<SEC-DOCUMENT>0001193125-16-528516.txt : 20160404
<SEC-HEADER>0001193125-16-528516.hdr.sgml : 20160404
<ACCEPTANCE-DATETIME>20160404064626
ACCESSION NUMBER:		0001193125-16-528516
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160404
FILED AS OF DATE:		20160404
DATE AS OF CHANGE:		20160404

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:		161548921

	BUSINESS ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d173525d6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML><HEAD>
<TITLE>6-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE 13a-16 AND 15d-16 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>April 4, 2016 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>InterContinental Hotels Group PLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s name) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Broadwater
Park </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Denham, Buckinghamshire UB9 5HR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by
check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;
&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information contained in this report is incorporated by reference into Registration Statement Nos.&nbsp;333-197846,
333-181334 and&nbsp;333-126139.</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT INDEX </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Item</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Circular dated April 4, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press release dated April 4, 2016</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SIGNATURES </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INTERCONTINENTAL HOTELS GROUP PLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: April 4, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;/s/ George Turner</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">George Turner</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Company Secretary</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d173525dex991.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g173525g49n26.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:24pt; font-family:Times New Roman"><B><I>Notice of </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:24pt; font-family:Times New Roman"><B><I>Annual General Meeting of </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:24pt; font-family:Times New Roman"><B><I>InterContinental Hotels Group PLC </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:8pt; font-family:arial">to be held at: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:8pt; font-family:arial">InterContinental London Park Lane
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:8pt; font-family:arial">One Hamilton Place, Park Lane, London W1J 7QY </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:19%; font-size:8pt; font-family:arial">at 11.00am on Friday, 6&nbsp;May 2016 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:19%; font-size:12pt; font-family:Times New Roman"><B><I>Special Dividend of US$6.329 per Existing Ordinary Share </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:12pt; font-family:Times New Roman"><B><I>and 5 for 6 Share Consolidation </I></B></P>
<P STYLE="margin-top:60pt; margin-bottom:0pt; margin-left:19%; font-size:15pt; font-family:Times New Roman"><B><I>This document is important and requires your immediate attention </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:9pt; font-family:arial">If you are in any doubt as to what action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional
adviser authorised under the Financial Services and Markets Act 2000 (as amended) immediately. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:9pt; font-family:arial">If you have sold or otherwise transferred all your
shares in InterContinental Hotels Group PLC (the &#145;Company&#146;), please pass this document and the accompanying Form of Proxy to the stockbroker, bank or other agent through whom you made the sale or transfer for forwarding on to the purchaser
or transferee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:9pt; font-family:arial">A Form of Proxy for the Annual General Meeting (the &#145;AGM&#146;) of the Company is enclosed and, to be valid, should be
completed, signed and returned so as to reach the Company&#146;s Registrar, Equiniti, at Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA by no later than 11.00am on Wednesday, 4&nbsp;May 2016 (or, if the AGM is adjourned, 48 hours before
the time of the adjourned AGM (excluding any UK non-working days)). Completion and return of the Form of Proxy will not prevent you from attending the AGM and voting in person, should you so&nbsp;wish. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:9pt; font-family:arial">Electronic Proxy Appointment is available for this AGM. This facility enables shareholders to lodge their proxy appointment by electronic means through
the Registrar&#146;s website at www.sharevote.co.uk or, for those who hold their shares in CREST, through the CREST electronic proxy appointment service. Further details are set out in the notes to this document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:9pt; font-family:arial">At the AGM itself, the votes will be taken by poll rather than on a show of hands. The results of the polls will be announced as soon as practicable and
will appear on the Company&#146;s website at www.ihgplc.com/investors under &#147;Financial Library&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:9pt; font-family:arial">In connection with the Share
Consolidation, application will be made to the UK Listing Authority for the New Ordinary Shares arising from the proposed consolidation of the Company&#146;s ordinary share capital to be admitted to the premium listing segment of the Official List
and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange&#146;s main market for listed securities. It is expected that dealings in the Existing Ordinary Shares will continue until 6.00pm on
6&nbsp;May 2016 and that Admission of the New Ordinary Shares will become effective and dealings for normal settlement will commence at 8.00am on 9&nbsp;May 2016. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:19%; font-size:9pt; font-family:arial">Goldman Sachs International, which is authorised by the PRA and regulated in the United Kingdom by the FCA and the PRA, is only acting as a corporate
broker to the Company and no-one else in connection with the Special Dividend and Share Consolidation and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Goldman Sachs International nor
for providing advice in connection with the proposed Special Dividend and Share Consolidation or the contents of this document or any other matter referred to herein. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I><A NAME="toc"></A>TABLE OF CONTENTS </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:arial; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>PAGE</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#txa132048_1"><B>NOTICE OF ANNUAL GENERAL MEETING</B></A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#txa132048_2"><B>APPENDIX I</B> &#150; EXPECTED TIMETABLES FOR THE FINAL DIVIDEND AND SPECIAL DIVIDEND AND SHARE
CONSOLIDATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#txa132048_3"><B>APPENDIX II</B> &#150; FURTHER DETAILS OF THE SPECIAL DIVIDEND AND SHARE CONSOLIDATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:arial; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:arial"><A HREF="#txa132048_4"><B>APPENDIX III</B> &#150; DEFINITIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I><A NAME="txa132048_1"></A>Notice of Annual General Meeting </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Notice is hereby given that the Annual General Meeting (&#145;AGM&#146;) of InterContinental Hotels Group PLC (the
&#145;Company&#146;) will be held at InterContinental London Park Lane, One Hamilton Place, Park Lane, London W1J 7QY at 11.00am on Friday, 6&nbsp;May 2016, or at any adjournment thereof, for the following purposes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolutions </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">To consider and, if thought fit, to pass the following
resolutions, of which numbers 1 to 9 will be proposed as ordinary resolutions and numbers 10 to 12 as special resolutions. Explanations of certain resolutions are given on pages 5 to 7 of this Notice of AGM. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>1</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Report and Accounts 2015 </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT the Company&#146;s financial statements, together with the
Directors&#146; and the Auditor&#146;s Reports for the year ended 31&nbsp;December 2015, be received. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>2</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Directors&#146; Remuneration Report 2015 </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT the Directors&#146; Remuneration Report for the
year ended 31&nbsp;December 2015 of the Company&#146;s Annual Report and Form 20-F 2015 be approved. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>3</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Declaration of final dividend </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT a final dividend on the ordinary shares of 15<SUP
STYLE="vertical-align:top">&nbsp;265</SUP>&#8260;<SUB STYLE="vertical-align:bottom">329</SUB> pence each in the capital of the Company (&#145;ordinary share(s)&#146;) be declared. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>4</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Re-election of Directors </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">As separate resolutions, THAT (a) Anne Busquet, (b) Patrick Cescau, (c)
Ian Dyson, (d) Paul Edgecliffe-Johnson, (e)&nbsp;Jo&nbsp;Harlow, (f) Luke Mayhew, (g) Jill McDonald, (h) Dale Morrison, and (i) Richard Solomons be re-elected as Directors of the Company. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>5</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Reappointment of Auditor </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT Ernst &amp; Young LLP be reappointed as the Auditor of the Company
to hold office until the conclusion of the next General Meeting at which accounts are laid before the Company. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>6</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Remuneration of Auditor </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT the Audit Committee of the Board be authorised to determine
the&nbsp;Auditor&#146;s remuneration. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>7</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Political donations </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">i</TD>
<TD ALIGN="left" VALIGN="top">THAT the Company, and those companies which are subsidiaries of the Company at any time during the period for which this resolution has effect, be authorised for the purposes of Part 14 of the Companies Act 2006 (the
&#145;2006 Act&#146;), during the period from the date of the passing of&nbsp;this resolution until the conclusion of the Company&#146;s AGM in 2017 or&nbsp;the close of business on 1&nbsp;July 2017, whichever is the earlier: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">to make political donations to political parties and/or independent election candidates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">to make political donations to political organisations other than political parties; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">to incur political expenditure; </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:25pt; font-size:8pt; font-family:arial">provided that the aggregate amount of any such donations and
expenditure made by the Company or any subsidiary shall not exceed &pound;100,000;
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">ii</TD>
<TD ALIGN="left" VALIGN="top">THAT all existing authorisations and approvals relating to political donations or expenditure are hereby revoked without prejudice to any donation made or expenditure incurred prior to the date hereof pursuant to such
authorisations or approvals; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">iii</TD>
