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<SEC-DOCUMENT>0001156973-06-000517.txt : 20060508
<SEC-HEADER>0001156973-06-000517.hdr.sgml : 20060508
<ACCEPTANCE-DATETIME>20060508114251
ACCESSION NUMBER:		0001156973-06-000517
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060508
FILED AS OF DATE:		20060508
DATE AS OF CHANGE:		20060508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERCONTINENTAL HOTELS GROUP PLC /NEW/
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10409
		FILM NUMBER:		06815420

	BUSINESS ADDRESS:	
		STREET 1:		67 ALMA ROAD
		STREET 2:		WINDSOR
		CITY:			BERKSHIRE
		STATE:			X0
		ZIP:			SL4 3HD
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		67 ALMA ROAD
		STREET 2:		WINDSOR
		CITY:			BERKSHIRE
		STATE:			X0
		ZIP:			SL4 3HD

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>u50230e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
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<BODY bgcolor="#FFFFFF">
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<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 6-K</B>


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


<P align="center" style="font-size: 10pt">For May&nbsp;8, 2006

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


<DIV align="center" style="font-size: 10pt">(Registrant&#146;s name)</DIV>



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


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


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1): &#95;&#95;&#95;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7): &#95;&#95;&#95;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under
the Securities Exchange Act of 1934.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection
with Rule&nbsp;12g3-2(b): <U>Not applicable</U>


<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>

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



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">InterContinental Hotels Group PLC
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">INDEX TO EXHIBITS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.&nbsp;&nbsp;
Executive Share Option Plan Maturity Guidance Booklet dated May&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information contained in this report is incorporated by reference into Registration Statement
No.&nbsp;333-126139.
</DIV>



<P align="center" style="font-size: 10pt">
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">




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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">INTERCONTINENTAL HOTELS GROUP PLC<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: May 8, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Catherine Springett
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Catherine Springett&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Deputy Secretary and Head of Secretariat&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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





<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="u50230u5023000.gif" alt="(Intercontinental Logo)">
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt">
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>INTERCONTINENTAL HOTELS GROUP PLC</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>INTERCONTINENTAL HOTELS GROUP</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>&nbsp;</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>EXECUTIVE SHARE OPTION PLAN<BR>
&nbsp;</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt">Maturity Guidance Booklet for US Participants<BR>
in the May&nbsp;30, 2003 Grant of Options
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This version of the Maturity Guidance Booklet has
been sent to you by reference to the address currently
recorded for you on the Options Register. If you have
changed your country of residence at any point during the
period from the grant of your May&nbsp;30, 2003 Options up to
the point at which you choose to exercise these Options,
this may have an impact on your tax liabilities and it is
therefore important that you contact the Company with
your change of residency details. If you think that
these circumstances may apply to you, please contact Jane
Harris, Director, HR Shared Services EMEA, &#043;44 (0)1753
410138.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">May&nbsp;2006
</DIV>



