146;s employment or employment relationship; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the termination of an Employee&#146;s employment or
employment relationship, whether the termination is lawful or unlawful.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in the Rules or the operation of the Plan forms part of the
contract of employment or employment relationship of an Employee. The rights and
obligations of an Employee are separate from, and are not affected by, the Plan.
Participation in the Plan does not create any right to, or expectation of, continued
employment or a continued employment relationship.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The grant of Options on a particular basis in any year does not create any
right to or expectation of the grant of Options on the same basis, or at all, in any
future year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Employee is entitled to participate in the Plan, or be considered for
participation in it, at a particular level or at all. Participation in one operation of
the Plan does not imply any right to participate, or to be considered for participation
in any later operation of the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to an Employee&#146;s right to exercise an Option subject to
and in accordance with the express terms of the Rules and the Performance Condition, no
Employee has any rights in respect of the exercise or omission to exercise any
discretion, or the making or omission to make any decision, relating to the Option. Any
and all discretions, decisions or omissions relating to the Option may operate to the
disadvantage of the Employee, even if this could be regarded as capricious or
unreasonable, or could be regarded as in breach of any implied term between the
Employee and his employer, including any implied duty of trust and confidence. Any such
implied term is excluded and overridden by this Rule&nbsp;11.6.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Employee has any right to compensation for any loss in relation to the
Plan, including:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss or reduction of any rights or expectations under the
Plan in any circumstances or for any reason (including lawful or unlawful
termination of employment or the employment relationship);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any exercise of a discretion or a decision taken in relation to
an Option or to the Plan, or any failure to exercise a discretion or take a
decision;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operation, suspension, termination or amendment of the
Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation in the Plan is permitted only on the basis that the
Participant accepts all the provisions of the Rules, including in particular this Rule
11.6. By participating in the Plan, an Employee waives all rights under the Plan, other
than the right to exercise an Option subject to and in accordance with the express
terms of the Rules and the Performance Condition, in consideration for, and as a
condition of, the grant of an Option under the Plan.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">16
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this Plan confers any benefit, right or expectation on a person
who is not an Employee. No such third party has any rights under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this Plan. This does not affect any
other right or remedy of a third party which may exist.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.6.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the provisions of this Rule&nbsp;11.6 is entirely separate and
independent from each of the other provisions. If any provision is found to be invalid
then it will be deemed never to have been part of these Rules and to the extent that it
is possible to do so, this will not affect the validity or enforceability of any of the
remaining provisions.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employee trust</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company and any Subsidiary of the Company may provide money to the trustee of any
trust or any other person to enable them or him to acquire shares to be held for the
purposes of the Plan, or enter into any guarantee or indemnity for those purposes, to the
extent permitted by Section&nbsp;153 of the Companies Act 1985.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withholding</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, any employing company and any trustee of any employee benefit trust may
withhold such amount and make such arrangements as it considers necessary to meet any
liability to taxation or social security contributions in respect of Options. These
arrangements may include the sale or reduction in number of any shares on behalf of an
Optionholder, unless the Optionholder discharges the liability himself.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Data protection</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By participating in the Plan the Optionholder consents to the holding and processing of
personal data provided by the Optionholder to the Company for all purposes relating to the
operation of the Plan. These include, but are not limited to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.9.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>administering and maintaining Optionholder records;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing information to trustees of any employee benefit trust,
registrars, brokers or third party administrators of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.9.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing information to future purchasers of the Company or the business
in which the Optionholder works;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.9.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transferring information about the Optionholder to a country or territory
outside the European Economic Area.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changing the Plan</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; powers</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as described in the rest of this Rule&nbsp;12, the Directors may at any time change
the Plan in any way.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Shareholder approval</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>12.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as described in Rule&nbsp;12.2.2 and 12.4, the Company in general
meeting must approve in advance by ordinary resolution any proposed change to the Rules
to the advantage of present or future Optionholders, which relates to the following:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">17
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the persons to or for whom Shares may be provided under the
Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the limitations on the number of Shares which may be issued
under the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the individual limit for each Optionholder under the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the determination of the Option Price;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any rights attaching to the Options and the Shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rights of Optionholders in the event of a capitalisation
issue, rights issue, sub-division or consolidation of shares or reduction or
any other variation of capital of the Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms of this Rule&nbsp;12.2.1.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>12.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Directors can change the Plan and need not obtain the approval of the
Company in general meeting for any minor changes:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to benefit the administration of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to comply with or take account of the provisions of any
proposed or existing legislation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to take account of any changes to legislation; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="11%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain or maintain favourable tax, exchange control or
regulatory treatment of the Company, any Subsidiary or any present or future
Optionholder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>12.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may establish further plans based on the Rules but modified to
take account of local tax, exchange control or securities laws in non-UK territories.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.3</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Optionholders&#146; Consent</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>No amendment shall be made which would have the effect of abrogating or altering
adversely in any material respect any of the subsisting rights of Optionholders in relation
to their Options or the Shares except with the consent of the majority of the Optionholders
affected by the amendment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.4</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Optionholders who move overseas</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Directors may amend, vary or add to the provisions of the Plan as they consider
necessary or desirable to take account of, or to mitigate or to comply with relevant
overseas taxation, securities or exchange control laws, provided that Options granted to
such Optionholders are not overall more favourable than benefits granted to other
Optionholders.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.5</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Notice</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Directors may give written notice of any changes made to any Optionholder affected.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.6</B></TD>
    <TD width="2%">&nbsp;</TD>
    <TD><B>Termination of the Plan</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>The Plan will terminate on 15 June&nbsp;2015, but the Directors may terminate the Plan at
any time before that date. However, Options granted before such termination will continue to
be valid and exercisable as described in these Rules.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">18
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing law and jurisdiction</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>English law governs the Plan and all Options and their construction. The English Courts
have non-exclusive jurisdiction in respect of disputes arising under or in connection with
the Plan or any Option.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">19
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>Schedule&nbsp;1<BR>
The New InterContinental Hotels Group Executive Approved Share Option Plan</B>




<P align="left" style="margin-left:3%; font-size: 10pt">This schedule contains the rules of the InterContinental Hotels Group Executive
Approved Share Option Plan (&#147;<B>Approved Plan</B>&#148;). The Rules of the InterContinental Hotels Group
Executive Share Option Plan (the &#147;<B>Plan</B>&#148;) as amended by this schedule apply to Options
granted under the Approved Plan.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Words used in the Approved Plan have the same meaning as in the Plan unless amended as
stated below:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Eligible Employee</B>&#148; does not include anyone who is:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>excluded from participation because of paragraph 9 of Schedule&nbsp;4 to ITEPA
(material interests provisions); or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a director who is required to work less than 25 hours a week (excluding meal
breaks) for the Company.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Participating Companies</B>&#148; means:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Subsidiary, a jointly-owned company (within the meaning of paragraph 34 of
Schedule&nbsp;4 to ITEPA) of which the Company is a joint owner and any other company which
is permitted by the Inland Revenue to participate and which in all cases is so
designated by the Directors;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Shares</B>&#148; must satisfy paragraphs 16 to 20 of Schedule&nbsp;4 to ITEPA;



<P align="left" style="margin-left:3%; font-size: 10pt">&#147;<B>Subsidiary</B>&#148; means a company under the Control of the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following new Rule is added:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;If any Shares which are subject to an Option cease to satisfy paragraphs 16 to 20 of
Schedule&nbsp;4 to ITEPA and the Directors notify the Inland Revenue that they wish the Approved
Plan to be disapproved then the definition of &#147;Shares&#148; in Rule&nbsp;1.1 is changed automatically
to &#147;fully paid ordinary shares in the capital of the Company&#148;.&#148;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disposal restrictions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The exception to Rule&nbsp;2.7 set out in Rule&nbsp;2.7.2 does not apply.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option Price</B></td>
</tr>
</table>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>4.1</B></TD>

    <TD>The following rule replaces Rule&nbsp;3.1.1:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&#147;<B>3.1.1 </B></TD>
    <TD>&nbsp;not less than the Market Value of a Share on the Date of Grant or such other date as
the Inland Revenue may agree; and&#148;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following rule replaces Rule&nbsp;3.2:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>3.2 Market value</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4 %; font-size: 10pt">&#147;<B>Market Value</B>&#148; on any particular day means:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">20
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where Shares of the same class are not admitted to the Official List of the UK
Listing Authority, the market value of a share calculated as described in Part&nbsp;VIII of
the Taxation of Chargeable Gains Act 1992 and agreed in advance with the Shares
Valuation Division of the Inland Revenue; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where Shares of the same class are so listed and traded on the London Stock
Exchange:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their middle market quotation on the immediately preceding Business Day; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the average of the middle market quotation on the 3 immediately preceding
Business Days;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or such other price as may be agreed in advance with the Shares Valuation
Division of the Inland Revenue.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3">The middle market quotation is taken from the Daily Official List of the London Stock
Exchange.&#148;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revenue limit</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following new Rule is added:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Directors must not grant an Option to an Eligible Employee which would cause the
aggregate market value of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Shares subject to that Option; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Shares which he may acquire on exercising his Options under the Approved
Plan; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the shares which he may acquire on exercising his options under any other
Inland Revenue approved discretionary scheme established by the Company or by any of
its associated companies (as defined in paragraph 35 of Schedule&nbsp;4 to ITEPA)</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">to exceed the amount permitted under paragraph 6(1) of Schedule&nbsp;4 to ITEPA (currently
&#163;30,000). For the purposes of this paragraph, market value is calculated as at the date of
grant of the options as described in the relevant plan rules.&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustment of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following rule replaces Rule&nbsp;6.1:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>6.1 Adjustment of Options</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">If there is a variation in the equity share capital of the Company, including a
capitalisation or rights issue, sub-division, consolidation or reduction of share capital:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Shares comprised in each Option; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Option Price</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:3%; font-size: 10pt">may be adjusted in any way (including retrospective amendments) that the Directors consider
appropriate. However, no adjustment of Options may be made under this Rule&nbsp;6 without and to
the extent of the prior approval of the Inland Revenue.&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Material interest</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following new Rule is added:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">21
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">&#147;An Optionholder may not exercise an Option while he is excluded from participation in the
Approved Plan under paragraph 9 of Schedule&nbsp;4 to ITEPA (material interest provisions).&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Death</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following rule replaces Rule&nbsp;8.2:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;Death</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">If an Optionholder dies, his Options may be exercised, irrespective of the satisfaction of
any Condition, by his personal representatives up to one year from his death. To the extent
that any Option exercisable under this Rule&nbsp;8.2 is not so exercised, it will lapse.&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise and lapse &#151; exceptions to the general rule</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cessation of Employment</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of paragraph 35A of Schedule&nbsp;4 of ITEPA, the retirement age specified in
the Plan is 55.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Directors&#146; discretion</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following new rule is added:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>8.14 Directors&#146; discretion</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The Directors will exercise all discretions under Rules&nbsp;7 and 8 fairly and reasonably.&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exchange of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following rule replaces Rule&nbsp;9:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>&#147;9 Exchange of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>9.1</B>&nbsp;<B>Application</B></TD>
</TR>


</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;This Rule applies if a company:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtains Control of the Company as a result of making a general offer to acquire:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the whole of the issued ordinary share capital of the Company
(other than that which is already owned by it and its subsidiary or holding
company) made on a condition such that, if satisfied, the Acquiring Company
will have Control of the Company; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all the Shares (or those Shares not already owned by the
Acquiring Company or its subsidiary or holding company); or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtains Control of the Company under a compromise or arrangement sanctioned
by the court under Section&nbsp;425 of the Companies Act 1985; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>becomes bound or entitled to acquire Shares under Sections&nbsp;428 to 430F of
the Companies Act 1985.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exchange</B></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">If this Rule&nbsp;9 applies, Options may be exchanged within the period referred to in paragraph
26(3) of Schedule&nbsp;4 to ITEPA and with the agreement of the company offering the exchange.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exchange terms</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">22
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">Where an Option is to be exchanged the Optionholder will be granted a new option to replace
it.