<TD ALIGN="left" VALIGN="top">THAT words and expressions defined for the purposes of the 2006 Act shall have the same meaning for the purposes of this resolution. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>8</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Share Consolidation </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT subject to and conditional upon admission of the New Ordinary Shares
(as defined below) to the premium listing segment of the Official List and to trading on the London Stock Exchange&#146;s main market for listed securities becoming effective, every 6 ordinary shares of
15<SUP STYLE="vertical-align:top">&nbsp;265</SUP>&#8260;<SUB STYLE="vertical-align:bottom">329</SUB> pence each in the capital of the Company in issue and outstanding or held in treasury as at 6.00pm on 6 May 2016 (or such other time and date as the
Directors may determine) be consolidated into 5 ordinary shares of 18<SUP STYLE="vertical-align:top">&nbsp;318</SUP>&#8260;<SUB STYLE="vertical-align:bottom">329</SUB> pence each (each a &#145;New Ordinary Share&#146;), provided that, where such
consolidation results in any member being entitled to a fraction of a New Ordinary Share, such fraction shall, so far as possible, be aggregated with the fractions of a New Ordinary Share to which other members of the Company may be entitled and the
Directors be and are hereby authorised to sell (or appoint any other person to sell to any person), on behalf of the relevant members, all the New Ordinary Shares representing such fractions at the best price reasonably obtainable to any person, and
to pay the proceeds of sale (net of expenses) in due proportion to the relevant members entitled thereto (save that any fraction of a penny which would otherwise be payable shall be rounded up or down in accordance with the usual practice of the
registrar of the Company) and that any Director (or any person appointed by the Directors) shall be and is hereby authorised to execute an instrument of transfer in respect of such shares on behalf of the relevant members and to do all acts and
things the Directors consider necessary or expedient to effect the transfer of such shares to, or in accordance with the directions of, any buyer of any such shares. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>9</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Allotment of shares </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">i</TD>
<TD ALIGN="left" VALIGN="top">THAT the Directors be and are hereby generally and unconditionally authorised pursuant to, and in accordance with, Section 551 of the 2006 Act to exercise all powers of the Company to allot shares in the Company and to
grant rights to subscribe for, or to convert any security into, shares in the Company: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">up to an aggregate nominal amount of &pound;12,487,421; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">comprising equity securities, as defined in Section 560 of the 2006 Act, up to an aggregate nominal amount of &pound;24,974,842 (including within such limit any shares issued or rights granted under paragraph (a) above)
in connection with an offer by way of a rights issue to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="46">&nbsp;</TD>
<TD WIDTH="17" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">holders of ordinary shares in the Company in proportion, as nearly as may be practicable, to their existing holdings; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="46">&nbsp;</TD>
<TD WIDTH="17" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:arial; font-size:8pt">to holders of other equity securities as required by the rights of those securities or,
</P></TD></TR></TABLE></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I>Notice of Annual General Meeting&nbsp;continued </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="64">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">if the Directors consider it necessary, as permitted by the rights of those securities; and so that the Directors may impose any limits or restrictions and make any arrangements which they consider necessary or
appropriate to deal with treasury shares, fractional entitlements, record dates, shares represented by depositary receipts, legal, regulatory or practical problems under the laws of, or the requirements of, any recognised regulatory body or any
stock exchange in any territory or any other matter whatsoever. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:25pt; font-size:8pt; font-family:arial">This authority shall hereby take effect from the date of the passing
of this resolution until the conclusion of the Company&#146;s AGM in 2017, or the close of business on 1&nbsp;July 2017, whichever is the earlier, provided that, in each case, the Company may, before this authority expires, make offers and enter
into agreements which would, or might, require shares in the Company to be allotted or rights to&nbsp;subscribe for or convert any security into shares to be granted after this authority expires and the Directors may allot shares in the&nbsp;Company
or grant rights under any such offer or agreement as if this authority had not expired; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">ii</TD>
<TD ALIGN="left" VALIGN="top">THAT subject to paragraph iii below, all existing authorities given to&nbsp;the Directors pursuant to Section 551 of the 2006 Act by way of the ordinary resolution of the Company passed on Friday, 8&nbsp;May 2015 be
revoked by this resolution; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">iii</TD>
<TD ALIGN="left" VALIGN="top">THAT paragraph ii above shall be without prejudice to the continuing authority of the Directors to allot shares or grant rights to subscribe for, or convert any security into, shares pursuant to an offer or agreement
made by the Company before the expiry of the authority pursuant to which such offer or agreement was made. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>10</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Disapplication of pre-emption rights</B> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT, subject to the passing of Resolution 9 above, and in
place of the power given to them pursuant to the special resolution of the Company passed on Friday, 8&nbsp;May 2015, the Directors be given the power pursuant to Sections 570 and 573 of the 2006 Act to allot equity securities (as defined in Section
560 of the 2006 Act) for cash pursuant to the authority given by Resolution 9 as if Section 561 of the 2006 Act did not apply to the allotment. This power shall be limited: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">i</TD>
<TD ALIGN="left" VALIGN="top">to the allotment of equity securities in connection with an offer of equity securities (but in the case of the authority granted under Resolution 9i(b), by way of a rights issue only) to or in favour of:
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">holders of ordinary shares in proportion, as nearly as may be practicable, to their existing holdings; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">holders of other equity securities, if this is required by the rights of those securities or, if the Directors consider it necessary, as permitted by the rights of those securities; </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:25pt; font-size:8pt; font-family:arial">and so that the Directors may impose any limits or restrictions and make any arrangements which they consider necessary or appropriate to deal with
treasury shares, fractional entitlements,
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:25pt; font-size:8pt; font-family:arial">
record dates, shares represented by depositary receipts, legal, regulatory or practical problems under the laws of, or the requirements of, any recognised regulatory body or any stock exchange
in, any territory or any other matter whatsoever; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">ii</TD>
<TD ALIGN="left" VALIGN="top">in the case of the authority granted under Resolution 9i(a), to the allotment (otherwise than under paragraph i above) of equity securities up to an aggregate nominal amount of &pound;3,914,315. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:25pt; font-size:8pt; font-family:arial">This authority shall hereby take effect from the date of the passing of this resolution until the conclusion of the Company&#146;s AGM in 2017, or the
close of business on 1&nbsp;July 2017, whichever is the earlier, provided that before this authority expires the Company may make offers, and enter into agreements, which would, or might, require equity securities to be allotted after this authority
expires and the Directors may allot equity securities under any such offer or agreement as&nbsp;if this authority had not expired. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:25pt; font-size:8pt; font-family:arial">This power
applies in relation to a sale of shares which is an allotment of equity securities by virtue of Section 560(3) of the 2006 Act as if, in the first paragraph of this resolution, the words &#145;pursuant to the authority given by Resolution 9&#146;
were omitted. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>11</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Authority to purchase own shares</B> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT the Company be and is hereby generally and unconditionally
authorised for the purpose of Section 701 of the 2006 Act to make market purchases (within the meaning of Section 693(4) of the 2006 Act) of its ordinary shares on such terms and in such manner as the Directors think fit provided that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">i</TD>
<TD ALIGN="left" VALIGN="top">the maximum aggregate number of ordinary shares hereby authorised to be purchased is: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">if Resolution 8 is passed and becomes effective, 19,751,738 New Ordinary Shares; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">if Resolution 8 is not passed or does not become effective, 23,702,085 Existing Ordinary Shares; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">ii</TD>
<TD ALIGN="left" VALIGN="top">the minimum price which may be paid for each ordinary share is: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">18<SUP STYLE="vertical-align:top">&nbsp;318</SUP>&#8260;<SUB STYLE="vertical-align:bottom">329</SUB> pence per share (being the nominal value of a New Ordinary Share if Resolution 8 is passed and becomes effective); or
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="31">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">15<SUP STYLE="vertical-align:top">&nbsp;265</SUP>&#8260;<SUB STYLE="vertical-align:bottom">329</SUB> pence per share (being the nominal value of an Existing Ordinary Share if Resolution 8 is not passed and does not
become effective); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">iii</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:arial; font-size:8pt">the maximum price (exclusive of all expenses) which may be paid for each ordinary share is an amount equal to the higher of (a) 105 per cent of the average of
the middle-market quotations of an ordinary share of the Company, as applicable, as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be
purchased; and (b) the Stipulated Amount. In this resolution &#147;Stipulated Amount&#148; means, prior to 3&nbsp;July 2016, the amount stipulated by Article 5(1) of the Buy-back and Stabilisation Regulation 2003 or, on or after 3&nbsp;July 2016,
the amount stipulated by Regulatory Technical </P></TD></TR></TABLE></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">3 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I>Notice of Annual General Meeting&nbsp;continued </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="33">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Standards adopted by the European Commission pursuant to Article 5(6) of the Market Abuse Regulation (EU) No.596/2014; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="16">&nbsp;</TD>
<TD WIDTH="18" VALIGN="top" ALIGN="left">iv</TD>
<TD ALIGN="left" VALIGN="top">the authority hereby conferred shall take effect on the date of the passing of this resolution and shall expire on the conclusion of the Company&#146;s AGM in 2017, or at the close of business on 1&nbsp;July 2017,
whichever is the earlier (except in relation to the purchase of ordinary shares the contract for which was concluded before such date and which is executed wholly or partly after such date), unless such authority is renewed prior to such time.
</TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left"><B>12</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Notice of General Meetings</B> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13pt; font-size:8pt; font-family:arial">THAT a General Meeting of the Company, other than an AGM, may be
called on not less than 14 clear days&#146; notice during the period from the date of the passing of this resolution to the date upon which the Company&#146;s AGM in 2017 concludes. </P>
<P STYLE="font-size:75pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><FONT STYLE="font-family:ARIAL">By order of the Board</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL">Registered in England and Wales</FONT></TD></TR>
<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">George Turner</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial"><FONT STYLE="font-family:ARIAL">Registered Number:</FONT></P></TD></TR>
<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">Company Secretary</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">5134420</P></TD></TR>
<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:arial">4&nbsp;April 2016</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL; ">Registered Office:</FONT></TD></TR>
<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Broadwater Park</TD></TR>
<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Denham, Buckinghamshire</TD></TR>
<TR STYLE="font-family:arial; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">UB9 5HR</TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I>Explanation of business </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Supporting information on the re-election of Directors and an explanation of some of the technical items of business are
presented below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 2 Directors&#146; Remuneration Report 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The Directors&#146; Remuneration Report set out on pages 68 to 77 of the Company&#146;s Annual Report and Form 20-F for the year ended 31&nbsp;December 2015 sets out the
Remuneration Committee Chairman&#146;s Statement, a summary of the Directors&#146; Remuneration Policy and the remuneration received or receivable by Directors in respect of the year ended 31&nbsp;December 2015. The vote on the Directors&#146;
Remuneration Report is advisory in nature, which means that payments made or promised to Directors will not have to be repaid, reduced or withheld in the event that this resolution is not passed. The Company&#146;s Auditor, Ernst &amp; Young LLP,
has audited those parts of the Directors&#146; Remuneration Report that are required to be audited. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 3 Declaration of final dividend </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">A final dividend can only be paid after the Shareholders have approved it. If approved, the final dividend of 40.3 pence per Existing Ordinary Share (57.5 cents per
American Depositary Receipt) will be paid on 13&nbsp;May 2016 to Shareholders on the register at the close of business on 1&nbsp;April 2016. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolutions 4(a) to
4(i) Re-election of Directors </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The Company&#146;s Articles of Association require that (i) any new Directors appointed by the Board since the last AGM shall
retire at the next AGM and be subject to election; and (ii) all other Directors shall retire at least every three years and, if they wish to continue serving in office, be subject to re-election. However, in&nbsp;accordance with the recommendations
of the UK Corporate Governance Code 2014, all Directors are retiring and seeking re-election at this AGM, save for Jennifer Laing and Ying Yeh who will retire from the Board following the AGM, as the Company announced on 23&nbsp;February 2016. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Each re-election will be put as a separate resolution. The Board believes that the current composition of the Board provides an appropriate balance of Executive Directors
and independent Non-Executive Directors who collectively have the appropriate balance of&nbsp;skills, experience, independence and knowledge to enable the Board to&nbsp;discharge its duties and responsibilities effectively. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">An internal Board effectiveness evaluation was conducted for 2015 and it confirmed that the Board continued to operate effectively, and that each Director brings relevant
knowledge, diversity of perspective, an ability and willingness to challenge and retains a strong commitment to the role. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">All&nbsp;Non-Executive Directors, excluding
the Chairman, remain independent in judgement and character.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The Board as a whole is fully committed to the successful development of the business, to meeting the Company&#146;s
strategic objectives and to the&nbsp;delivery of shareholder value. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Biographies of all current Directors are shown on pages 55 to 57 of the Company&#146;s Annual
Report and Form 20-F for the year ended 31&nbsp;December 2015 and on the Company&#146;s website at www.ihgplc.com/investors under &#147;Our Management&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The
Board recommends that all Directors, save for Jennifer Laing and Ying Yeh,&nbsp;continue to serve as Directors of the Company<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 7 Political donations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">It remains the policy of the Company not to
make political donations or incur political expenditure. However, to avoid inadvertent infringement of the widely drafted 2006 Act, the Directors are seeking shareholders&#146; authority for the Company and its UK subsidiaries to make political
donations and to incur political expenditure, up to a maximum aggregate amount of &pound;100,000 during the period from the date of this AGM until the&nbsp;conclusion of the Company&#146;s AGM in 2017 or the close of business on 1&nbsp;July 2017,
whichever is the earlier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Neither the Company nor any of its subsidiaries made any political donations during the year and the Company proposes to maintain its
policy of not making such payments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 8 Share Consolidation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Resolution 8 will effect the Share Consolidation, following which the total number of issued Ordinary Shares will be reduced and the nominal value of the Ordinary Shares
will change. The purpose of the Share Consolidation is to seek, so far as possible, to maintain comparability of the Company&#146;s share price at a broadly similar level before and after payment of the Special Dividend. The Share Consolidation is
conditional on the New Ordinary Shares being admitted to the premium listing segment of the Official List and being admitted to trading on the London Stock Exchange&#146;s main market for listed securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Please refer to Appendix II of this document for further information and details of the Special Dividend and Share Consolidation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 9 Allotment of shares </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The Investment Association&#146;s
(&#145;IA&#146;) guidelines state that&nbsp;IA members will permit, and treat as routine, (i) a request for authorisation to allot up to one-third of the current total issued share capital of the Company, together with the number of shares required
to be&nbsp;allotted in respect of share incentive schemes; and (ii) a request for authorisation to allot up to a further one-third of the Company&#146;s current total issued share capital, provided that such additional allotment is only&nbsp;applied
to fully pre-emptive rights issues. The Board considers it&nbsp;appropriate that the Company should follow these guidelines. </P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Copies of contracts of service or letters of appointment for each of the Directors will be available to members for inspection at the Registered Office of the Company during normal business hours from the date of this
Notice of AGM until the date of the AGM and, on that day, at the place of the AGM at least 15 minutes prior to the commencement of the AGM until its conclusion. </TD></TR></TABLE>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I>Explanation of business&nbsp;continued </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Accordingly, under Resolution 9i(a), the Directors are seeking authority to allot shares and grant rights to subscribe for,
or convert securities into, shares up to an aggregate nominal amount of &pound;12,487,421 pursuant to Section 551 of the 2006 Act, which is equivalent to approximately one-third of the total issued share capital of the Company (excluding treasury
shares<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>) as at 30&nbsp;March 2016,&nbsp;the latest practicable date prior to publication of this Notice of AGM (&#145;Latest&nbsp;Practicable Date&#146;) and which will be equivalent to
approximately one-third of the total issued share capital of the Company (excluding treasury shares) if Resolution 8 is passed and the Share Consolidation is effected. Under Resolution 9i(b), the Directors are seeking authority to allot ordinary
shares in connection with a rights issue in favour of ordinary shareholders up to a further aggregate nominal amount of &pound;12,487,421,&nbsp;which is equivalent to approximately one-third of the total issued share&nbsp;capital of the Company
(excluding treasury shares<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>) as at the Latest&nbsp;Practicable Date and which will be equivalent to approximately one-third of the total issued share capital of the Company (excluding treasury
shares) if Resolution 8 is passed and the Share Consolidation is effected. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Therefore, the total authorisation sought by Resolution 9 is equal to approximately
two-thirds of the total issued share capital of the Company (excluding treasury shares<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>) as at the Latest Practicable Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The Directors have no present intention of exercising this authority other than in connection with the Company&#146;s share incentive schemes, but they consider it
desirable to have the maximum flexibility permitted by corporate governance guidelines. If such authority is exercised, the Directors intend to&nbsp;follow best practice with respect to its use as recommended by the IA, including that all Directors
will stand for re-election. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">This authority will expire on the conclusion of the Company&#146;s AGM in 2017 or at the close of business on 1&nbsp;July 2017, whichever
is the earlier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 10 Disapplication of pre-emption rights </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The
Directors consider it desirable to have the maximum flexibility permitted by corporate governance guidelines to respond to market developments and to enable allotments to take place to finance business opportunities without making a pre-emptive
offer to existing shareholders. This cannot be done under the 2006 Act unless the shareholders have first waived their pre-emption rights. Accordingly, pursuant to Section 561 of the 2006 Act, the Directors are seeking authority to allot shares for
cash without first being required to offer such securities to existing shareholders in proportion to their existing shareholdings and to dispose of shares held in treasury, other than by way of a rights issue or in connection with any other
pre-emptive offer, up to an aggregate nominal amount of &pound;3,914,315, which is equivalent to approximately 10 per cent of the total issued share capital (including treasury shares) of the Company as at the Latest Practicable Date and which will
be equivalent to approximately 10 per cent of the total issued share capital of the Company (including treasury shares) if Resolution 8 is passed and the Share Consolidation is effected.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">In line with the Pre-Emption Group&#146;s Statement of Principles (as updated in March 2015) the Directors do not intend to
allot shares for cash on a non-pre-emptive basis (other than pursuant to a rights issue or pre-emptive offer) in excess of an amount equal to 5 per cent of the total issued ordinary share capital of the Company (excluding treasury shares) or in
excess of 7.5 per cent of the total issued ordinary share capital of the Company (excluding treasury shares) within a rolling three-year period, without prior consultation with the shareholders, in each case other than in connection with an
acquisition or specified capital investment which is announced contemporaneously with the allotment or which has taken place in the preceding six-month period and is disclosed in the announcement of the allotment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">This authority will expire on the conclusion of the Company&#146;s AGM in 2017, or at close of business on 1&nbsp;July 2017, whichever is the earlier. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 11 Authority to purchase own shares </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">The Company is seeking
authority to make market purchases of up to (i) if Resolution 8 is passed and becomes effective, 19,751,738 of its own New Ordinary Shares (being approximately 10 per cent of its total issued share capital (excluding treasury shares<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP>) immediately after the Share Consolidation); or (ii) if Resolution 8 is not passed or does not become effective, 23,702,085 of its own Existing Ordinary Shares (being approximately 10 per cent of its
total issued share capital (excluding treasury shares) as at the Latest Practicable Date). The maximum price (exclusive of expenses) which may be paid for each share shall be an amount equal to the higher of (a) 105 per cent of the average of the
middle market quotations for an ordinary share in the Company derived from the London Stock Exchange Daily Official List for the five business days immediately prior to the day on which the share is contracted to be purchased, and (b) prior to
3&nbsp;July 2016, the amount stipulated by Article 5(1) of the Buy-back and Stabilisation Regulation 2003 or, on or after 3&nbsp;July 2016, the amount stipulated by Regulatory Technical Standards adopted by the European Commission pursuant to
Article 5(6) of the Market Abuse Regulation (EU) No.596/2014. The minimum price (exclusive of expenses) per share shall be (i) if Resolution 8 is passed and becomes effective, 18<SUP STYLE="vertical-align:top">&nbsp;318</SUP>&#8260;<SUB
STYLE="vertical-align:bottom">329</SUB> pence, being the nominal value of a New Ordinary Share; or (ii) if Resolution 8 is not passed or does not become effective, 15<SUP STYLE="vertical-align:top">&nbsp;265</SUP>&#8260;<SUB
STYLE="vertical-align:bottom">329</SUB> pence, being the nominal value of an Existing Ordinary Share. This power would be used only after careful consideration by the Directors, having taken into account market conditions prevailing at that time,
the investment needs of the Company, its opportunities for expansion and its overall financial position. The Directors would exercise this authority to purchase ordinary shares only if they considered it to be in the best interests of shareholders
and if the purchase could be expected to result in an increase in earnings per share. The Company may either cancel any shares it purchases under this authority or transfer them into treasury. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:arial">At the Latest Practicable Date, there were no outstanding options to subscribe for ordinary shares in the Company.