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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Contents</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="88%">&nbsp;</TD>
    <TD width="5%">&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: 1px solid #000000">Page No.</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#301">Introduction</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#302">Overview and Questions &#038; Answers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#303">Additional Information for employees in the US</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#304">Performance Condition</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="left">
<A name="300"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Introduction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The InterContinental Hotels Group Executive Share Option Plan (&#147;the Plan&#148;) is a discretionary*
share option plan the aim of which has been to link the reward of senior employees to the interests
of the shareholders of InterContinental Hotels Group PLC (&#147;IHG&#148;). It is an incentive opportunity
based on the performance of IHG and its share price, with the intention of focusing senior
management&#146;s attention on the longer term performance of the business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All recipients of Options granted under the Plan on May&nbsp;30, 2003 received guidance on the operation
of the Plan shortly after that grant was made. The purpose of this booklet is to remind
participants of the main principles of the Plan in advance of the planned maturity on May&nbsp;30, 2006
of the May&nbsp;30, 2003 grant of Options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation in the Plan is governed by the Plan rules. If there is any discrepancy between the
Plan rules (or applicable legislation) and this booklet, the Plan rules (or applicable legislation)
will take precedence. The Plan rules are available by contacting the IHG Group Company Secretariat.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company is not permitted to provide individuals with tax or other financial advice. The
summary of tax consequences for participants provided at the end of the booklet is therefore for
general guidance purposes only and the data it contains may be subject to change over time. It
does not address particular or individual circumstances. Therefore, if you are in any doubt about
the financial implications of the Plan, you are strongly advised to seek your own independent
financial advice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">*The Company has full discretion in the operation of the Plan. Nothing in the Rules or the
operation of the Plan forms part of the contract of employment or employment relationship of an
employee. No employee has any right to compensation for any loss in relation to the Plan and
nothing in the Plan confers any benefit, right or expectation on a person who is not an employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Plan:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>selected key executives were granted Options (rights to acquire shares in IHG);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Option price was fixed at 438 pence per share at the time the Option was granted (May&nbsp;30, 2003);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options can normally be exercised from the third anniversary of the date of grant (May&nbsp;30, 2006) up to the tenth
anniversary (May&nbsp;30, 2013) as long as the performance condition has been satisfied;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to exercise an Option the full Option price (the number of Options to be exercised x the Option price per share)
must be paid.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How was the Option price determined?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Option price for each share was fixed by reference to the average market value of the
shares over the 3 consecutive business days immediately preceding the date of grant. On May&nbsp;30,
2003 this price was 438 pence per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What was the performance condition?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The performance condition for the grant of Options on May&nbsp;30, 2003 appears on page 10. It was
designed to help IHG&#146;s drive for significant improvement in its financial performance, by making
the exercise of an Option conditional on the achievement of a growth target, in this case a defined
rate of growth of IHG&#146;s earnings per share over a three-year performance period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Was the performance condition satisfied?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;10, 2006 the Company determined that, following confirmation by the external
auditors, the Company&#146;s adjusted earnings per share over the three year period ended December&nbsp;31,
2005 had exceeded the maximum required to satisfy the performance condition in full, and therefore
that the Options granted on May&nbsp;30, 2003 would vest in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What if I did not want the Option?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When you were granted the Option, if you did not want it, you were able to disclaim it by
returning the Option Certificate to the IHG Group Company Secretariat. The Option would have been
treated as having been granted on May&nbsp;30, 2003 and subsequently lapsed when it was disclaimed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Can I transfer my Option to someone else?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No.&nbsp;The Option is not transferable, assignable or chargeable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Did I have to pay for the Option?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You did not have to pay anything for the grant of the Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You will have to pay for the shares when you exercise the Option. The price you pay for each share
(the Option price) was fixed at 438 pence per share by reference to the market value of the shares
when the Option was granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Will I have to pay tax?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A summary of the tax treatment of Options is included at the end of this booklet. Please note
that the summary is for guidance purposes only. It does not deal with your particular
circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, upon exercise of an Option, US employees have to pay income and payroll tax withholding
liabilities (including federal, state and social security as applicable) on the <U>excess</U> of
the fair market value of the shares acquired on the date of exercise over the Option price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What is the earliest date that I can exercise my Option?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your Option may be exercised on or after the third anniversary of the date of grant. There
are also some special circumstances in which an Option can be exercised early e.g. if you are made
redundant before the normal exercise date. These are detailed in the Plan rules and summarized
later in this document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Do I need clearance from the Company before I exercise my Option?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exercise of Options and the sale of any IHG shares, or any other transactions in IHG
securities, are subject to any current insider dealing and market abuse legislation and to the IHG
Code of Practice for dealing by employees in IHG securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have been notified that you are bound by this Code, including if you are on a designated
Insider List, you may not deal at any time without first obtaining clearance from a Board Director
of InterContinental Hotels Group PLC or from the Group Company Secretary. Further details are
provided in the EXSOP Exercise Guidance Paper and the Code itself, which accompany this document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, if you are covered by the Code, there are periods when you may be prohibited from
dealing in IHG shares. Dealing includes both the grant and exercise of Options under the Plan, as
well as the disposal of IHG shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should seek advice from the IHG Group Company Secretariat if you have any doubts about whether
you can exercise your Options or sell the resulting IHG shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do I exercise my Option?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To exercise your Option you will be required to submit the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a completed and signed Notice of Exercise Form (copy enclosed);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a completed Tax and Social Security Details Form (copy enclosed);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in some cases, a declaration as to nationality or tax residency during the Option period.
(If you are in doubt about this, please contact the Company &#151; details shown on the front
cover of this booklet); and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>payment of the Option price and any federal/state tax withholding and social security
due, either:</TD>
</TR>