<P align="left" style="margin-left:4%; font-size: 10pt">Where an Optionholder is granted a new option then:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new Option will be in respect of shares in any body corporate
determined by the company offering the exchange as long as they satisfy the conditions
of paragraph 27(4) of Schedule&nbsp;4 to ITEPA;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new option will be equivalent to the Option that was exchanged;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new option will be treated as having been acquired at the same time as
the Option that was exchanged and will be exercisable in the same manner and at the
same time;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the new option will be subject to the Rules as they last had effect in
relation to the Option that was exchanged except that, unless the Directors (as defined
in Rule&nbsp;8.7) decide otherwise, the Condition will not apply; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.3.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with effect from exchange, the Rules will be construed in relation to the
new option as if references to Shares are references to the shares over which the new
option is granted and references to the Company are references to the body corporate
determined under Rule&nbsp;9.3.1.&#148;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash alternative</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rule&nbsp;10.10 is deleted.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changing the Plan</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following new Rule is added:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;The Directors can change the Approved Plan and need not obtain the approval of the Company
in general meeting for any minor changes which are necessary or desirable in order to
maintain Inland Revenue approval of the Approved Plan under Schedule&nbsp;4 to ITEPA or any other
enactment.&#148;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revenue approval</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following new Rule is added:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;If the approved status of the Approved Plan is to be maintained, any change to a key
feature of the Plan after it has been approved under Schedule&nbsp;4 to ITEPA will take effect
from the later of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date that the change is approved by the Inland Revenue; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date the Directors resolve to approve the amendment.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">If the approved status of the Plan is not to be maintained, the Directors must inform the
Inland Revenue.


<P align="left" style="font-size: 10pt">A &#147;key feature&#148; is any provision necessary to meet the requirement of Schedule&nbsp;4 of ITEPA.&#148;



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">23
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>5
<FILENAME>u48958exv4w3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;4.3</B>



<P align="center" style="font-size: 10pt">RULES OF THE NEW INTERCONTINENTAL HOTELS GROUP



<P align="center" style="font-size: 10pt">PERFORMANCE RESTRICTED SHARE PLAN


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholders&#146; Approval:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 June&nbsp;2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Directors&#146; Adoption:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 June&nbsp;2005</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Expiry
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 June&nbsp;2015</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Linklaters</B>



<P align="left" style="font-size: 10pt">One Silk Street<BR>
London EC2Y 8HQ



<P align="left" style="font-size: 10pt">Telephone (44-20) 7456 2000<br>
Facsimile (44-20) 7456 2222



<P align="left" style="font-size: 10pt">Ref Anne Croft



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

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>Rules of the New InterContinental Hotels Group Performance Restricted Share<BR>
Plan</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Meaning of Words Used</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Annual Salary</B>&#148; means basic annual salary excluding all payments additional to
basic salary (for example mortgage support allowance, expatriate allowance etc.);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Award</B>&#148; means a Conditional Award, an Option or a conditional award of cash under Rule&nbsp;3.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Award Date</B>&#148; means the date the Committee makes the determination under Rule&nbsp;3.2.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Committee</B>&#148; means the Board of Directors of the Company or a duly authorised committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Company</B>&#148; means New InterContinental Hotels Group PLC (with registered number 5134420).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Conditional Award</B>&#148; means a conditional award of Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Employee</B>&#148; means, except for the purposes of Rule&nbsp;11, any employee or executive director or
former employee or former executive director of any Group Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Group Company</B>&#148; means:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Subsidiary; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other company which is associated with the Company and is so designated by
the Committee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Lapse Date</B>&#148; is defined in Rule&nbsp;9.4.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Option</B>&#148; means a right to acquire Shares at the Option Price.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Option Plan</B>&#148; means the New InterContinental Hotels Group Executive Share Option Plan as
amended from time to time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Option Price</B>&#148; means the amount payable for the Shares comprised in an Option, which will be
&#163;1, irrespective of the number of Shares acquired, unless the Committee decides otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Participant</B>&#148; means an Employee to whom the Committee has made an Award, and includes his
personal representatives where appropriate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Performance Condition</B>&#148; means the condition specified in relation to an Award.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Performance Period</B>&#148; means the period specified for which the Performance Condition is to be
satisfied.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Plan</B>&#148; means the New InterContinental Hotels Group Performance Restricted Share Plan
constituted by this document as amended from time to time.</TD>
</TR>

</TABLE>


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<P align="center" style="font-size: 10pt">1
</DIV>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Reconstruction or Takeover</B>&#148; means any takeover, merger or internal reconstruction, however
effected, including a reverse takeover, partial offer, reorganisation or scheme of
arrangement sanctioned by the court.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Rules</B>&#148; means these rules as amended from time to time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>STDIP</B>&#148; means the New InterContinental Hotels Group Short Term Deferred Incentive Plan as
amended from time to time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>SIPs</B>&#148; means the New InterContinental Hotels Group Share Incentive Plan and the Britvic
Share Incentive Plan as amended from time to time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Shares</B>&#148; means ordinary shares in the Company, and includes any shares representing them
following a Reconstruction or Takeover.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Subsidiary</B>&#148; means a company which is a subsidiary of the Company within the meaning of
section 736 of the Companies Act 1985.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Vested Shares</B>&#148; means in relation to a Conditional Award, the number of Shares to be
transferred to a Participant, and in relation to an Option, the number of Shares which may
be acquired by a Participant on the exercise of the Option, as determined under Rule&nbsp;7.1;
and &#147;<B>Vest</B>&#148; shall be construed accordingly.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Vesting Date</B>&#148; is defined in Rule&nbsp;3.5.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>References in the Plan to any statutory provisions are to those provisions as
amended, extended or re-enacted from time to time and include any regulations made under them;
and, unless the context otherwise requires, words in the singular include the plural (and vice
versa) and words imputing either gender include both genders.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Headings may be ignored in construing the Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Operation of the Plan</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall be operated and administered by the Company in accordance with the
directions of the Committee.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Awards</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee may select any one or more Employees for participation in the Plan
and grant Awards to them at any time before 15 June&nbsp;2015.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Committee grants an Award it shall determine the terms of the Award in its
absolute discretion, including:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>3.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Award is an Option, a Conditional Award or cash;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>3.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Performance Period;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>3.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Performance Condition;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>3.2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the maximum number of Shares subject to the Award;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>3.2.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Vesting Date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>3.2.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if the Award is an Option, the Option Price.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">2
</DIV>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall send an award certificate to the Participant specifying the terms
of the Award determined under Rule&nbsp;3.2.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rules&nbsp;3.5 and 3.6, &#147;Vesting Date&#148; means the business day after the
announcement of the Company&#146;s results for the last financial year of the Performance Period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may decide in exceptional circumstances that the Vesting Date will be a
date within seven days of the announcement of the Company&#146;s results for the last financial
year of the Performance Period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the acquisition or disposal of Shares is not permitted by law or
by any restrictions imposed pursuant to the provisions of any dealing restrictions imposed by
the authorities in any relevant jurisdiction, the Vesting Date will be deferred until the
ending of such restrictions unless the Company decides otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Individual Limits</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The conditions in Rules&nbsp;4.2 and 4.3 must both be satisfied.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rules&nbsp;4.5 and 4.6, an Award must not be made to an Employee if it would
at the proposed Award Date cause the aggregate of the market value of Shares or the amount of
cash over which Awards have been made in any financial year to exceed:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of an Employee who is a director of the Company, 3 times his Annual
Salary as at the Award Date; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of any other Employee, 4 times his Annual Salary as at the Award
Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rules&nbsp;4.5 and 4.6 in any financial year no Employee shall be made a
Award which would at the proposed Award Date cause the aggregate of:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>20% of the market value of the Shares over which an option is granted under the
Option Plan; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>33% of the market value of the Shares or amount of cash over which an Award is
made under the Plan</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to exceed 130% of the Employee&#146;s Annual Salary as at the Award Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of Rule&nbsp;4.3 the market value of a Share shall be calculated as follows:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of options granted under the Option Plan, the market value shall be
the option price of the relevant Shares on the date when each option was granted; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in respect of Awards under the Plan, the market value shall be the middle
market quotation on the Business Day immediately preceding the Award Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The limits in this Rule&nbsp;4 may be exceeded if the Directors determine that
exceptional circumstances make it desirable that Awards should be granted in excess of those
limits.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No account shall be taken of options under the Option Plan or Awards which have
been released or have lapsed without being exercised.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plan Limits</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>10 per cent. 10&nbsp;year limit</TD>
</TR>