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:7pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Treasury shares are shares in the Company which are owned by the Company itself. The Company, following purchase of its own shares, is able to hold such shares in treasury instead of cancelling them. Such shares may
subsequently be resold for cash, transferred to an employee share scheme or cancelled. Any shares bought back by the Company and held in treasury will not rank for dividends and will not carry any voting rights. The Company&#146;s Articles of
Association provide for dealing with treasury shares, including ensuring that the sale of treasury shares by the Company is subject to the same pre-emption rights (and exceptions) as the allotment of new shares. As at the Latest Practicable Date,
the Company held 10,634,856 ordinary shares as treasury shares representing approximately 4.49% of the total issued share capital (excluding treasury shares). </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I>Explanation of business&nbsp;continued </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">This authority will expire on the conclusion of the Company&#146;s AGM in 2017, or at close of business on 1&nbsp;July
2017, whichever is the earlier. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:arial"><B>Resolution 12 Notice of General Meetings </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">Under the Companies (Shareholders&#146; Rights) Regulations 2009 the notice period for General Meetings (other than AGMs) has been extended to not less than 21 clear
days. The Company is able to preserve the authority to call a General Meeting, other than an AGM, on not less than 14 clear days&#146; notice, provided shareholders have approved this by passing a special resolution annually. Accordingly, Resolution
12 is seeking to renew the authority granted at the AGM in 2015. The Company will give due consideration as to whether to use the reduced notice period for the calling of a General Meeting, as permitted by the passing of this resolution, and will
not use it as a
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial">
matter of routine but only where such flexibility is necessary. If this authority is used, the Company will comply with the requirement to provide appropriate facilities for shareholders to vote
by electronic means at General Meetings held on less than 21 clear days&#146; notice. If given, this authority will be valid until the Company&#146;s AGM in 2017, whereby a similar resolution is intended to be proposed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">The Directors believe that the adoption of all the Resolutions set out in this Notice of AGM are in the best interests of the Company and its shareholders as a whole.
Accordingly, the Directors unanimously recommend that you vote in favour of the Resolutions, as each Director intends to do in respect of his or her own beneficial holdings.
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I>Technical notes </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top">A member is entitled to appoint another person, who need not be a member, as his/her proxy to exercise all or any of his/her rights to attend, speak and vote at this AGM or any adjournment thereof. A member may appoint
more than one proxy in relation to the AGM, provided that each proxy is appointed to exercise the rights attached to a different share or shares held by that member. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top">A Form of Proxy is enclosed. To be valid, the Form of Proxy must be received by the Company&#146;s Registrar, Equiniti, by no later than 11.00am on Wednesday, 4&nbsp;May 2016 or, if the AGM is adjourned, 48 hours before
the time of the adjourned AGM (excluding any UK non-working days). The appointment of a proxy will not prevent a member from subsequently attending, speaking and voting at the AGM in person. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top">If you wish, you may register the appointment of a proxy for this AGM electronically, by logging on to the Registrar&#146;s website at www.sharevote.co.uk where details of the procedure are shown. The Voting ID, Task ID
and Shareholder Reference Number shown on your Form of Proxy will be required to complete the procedure. Electronic Proxy Appointment will not be valid if received after 11.00am on Wednesday, 4&nbsp;May 2016 or, if the AGM is adjourned, 48 hours
before the time of the adjourned AGM (excluding any UK non-working days), and will not be accepted if found to contain a computer virus. </TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top">CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for this AGM by using the procedures described in the CREST Manual available by logging in to the
Euroclear website at www.euroclear.com. CREST personal members or other CREST sponsored members, and those CREST members who have appointed (a) voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will
be able to take the appropriate action on their behalf. In order to be valid, the appropriate CREST Proxy Instruction must be transmitted so as to be received by the Company&#146;s Registrar, Equiniti (CREST participant ID RA19) by 11.00am on
Wednesday, 4&nbsp;May 2016 or, if the AGM is adjourned, 48 hours before the time of&nbsp;the adjourned AGM (excluding any UK non-working days). For this purpose, the time of receipt will be taken to be&nbsp;the time (as determined by the time stamp
applied to the message by the CREST Application Host) from which the Company&#146;s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After&nbsp;this time any change of instructions to proxies appointed
through CREST&nbsp;should be communicated to the appointee through other means. CREST members and, where applicable, their CREST sponsors or voting service providers should note that Euroclear does not make available special procedures in CREST for
any particular message. Normal system timings and&nbsp;limitations will therefore apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take&nbsp;(or, if the CREST member is a CREST
personal member or sponsored member or has appointed (a) voting service provider(s), to procure that his/her CREST sponsor(s) or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted by means
of the CREST system by any particular time. In this connection, CREST members (and, where applicable, their CREST sponsors or voting system providers) are referred, in
</TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the Uncertificated Securities Regulations 2001. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">5</TD>
<TD ALIGN="left" VALIGN="top">Any corporation which is a member can appoint one or more corporate representatives who may exercise on its behalf all of its powers as a member provided that if two or more representatives purport to vote in respect of
the same shares: (i) if they purport to exercise the power in the same way as each other, the power is treated as exercised in that way; and (ii) in other cases, the power is treated as not exercised. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">6</TD>
<TD ALIGN="left" VALIGN="top">The right to appoint a proxy does not apply to persons whose shares are held on their behalf by another person and who have been nominated to receive communications from the Company in accordance with Section 146 of the
2006 Act (&#145;Nominated Persons&#146;). Nominated Persons may have a right under an agreement with the member who holds the shares on their behalf to be appointed (or to have someone else appointed) as a proxy for the AGM. If Nominated Persons do
not have such a right, or do not wish to exercise it, they may have a right under such an agreement to give instructions to the person holding the shares as to the exercise of voting rights. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">7</TD>
<TD ALIGN="left" VALIGN="top">Holders of ordinary shares are entitled to attend and vote at General Meetings of the Company (including this AGM). On a vote by show of hands, every member who is present has one vote and every proxy present who has
been duly appointed by a member entitled to vote has one vote, unless the proxy has been appointed by more than one member and has been instructed by one or more members to vote for the resolution and by one or more members to vote against the
resolution, in which case the proxy has one vote for and one vote against. On a poll vote, every member who is present in person or by proxy has one vote for every ordinary share of which he/she is the holder. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">8</TD>
<TD ALIGN="left" VALIGN="top">The Company, pursuant to the Uncertificated Securities Regulations 2001, specifies that only those members on the Register of Members as at 6.00pm on Wednesday, 4&nbsp;May 2016 or, if the AGM is adjourned, on the
Register of Members at 6.00pm two days prior to the date of any adjourned AGM, shall be entitled to attend and vote at the AGM in respect of the number of shares registered in their names at that time. Changes to entries on the Register of Members
after the relevant above-mentioned deadline shall be disregarded in determining the right of any person to attend and vote at the AGM. </TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">9</TD>
<TD ALIGN="left" VALIGN="top">As at the Latest Practicable Date, the Company&#146;s total issued share capital consisted of 237,020,856 ordinary shares, carrying one vote each, excluding any ordinary shares held as treasury shares. As at the Latest
Practicable Date, the Company held 10,634,856 ordinary shares as treasury shares, representing approximately 4.49 per cent of the Company&#146;s issued share capital (excluding treasury shares) as at that date. Therefore, the total number of voting
rights in the Company as at the Latest Practicable Date was 237,020,856. </TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">10</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:arial; font-size:8pt">Under Section 319A of the 2006 Act, any member attending the AGM has the right to ask questions in relation to the business of the AGM.