</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>





</TABLE>
</DIV>

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

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





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="75%"></TD>
</TR>

<TR valign="top">
    <TD align="left">&nbsp;</TD>
    <TD align="left">-</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="left">by means of a deferred finance (cashless exercise) facility, under which you instruct
JPMorgan Cazenove, our broker, to sell enough of your shares to cover this amount. Details of this
facility are enclosed and are also available from the IHG Group Company Secretariat; or</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD width="3%" align="left">&nbsp;</TD>
    <TD width="1%" align="left">-</TD>
    <TD align="left">&nbsp;</TD>
    <TD width="90%" align="left">by means of a sterling bank transfer or sterling check made payable to InterContinental
Hotels Group PLC. Please note that payment of the Option price by check will require at
least 5 working days for the check to be cleared before your Option can be exercised.
Any liability to tax will also need to be paid following exercise.
</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Do I have to exercise my entire Option at one time?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You do not have to exercise your entire Option. If you exercise in part, and the balance
remains exercisable, the register of outstanding Options held by our Registrar, Lloyds TSB
Registrars, will record your remaining entitlement. Please note that a remaining balance Option
Certificate will <U>not</U> be issued and reliance will be made on the formal Register of
entitlements. If you have lost your original Option Certificate or wish to check your
Optionholdings, please contact the IHG Group Company Secretariat.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If I use the deferred finance (cashless exercise) facility, how will I receive the net cash
proceeds?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cazenove will transfer the net cash proceeds directly to your personal bank account as
detailed in your instructions and will not charge for this service. The net proceeds can be paid
in US dollars (if this has been specified on the Sale and Settlement Form). Cazenove will arrange
the necessary currency exchange transaction, free of charge, on the same day as the sale.
Typically you can expect to receive the proceeds (net of all withholding taxes and deductions) in
approximately three business days from the date of exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If I fund the exercise myself by submitting a personal check how will I determine the
correct amount?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your check for payment of the Option price should cover the number of Options you wish to
exercise multiplied by the Option price per share:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">e.g. 10,000 Options x 438 pence per Option = &#163;43,800.00
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Option price must be paid in full. Because it is not possible to calculate a US$/&#163; exchange
rate which is guaranteed on the date of exercise to match the Option price, all personal checks or
wire transfers must be for the correct sterling amount. <B>Please note that all checks require at
least 5 working days to clear before an exercise using this method can be processed.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the exercise of an Option using this method, your tax and social security liabilities
will be calculated on the date of exercise and you will be requested to make a further payment in
satisfaction of these deductions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>If I choose to keep my shares following the exercise of my Option rather than sell the
shares for cash, when can I expect to receive my shares?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the settlement of your total tax liabilities, your shares will be released to you
within 30&nbsp;days and your share certificate mailed to you as soon as practicable thereafter. If you
do not settle
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">your tax liabilities within 2&nbsp;months from the date of exercise, the Company is entitled to sell
sufficient of your shares to raise the amount required to settle your liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What happens if I leave the IHG group?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This depends on your reason for leaving the IHG group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under normal circumstances e.g. voluntary resignation, when you leave the IHG group your Options
under the Plan will lapse. However if you leave as a result of ill health, injury, disability,
redundancy, retirement (including early retirement) or as a result of the sale of the business or
subsidiary in which you are employed, you may generally exercise your Options for a period of three
and a half years from the date of cessation of employment. If you leave for any other reason, you
may be permitted to exercise your Options in whole or in part but this must be agreed by the
directors and is entirely at their discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If your employment is terminated for reasons that would entitle your employer to dismiss you (for,
say, gross misconduct), all your Options will lapse on the date of cessation of employment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What happens to my Option if I die?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your personal representatives may exercise Options within 12&nbsp;months after your death, to the
extent that the performance condition had been satisfied up to the date of death. No exercise is
permitted after the tenth anniversary of the date of grant, even in the event of death close to
this date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Your personal representatives will need a UK grant of probate or letters of administration to
enable them to exercise the Option and to sell the shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What if there is a change in the share capital of the Company?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A change in the share capital of the Company might be, for example, a bonus or rights issue or
a consolidation or share split. The Plan rules allow the directors to adjust the number of shares
under option and the Option price to help preserve the overall value of your Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since the grant of Options on May&nbsp;30, 2003 the Company has implemented a share consolidation in
December&nbsp;2004, and a capital reorganisation with an associated reduction in share capital in June
2005. The Company is also planning a further share consolidation in June&nbsp;2006. None of these
events has or will result in any adjustment of the number or price of Options granted to you on May
30, 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What if IHG is taken over?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If IHG is taken over, you may exercise your Option, but only within a limited period (usually
up to six months). However, depending on the circumstances, your Option may instead be replaced by
a new Option over shares in the acquiring company. Should either situation occur you would receive
further information from the acquiring company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>