</TABLE>


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<P align="center" style="font-size: 10pt">3
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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares which may be allocated under the Plan on any day must not exceed 10 per
cent. of the ordinary share capital of the Company in issue immediately before that day,
when added to the total number of Shares which have been allocated in the previous 10&nbsp;years
under the Plan and any other employee share plan operated by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>5 per cent. 10&nbsp;year limit</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares which may be allocated under the Plan on any day must not exceed 5 per
cent. of the ordinary share capital of the Company in issue immediately before that day when
added to the total number of Shares which have been allocated in the previous 10&nbsp;years under
the Plan and any other discretionary share plan operated by the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1.5 per cent. 1&nbsp;year limit</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of Shares which may be allocated under the Plan on any day must not exceed 1.5
per cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated in the previous 12&nbsp;months
under the Plan, the STDIP and the Option Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exclusions</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the right to acquire Shares is released or lapses without being exercised, the Shares
concerned are ignored when calculating the limits in this Rule&nbsp;5.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>5.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When calculating the limits in Rules&nbsp;5.1, 5.2 and 5.3, Shares awarded as
partnership shares under the SIPs are also ignored.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meaning of allocate</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Allocate</B>&#148; means granting an option or other right to acquire unissued Shares, or if there
is no such grant, the issue and allotment of Shares, and except in the case of the limit in
5.3 includes grants in exchange for rights granted by InterContinental Hotels Group PLC
(with registered number 4551528).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ceasing to be an Employee prior to the Vesting Date</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Participant dies before the Vesting Date, the Company will as soon as
practicable determine the number of Vested Shares relating to his Awards, taking account of
the proportion of the Performance Period that has elapsed, and the extent to which the
Performance Condition has been satisfied. The Company will procure the transfer of the number
of Vested Shares in a Conditional Award or pay cash to the Participant&#146;s personal
representatives. An Option may be exercised by the Participant&#146;s personal representatives over
the Vested Shares in the period of six months from the date of death, and will lapse if not
exercised.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Participant&#146;s office or employment with any Group Company terminates before
the Vesting Date for any of the reasons specified in (i)&nbsp;to (vii)&nbsp;below, the number of Vested
Shares relating to his Awards shall be the number determined under Rule&nbsp;7 after the end of the
Performance Period, reduced, if the Participant&#146;s notice period or severance period ended
before the end of the Performance Period, to reflect the proportion of the Performance Period
that had elapsed on the date the Participant&#146;s contractual notice period or severance period
ended (whether or not this has been paid in lieu). The reasons are:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ill-health, injury, disability;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>redundancy;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retirement in accordance with the terms of a Participant&#146;s contract of employment;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>early retirement by agreement with the Participant&#146;s employer;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Participant&#146;s employing company being transferred to a person which is not
a Group Company;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transfer of the undertaking, or part of the undertaking, in which the
Participant works to a person which is not a Group Company; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other reason determined by the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will procure the transfer of the Vested Shares in a Conditional Award or pay
cash to the Participant on the Vesting Date. An Option may be exercised by the Participant
over the Vested Shares in the period of six months from the Vesting Date, and will lapse if
not exercised.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Participant&#146;s office or employment with any Group Company terminates before
the Vesting Date for any reason not included in Rule&nbsp;6.2, he shall cease to be a Participant
in the Plan and shall not be eligible to receive any Shares or cash in respect of his Awards
unless the Company decides otherwise within a reasonable time of the termination. If the
termination is by reason of gross misconduct, he shall not be eligible to receive any Shares
or cash in respect of any Awards in any circumstances.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of Rule&nbsp;6, a Participant&#146;s office or employment with a Group
Company will not be treated as having terminated until the Participant ceases to be employed
by any Group Company and his contractual notice period or severance period has expired
(whether or not this has been paid in lieu).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of a Reconstruction or Takeover before the Vesting Date, the Company
will as soon as practicable determine the number of Vested Shares or cash in relation to all
Awards, taking account of the proportion of the Performance Period that has elapsed, and the
degree to which the Performance Condition has been satisfied. The Company will procure the
immediate transfer to each Participant of the Vested Shares in a Conditional Award or payment
of the cash so determined. An Option may be exercised by the Participant over the number of
Vested Shares in the period of six months from the date of the Reconstruction or Takeover, and
will lapse if it has not been exercised. However, in the case of a Reconstruction or Takeover
involving the exchange of Shares for shares in another company, or in more than one other
company, the Committee may determine that no Shares or cash should be transferred, and that
instead the Participant&#146;s right to the Shares comprised in an Award should be replaced by a
right to the appropriate number of shares in that other company or companies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee has discretion to take such action as it may think appropriate if
other events happen which may have an effect on Awards.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Determination of Awards</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As soon as reasonably practicable after the end of the Performance Period, there
shall be calculated:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>7.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent to which the Performance Condition specified in the invitation
has been satisfied; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>7.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Shares which Vest in respect of each Award, or the amount of
cash to be awarded to each Participant.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of an Option:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>7.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company will notify the Participant of the number of Vested Shares; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>7.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the balance of the Option lapses forthwith.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Vesting of Conditional Awards</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall transfer or procure the transfer of the Vested Shares or cash to
each Participant on the Vesting Date, subject to Rule&nbsp;10.4.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each relevant Group Company will reimburse the Company for any costs incurred in
connection with Conditional Awards to Participants who are employed by it.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will notify each Participant of the number of Vested Shares transferred
to him in respect of his Conditional Award and the amount of any tax and social security
contributions withheld under Rule&nbsp;10.4.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise of Options</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise provided in Rule&nbsp;6, a Participant may exercise an Option to the
extent that it has Vested at any time from the Vesting Date until the Lapse Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In order to exercise an Option, the Participant must deliver to the Company a
notice of exercise in the prescribed form together with payment of the Option Price. The date
on which these are received by the Company is the Option exercise date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rule&nbsp;10.4, as soon as practicable following the Option exercise date,
the Company will procure the transfer of the appropriate number of Shares to the participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lapse Date in relation to an Option is the earliest of the following dates:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>9.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the second anniversary of the Vesting Date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>9.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subject to Rule&nbsp;6, the date on which the Participant&#146;s employment with any
Group Company ends;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>9.4.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any date specified in Rule&nbsp;6.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice or other document given to any Employee or Participant pursuant to the
Plan shall be delivered to him or sent by post to him at his home address according to the
records of his employing company or such other address as may appear to the Company to be
appropriate. Notices or other documents sent by post shall be deemed to have been given 5&nbsp;days
following the date of posting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The decision of the Committee in any question of interpretation of the Rules or
any dispute relating to or connected with this Plan shall be final and conclusive.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The costs of introducing, operating and administering the Plan shall be borne by
the Company and the relevant Group Companies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company, any relevant Group Company and/or any relevant trustee may withhold
any amounts or make such arrangements as are necessary to meet any liability to taxation and
social security contributions in respect of the Shares or cash awarded under the Plan. The
arrangements may include the sale of some or all of any Shares subject to an Award on behalf
of the Participant, and the use of the proceeds to discharge the liability.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company shall have power from time to time to make or vary regulations for the
administration and operation of the Plan provided that they are not inconsistent with these
Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms of Employment</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Rule&nbsp;11, &#147;Employee&#148; means any Participant, any Employee
(within the meaning of Rule&nbsp;1) or any other person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule&nbsp;11 applies:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>11.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Company has full discretion in the operation of the Plan, or
whether the Company could be regarded as being subject to any obligations in the
operation of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>11.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during an Employee&#146;s employment or employment relationship; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>11.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the termination of an Employee&#146;s employment or employment
relationship, whether the termination is lawful or unlawful.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in the Rules or the operation of the Plan forms part of the contract of
employment or employment relationship of an Employee. The rights and obligations of an
Employee are separate from, and are not affected by, the Plan. Participation in the Plan does
not create any right to, or expectation of, continued employment or a continued employment
relationship.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The grant of Awards on a particular basis in any year does not create any right to
or expectation of the grant of Awards on the same basis, or at all, in any future year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Employee is entitled to participate in the Plan, or be considered for
participation in it, at a particular level or at all. Participation in one operation of the
Plan does not imply any right to participate, or to be considered for participation in any
later operation of the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to an Employee&#146;s right to receive the Shares comprised in an
Award subject to and in accordance with the express terms of the Rules and the Performance
Condition, no Employee has any rights in respect of the exercise or omission to exercise any
discretion, or the making or omission to make any decision, relating to the Award. Any and all
discretions, decisions or omissions relating to the Award may operate to the disadvantage of
the Employee, even if this could be regarded as capricious or unreasonable, or could be
regarded as in breach of any implied term between the Employee and his employer, including any
implied duty of trust and confidence. Any such implied term is excluded and overridden by this
Rule&nbsp;11.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">7
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;No Employee has any right to compensation for any loss in relation to the Plan,
including:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>11.7.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss or reduction of any rights or expectations under the Plan in any
circumstances or for any reason (including lawful or unlawful termination of employment
or the employment relationship);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>11.7.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any exercise of a discretion or a decision taken in relation to an Award
or to the Plan, or any failure to exercise a discretion or take a decision;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>11.7.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operation, suspension, termination or amendment of the Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation in the Plan is permitted only on the basis that the Participant
accepts all the provisions of the Rules, including in particular this Rule&nbsp;11. By
participating in the Plan, an Employee waives all rights under the Plan, other than the right
to receive Shares subject to and in accordance with the express terms of the Rules and the
Performance Condition, in consideration for, and as a condition of, the grant of an Award
under the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this Plan confers any benefit, right or expectation on a person who is
not an Employee. No such third party has any rights under the Contracts (Rights of Third
Parties) Act 1999 to enforce any term of this Plan. This does not affect any other right or
remedy of a third party which may exist.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the provisions of this Rule&nbsp;11 is entirely separate and independent from
each of the other provisions. If any provision is found to be invalid then it will be deemed
never to have been part of these Rules and to the extent that it is possible to do so, this
will not affect the validity or enforceability of any of the remaining provisions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Personal Data</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By participating in the Plan the Participant consents to the holding and
processing of personal data provided by the Participant to the Company for all purposes
relating to the operation of the Plan. These include, but are not limited to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>12.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>administering and maintaining Participant records;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>12.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing information to trustees of any employee benefit trust,
registrars, brokers or third party administrators of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>12.1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing information to future purchasers of the Company or the business
in which the Participant works;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>12.1.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transferring information about the Participant to a country or territory
outside the European Economic Area.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Changes to and termination of the Plan</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:1%">Subject as provided in this Rule, the Committee may, in its discretion, amend the
Rules or any part of the Plan as it considers appropriate. Variations may affect the terms of
Awards which have already been made.</DIV></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="margin-left:1%">No amendment shall be made which would have the effect of abrogating or altering
adversely in any material respect any of the subsisting rights of Participants in relation to
Awards, except with the consent of the majority of the Participants affected by the proposed
amendment.</DIV></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee may amend, vary or add to the provisions of the Plan as it considers
necessary or desirable to take account of relevant overseas taxation, securities or exchange
control laws, provided that the benefits granted to such Participants are not overall more
favourable than the benefits granted to other Participants.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as provided in Rule&nbsp;13.5, the prior approval of the Company in general
meeting is required for any proposed change to the Rules to the advantage of present or future
Participants which relates to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the persons to or for whom Awards may be made;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the limitations on the number of Shares which may be allocated under the Plan;</TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.4.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the individual limits under Rule&nbsp;4;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.4.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any rights attaching to Conditional Awards, Options, Awards or Shares;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.4.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the terms of this Rule&nbsp;13.4.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approval of the Company in general meeting is not required for any minor
changes to the Rules which are:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to benefit the administration of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to comply with or take account of the provisions of any proposed or
existing legislation;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.5.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to take account of any changes to legislation; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="6%" nowrap align="left"><B>13.5.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain or maintain favourable tax, exchange control or regulatory
treatment of any Group Company or any present or future Participant.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No amendment shall take effect to the extent that it would cause the Plan to cease
to be an &#147;employees&#146; share scheme&#148; as defined in section 743 of the Companies Act 1985.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee shall have discretion to terminate the Plan at any time, without
prejudice to subsisting Awards.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing Law</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan is governed by English law and if there is any conflict of laws, English law
shall prevail. All Group Companies and Participants shall submit to the jurisdiction of the
English Courts as regards any matter arising under the Plan.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">9
</DIV>

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<TYPE>EX-4.4
<SEQUENCE>6
<FILENAME>u48958exv4w4.htm
<DESCRIPTION>EX-4.4
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-4.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="right" style="font-size: 10pt"><B>Exhibit 4.4</B>



<P align="center" style="font-size: 10pt"><B>NEW INTERCONTINENTAL HOTELS GROUP</B>



<P align="center" style="font-size: 10pt"><B>SHORT TERM DEFERRED INCENTIVE PLAN</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shareholders&#146; Approval:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 June&nbsp;2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Directors&#146; Adoption:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 June&nbsp;2005</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Expiry:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15 June&nbsp;2015</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>Linklaters</B>


<P align="left" style="font-size: 10pt">One Silk Street<BR>
London EC2Y 8HQ


<P align="left" style="font-size: 10pt">Telephone (44-20) 7456 2000<BR>
Facsimile (44-20) 7456 2222


<P align="left" style="font-size: 10pt">Ref Anne Croft


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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="center" style="font-size: 10pt"><B>THE NEW INTERCONTINENTAL HOTELS GROUP<BR>
SHORT TERM DEFERRED INCENTIVE PLAN</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Meanings of words used</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In these Rules:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Bonus Award</B>&#148; means an award of cash or Bonus Shares made to a Participant in accordance
with the Plan;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Bonus Shares</B>&#148; means the Shares comprised in a Bonus Award, which may be in the form of a
Conditional Award or a Forfeitable Award;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Committee</B>&#148; means the Board of Directors of the Company or a duly authorised committee;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Company</B>&#148; means New InterContinental Hotels Group PLC (with registered number 5134420);