</P></TD></TR></TABLE></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">8 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman"><B><I>Technical notes&#151;(Continued) </I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <DIV STYLE="position:relative;float:left; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company must cause to be answered any such question relating to the business being dealt with at the AGM but no such answer need be given if (i) to do so would interfere unduly with the preparation for the AGM or
involve the disclosure of confidential information; (ii) the answer has already been given on a website in the form of an answer to a question; or (iii) it is undesirable in the interests of the Company or the good order of the AGM that the question
be answered. </TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">11</TD>
<TD ALIGN="left" VALIGN="top">Under Sections 338 and 338A of the 2006 Act, members may (i) require the Company to give to members entitled to receive notice of the AGM, notice of a resolution which may properly be moved and is intended to be moved
at the meeting; and (ii) request the Company to include in the business to be dealt with at the AGM any matter (other than a proposed resolution) which may be properly included in the business, provided that it is not defamatory, frivolous or
vexatious or, in the case of a resolution only, it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or the Company&#146;s constitution or otherwise). The Company will include such matter if sufficient requests
have been received by members who have at least 5 per cent of the total voting rights or by at least 100 members who hold shares on which there has been an average sum, per member, of at least &pound;100 paid up and submitted in the manner detailed
in Sections 338 and 338A of the 2006 Act. </TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">12</TD>
<TD ALIGN="left" VALIGN="top">Members should also note that it is possible that, pursuant to requests made under Section 527 of the 2006 Act, the Company may be required to publish on a website a statement setting out any
</TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:48%;padding-right:1%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
matter relating to (i) the audit of the Company&#146;s financial statements (including the Auditor&#146;s Report and the conduct of the audit) that are to be laid before the AGM; or (ii) any
circumstance connected with an Auditor of the Company appointed since the previous meeting at which the Annual Report and Form 20-F were laid. The Company may not require the members requesting such website publication to pay its expenses in
complying with Sections 527 or 528 of the 2006 Act. Where the Company is&nbsp;required to place a statement under Section 527 of the 2006 Act, it must forward the statement to the Company&#146;s Auditor not later than the time when it makes the
statement available on the website. The business which may be dealt with at the AGM includes any statement that the Company has been required under Section 527 of the 2006 Act to publish on a website. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">13</TD>
<TD ALIGN="left" VALIGN="top">Members may not use any electronic address provided in either this Notice of AGM or any related documents (including the Form of Proxy) to communicate with the Company for any purposes other than those expressly stated.
</TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">14</TD>
<TD ALIGN="left" VALIGN="top">A copy of this Notice of AGM and other information required by Section 311A of the 2006 Act can be found at the Company&#146;s corporate website at www.ihgplc.com/investors under financial library. </TD></TR></TABLE>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17" VALIGN="top" ALIGN="left">15</TD>
<TD ALIGN="left" VALIGN="top">Certain items will not be permitted in the AGM. These include cameras, recording equipment, items of any nature with potential to cause disorder and such other items as the Chairman of the AGM may specify. We reserve
the right to confiscate these items for the duration of the AGM if they are used to record or otherwise disrupt the AGM.
</TD></TR></TABLE></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:arial" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B><A NAME="txa132048_2"></A>Appendix I </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B>Expected Timetables for the Final Dividend and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B>Special Dividend and Share Consolidation </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><B>Final Dividend Timetable</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>2016</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Ex Dividend Date for Final Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31&nbsp;March</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Shareholder record date for Final Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.00pm 1&nbsp;April</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">ADR holder record date for the Final Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right">4.00pm (New York time) on</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="right">1&nbsp;April</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Annual General Meeting</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.00am on 6&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Payment of the Final Dividend to Shareholders and to holders of ADRs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><B>Special Dividend and Share Consolidation Timetable</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>2016</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Latest time and date for receipt of Forms of Proxy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.00am&nbsp;on&nbsp;4 May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Latest time and date for receipt by the ADR Depositary of completed voting instruction cards from holders of ADRs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right">12.00pm (New York time) on</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="right">4&nbsp;May</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Annual General Meeting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.00am on 6&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Record date for participation in the Dividend Reinvestment Plan for the Special Dividend</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.00pm on 6&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Shareholder record date for the Special Dividend and for the Share Consolidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.00pm on 6&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Commencement of dealings in New Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.00am on 9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Ordinary Shares (but not ADSs) marked ex-Special Dividend</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">CREST accounts credited with New Ordinary Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">ADR effective date for the Special Dividend and for the Share&nbsp;Consolidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right">9.30am (New York time)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="right">9&nbsp;May</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Commencement of dealings in new ADSs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.30am (New York time) 9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Translation date for calculation of the Pounds Sterling amount to be paid in respect of the Special Dividend</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Despatch of cheques for fractional entitlements and certificates for New Ordinary Shares; CREST accounts credited with the value of fractional entitlements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Payment of the Special Dividend to Shareholders and to holders of ADRs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Purchase of New Ordinary Shares for participants in the Dividend Reinvestment Plan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23&nbsp;May</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">If any of the above times and / or dates change, the revised times and / or dates will be notified to Shareholders by announcement
through a Regulatory Information Service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Unless otherwise stated, all references to times in this document are to London time. </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1px;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><B>Shareholder Helpline </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">If you have any questions about the Special Dividend or the Share Consolidation please call the Shareholder Helpline
on 0333 207 6376 (or +44 121 4150949 if calling from outside of the United Kingdom) between 8.30am and 5.30pm Monday to Friday (except UK public holidays). Calls to the Shareholder Helpline from outside the United Kingdom will be charged at the
applicable international rates. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. For legal reasons, the Shareholder Helpline will be unable to give
advice on the merits of the Special Dividend or the Share Consolidation or to provide financial, tax or investment advice. </P></div>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B><A NAME="txa132048_3"></A>Appendix II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B>Further Details of the Special Dividend and </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B>Share Consolidation </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Special Dividend and Share Consolidation </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Company intends to pay a Special Dividend of US$6.329<B> </B>per
Existing Ordinary&nbsp;Share. The Pounds Sterling amount to be paid in respect of the Special Dividend of US$6.329<B> </B>per Existing Ordinary&nbsp;Share will be calculated on 12&nbsp;May 2016, based on the average of the market exchange rates on
the three dealing days commencing 9&nbsp;May 2016, using the WM/Reuters closing mid-point spot rate as at 4:00pm. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The effect of the Share Consolidation will be
that Shareholders on the Register at the close of business on the Record Date will, on the completion of the Share Consolidation, receive: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>5</B><B> New Ordinary Shares for </B><B>6 Existing Ordinary Shares </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">and in that proportion for any other number of Existing Ordinary Shares then held. The proportion of the total issued share capital of the Company held by each
Shareholder immediately before and following the Share Consolidation will, save for fractional entitlements and participation in the Dividend Reinvestment Plan, remain unchanged. Apart from having a different nominal value, each New Ordinary Share
will carry the same rights as set out in the Company&#146;s articles of association that currently attach to the Existing Ordinary&nbsp;Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">To effect the
Share Consolidation it may be necessary to issue or repurchase for cancellation up to <B></B>5 additional Existing Ordinary Shares so that the number of the Company&#146;s Existing Ordinary Shares is exactly divisible by 6. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Mandates and other instructions for the payment of dividends will, unless and until revoked, continue to apply to the New Ordinary Shares. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Holders of ADRs should read paragraphs <B></B>6<B> </B>and <B></B>7<B> </B>of this Appendix II, which contain important information regarding the Special Dividend and
Share Consolidation which is relevant to them, and a description of certain US federal income tax consequences of the Special Dividend and Share Consolidation. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Effects of proposals </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">For purely illustrative purposes, examples of the effects of the Special Dividend and the
Share Consolidation in respect of certain holdings of Existing Ordinary Shares are set out below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><B>Existing Ordinary Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>New Ordinary Shares</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Special Dividend</B></P></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">100</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">83</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$633</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">250</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">208</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$1,582</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">500</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">416</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$3,165</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">1,000</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">833</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$6,329</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Pounds Sterling amount to be paid in respect of the Special Dividend will be calculated as set out in paragraph 1 above. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">These examples do not show fractional entitlements, the value of which will depend on the market value of the New Ordinary Shares at the time of sale, as set out