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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Who administers the Plan?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the Plan, the directors of IHG have the authority to select employees to be
granted Options to acquire ordinary shares in the Company. The directors have the authority to make
any final and conclusive determinations in connection with any matter relating to the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How often will I receive information about my Options?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, communication concerning Options granted to employees is only provided at the time
of grant and after the performance period has ended and the performance condition test has been
applied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>What is the latest date that I can exercise my Option?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tenth anniversary of the date of grant i.e. May&nbsp;30, 2013, unless your employment
terminates earlier or the Company is involved in an acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Any more questions?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any queries about your Option or the rules of the Plan, please contact the IHG
Group Company Secretariat.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How do I contact the IHG Group Company Secretariat?</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please contact the IHG Group Company Secretariat at InterContinental Hotels Group PLC, 67 Alma
Road, Windsor, Berks, SL4 3HD
</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="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Telephone:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;44 (0)1753 410 246</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">Fax:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;44 (0)870 197 4265</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">E-mail:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>liz.searle@ichotelsgroup.com</u></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>




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

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

<DIV align="left">
<A name="303"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Information for Employees in the US</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">InterContinental Hotels Group PLC (the &#147;Company&#148;) has filed a registration statement on Form
S-8 under the US Securities Act of 1933 as amended with respect to 23,000,000 ordinary shares,
nominal value 10 pence each (the &#147;Shares&#148;), issued in accordance with the InterContinental Hotels
Group Executive Share Option Plan (the &#147;Plan&#148;). This guidance booklet, the Plan rules and the
Incorporated Documents (defined below) constitute the Prospectus delivered in connection with any
such exercise or award. The Incorporated Documents are: InterContinental Hotels Group PLC&#146;s Annual
Report on Form 20-F for the fiscal year ended December&nbsp;31, 2005; and any further documents
(including Form 20-Fs) subsequently filed and, to the extent (if any) provided therein, any further
documents subsequently furnished (including Form 6-Ks) under the Securities Exchange Act of 1934 by
the Company pursuant to Section&nbsp;13(a), 13(c) or 15(d) thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any eligible participant in the Plan may obtain a copy of the rules of the Plan and Incorporated
Documents without charge upon written or oral request to the IHG Group Company Secretariat,
InterContinental Hotels Group PLC, 67 Alma Road, Windsor, Berks, SL4 3HD, UK, telephone &#043;44 (0)1753
410246, or from his or her company&#146;s Head of Human Resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>US Federal Income Tax Considerations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the United States Federal income tax consequences of
participating in the Plan. This discussion does not address all aspects of the US Federal income
tax consequences of participating in the Plan that may be relevant to you in light of your personal
investment or tax circumstances and does not discuss any state, local or foreign tax consequences
of participating in the Plan. This section is based on the Internal Revenue Code of 1986, as
amended (the &#147;Code&#148;), its legislative history, existing and proposed regulations under the Code,
and published rulings and court decisions, all as currently in effect. These laws are subject to
change, possibly on a retroactive basis. <B>Please consult your own tax advisor concerning the
application of the US Federal income tax laws to your particular situation (including in the event
foreign currency is used to purchase Shares, the tax consequences of such a purchase), as well as
the applicability and effect of any state, local or foreign tax laws before taking any actions with
respect to the following awards.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Plan is not qualified under Section 401(a) of the Code, and is not subject to the provisions of
the Employee Retirement Income Security Act of 1974, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Grant and Exercise of Options</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You were not subject to tax upon the grant of the May&nbsp;30, 2003 Option. Upon exercise of an
Option, an amount equal to the excess of the fair market value of the Shares acquired on the date
of exercise over the exercise price paid is taxable to you as ordinary income. This amount of
income will be subject to income tax withholding and employment taxes. Your basis in the Shares
received will equal the fair market value of the Shares on the date of exercise, and your holding
period in such Shares for capital gains purposes will begin on the day following the date of
exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you choose to use the Cazenove deferred finance (cashless exercise) facility, any income and
payroll tax withholding liabilities will be paid out of the proceeds of sale of some of the Shares
you acquire on the exercise of your Option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, if you choose to fund the exercise personally, your tax and social security liabilities
will be calculated on the day of exercise and you will need to make a payment to the Company in
respect of these liabilities. Following the settlement of your total liabilities to the Company the
Shares will then be released and you will receive your Share Certificate. If you do not make the
necessary payment to the Company within two months from the date of exercise, the Company is
entitled to sell sufficient Shares to raise the amount needed to settle your tax and social
security liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disposition of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless stated otherwise above, upon the subsequent disposition of Shares acquired under an
Option, you will recognize capital gain or loss based upon the difference between the amount
realized on such disposition and your basis in the Shares, and such amount will be long-term
capital gain or loss if such Shares were held for more than 12&nbsp;months For gain recognized before