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Conditional Award</B>&#148; means an award of Bonus Shares within Rule&nbsp;4.3.1;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Forfeitable Award</B>&#148; means an award of Bonus Shares within Rule&nbsp;4.3.2;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Forfeitable Share Agreement</B>&#148; means the agreement setting out the terms of a Forfeitable
Award as required by Rule&nbsp;4.3;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Group Company</B>&#148; means the Company, any company which is a subsidiary of the Company within
the meaning of Section&nbsp;736 of the Companies Act 1985 and any other company which is
associated with the Company and is so designated by the Committee;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Matching Shares</B>&#148; means additional Shares specified in a Participant&#146;s notification under
Rule&nbsp;2.7 and awarded under Rule&nbsp;4.4;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Option Plan</B>&#148; means the New InterContinental Hotels Group Executive Share Option Plan, as
amended from time to time;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Participant</B>&#148; means a person who has been selected to participate in the Plan under Rule
2.2;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Performance Target</B>&#148; means any target specified for a financial year in relation to a Bonus
Award;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Plan</B>&#148; means this plan known as &#147;The New InterContinental Hotels Group Short Term Deferred
Incentive Plan&#148; in its present form and as from time to time altered in accordance with the
Rules;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>PRSP</B>&#148; means the New InterContinental Hotels Group Performance Restricted Share Plan as
amended from time to time;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Reconstruction or Takeover</B>&#148; means any takeover, merger or internal reconstruction, however
effected, including a reverse takeover, partial offer, reorganisation or scheme of
arrangement sanctioned by the court;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Release Date</B>&#148; in relation to any Bonus Shares subject to a Forfeitable Award, the date on
which the Participant is entitled to them free of any restrictions, and in relation to any
Matching Shares and any Bonus Shares subject to a Conditional Award, means the date



<P align="left" style="margin-left:4%; font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">on which the Participant becomes entitled to receive them under Rule&nbsp;8, as specified in the
notification to the Participant under Rule&nbsp;2.7 and the making of Awards under Rule&nbsp;4, but in
all cases subject to any delay under Rule&nbsp;8.2 and subject to any advancement under any other
provision of the Rules



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Rules</B>&#148; means these rules as amended from time to time;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Salary</B>&#148; in relation to a Bonus Award for a financial year, means the basic annual salary in
effect on the last day of that financial year excluding all payments additional to basic
salary (for example mortgage support allowance, expatriate allowance etc);



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Shares</B>&#148; means fully paid ordinary shares in the capital of the Company, and includes any shares representing them following a Reconstruction or Takeover;



<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>SIPs</B>&#148; means the New InterContinental Hotels Group Share Incentive Plan and the Britvic
Share Incentive Plan as amended from time to time;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the context admits or requires the singular includes the plural and the
masculine includes the feminine and vice versa; references to any statutory provision include
any modification or re-enactment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Headings will be ignored in construing the Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Operation of the Plan</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Timing of Operation: The Committee may decide at any time and at its discretion
when the Plan shall be operated.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Selection of Participants: In relation to any operation of the Plan the Committee
may select any employees or executive directors of any Group Company to be Participants in the
Plan. The Committee will grant conditional Bonus Awards to the Participants it selects to
participate in the Plan. The Committee has the right to withdraw a Participant from the Plan
at any time if it considers that the Participant&#146;s failure or inability to contribute to the
management team effort warrant this, for example if:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the participant&#146;s personal performance is formally appraised as
unsatisfactory</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the participant is subject to disciplinary action</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the participant is absent from work due to prolonged illness and is unable
to contribute to team performance.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Performance Target: any Performance Target must relate to a period which is no
longer than one financial year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Basis of Calculation of Bonus Awards: Bonus Awards to be made on achievement of the
Performance Target shall be calculated as a specified percentage of Salary. A Bonus Award will
not exceed 100% of Salary.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nature of Bonus Awards: Bonus Awards may take the form of cash or Bonus Shares, or
a combination of cash and Bonus Shares, as the Committee may determine. A Bonus Award of Bonus
Shares may take the form of a Conditional Award or a Forfeitable Award and shall be deferred
until the Release Date determined by the Committee. The Committee may also determine that a
specified ratio of Matching Shares shall be awarded on the Release Date. The Committee may
determine that there shall be more than one Release Date in</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">respect of a Bonus Award. The ratio of Matching Shares to Bonus Shares comprised in a Bonus
Award shall not exceed one Matching Share to two Bonus Shares.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participant&#146;s preference: The Committee may consult with any Participant before
determining the type of Bonus Award to be made, but shall not be bound by any views expressed
by the Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notification of Participants: Participants shall be notified, in writing, that they
have been selected for participation in the Plan. The notice shall include details of any
Performance Target, the date of grant of the conditional Bonus Award, the percentage of
Salary, the nature of the Bonus Award, the Release Date and, if relevant, the ratio of
Matching Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Variation: Subject to Rule&nbsp;10.2, the Committee may, at any time after giving notice
of participation, vary its terms as regards the operation of the Plan generally or in respect
of any Participant and specify any other terms applicable to the operation of the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Starters, leavers and Reconstructions and Takeovers</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Committee may permit an employee to join the Plan part way through a financial
year, on the basis that the Bonus Award is either payable for the full year or pro-rated from
the date of entry, at its discretion. The Participant shall be notified of the terms of
participation accordingly.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Participant&#146;s employment with any Group Company terminates during the
financial year by reason of ill-health, injury, disability, retirement, redundancy, death or
as a result of the sale of the business or company by which he is employed, or in the event of
a Reconstruction or Takeover during the financial year, his Bonus Award may be pro-rated to
the date of termination or the date of Reconstruction or Takeover, or such later date as the
Committee may determine, and may at the Committee&#146;s discretion be made in cash rather than in
Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Participant&#146;s employment with any Group Company terminates during the
financial year for any reason other than those listed in Rule&nbsp;3.2, he shall not receive any
Bonus Award unless the Committee decides otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of Rule&nbsp;3 and Rule&nbsp;7, a Participant&#146;s employment with a Group
Company will not be treated as having terminated until the Participant ceases to be employed
by any Group Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Making of Bonus Awards</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculation of Bonus Award: As soon as practicable after the end of the financial
year, the Performance Target (if any) shall be evaluated, and the amount of each Participant&#146;s
Bonus Award shall be calculated.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bonus Awards in Cash: Bonus Awards payable in cash shall be paid as soon as
practicable by the Company or, where relevant the Group Company employing the Participant.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bonus Awards in Shares: in respect of each Bonus Award in Shares, the Company shall
determine whether to make it in the form of a Conditional Award or a Forfeitable Award, and
shall grant such award to the relevant Participant over the relevant number of Shares as
specified in 4.3.1 and 4.3.2 below. The relevant number of Shares will be calculated by
reference to the average of the middle market quotation of a Share for the three business</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">days following the announcement of the Company&#146;s results for the relevant financial year or
such other days as the Company may determine. The middle market quotation is taken from the
Daily Official List of the London Stock Exchange.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Conditional Award: the Participant is entitled to receive the relevant
number of Shares on the Release Date, together with a cash payment equal to the net
dividends paid on the Shares between the date of the Bonus Award and the Release Date
(less tax), provided he remains an employee of a Group Company until the Release Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>4.3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Forfeitable Award: the relevant number of Shares is transferred to the
Participant or his nominee for his absolute benefit but on terms that he may forfeit
them if he ceases to be an employee of a Group Company before the Release Date, and on
any other terms contained in the Forfeitable Share Agreement. The Participant must sign
the Forfeitable Share Agreement within a specified time, and failure to do so will
result in the forfeiture of the Shares, unless the Company decides otherwise.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Matching Shares; If specified in the Participant&#146;s notification under Rule&nbsp;2.7, the
Company shall at the same time as making the Bonus Award in Shares, also grant to the relevant
Participant the right to receive the relevant number of Matching Shares on the Release Date,
conditional on the Participant remaining an employee of a Group Company until the Release
Date.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plan limits</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>10 per cent. 10&nbsp;year limit</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The number of Shares which may be allocated under the Plan on any day must not exceed 10 per
cent. of the ordinary share capital of the Company in issue immediately before that day,
when added to the total number of Shares which have been allocated in the previous 10&nbsp;years
under the Plan and any other employee share plan operated by the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>5 per cent. 10&nbsp;year limit</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The number of Shares which may be allocated under the Plan on any day must not exceed 5 per
cent. of the ordinary share capital of the Company in issue immediately before that day,
when added to the total number of Shares which have been allocated in the previous 10&nbsp;years
under the Plan and any other discretionary employee share plans operated by the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>1.5 per cent. 1&nbsp;year limit</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The number of Shares which may be allocated under the Plan on any day must not exceed 1.5
per cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated in the previous 12&nbsp;months
under the Plan, the Option Plan and the PRSP.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exclusions</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.4.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a right to acquire Shares is released or lapses without being
exercised, the Shares concerned are ignored when calculating the limits in this Rule&nbsp;5.
When calculating the limits in Rules&nbsp;5.1, 5.2 and 5.3 Shares awarded as partnership shares under the SIPs are also ignored.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meaning of allocate</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P align="left" style="margin-left:4%; font-size: 10pt">&#147;<B>Allocate</B>&#148; means granting an option or other right to acquire unissued Shares, or if there
is no such grant, the issue and allotment of Shares, and except in the case of the limit in
5.3 includes grants in exchange for rights granted by InterContinental Hotels Group PLC
(with registered number 4551528).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participant&#146;s Rights before the Release Date</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Shareholder rights</B>: Before the Release Date the Participant has:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all shareholder rights in respect of Bonus Shares which are subject to a
Forfeitable Award, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no shareholder rights in respect of any Bonus Shares which are subject to a
Conditional Award or in respect of any Matching Shares.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Variation of share capital etc</B>: The Committee may vary the number of Shares
comprised in a Conditional Award (including any Matching Shares) to take account of any
variation of the share capital of the Company, or any special dividend or other transaction
which might adversely affect the value of the Shares, to ensure that the Participant is not
disadvantaged.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reconstruction or Takeover</B>: In the event of a Reconstruction or Takeover, the
Committee may determine that the Release Date for the Shares comprised in a Bonus Award
(including any Matching Shares), or cash of equivalent value, should be advanced to the
effective date of such event, or to such other date as the Committee may think appropriate.
However, in the case of a Reconstruction or Takeover involving the exchange of Shares for
shares in another company, or in more than one other company, the Committee may determine that
the Participant&#146;s right to the Shares comprised in a Bonus Award (including any Matching
Shares) should be replaced by a right to the appropriate number of shares in that other
company or companies.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other events</B>: The Committee has discretion to take such action as it may think
appropriate if other events happen which may have an effect on Bonus Awards.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination of employment before the Release Date</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Ill-health, disability, etc.</B>: If the Participant&#146;s employment with a Group Company
is terminated before the Release Date by reason of ill-health, injury, disability, retirement,
redundancy, death or as a result of the sale of the business or company which he is employed,
the Release Date for some or all of the Shares comprised in his Bonus Award, including any
Matching Shares, may, at the discretion of the Committee, be advanced to the date of
termination, or such other date as the Committee may consider appropriate. If the Committee
does not so determine, the Release Date remains unchanged.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reconstruction or Takeover</B>: If the Participant&#146;s employment with a Group Company is
terminated in connection with a Reconstruction or Takeover before the Release Date, the
Release Date in respect of all the Shares comprised in his Bonus Award, including any Matching
Shares, is advanced to the date of termination of employment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other terminations</B>: If the Participant ceases to be in the employment of any Group
Company before the Release Date for any other reason, all Shares subject to Forfeitable Awards
are forfeited, and his right to receive Shares on the Release Date is lost, unless the
Committee decides otherwise.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Release Date</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to Rule&nbsp;7 and Rule&nbsp;8.2, the Participant is entitled to receive the Shares
comprised in his Conditional Award and any award of Matching Shares on the Release Date.
However, the Company may decide to satisfy any Conditional Award and any award of Matching
Shares by paying an equivalent amount in cash, if it considers in its discretion that this
would be appropriate.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the acquisition or disposal of Shares is not permitted by law or
by any restrictions imposed pursuant to the provisions of any dealing restrictions imposed by
the authorities in any relevant jurisdiction, the Release Date will be deferred until after
the ending of such restrictions unless the Committee decides otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>General</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices</B>: Any notice or other document given to any Participant pursuant to the Plan
shall be delivered to him or sent by post to him at his home address according to the records
of his employing company or such other address as may appear to the Committee to be
appropriate. Notices or other documents sent by post shall be deemed to have been given 5&nbsp;days
following the date of posting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Documents sent to Shareholders</B>: The Company is not obliged to send to Participants
copies of any documents or notices sent to the holders of its Shares.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reimbursement</B>: Each relevant Group Company shall reimburse the Company for any
costs incurred in connection with the Bonus Awards to Participants who are employed by them.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withholding</B>: The Company, and any relevant Group Company may withhold any amounts
or make such arrangements, including the sale of any Shares on behalf of a Participant as are
necessary to meet any liability to taxation or social security contributions in respect of any
Bonus Award (including any Matching Shares).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Committee&#146;s decisions final and binding</B>: The decision of the Committee in
connection with any interpretation of the Plan Rules or in any dispute relating to any matter
relating to the Plan shall be final and conclusive.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Costs</B>: The costs of introducing and administering the Plan will be borne by the
Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Regulations</B>: The Committee will have power from time to time to make or vary
regulations for the administration and operation of the Plan provided that the same are not
inconsistent with these Rules.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Terms of employment</B>:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Rule&nbsp;9.8, &#147;Employee&#148; means any Participant, or any
other person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Rule&nbsp;9.8 applies:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Company has full discretion in the operation of the
Plan, or whether the Company could be regarded as being subject to any
obligations in the operation of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during an Employee&#146;s employment or employment relationship; and</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the termination of an Employee&#146;s employment or
employment relationship, whether the termination is lawful or unlawful.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in the Rules or the operation of the Plan forms part of the
contract of employment or employment relationship of an Employee. The rights and
obligations of an Employee are separate from, and are not affected by, the Plan.
Participation in the Plan does not create any right to, or expectation of, continued
employment or a continued employment relationship.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The grant of Bonus Awards and Matching Shares on a particular basis in any
year does not create any right to or expectation of the grant of Bonus Awards and
Matching Shares on the same basis, or at all, in any future year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Employee is entitled to participate in the Plan, or be considered for
participation in it, at a particular level or at all. Participation in one operation of
the Plan does not imply any right to participate, or to be considered for participation
in any later operation of the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to an Employee&#146;s right to receive the Bonus Shares
comprised in an Award and any Matching Shares subject to and in accordance with the
express terms of the Rules and the Performance Condition, no Employee has any rights in
respect of the exercise or omission to exercise any discretion, or the making or
omission to make any decision, relating to the Bonus Award and any Matching Shares. Any
and all discretions, decisions or omissions relating to the Bonus Award or Matching
Shares may operate to the disadvantage of the Employee, even if this could be regarded
as capricious or unreasonable, or could be regarded as in breach of any implied term
between the Employee and his employer, including any implied duty of trust and
confidence. Any such implied term is excluded and overridden by this Rule&nbsp;9.8.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Employee has any right to compensation for any loss in relation to the
Plan, including:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss or reduction of any rights or expectations under the
Plan in any circumstances or for any reason (including lawful or unlawful
termination of employment or the employment relationship);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any exercise of a discretion or a decision taken in relation to
a Bonus Award or Matching Shares or to the Plan, or any failure to exercise a
discretion or take a decision;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operation, suspension, termination or amendment of the
Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation in the Plan is permitted only on the basis that the
Participant accepts all the provisions of the Rules, including in particular this Rule
9.8. By participating in the Plan, an Employee waives all rights under the Plan, other
than the right to receive Shares subject to and in accordance with the express terms of
the Rules and the Performance Condition, in consideration for, and as a condition of,
the grant of an Bonus Award or Matching Shares under the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this Plan confers any benefit, right or expectation on a person
who is not an Employee. No such third party has any rights under the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this Plan. This does not affect any
other right or remedy of a third party which may exist.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.8.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the provisions of this Rule&nbsp;9.8 is entirely separate and
independent from each of the other provisions. If any provision is found to be invalid
then it will be deemed never to have been part of these Rules and to the extent that it
is possible to do so, this will not affect the validity or enforceability of any of the
remaining provisions.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Data protection</B>: By participating in the Plan the Participant consents to the
holding and processing of personal data provided by the Participant to the Company for all
purposes relating to the operation of the Plan. These include, but are not limited to:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.9.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>administering and maintaining Participant records;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.9.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing information to trustees of any employee benefit trust,
registrars, brokers or third party administrators of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.9.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>providing information to future purchasers of the Company or the business
in which the Participant works;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>9.9.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transferring information about the Participant to a country or territory
outside the European Economic Area.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendments and Termination</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Committee&#146;s powers of amendment</B>: Subject to the following provisions of this rule,
the Committee may in its discretion waive, amend or add to the Rules as it thinks fit.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participants&#146; Consent</B>: No amendment shall be made which would have the effect of
abrogating or altering adversely in any material respect any of the subsisting rights of
Participants in relation to Shares comprised in a Bonus Award, except with the consent of the
majority of the Participants affected by the proposed amendment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participants who move overseas</B>: Notwithstanding any other provision of the Plan
the Committee may amend, vary or add to the provisions of the Plan as it considers necessary
or desirable to take account of, or to mitigate, or to comply with relevant overseas taxation,
securities or exchange control laws, provided that the benefits granted to such Participants
are not overall more favourable than the benefits granted to other Participants.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice</B>: As soon as reasonably practicable after making any alteration to the Plan,
the Committee will give written notice to any Participant materially affected by the
alteration.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination of the Plan</B>: The Committee may terminate the Plan at any time.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Governing Law</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan is governed by English law and if there is any conflict of laws English
law will prevail. All Group Companies and all Participants shall submit to the jurisdiction of
the English Courts as regards any matter arising under the Plan.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>