below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Shareholders whose holdings of Existing Ordinary Shares cannot be consolidated into an exact number of New Ordinary Shares will be left with a fractional
entitlement. New Ordinary Shares representing such fractional entitlements will be aggregated and sold in the market on 9&nbsp;May 2016 for the best price reasonably obtainable on behalf of the relevant Shareholders. The net proceeds of the sale,
after the deduction of the expenses of the sale, will be paid in due proportion to the relevant Shareholders. Cheques in respect of the net proceeds of sale are expected to be despatched on 17&nbsp;May 2016. Shareholders who hold only one Existing
Ordinary Share will only receive cash. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Conditions </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Share Consolidation is conditional on Resolution 8 set out in the Notice of AGM being passed and
becoming unconditional. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">
This Resolution is conditional on the New Ordinary Shares being admitted to the premium segment of the Official List by the UK Listing Authority and being admitted to trading on the London Stock
Exchange&#146;s main market for listed securities by the London Stock Exchange. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Dividend Reinvestment Plan </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Company currently operates a Dividend Reinvestment Plan under which eligible
Shareholders may use their dividends to buy additional shares in the Company. Those eligible Shareholders who do not currently participate in the Dividend Reinvestment Plan and who wish to participate in time for the Special Dividend should contact
the Company&#146;s Registrar, Equiniti, at Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA to request an application form or, for further information, please call the Shareholder Helpline on 0333 207 6376
(or&nbsp;+44&nbsp;121&nbsp;415&nbsp;0949 if calling from outside of the United Kingdom) between 8.30am and 5.30pm Monday to Friday (except UK public holidays). Calls to the Shareholder Helpline from outside the United Kingdom will be charged at the
applicable international rates. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. For legal reasons, the Shareholder Helpline will be unable to give
advice on the merits of the Special Dividend or the Share Consolidation or to provide financial, tax or investment advice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">In order for an eligible Shareholder to
participate in the Dividend Reinvestment Plan for the Special Dividend, a completed application form must be received by the Registrar by 5.00pm on 6 May 2016. Conversely, any Shareholder who is currently a participant in the Dividend Reinvestment
Plan, but who does not wish his / her Special Dividend to be reinvested in additional New Ordinary Shares, should notify the Registrar to revoke his / her participation by no later than 5.00pm on 6&nbsp;May 2016, to ensure that this instruction is
implemented. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">CREST shareholders should complete a Dividend Election Input Message in order to participate in the Dividend Reinvestment Plan for the Special
Dividend and should note that elections cannot be submitted until after the last day for elections has passed for participation in the Dividend Reinvestment Plan in relation to the Final Dividend. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">All existing evergreen or recurring instructions relating to the Dividend Reinvestment Plan (including any recurring Dividend Reinvestment Plan mandates received in
paper or by electronic means via CREST) will operate in respect of the New Ordinary Shares. However, CREST shareholders should note that, although the Dividend Reinvestment Plan will continue to apply to the New Ordinary Shares, the election may not
be viewable in CREST following the Share Consolidation. In order to view the election, CREST shareholders are advised to delete the current instruction and to submit a new instruction under the new ISIN. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Share Plans </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Participants holding forfeitable Existing Ordinary Shares under the InterContinental Hotels Group
Annual Bonus Plan and / or InterContinental Hotels Group Annual Performance Plan will be eligible to receive the Special Dividend and their shares will be subject to the Share Consolidation in the same way as other Shareholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Participants holding unvested conditional share awards under the InterContinental Hotels Group Annual Bonus Plan and / or InterContinental Hotels Group Annual
Performance Plan who are entitled to receive cash payments equal to the net dividends paid on the shares subject to those awards will receive a cash payment equal to the net amount of the Special Dividend, and the number of New Ordinary Shares to
which they will be entitled upon vesting of the awards will be adjusted so as to reflect the Share Consolidation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Participants holding other unvested conditional
share awards granted under the InterContinental Hotels Group Annual Bonus Plan and / or InterContinental Hotels Group Annual Performance Plan and / or the InterContinental Hotels Group Long Term Incentive Plan will not be entitled to receive the
Special Dividend in respect of those awards. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Directors have determined, in relation to those participants who will not be entitled to receive the Special
Dividend, that as the effect of the Share Consolidation will be to maintain comparability, as far as possible, of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">
Company&#146;s share price and thus to preserve the value of their share awards (subject to normal market fluctuations), the participants will not be disadvantaged by the Share Consolidation and
so no adjustment to their share awards is required. Following the Share Consolidation, holders of such awards will be entitled, upon vesting of their share awards, to receive the same number of New Ordinary Shares as the number of Existing Ordinary
Shares to which they would have been entitled had the Share Consolidation not&nbsp;occurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Participants holding Existing Ordinary Shares within the Britvic
Share Incentive Plan will be eligible to receive the Special Dividend and their shares will be subject to the Share Consolidation in the same way as other Shareholders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">As at <I></I>30&nbsp;<I></I>March<I></I><B></B> 2016 (being the last practicable date prior to the publication of this document), there were no outstanding share
options in respect of the share capital of the&nbsp;Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Share Plans are operated in such a way as to ensure that Ordinary Shares are not issued to
employees under the Share Plans in excess of the maximum permitted percentage of the Company&#146;s issued share capital under the relevant institutional investor guidelines. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>ADRs </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B><I>Voting by ADR holders </I></B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The latest time for ADR holders on the ADR register as at 4 April 2016 to provide the ADR Depositary with voting instructions for the AGM is 12.00pm (New York time) on
4&nbsp;May 2016. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Holders of ADRs will not, except as mentioned below, be entitled to attend the AGM. However, the ADR Depositary, as registered holder of the
Existing Ordinary Shares underlying the ADRs, will be so entitled and will vote or appoint a proxy in respect of such shares in accordance with written instructions received from holders of ADRs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Holders of ADRs who wish to attend the AGM in person should take steps to present their ADSs to the ADR Depositary for cancellation and (upon compliance with the terms
of the ADR Deposit Agreement, including payment of the ADR Depositary&#146;s fees and any applicable taxes and governmental charges) delivery of Existing Ordinary Shares so as to become registered members of the Company prior to the AGM. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Subject to the below, if no voting instructions are received by the ADR Depositary from any holder with respect to any of their ADRs on or before the cut-off time of
12.00pm (New York time) on 4 May 2016, in accordance with the provisions of, and subject to the limitations provided for in, the ADR Deposit Agreement, the ADR Depositary shall deem such holder to have instructed the ADR Depositary to give a
discretionary proxy to a person designated by the Company with respect to the relevant ADRs, and the ADR Depositary shall endeavour insofar as practicable and permitted under the provisions governing deposited ADRs to give a discretionary proxy to a
person designated by the Company to vote the ADRs as to which such instructions are so deemed given, provided that no such instruction shall be deemed given and no discretionary proxy shall be given (i) with respect to any matter as to which the
Company informs the ADR Depositary or the ADR Depositary reasonably believes (in the case of (b)&nbsp;or (c)&nbsp;below) that (a)&nbsp;the Company does not wish such proxy given, (b)&nbsp;substantial opposition exists or (c)&nbsp;materially affects
the rights of Shareholders (ii) unless, with respect to such meeting, the Depositary has been provided with an opinion of counsel to the Company in the manner required by the ADR Deposit Agreement, and/ or (iii) if the Company has failed to provide
the ADR Depositary with a certification by the Company, if requested, as to the non-existence of the circumstances described in (b) and (c) above. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B><I>Special
Dividend and Share Consolidation </I></B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Company is proposing to pay the Special Dividend to all ADR holders on the ADR register as at 4.00pm (New York time)
on 6 May 2016 (being the close of business on the day before the ADR effective date) in US dollars at an amount of US$6.329<B> </B>per ADS. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Following the Share
Consolidation becoming effective, the Existing Ordinary Shares held by the ADR Depositary will be replaced with New Ordinary Shares. As a result of the Share Consolidation and Special Dividend, for each existing ADS held at 4.00pm (New York time) on
6&nbsp;May 2016 (being the close of business on the day before the ADR effective date), holders will, upon cancellation of their existing ADSs, be issued and receive new ADSs and, in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">
connection with the Special Dividend, will also be paid US$6.329 per ADS (to be distributed in accordance with the ADR Deposit Agreement after giving effect to the fees provided for therein).
Fractions of new ADSs will not be issued to holders of existing ADRs. All fractions to which holders of existing ADRs would otherwise have been entitled will be aggregated and sold in the market as soon as practicable after the Share Consolidation
becomes effective and the net proceeds of sale will be paid to the holders of the existing ADSs entitled thereto. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Following the Share Consolidation becoming
effective, the ADR Depositary will mail a notice to registered holders of ADRs regarding the mechanics of the cancellation of their existing ADRs. For those ADR holders who hold a book-entry position through the Direct Registration System
(&#147;<B>DRS</B>&#148;), the ADR Depositary will automatically cancel the existing ADSs and mail a new DRS Statement advising the number of new ADSs to be credited to the holder&#146;s account along with the Special Dividend (to be distributed in
accordance with the ADR Deposit Agreement after giving effect to the fees provided for therein) and any net proceeds from the sale of fractional ADSs to which the holder may be entitled. No action will be necessary on the part of the ADR holder. For
registered holders of certificated ADRs, instructions for the cancellation of such certificated ADRs will be set out in the Letter of Transmittal. If such holders do not surrender their certificates for cancellation, they will not receive the new
entitlement and all dividends will be held until such time as they surrender their old certificates. ADR holders who hold their ADSs through a broker, financial institution or other nominee or otherwise, must rely on the procedures of such broker,
financial institution or other nominee. The ADR Depositary will, upon surrender of the existing ADSs for cancellation, cancel such existing ADSs, deduct the applicable ADS cancellation fees from the Special Dividend amount, and deliver new ADSs, the
Special Dividend (net of the ADS&nbsp;cancellation fees owing) and any net proceeds from the sale of fractional ADSs to which the holder may be entitled. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B><I>Available information </I></B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Company is currently subject to the
information requirements of the US Securities Exchange Act applicable to foreign private issuers having securities registered under Section&nbsp;12 of that Act and, as required by that Act, files an annual report and other information with the SEC.