January&nbsp;1, 2009, long-term capital gain will generally be taxed at a maximum rate of 15%. If you
sell your Shares and receive non-US currency, any gain or loss realized in respect of fluctuations
in the value of that currency will be treated as ordinary gain or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Resales</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In general, executive officers and other persons with power to manage and direct the policies
of the Company, relatives of these persons and trusts, estates, corporations or other entities
controlled by any of these persons or their relatives may be deemed to be affiliates of the Company
by the SEC. Affiliates of the Company are obligated to resell their shares of Stock in compliance
with SEC Rule&nbsp;144. This rule requires such sales to be effected in &#147;broker&#146;s transactions,&#148; as
defined in the rule, and a written notice of each sale must be filed with the SEC at the time of
the sale. The rule also limits the number of shares that may be sold. However, the holding period
requirement of Rule&nbsp;144 will not be applicable to any shares of stock acquired pursuant to your
Option exercise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Even if you are not an affiliate, your purchases and sales of shares of Stock are subject to Rule
10b-5 under the 1934 Act, which makes it unlawful to trade when you are in possession of material
information about the Company that is not yet known to the general public. In addition, as
discussed above, your transactions in shares of Stock must comply with the InterContinental Hotels
Group Code of Practice for dealing in securities, if you are subject to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>See the Company&#146;s Annual Report on </B><B>Form 20-F</B><B> filed with the Securities and Exchange Commission on
March&nbsp;31, 2006 for additional tax consequences associated with the ownership of Shares.</B><BR>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR
ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE
SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS, AND ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">9
</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="left" style="font-size: 10pt; margin-top: 12pt"><B>Performance Condition</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="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>The Condition</B></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">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Options are only exercisable to the extent that the EPS Growth of InterContinental Hotels
Group PLC over the Performance Period exceeds RPI Growth over the same period, as follows:</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">EPS Growth achieved (percentage
points in excess of RPI Growth)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Extent to which Option is exercisable</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" style="border-top: 3px double #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 3px double #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">&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">At least 15
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in full</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">At least 12
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">two thirds</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">At least 9
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">one third</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">Less than 9
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">not exercisable</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"><B>2</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Definitions</B></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">&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"><B>2.1</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#147;EPS&#148; is the adjusted earnings per ordinary share as shown in the Annual Report and
Accounts for the relevant years.</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"><B>2.2</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#147;EPS Growth&#148; is the percentage increase in EPS over the relevant period, taking as
the base figure the amount shown in the accounts for the year ended December&nbsp;31, 2003 as the
pro forma EPS for the previous year.</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"><B>2.3</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#147;RPI Growth&#148; is the increase in the UK Retail Prices Index over the relevant period.</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"><B>2.4</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">&#147;The Performance Period&#148; commences on January&nbsp;1, 2003 and ends on December&nbsp;31, 2005.</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"><B>3</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Early Exercise</B></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">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">If it is necessary to test the Performance Condition on a date before the end of the
Performance Period, the following provisions will apply:</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"><B>3.1</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The Performance Period will be shortened, so that it ends on the last day of the
last complete financial year prior to the relevant date (&#147;the Reduced Performance Period&#148;). If
there is no such complete financial year, the Performance Condition will be deemed not to have
been satisfied.</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"><B>3.2</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The extent to which Options will be exercisable will be determined according to the
EPS Growth percentages set out in paragraph 1, reduced to reflect the proportion of the
Performance Period that has elapsed at the end of the Reduced Performance Period.</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"><B>3.3</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">In all cases where the Performance Condition is to be measured before the end of the
Performance Period, the calculations will be verified by independent auditors.</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"><B>4</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Lapse of Options</B></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">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">To the extent that the Performance Condition has not been satisfied at the end of the
Performance Period, or at the end of the Reduced Performance Period if relevant, Options
lapse.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></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">&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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="top">
<TD align="left" valign="top" colspan="3">This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933</TD>
</TR>

</TABLE>




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

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