<P align="center" style="font-size: 10pt">8
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<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;4.5</B>



<P align="center" style="font-size: 10pt">Dated 15 June&nbsp;2005



<P align="center" style="font-size: 10pt">NEW INTERCONTINENTAL HOTELS GROUP



<P align="center" style="font-size: 10pt">US EMPLOYEE STOCK PURCHASE PLAN



<P align="left" style="font-size: 10pt"><B>Linklaters</B>


<P align="left" style="font-size: 10pt">1345 Avenue of the Americas<BR>
19th Floor<BR>
New York, NY 10105


<P align="left" style="font-size: 10pt">Telephone (1)&nbsp;212 424 9000<BR>
Facsimile (1)&nbsp;212 424 9100


<P align="left" style="font-size: 10pt">Ref Anne Croft


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

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="center" style="font-size: 10pt"><B>NEW INTERCONTINENTAL HOTELS GROUP<BR>
US Employee Stock Purchase Plan</B>


<P align="left" style="font-size: 10pt">The following constitute the provisions of the US Employee Stock Purchase Plan of New
InterContinental Hotels Group PLC, registered number 5134420.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purpose</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purpose of the Plan is to provide an opportunity for employees of Designated
Subsidiaries of the Company with an opportunity to purchase ADSs, each representing Ordinary
Shares of New InterContinental Hotels Group PLC, through accumulated payroll deductions. It
is the intention of the Company to have the Plan qualify as an &#147;Employee Stock Purchase Plan&#148;
under Section&nbsp;423 of the Code. The provisions of the Plan, accordingly, shall be construed so
as to extend and limit participation in a manner consistent with the requirements of that
section of the Code.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Definitions</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>ADSs</B>&#148; shall mean American Depositary Shares, each of which represents one Ordinary
Share deposited with the Depositary or such other number of Ordinary Shares or other
securities of the Company as may be represented by such ADSs from time to time. The ADSs are
evidenced by American depositary receipts.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Board</B>&#148; shall mean the Board of Directors of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Code</B>&#148; shall mean the Internal Revenue Code of 1986, as amended.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Committee</B>&#148; shall mean a committee made up of members of the Board, as described in Section
15.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Company</B>&#148; shall mean NewInterContinental Hotels Group PLC, a public limited company organized
under the laws of England and Wales with registered number 5134420.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Compensation</B>&#148; shall mean wages, as defined in Code Section&nbsp;3401(a), determined without
regard to any rules that limit compensation included in wages based on the nature or location
of the employment or services performed, and all other payments made for such period for
services as an Employee for which the Designated Subsidiary is required to furnish the
Employee a written statement under Code Sections&nbsp;6041(d), 6051(a)(3) and 6052 (commonly
referred to as W-2 earnings), but excluding reimbursements or other expense allowances,
fringe benefits, moving expenses, deferred compensation, and welfare benefits. In addition
to the foregoing, Compensation includes any amount that would have been included in the
foregoing description, but for the Employee&#146;s election to defer payment of such amount under
Code Section&nbsp;125, 402(e)(3), 402(h)(1)(B), 403(b) or 457(b) and certain contributions
described in Code Section&nbsp;414(h)(2) that are picked up by the employing unit and treated as
employer contributions. The Board shall have the authority to determine and approve all
forms of pay to be included in the definition of Compensation and may change the definition
on a perspective basis.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Depositary</B>&#148; shall mean The Bank of New York as depositary pursuant to the deposit agreement
among the Depositary, the Company and all owners and beneficial owners from time to time of
American depositary receipts issued thereunder.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Designated Subsidiary</B>&#148; shall mean any Subsidiary organized under the laws of any state or
territory of the United States, which has been designated by the Board from time to time as
eligible to participate in the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Employee</B>&#148; shall mean any individual who is an employee of a Designated Subsidiary for tax
purposes, who has been employed by a Designated Subsidiary for at least two years (or such
lesser periods and hours determined by the Board) and whose customary employment with a
Designated Subsidiary is at least twenty hours per week and more than five months in any
calendar year (or such lesser periods and hours determined by the Board), except that for
purposes of Section&nbsp;26, &#147;Employee&#148; shall have the meaning described in Section&nbsp;26.1. For
purposes of the Plan, the employment relationship shall be treated as continuing intact while
the individual is on sick leave or other leave of absence approved by his or her employer.
Where the period of leave exceeds ninety days and the individual&#146;s right to reemployment is
not guaranteed either by statute or by contract, the employment relationship shall be deemed
to have terminated on the ninety-first day of such leave.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Enrollment Date</B>&#148; shall mean the first day of each Offering Period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Exercise Date</B>&#148; shall mean the last Trading Day of each Offering Period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Fair Market Value</B>&#148; shall mean, with respect to ADSs, the closing sale price of ADSs on the
New York Stock Exchange on the date that their value is determined, if that date is a Trading
Day, or if that date is not a Trading Day, or if no sales were reported on that date, the
closing sale price on the last Trading Day prior thereto on which a sale was made, as
reported in The Wall Street Journal or any other source that the Board deems reliable.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Offering Periods</B>&#148; shall mean the periods of approximately twenty-seven months during which
an option granted pursuant to the Plan may be exercised, commencing on the first Trading Day
on or after May 1 and November 1 of each year and terminating on the last Trading Day in the
periods ending twenty-seven months later; <I>provided, however</I>, that the first Offering Period
under the Plan shall commence with the first Trading Day on or after May&nbsp;1, 2003, and shall
end on the last Trading Day on or before August&nbsp;30, 2005. The duration and timing of Offering
Periods may be changed pursuant to Section&nbsp;4 of this Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Ordinary Shares</B>&#148; shall mean the ordinary shares, nominal value &#163;1 each, of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Participant</B>&#148; means an Employee that has elected to participate in the Plan by filing a
subscription agreement in the form attached hereto as Exhibit&nbsp;A.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Plan</B>&#148; shall mean this New InterContinental Hotels Group US Employee Stock Purchase Plan, as
amended.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Purchase Period</B>&#148; shall mean the approximately six month period commencing after one Exercise
Date and ending with the next Exercise Date, except that the first Purchase Period of any
Offering Period shall commence on the Enrollment Date and end with the next Exercise Date;
<I>provided, however</I>, that the first Purchase Period under the Plan shall commence with the
first Trading Day on or after May&nbsp;1, 2003, and shall end on the last Trading Day on or before
August&nbsp;30, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Purchase Price</B>&#148; shall mean 85% of the Fair Market Value of an ADS on the Enrollment Date or
on the Exercise Date, whichever is lower; <I>provided however</I>, that, in the event (i)&nbsp;the
Company&#146;s shareholders approve an increase in the number of Ordinary Shares available for
issuance under the Plan, (ii)&nbsp;all or a portion of such additional Ordinary Shares are to be
issued with respect to one or more Offering Periods that are underway at the time of such</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shareholder approval (&#147;<B>New Shares</B>&#148;), and (iii)&nbsp;the Fair Market Value of an ADSs on the date
of such approval (the &#147;<B>Authorization Date FMV</B>&#148;) is higher than the Fair Market Value on the
Enrollment Date for any such Offering Period, the Purchase Price with respect to New Shares
shall be 85% of the Authorization Date FMV or the Fair Market Value of an ADS on the Exercise
Date, whichever is lower.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Reserves</B>&#148; shall mean the number of ADSs representing Ordinary Shares covered by each option
under the Plan which have not yet been exercised and the number of Ordinary Shares which have
been authorized for issuance under the Plan but not yet placed under option.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Subsidiary</B>&#148; shall mean a corporation, domestic or foreign, of which not less than 50% of the
voting shares are held by the Company or another company of which not less than 50% of the
voting shares are held directly or indirectly by the Company, whether or not such corporation
now exists or is hereafter organized or acquired.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;<B>Trading Day</B>&#148; shall mean a day on which the New York Stock Exchange is open for trading.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Eligibility</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Employee on a given Enrollment Date shall be eligible to participate in the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Employee shall not be granted any option under the Plan (i)&nbsp;to the extent
that, immediately after the grant, the Employee (or any other person, the ownership of
whose stock would be attributed to the Employee pursuant to Section 424(d) of the Code)
would own capital stock of the Company or hold outstanding options to purchase such
stock possessing five percent or more of the total combined voting power or value of all
classes of the capital stock of the Company or of any Subsidiary, or (ii)&nbsp;to the extent
that his or her rights to purchase stock under all Section&nbsp;423 employee stock purchase
plans of the Company and its Subsidiaries would accrue at a rate which exceeds
twenty-five thousand dollars worth of stock (determined at the fair market value of the
ADSs at the time the option is granted) for each calendar year in which the option is
outstanding at any time.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Offering Periods</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall be implemented by consecutive, overlapping Offering Periods with a new
Offering Period commencing on the first Trading Day on or after May 1 and November 1 of each
year, or on such other date as the Board shall determine, and continuing thereafter until
terminated in accordance with Section&nbsp;21 hereof; <I>provided, however</I>, that the first Offering
Period under the Plan shall commence with the first Trading Day on or after ?, 2005 and shall
end on the last Trading Day on or before ? 2007. The Board shall have the power to change the
duration of Offering Periods (including the commencement dates thereof) with respect to
future offerings without shareholder approval if such change is announced by the Company and
any Designated Subsidiaries at least five days prior to the scheduled beginning of the first
Offering Period to be affected by the change.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Participation</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An Employee may become a Participant in the Plan by completing a subscription
agreement authorizing payroll deductions in the form of Exhibit&nbsp;A to this Plan (or such
other form determined by the Board) and filing it with his or her employer&#146;s payroll
office at least five days prior to the applicable Enrollment Date.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>5.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Payroll deductions for a Participant shall commence on the first payroll
following the Enrollment Date and shall end on the last payroll in the Offering Period
to which the authorization is applicable, unless sooner terminated by the Participant
as provided in Section&nbsp;11 hereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Payroll Deductions</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the time a Participant files his or her subscription agreement, he or she
shall elect to have payroll deductions made on each pay day during the Offering Period
in an amount not exceeding fifteen percent, or such other percentage determined by the
Board, of the Compensation which he or she receives on each pay day during the Offering
Period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payroll deductions made for a Participant shall be credited to his or her
account under the Plan and shall be withheld in whole percentages only. A Participant
may not make any additional payments into his or her account.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant may discontinue his or her participation in the Plan as
provided in Section&nbsp;11 hereof, or may increase or decrease the rate of his or her
payroll deductions during the Offering Period by completing or filing with his or her
employer a new subscription agreement authorizing a change in payroll deduction rate.
The Board may, in its discretion, limit the number of participation rate changes during
any Offering Period. The change in rate shall be effective with the first full payroll
period following five business days after the employer&#146;s receipt of the new subscription
agreement unless the employer elects to process a given change in participation more
quickly. A Participant&#146;s subscription agreement shall remain in effect for successive
Offering Periods unless terminated as provided in Section&nbsp;11 hereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, to the extent necessary to comply with Section
423(b)(8) of the Code and Section&nbsp;3.2 hereof, a Participant&#146;s payroll deductions may be
decreased to zero percent at any time during a Purchase Period. Payroll deductions shall
recommence at the rate provided in such Participant&#146;s subscription agreement at the
beginning of the first Purchase Period which is scheduled to end in the following