The reports and other information filed with the SEC can be inspected and copied at the public reference room located at 100 F. Street, NE, Washington DC 20549 (www.sec.gov). Please call the SEC at +1-800-SEC-0330 for further information on the
public reference rooms and their copy charges. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Taxation </B></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>A.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>United Kingdom Taxation </I></B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>The following summary is intended as a general guide only and relates only to
certain limited aspects of the UK taxation treatment of the Special Dividend, the related Share Consolidation and the Company&#146;s Dividend Reinvestment Plan. It is based on current UK&nbsp;tax law (or, where expressly stated, anticipated future
changes in UK tax law) and what is understood to be the current practice of HM Revenue and Customs. It applies only to Shareholders who are resident for tax purposes in the UK (except insofar as express reference is made to the treatment of non-UK
residents), who are the absolute beneficial owners of their shares and any dividends paid on them, and hold them as an investment (but not through an individual savings account or self-invested personal pension). The tax position of certain
categories of Shareholders who are subject to special rules (such as persons acquiring their shares in connection with employment, dealers in securities, insurance companies and collective investment schemes) is not considered. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Shareholders who are in any doubt as to their tax position or who may be subject to tax in a jurisdiction other than the UK are strongly recommended to consult
their own independent tax advisers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Shareholders can view the Company&#146;s historic share price using the share price calculator on the Company&#146;s
website, www.ihgplc.com/investors. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Special Dividend </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Company is
not required to withhold tax when paying a dividend. Liability to tax on the Special Dividend will depend upon the individual circumstances of a Shareholder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The UK government has announced its intention to introduce significant changes to the income tax treatment of dividends
with effect from 6&nbsp;April 2016. This section first addresses the current rules and then, based on draft legislation published as part of the Finance Bill 2016 on 24 March 2016 sets out the Company&#146;s expectation as to the operation of the
new rules. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><U>Current Rules </U></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>(i)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>UK resident individual Shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">An individual Shareholder who is resident for tax purposes in the UK and
who receives the Special Dividend will generally be entitled to a tax credit equal to one-ninth of the amount of the dividend received, which is equivalent to 10&nbsp;per cent of the aggregate of the dividend received and the tax credit (the
&#147;<B>gross dividend</B>&#148;), and will be subject to income tax on the gross dividend. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">An individual UK resident Shareholder who is subject to income tax at
a rate or rates not exceeding the basic rate will be liable to tax on the gross dividend at the rate of 10&nbsp;per cent, so that the tax credit will satisfy the income tax liability of such a Shareholder in full. Where the tax credit exceeds the
Shareholder&#146;s tax liability the Shareholder cannot claim repayment of the tax credit from HM Revenue and Customs. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">An individual UK resident Shareholder who
is subject to income tax at the higher rate will be liable to income tax on the gross dividend at the rate of 32.5&nbsp;per cent to the extent that such sum, when treated as the top slice of that Shareholder&#146;s income, falls within the bracket
for higher rate income tax. To the extent the gross dividend falls within that bracket, after taking into account the 10&nbsp;per cent tax credit a higher rate taxpayer will therefore be liable to additional income tax equal to 22.5&nbsp;per cent of
the gross dividend, which equates to 25&nbsp;per cent of the net dividend. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">An individual UK resident Shareholder who is subject to income tax at the additional
rate will be liable to income tax on the gross dividend at the rate of 37.5&nbsp;per cent to the extent that such sum, when treated as the top slice of that Shareholder&#146;s income, exceeds the threshold for additional rate income tax. To the
extent the gross dividend exceeds that threshold, after taking into account the 10&nbsp;per cent tax credit an additional rate taxpayer will therefore be liable to additional income tax of 27.5&nbsp;per cent of the gross dividend, which equates to
approximately 30.6&nbsp;per cent of the net dividend. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>(ii)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>UK resident corporate Shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">For UK resident corporate Shareholders, it is likely that the Special
Dividend will fall within one or more of the classes of dividend qualifying for exemption from corporation tax. However, it should be noted that the exemptions are not comprehensive and are also subject to anti-avoidance rules. Shareholders within
the charge to corporation tax should consult their own independent tax&nbsp;advisers. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>(iii)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>UK resident exempt Shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">UK resident Shareholders who are not liable to UK tax on dividends, including
pension funds and charities, are not entitled to claim repayment of the tax credit. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>(iv)</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Non-UK resident Shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Shareholders who are resident outside the UK for tax purposes generally will not
be subject to UK tax on dividends and will not generally be able to claim repayment of any part of the tax credit attaching to the Special Dividend, although this will depend on the existence and terms of any double taxation convention between the
UK and the country in which such Shareholder is resident. A Shareholder resident outside the UK may be subject to non-UK taxation on dividend income under local law. A Shareholder who is resident outside the UK for tax purposes should consult his or
her own independent tax advisers concerning his or her tax position in respect of the Special Dividend. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><U>New Rules from 6&nbsp;April 2016 </U></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">As noted above, the UK government has announced that it intends to introduce significant changes to the income tax treatment of dividends with effect from 6&nbsp;April
2016. Draft legislation was published on 24 March 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><I><U>The remainder of this section assumes that the legislation providing for these changes will be enacted in the form
published in draft on </U><U></U><U>24 March 2016. It is, however, not certain that such legislation will be enacted or, if it is, that it will be enacted in the same form</U>. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The changes will abolish the UK tax credit currently available in respect of dividends and introduce new rates of tax on dividends, being 0% for the first &pound;5,000
of dividend income (the &#145;nil rate band&#146;) and, otherwise, 7.5% for dividend income within the basic rate band, 32.5% for dividend income within the higher rate band and 38.1% for dividend income within the additional rate band. In more
detail: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;UK</I></TD>
<TD ALIGN="left" VALIGN="top"><I>resident individual Shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Individual Shareholders who are resident for tax purposes in the UK and
receive the Special Dividend will no longer be entitled to any tax credit. Such Shareholders will not be liable to UK tax to the extent that (taking account of any other dividends received in the same tax year) that dividend falls within the nil
rate band. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">To the extent that (taking account of any other dividends received by the Shareholder in the same tax year) the dividend does not fall within the nil
rate band, it will be subject to income tax at 7.5% (to the extent it is within the basic rate band), 32.5% (to the extent it is within the higher rate band) or 38.1% (to the extent it is within the additional rate band) </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>(ii)&nbsp;&nbsp;&nbsp;&nbsp;UK</I></TD>
<TD ALIGN="left" VALIGN="top"><I>resident corporate shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">No change in the position of UK resident corporate Shareholders is anticipated.