calendar year, unless terminated by the Participant as provided in Section&nbsp;11 hereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>6.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the time the option is exercised, in whole or in part, or at the time some
or all of the ADSs issued under the Plan are disposed of, the Participant must make
adequate provision for his or her employer&#146;s federal, state, or other tax withholding
obligations, if any, which arise upon the exercise of the option or the disposition of
the ADSs. At any time, the employer may withhold from the Participant&#146;s Compensation the
amount necessary for the Company or relevant employer to meet applicable withholding
obligations, including any withholding required to make available to the employer any
tax deductions or benefits attributable to sale or early disposition of ADSs by the
Participant.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Grant of Option</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On the Enrollment Date of an Offering Period, each eligible Employee participating in
that Offering Period shall be granted an option to purchase on the Exercise Date for that
Offering Period (at the applicable Purchase Price) up to a number of the ADSs determined by
dividing such Employee&#146;s payroll deductions accumulated prior to the Exercise Date and</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retained in the Participant&#146;s account as of the Exercise Date by the applicable Purchase
Price; <I>provided </I>that in no event shall an Employee be permitted to purchase during each
Purchase Period more than such number of the ADSs (subject to any adjustment pursuant to
Section&nbsp;20), as the Board may determine from time to time, and <I>provided further </I>that the
purchase shall be subject to the limitations set forth in Sections&nbsp;3.2 and 13 hereof.
Exercise of the option shall occur as provided in Section&nbsp;8 hereof, unless the Participant
has withdrawn pursuant to Section&nbsp;11 hereof. The option shall expire on the last day of the
Offering Period.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exercise of Option</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Unless a Participant withdraws from the Plan as provided in Section&nbsp;11 hereof, his or
her option for the purchase of ADSs shall be exercised automatically on the Exercise Date,
and the maximum number of ADSs subject to option shall be purchased for such Participant at
the applicable Purchase Price with the accumulated payroll deductions in his or her account.
No fractional ADSs shall be purchased; any payroll deductions accumulated in a Participant&#146;s
account which are not sufficient to purchase an ADS shall be retained in the Participant&#146;s
account for the subsequent Purchase Period or Offering Period, subject to earlier withdrawal
by the Participant as provided in Section&nbsp;11 hereof. Any other monies left over in a
Participant&#146;s account after the Exercise Date shall be returned to the Participant. During a
Participant&#146;s lifetime, a Participant&#146;s option to purchase ADSs hereunder is exercisable only
by him or her.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Purchase of ADSs</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On each Exercise Date, the Participants&#146; options shall be exercised automatically in
full pursuant to Section&nbsp;8. On such date or as soon thereafter as is practicable, the
Company will cause the ADSs so purchased to be issued for or transferred to the account of
each Participant and delivered to a registered broker dealer to be held as described in
Section&nbsp;10. In order to cause the ADSs to be so issued or transferred, the Company may,
either (i)&nbsp;purchase ADSs from time to time; (ii)&nbsp;purchase Ordinary Shares, from time to time,
and deliver them to the Depositary for deposit against the issuance of ADSs; or (iii)&nbsp;issue
new Ordinary Shares and deliver them to the Depositary for deposit against the issuance of
ADSs. Notwithstanding any other provision in the Plan, the Company or its designee may take
any action that it deems necessary or appropriate for the withholding of taxes or social
insurance which the Company or a Designated Subsidiary is required by law or regulation of
any governmental authority to withhold. The Company shall pay SDRT. Each Participant,
however, shall be responsible for payment of all individual tax liabilities arising under the
Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Delivery</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As promptly as practicable after each Exercise Date on which a purchase of ADSs occurs,
the Company or a Designated Subsidiary shall arrange the delivery to each Participant, as
appropriate, a broker&#146;s record of the ADSs purchased and held by a broker in an account for
that Participant. A Participant may direct that an American depositary receipt be executed
and delivered to him, evidencing his or her ADSs purchased upon exercise of his or her
option.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>11</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Withdrawal</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant may withdraw all but not less than all the payroll deductions
credited to his or her account and not yet used to exercise his or her option under the
Plan at any time by giving written notice to the employer in the form of Exhibit&nbsp;B to
this Plan (or such other form determined by the Board). All of the Participant&#146;s payroll
deductions credited to his or her account shall be paid to the Participant promptly
after receipt of notice of withdrawal and the Participant&#146;s option for the Offering
Period shall be automatically terminated, and no further payroll deductions for the
purchase of shares shall be made for the Offering Period. If a Participant withdraws
from an Offering Period, payroll deductions shall not resume at the beginning of the
succeeding Offering Period unless the Participant delivers to the employer a new
subscription agreement.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>11.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant&#146;s withdrawal from an Offering Period shall not have any effect
upon his or her eligibility to participate in any similar plan which may hereafter be
adopted by the Company or in succeeding Offering Periods which commence after the
termination of the Offering Period from which the Participant withdraws.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>12</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Termination of Employment</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon a Participant&#146;s ceasing to be an Employee for any reason, he or she shall be deemed
to have elected to withdraw from the Plan and the payroll deductions credited to such
Participant&#146;s account during the Offering Period but not yet used to exercise the option
shall be returned to the Participant or, in the case of his or her death, to the person or
persons entitled thereto under Section&nbsp;16 hereof, and the Participant&#146;s option shall be
automatically terminated. The preceding sentence notwithstanding, a Participant who receives
payment in lieu of notice of termination of employment shall be treated as continuing to be
an Employee for the Participant&#146;s customary number of hours per week of employment during the
period in which the Participant is subject to the payment in lieu of notice.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>13</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No interest shall accrue on the payroll deductions of a Participant in the Plan unless
the Board determines otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>14</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>14.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to adjustment upon changes in capitalization of the Company as
provided in Section&nbsp;20 hereof, the maximum number of ADSs which shall be made available
for sale under the Plan shall be the number of ADSs representing 70,000,000 Ordinary
Shares. If, on a given Exercise Date, the number of Ordinary Shares with respect to
which options are to be exercised exceeds the number of Ordinary Shares then available
under the Plan, the Company shall make a pro rata allocation of the Ordinary Shares
remaining available for purchase in as uniform a manner as shall be practicable and as
it shall determine to be equitable.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>14.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of ADSs representing Ordinary Shares which may be allocated under
the Plan on any day must not exceed 10% of the Ordinary Share capital of the Company in
issue immediately before that day, when added to the total number of the Company&#146;s
Ordinary Shares which have been allocated in the previous 10&nbsp;years under the Plan and
any other employee share plan operated by the Company.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Allocate&#148; means granting an option or right to acquire unissued Ordinary Shares, or
if there is no such grant, the issue and allotment of Ordinary Shares. Where a right
to acquire Ordinary Shares is released or lapsed without being exercised, the
Ordinary Shares concerned are ignored when calculating the limit in this Rule&nbsp;14.2.
Ordinary Shares awarded as partnership shares under the InterContinental Hotels Group
Share Incentive Plan and the Britvic Share Incentive Plan are also ignored when
calculating the limits in this Rule&nbsp;14.2.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>14.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Participant shall have no interest or voting right in shares covered by
his option until the option has been exercised.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>14.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADSs to be delivered to a Participant under the Plan shall be registered in
the name of the Participant or in the name of the Participant and his or her spouse.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>15</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Administration</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall be administered by the Board or a Committee of members of the Board
appointed by the Board. The Board or its Committee shall have full and exclusive
discretionary authority to interpret and apply the terms of the Plan, to determine
eligibility and to adjudicate all disputed claims filed under the Plan. Any power of the
Board under this Plan may be delegated to its Committee. Every finding, decision and
determination made by the Board or its Committee shall, to the extent permitted by law, be
final and binding upon all parties.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>16</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Designation of Beneficiary</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>16.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Participant may file a written designation of a beneficiary who is to
receive any ADSs and cash, if any, from the Participant&#146;s account under the Plan in the
event of the Participant&#146;s death subsequent to an Exercise Date on which the option is
exercised but prior to delivery to the Participant of the ADSs and cash. In addition, a
Participant may file a written designation of a beneficiary who is to receive any cash
from the Participant&#146;s account under the Plan in the event of the Participant&#146;s death
prior to exercise of the option. If a Participant is married and the designated
beneficiary is not the spouse, spousal consent shall be required for the designation to
be effective.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>16.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such designation of beneficiary may be changed by the Participant at any
time by written notice made in accordance with Section&nbsp;6.1 above. In the absence of a
beneficiary validly designated under the Plan who is living at the time of a
Participant&#146;s death, the Company shall deliver the ADSs or cash to the executor or
administrator of the estate of the Participant, or if no such executor or administrator
has been appointed (to the knowledge of the Company), the Company, in its discretion,
may deliver the ADSs or cash to the spouse or to any one or more dependents or relatives
of the Participant, or if no spouse, dependent or relative is known to the Company, then
to any other person that the Company may designate.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>17</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Transferability</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither payroll deductions credited to a Participant&#146;s account nor any rights with
regard to the exercise of an option or to receive ADSs under the Plan may be assigned,
transferred, pledged or otherwise disposed of in any way (other than by will, the laws of
descent and distribution or as provided in Section&nbsp;16 hereof) by the Participant. Any attempt
at</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assignment, transfer, pledge or other disposition shall be without effect, except that the
Company or employer may treat any such act as an election to withdraw funds from an Offering
Period in accordance with Section&nbsp;11 hereof.</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>18</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Use of Funds</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All payroll deductions received or held by the Company or a Designated Subsidiary under
the Plan may be used by the Company or Designated Subsidiary for any corporate purpose, and
the Company or Designated Subsidiary shall not be obligated to segregate these payroll
deductions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>19</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reports</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Individual accounts shall be maintained for each Participant in the Plan. Statements of
account shall be given to Participants least annually, which statements shall set forth the
amounts of payroll deductions, the Purchase Price, the number of ADSs purchased and the
remaining cash balance, if any.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>20</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset Sale</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>20.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Capitalization </B>Subject to any required action by the
shareholders of the Company, the Reserves, the maximum number of ADSs each Participant
may purchase each Purchase Period (pursuant to Section&nbsp;7), as well as the price per ADS
and the number of ADSs covered by each option under the Plan which has not yet been
exercised shall be proportionately adjusted for any increase or decrease in the number
of issued Ordinary Shares resulting from a stock split, reverse stock split, stock
dividend, combination or reclassification of the Ordinary Shares, or any other increase
or decrease in the number of Ordinary Shares effected without receipt of consideration
by the Company; <I>provided, however</I>, that conversion of any convertible securities of the
Company shall not be deemed to have been &#147;effected without receipt of consideration&#148;.
This adjustment shall be made by the Board, whose determination in that respect shall be
conclusive. Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the number or
price of ADSs subject to an option.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>20.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Dissolution or Liquidation </B>In the event of the proposed dissolution or
liquidation of the Company, the Offering Period then in progress shall be shortened by
setting a new Exercise Date (the &#147;<B>New Exercise Date</B>&#148;), and shall terminate immediately
prior to the consummation of such proposed dissolution or liquidation, unless provided
otherwise by the Board. The New Exercise Date shall be before the date of the Company&#146;s
proposed dissolution or liquidation. The Board shall notify each Participant in writing,
at least ten business days prior to the New Exercise Date, that the Exercise Date for
the Participant&#146;s option has been changed to the New Exercise Date and that the
Participant&#146;s option shall be exercised automatically on the New Exercise Date, unless
prior to such date the Participant has withdrawn from the Offering Period as provided in
Section&nbsp;11.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>20.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Merger or Asset Sale </B>In the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company with or
into another corporation, each outstanding option shall be assumed or an equivalent
option substituted by the successor corporation or a Parent or Subsidiary of the
successor corporation. If the successor corporation refuses to assume or substitute for
the option, any Purchase Periods then in progress shall be shortened by setting a new
Exercise Date (the &#147;<B>New Exercise Date</B>&#148;) and any Offering Periods then in progress shall
end on the New Exercise Date. The New Exercise Date shall be before the date of the
Company&#146;s proposed sale or merger. The Board shall notify each Participant in writing,
at least ten business days prior to the New Exercise Date, that the Exercise Date for
the Participant&#146;s option has been changed to the New Exercise Date and that the
Participant&#146;s option shall be exercised automatically on the New Exercise Date, unless
before that date the Participant has withdrawn from the Offering Period as provided in
Section&nbsp;11. Notwithstanding the foregoing, in the event of the merger of the Company
with or into another corporation, as of the consummation of such transaction: no
additional Offering Periods shall commence (so that no additional options shall be
granted under this Plan); and any Participant in this Plan who enrolls in a plan
intended to qualify under Section&nbsp;423 of the Code that is sponsored by any successor or
acquiring corporation (or parent thereof) (the &#147;<B>Successor Plan</B>&#148;) effective as of a date
that is prior to the next scheduled Exercise Date under this Plan shall be treated as
withdrawing from this Plan under Section&nbsp;20 hereof; <I>provided </I>that any Participant in
this Plan who enrolls in a Successor Plan effective as of a date that coincides with the
next scheduled Exercise Date under this Plan shall not be treated as withdrawing before
the Participant has purchased any Ordinary Shares which he or she is eligible to
purchase under this Plan on that Exercise Date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>21</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amendment or Termination</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>21.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Board of Directors of the Company may at any time and for any reason
terminate or amend the Plan. Except as provided in Section&nbsp;20 hereof, no such
termination can affect options previously granted, <I>provided </I>that an Offering Period may
be terminated by the Board of Directors on any Exercise Date if the Board determines
that the termination of the Plan is in the best interests of the Company and its
shareholders. Except as provided in Section&nbsp;20 hereof, no amendment may make any change
in any outstanding option which adversely affects the rights of any Participant. To the
extent necessary to comply with Section&nbsp;423 of the Code (or any successor rule or
provision or any other applicable law, regulation or stock exchange rule), the Company
shall obtain shareholder approval in such a manner and to such a degree as required.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>21.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without shareholder consent and without regard to whether any Participant
rights may be considered to have been &#147;adversely affected,&#148; the Board (or its committee)
shall be entitled to change the Offering Periods, limit the frequency and/or number of
changes in the amount withheld during an Offering Period, establish a limit on the
number of ADSs purchasable by all Participants at the end of each Purchase Period,
establish the exchange ratio applicable to amounts withheld in a currency other than
U.S. dollars, permit payroll withholding in excess of the amount designated by a
Participant in order to adjust for delays or mistakes in the Company&#146;s (or Designated
Subsidiary&#146;s) processing of properly completed withholding elections, establish</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reasonable waiting and adjustment periods and/or accounting and crediting procedures
to ensure that amounts applied toward the purchase of ADSs for each Participant
properly correspond with amounts withheld from the Participant&#146;s Compensation, and
establish such other limitations or procedures as the Board (or its committee)
determines in its sole discretion advisable which are consistent with the Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notices</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All notices or other communications by a Participant to the Company or Designated
Subsidiary under or in connection with the Plan shall be deemed to have been duly given when
received in the form specified by the Company at the location, or by the person, designated
by the Company for the receipt thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>23</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Conditions Upon Issuance of Shares</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ADSs shall not be issued with respect to an option unless the exercise of the option and
the issuance and delivery of the ADSs pursuant thereto shall comply with all applicable
provisions of law, domestic or foreign, including, without limitation, the Securities Act of
1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations
promulgated thereunder, and the requirements of any stock exchange upon which the shares may
then be listed, and shall be further subject to the approval of counsel for the Company with
respect to such compliance.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a condition to the exercise of an option, the Company may require the person exercising
the option to represent and warrant at the time of any such exercise that the ADSs are being
purchased only for investment and without any present intention to sell or distribute the
ADSs if, in the opinion of counsel for the Company, such a representation is required by any
of the aforementioned applicable provisions of law.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>24</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Term of Plan</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Plan shall become effective upon the earlier to occur of its adoption by the Board
of Directors or its approval by the shareholders of the Company. It shall continue in effect
for a term of ten years unless sooner terminated under Section&nbsp;21.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>25</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notice of Disqualifying Disposition</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Participant shall notify the Company and/or his or her employer in writing if the
Participant disposes of any of the ADSs purchased in any Offering Period pursuant to this
Plan if the disposition occurs within two years from the Enrollment Date or within one year
from the Exercise Date on which such shares were purchased (the &#147;<B>Notice Period</B>&#148;). The Company
or relevant employer may, at any time during the Notice Period, place a legend or legends on
any certificate representing ADSs acquired pursuant to this Plan requesting the Company&#146;s
transfer agent to notify the Company of any transfer of the ADSs or may direct that
employment taxes be withheld from a Participant, as described in Section&nbsp;6.5 above. The
obligation of the Participant to provide this notice shall continue notwithstanding the
placement of any such legend on the certificates.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>26</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Limitation on Rights</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this Section&nbsp;26, &#147;Employee&#148; means any holder of an
option, any Employee (within the meaning of Section&nbsp;2), any Participant, or any other
person.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Section&nbsp;26 applies:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.2.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether the Company or Board has full discretion in the operation
of the Plan, or whether the Company or Board could be regarded as being subject
to any obligations in the operation of the Plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.2.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>during an Employee&#146;s employment or employment relationship; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.2.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the termination of an Employee&#146;s employment or employment
relationship, whether the termination is lawful or unlawful.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in the Plan forms part of the contract of employment or employment
relationship of an Employee. The rights and obligations of an Employee are separate
from, and are not affected by, the Plan. Participation in the Plan does not create any
right to, or expectation of, continued employment or a continued employment
relationship.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The grant of options on a particular basis in any year does not create any
right to or expectation of the grant of options on the same basis, or at all, in any
future year.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to Section&nbsp;27, no Employee is entitled to participate in
the Plan, or be considered for participation in it, at a particular level or at all.
Participation in one operation of the Plan does not imply any right to participate, or
to be considered for participation in any later operation of the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Without prejudice to an Employee&#146;s right to exercise an option subject to
and in accordance with the express terms of the Plan, no Employee has any rights in
respect of the exercise or omission to exercise any discretion, or the making or
omission to make any decision, relating to the option. Any and all discretions,
decisions or omissions relating to the option may operate to the disadvantage of the
Employee, even if this could be regarded as capricious or unreasonable, or could be
regarded as in breach of any implied term between the Employee and his employer,
including any implied duty of trust and confidence. Any such implied term is excluded
and overridden by this Section.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Employee has any right to compensation for any loss in relation to the
Plan, including:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.7.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any loss or reduction of any rights or expectations under the Plan
in any circumstances or for any reason (including lawful or unlawful termination
of employment or the employment relationship);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.7.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any exercise of a discretion or a decision taken in relation to an
option or to the Plan, or any failure to exercise a discretion or take a
decision;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.7.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the operation, suspension, termination or amendment of the Plan.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Participation in the Plan is permitted only on the basis that the
Participant accepts all the provisions of the Plan, including in particular this Section
26. By participating in the Plan, an Employee waives all rights under the Plan, other
than the right to</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise an option subject to and in accordance with the express terms of the Plan,
in consideration for, and as a condition of, the grant of an option under the Plan.</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.9</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this Plan confers any benefit, right or expectation on a person
who is not an Employee. No such third party has any rights (whether statutory rights or
other rights) to enforce any term of this Plan. This does not affect any other right or
remedy of a third party which may exist.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>26.10</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the provisions of this Section&nbsp;26 is entirely separate and
independent from each of the other provisions. If any provision is found to be invalid
then it will be deemed never to have been part of the Plan and to the extent that it is
possible to do so, this will not affect the validity or enforceability of any of the
remaining provisions.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>27</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Equal Rights and Privileges</B></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All eligible employees shall have equal rights and privileges with respect to this Plan
so that this Plan qualifies as an &#147;employee stock purchase plan&#148; within the meaning of
Section&nbsp;423 or any successor provision of the Code and the related regulations. Any provision
of this Plan which is inconsistent with Section&nbsp;423 or any successor provision of the Code
shall, without further act or amendment by the Company, the Committee or the Board, be
reformed to comply with the requirements of Section&nbsp;423.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 10pt"><B>NEW INTERCONTINENTAL HOTELS GROUP</B>



<DIV align="center" style="font-size: 10pt"><B>US EMPLOYEE STOCK
PURCHASE PLAN</B><BR>
<B>SUBSCRIPTION AGREEMENT</B>
</DIV>



<P>

<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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Original Application
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Enrollment Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Change in Payroll Deduction Rate</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Change of Beneficiary(ies)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&#093; hereby elect to participate in the New InterContinental
Hotels Group US Employee Stock Purchase Plan (the &#147;<B>Employee Stock Purchase Plan</B>&#148;) and
subscribe to purchase ADSs representing the Company&#146;s Ordinary Shares in accordance with this
Subscription Agreement and the Employee Stock Purchase Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I hereby authorize payroll deductions from each paycheck in
the amount of &#091;&nbsp;&nbsp; &#093;% of
my Compensation on each payday (not to exceed 15%) during the Offering Period in accordance
with the Employee Stock Purchase Plan. (No fractional percentages are permitted.)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I understand that these payroll deductions shall be accumulated for the purchase of
ADSs at the applicable Purchase Price determined in accordance with the Employee Stock
Purchase Plan. I understand that if I do not withdraw from an Offering Period, any accumulated
payroll deductions will be used to automatically exercise my option.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have received a copy of the complete Employee Stock Purchase Plan. I understand that
my participation in the Employee Stock Purchase Plan is in all respects subject to the terms
of the Plan. I understand that my ability to exercise the option under this Subscription
Agreement is subject to shareholder approval of the Employee Stock Purchase Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>5</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares purchased for me under the Employee Stock Purchase Plan should be issued in the
name(s) of (Employee or Employee and Spouse only): &#091;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I understand that if I dispose of any ADSs received by me pursuant to the Plan within 2
years after the Enrollment Date (the first day of the Offering Period during which I purchased
such shares) or one year after the Exercise Date, I will be treated for US federal income tax
purposes as having received ordinary income at the time of the disposition in an amount equal
to the excess of the fair market value of the ADSs at the time the ADSs were purchased by me
over the price which I paid for the ADSs. I hereby agree to notify the Company and/or my
employer in writing within 30&nbsp;days after the date of any disposition of my shares and I will
make adequate provision for federal, state or other tax withholding obligations, if any, which
arise upon the disposition of the ADSs. My employer may, withhold from my compensation the
amount necessary to meet any applicable withholding obligation including any withholding
necessary to make available to my employer any tax deductions or benefits attributable to sale
or early disposition of ADSs by me. If I dispose of the ADSs at any time after the expiration
of the 2-year and 1-year holding periods, I understand that I will be treated for US federal
income tax purposes as having received income at the time of the disposition, and that such
income will be taxed as ordinary income to the extent of an amount equal to the lesser of (1)
the excess of the fair market value of the shares at the</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<P align="center" style="font-size: 10pt">13
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>time of such disposition over the purchase price which I paid for the shares, or (2)&nbsp;15% of
the fair market value of the shares on the first day of the Offering Period. The remainder of
the gain, if any, recognized on the disposition will be taxed as capital gain.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>7</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I hereby agree to be bound by the terms of the Employee Stock Purchase Plan. The
effectiveness of this Subscription Agreement is dependent upon my eligibility to participate
in the Employee Stock Purchase Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>8</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of my death, I hereby designate the following as my beneficiary(ies) to
receive all payments and shares due me under the Employee Stock Purchase Plan:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">NAME: (Please print)



<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;First&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Middle&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Last&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Relationship: &#091;
&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">



<P align="right" style="font-size: 10pt">&#091;Address&#093;


<P align="left" style="font-size: 10pt">&#091;Employee&#146;s Social Security Number&#093;


<P align="left" style="font-size: 10pt">&#091;Employee&#146;s Address&#093;


<P align="left" style="font-size: 10pt">I UNDERSTAND THAT THIS SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING
PERIODS UNLESS TERMINATED BY ME.


<P align="left" style="font-size: 10pt">Dated: &#091;
&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
<P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature of Employee
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spouse&#146;s Signature (If beneficiary other than spouse)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>





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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




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



<P align="center" style="font-size: 10pt"><B>NEW INTERCONTINENTAL HOTELS GROUP<BR>
US EMPLOYEE STOCK PURCHASE PLAN<BR>
NOTICE OF WITHDRAWAL</B>


<P align="left" style="font-size: 10pt">The undersigned Participant in the Offering Period of the New InterContinental Hotels Group US
Employee Stock Purchase Plan which began on &#091;&nbsp;&nbsp; &#093;, 20&#091;03&#093; (the &#147;<B>Enrollment Date</B>&#148;)
hereby notifies the Company and/ or his or her employer that he or she hereby withdraws from the
Offering Period. He or she hereby directs the Company or employer to pay to the undersigned as
promptly as practicable all the payroll deductions credited to his or her account with respect to
such Offering Period. The undersigned understands and agrees that his or her option for such
Offering Period will be automatically terminated. The undersigned understands further that no
further payroll deductions will be made for the purchase of shares in the current Offering Period
and the undersigned shall be eligible to participate in succeeding Offering Periods only by
delivering to the Company or his or her employer a new Subscription Agreement.


<P align="left" style="font-size: 10pt">Name and Address of Participant:

<P>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Date: &#091;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;



<P align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>




<P align="center" style="font-size: 10pt">16
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>8
<FILENAME>u48958exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="right" style="font-size: 10pt"><B>Exhibit 5.1</B>

<P align="left" style="font-size: 10pt"><IMG src="u48958u4895802.gif" alt="(LINKLATERS LOGO)">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="font-size: 8pt">One Silk Street<BR>
London EC2Y 8HQ<BR>
Telephone (44-20) 7456 2000<BR>
Facsimile (44-20) 7456 2222<BR>
Group 4 Fax (44-20) 7374 9318<BR>
DX Box Number 10 CDE<BR>
Direct Line 020 7456 3236<BR>
Direct Fax 020 7456 2222<BR>
justine.fender@linklaters.com</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">The Directors<BR>
InterContinental Hotels Group PLC<BR>
67 Alma Road<BR>
Windsor<BR>
Berkshire<BR>
SL4 3HD</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">27 June&nbsp;2005</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Our Ref&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark Stamp/Justine Fender

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

<P align="left" style="font-size: 10pt"><B>NEW INTERCONTINENTAL HOTELS GROUP PLC (THE &#147;COMPANY&#148;)</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1</TD>
<TD width="1%">&nbsp;</TD>
<TD>This opinion is delivered in connection with the Company&#146;s registration statement on
Form S-8 (the <B>&#147;Registration Statement&#148;</B>) dated today&#146;s date and filed under the United
States Securities Act of 1933 relating to ordinary shares of the Company <B>(&#147;Ordinary
Shares&#148;) </B>in connection with the grant of options or awards (as applicable) under the
Company&#146;s Executive Share Option Plan, Performance Restricted Share Plan, Short Term
Deferred Incentive Plan and US Employee Stock Purchase Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2</TD>
<TD width="1%">&nbsp;</TD>
<TD>This opinion is limited to English law as applied by the English courts and is given
on the basis that it will be governed by and construed in accordance with English law.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3</TD>
<TD width="1%">&nbsp;</TD>
<TD>For the purposes of this opinion, we have examined and relied on copies of such
corporate records and other documents, and reviewed such matters of law as we have deemed
necessary or appropriate for the purpose of this opinion.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4</TD>
<TD width="1%">&nbsp;</TD>
<TD>Upon the basis of and subject to the foregoing, but subject to any matters not
disclosed to us, it is our opinion that the Company is a public limited company
incorporated under the laws of England and Wales under the Companies Act 1985 and that all
the necessary corporate action on the part of the Company, except for the grant of options
or awards (as applicable) and the allotment of the shares on the exercise of the options or
awards (as applicable), has been taken to authorise the issue of such Ordinary Shares and
that upon issuance and payment, such Ordinary Shares will have been duly authorised and
validly issued and will be fully paid and no further contributions in respect thereof will
be required to be made to the Company by the holders thereof, by reason solely of their
being such holders.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">5</TD>
<TD width="1%">&nbsp;</TD>
<TD>This opinion is given to you solely for use in connection with the filing of the
Registration Statement. This opinion is strictly limited to matters dealt with herein and
does not extend to and is not to be read as extending by implication to any other matter.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 30pt">&nbsp;


<P align="left" style="font-size: 9pt">A list of the names of the partners and their professional qualifications is open to inspection at
the above office. The partners are solicitors, registered foreign lawyers or European lawyers. The
firm is regulated by the Law Society.


<P align="left" style="font-size: 7pt">Please refer to www.linklaters.com/regulation for important information on the regulatory position
of the firm.


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P align="left" style="font-size: 10pt"><IMG src="u48958u4895802.gif" alt="(LINKLATERS LOGO)">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">6</TD>
<TD width="1%">&nbsp;</TD>
<TD>We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not admit that we are within the category of
persons whose consent is required within Section&nbsp;7 of the Securities Act of 1933, or the
rules and regulations of the Securities and Exchange Commission thereunder.</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours faithfully<BR><BR><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Linklaters&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Linklaters&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>9
<FILENAME>u48958exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;23.1</B>



<P align="center" style="font-size: 10pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>



<P align="left" style="font-size: 10pt">We consent to the incorporation by reference in the Registration Statement (Form&nbsp;S-8) pertaining to
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 and the InterContinental Hotels Group US Employee Stock Purchase Plan of the reference to our
firm in Item&nbsp;3 under the caption &#147;Key Information&#148; and of our report dated March&nbsp;9, 2005, with
respect to the consolidated financial statements and schedule of InterContinental Hotels Group PLC,
included in its Annual Report (Form&nbsp;20-F) for the year ended December&nbsp;31, 2004, filed with the
Securities and Exchange Commission.


<P align="left" style="font-size: 10pt; margin-left:80%; border-bottom: 1px solid #000000">/s/ Ernst &#038; Young
LLP&nbsp;&nbsp;<BR>


<DIV align="left" style="font-size: 10pt; margin-left:80%; border-bottom: 0px solid #000000"><FONT style="font-variant: SMALL-CAPS">Ernst
&#038; Young LLP</FONT></DIV>



<P align="left" style="font-size: 10pt">London, England<BR>
June&nbsp;27, 2005




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

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