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I>(iii)&nbsp;&nbsp;&nbsp;&nbsp;UK</I></TD>
<TD ALIGN="left" VALIGN="top"><I>resident exempt shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">No change in the position of UK resident Shareholders is anticipated. There will
no longer be any tax credit attaching to the Special Dividend. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><I><FONT STYLE="white-space:nowrap">(iv)&nbsp;&nbsp;&nbsp;&nbsp;Non-UK</FONT></I></TD>
<TD ALIGN="left" VALIGN="top"><I>resident Shareholders</I> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">As under current law, a Shareholder resident outside the UK generally will not be subject
to UK tax on dividends, but may be subject to non-UK taxation on dividend income under local law and should consult his or her own independent tax advisers concerning his or her tax position in respect of the Special Dividend. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Share Consolidation </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">It is expected that, for the purposes of UK taxation
on chargeable gains, the Share Consolidation will be treated as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the New Ordinary Shares arising from the Share Consolidation will result from a reorganisation of the share capital of the Company. Accordingly, to the extent that a Shareholder receives New Ordinary Shares, the
Shareholder should not be treated as making a disposal of all or part of the Shareholder&#146;s holding of Existing Ordinary Shares by reason of the Share Consolidation being implemented, and the New Ordinary Shares which replace a
Shareholder&#146;s holding of Existing Ordinary Shares (the &#147;<B>new holding</B>&#148;) as a result of the Share Consolidation will be treated as the same asset acquired at the same time as the Shareholder&#146;s holding of Existing Ordinary
Shares was acquired; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">to the extent that a Shareholder receives cash by virtue of a sale on his or her behalf of any New Ordinary Shares to which he or she has a fractional entitlement, the Shareholder will not in practice normally be
treated as making a part disposal of the Shareholder&#146;s holding of Existing Ordinary Shares, the proceeds instead being deducted from the base cost of the Shareholder&#146;s new holding. If those proceeds exceed that base cost, however, or if a
Shareholder holds only one Existing Ordinary Share at the Effective Date and so is not entitled to any New Ordinary Shares, the Shareholder will be treated as disposing of part or all of his or her existing holding of Ordinary Shares and will be
subject to tax in respect of any chargeable gain thereby realised; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">on a subsequent disposal of the whole or part of the New Ordinary Shares comprised in the new holding, a Shareholder may, depending on his or her circumstances, be subject to tax on the amount of any chargeable gain
realised; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">16 </P>


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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">non-UK resident Shareholders who do not have a branch or agency (or, in the case of a non-resident company, a permanent establishment) in the UK will generally not be subject to UK tax on disposal of the Ordinary
Shares. </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Dividend Reinvestment Plan </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">It is expected
that for the purposes of UK taxation, Shareholders who elect to use the cash Special Dividend to buy additional shares under the Dividend Reinvestment Plan will be treated as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">an individual Shareholder, for income tax purposes, will be treated in the same manner as if he or she received the Special Dividend in cash. For capital gains tax purposes, the cost of the additional shares acquired
with the Special Dividend, including any dealing charges and stamp duty or stamp duty reserve tax, should be the base cost of the additional shares purchased on the individual Shareholder&#146;s behalf; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">a corporate Shareholder, for corporation tax purposes, will be treated in the same manner as if it received the Special Dividend in cash. For the purposes of corporation tax on chargeable gains, the cost of the
additional shares acquired with the Special Dividend, including any dealing charges and stamp duty or stamp duty reserve tax, should be the base cost of the additional shares purchased on the corporate Shareholder&#146;s behalf. </TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Transactions in Securities anti-avoidance </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Under the provisions of
Chapter 1 of Part 13 Income Tax Act 2007 (for individuals) and Part 15 Corporation Tax Act 2010 (for companies), in each case as amended, HM Revenue and Customs can, in certain circumstances, counteract tax advantages arising in relation to certain
transactions in securities. It is not expected that these provisions should be engaged in respect of the Special Dividend, and no clearance has been or will be sought by the Company from HM Revenue and Customs in relation to their applicability to
the Special Dividend. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>B.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>United States Federal Income Taxation</I></B> </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">As used herein, a &#147;<B>US Holder</B>&#148; is a beneficial
owner of the Existing Ordinary Shares or ADSs that is, for US federal income tax purposes: (i)&nbsp;a citizen or individual resident of the United States; (ii)&nbsp;a corporation, or other entity taxable as a corporation, created or organised in or
under the laws of the United States, any state therein or the District of Columbia; or (iii)&nbsp;an estate or trust the income of which is subject to US federal income taxation regardless of its source. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The following is a discussion of certain US federal income tax consequences of the Special Dividend and related Share Consolidation to the US Holders described below,
but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a particular person. This discussion does not address US state, local and non-US tax consequences. The discussion addresses only US
Holders who hold Existing Ordinary Shares or ADSs as capital assets for US federal income tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in light of a US Holder&#146;s particular circumstances,
including alternative minimum tax consequences, any aspect of the provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;) commonly referred to as Medicare contribution tax, and consequences applicable to US Holders subject
to special rules, such as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">certain financial institutions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">dealers and certain traders in securities or foreign currencies; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">persons holding Existing Ordinary Shares or ADSs as part of a hedge, straddle, conversion or other integrated transaction; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">persons whose functional currency for US federal income tax purposes is not the US dollar; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">partnerships or other entities classified as partnerships for US federal income tax purposes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">tax-exempt organisations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">persons holding Existing Ordinary Shares or ADSs in connection with a trade or business conducted outside of the United States; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:14pt">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">persons that own or are deemed to own 10&nbsp;per cent or more of the Company&#146;s voting stock. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed
US Treasury regulations, all as of the date hereof. These laws are subject to change, possibly on a retroactive basis. It is also based, in part, on representations by the ADR Depositary and assumes that each obligation under the ADR Deposit
Agreement and any related agreement will be performed in accordance with its terms. <B>US Holders should consult their own independent tax advisers concerning the US federal, state, local and <FONT STYLE="white-space:nowrap">non-US</FONT> tax
consequences of the Special Dividend and related Share Consolidation in their particular circumstances.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">In general, a US Holder of ADSs will be treated as the
owner of the underlying Ordinary Shares represented by those ADSs for US federal income tax purposes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The US Treasury has expressed concerns that parties to whom
ADSs are pre-released may be taking actions that are inconsistent with the claiming of foreign tax credits for US Holders of ADSs. Such actions would also be inconsistent with the claiming of the preferential rates of tax applicable to dividends
received by certain non-corporate US Holders. Accordingly, the availability of preferential tax rates for dividends received by certain non-corporate US Holders, described below, could be affected by actions taken by parties to whom ADSs are
pre-released. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">This discussion assumes that the Company has not been, and will not become, a passive foreign investment company (&#147;<B>PFIC</B>&#148;) for US
federal income tax purposes, as described below. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Special Dividend </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Special Dividend paid on Existing Ordinary Shares (including Existing Ordinary Shares represented by ADSs) will be treated as dividend income to the extent paid
out of the Company&#146;s current or accumulated earnings and profits (as determined under US federal income tax&nbsp;principles). To the extent the Special Dividend exceeds the Company&#146;s current and accumulated earnings and profits (as
determined under US federal income tax principles), it will be treated first as a tax-free return of capital to the extent of the US Holder&#146;s tax basis in its Ordinary Shares or ADSs, and capital gain thereafter. The Company does not maintain
records of earnings and profits in accordance with US federal income tax principles. Accordingly, it is expected that the Special Dividend will be reported as a dividend for US federal income tax purposes. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Special Dividend will be included in the US Holder&#146;s income in a US dollar amount calculated by reference to the exchange rate in effect on the date the
Special Dividend is received by such US Holder in the case of a US Holder of Ordinary Shares or on the date of receipt by the depositary in the case of a US Holder of ADSs, regardless of whether the payment is in fact converted into US dollars at
such time. If the Special Dividend is converted into US dollars on such date of receipt, a US Holder generally should not be required to recognise foreign currency gain or loss in respect of the dividend income. A US Holder may have US-source
foreign currency income or loss if the Special Dividend is converted into US dollars after the date of its receipt. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The Special Dividend will not be eligible for
the dividends-received deduction generally allowed to US corporations under the Code. Subject to applicable limitations and the concerns expressed by the US Treasury discussed above, the Special Dividend paid to certain non-corporate US Holders may
be taxable at preferential rates. Non-corporate US Holders should consult their own independent tax advisers to determine whether they are subject to any special rules that would limit their ability to be taxed at these preferential rates. If the
preferential rates apply and the sum of the Special Dividend and any other dividends that have ex-dividend dates during the same period of 85 consecutive days in the aggregate exceeds 10&nbsp;per cent of a US Holder&#146;s adjusted basis in its
Ordinary Shares or ADSs (or, if the preferential rates apply and the sum of the Special Dividend and any other dividends that have ex-dividend dates during the same period of 365 consecutive days in the aggregate exceeds 20&nbsp;per cent of such
basis), any loss on the sale or exchange of such Ordinary Shares or ADSs would be treated as long-term capital loss to the extent of such dividend(s). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Share
Consolidation </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">A US Holder will not recognise a gain or loss in connection with the exchange of Existing Ordinary Shares (including Existing Ordinary Shares
represented by ADSs) for New Ordinary Shares </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">
(including New Ordinary Shares represented by ADSs) in the Share Consolidation, except to the extent of cash received in lieu of an entitlement to a fractional New Ordinary Share or ADS. The
difference, as determined in US dollars, between the US Holder&#146;s tax basis allocable to the fractional entitlement and the cash received upon the sale of such entitlement will be capital gain or loss, which will be long-term capital gain or
loss if the US Holder has held its Existing Ordinary Shares or ADSs for more than one year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">A US Holder&#146;s tax basis in its New Ordinary Shares or ADSs will
equal its tax basis in its Existing Ordinary Shares or ADSs less any tax basis that is allocable to any fractional entitlement to a New Ordinary Share or ADS. A US Holder&#146;s holding period for its New Ordinary Shares or ADSs will include its
holding period for the Existing Ordinary Shares or ADSs exchanged therefor. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Passive Foreign Investment Company Considerations </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">In general, a non-US company will be a PFIC for any taxable year in which (i)&nbsp;75&nbsp;per cent or more of its gross income consists of passive income (such as
dividends, interest, rents and royalties, other than certain income derived in the active conduct of a trade or business); or (ii)&nbsp;50&nbsp;per cent or more of the average quarterly value of its assets consists of assets that produce, or are
held for the production of, passive income. Based on the manner in which the Company operates its business and estimates of the value of its assets (which estimates are based, in part, on the market value of the Company&#146;s ADSs), the Company
believes that it was not a PFIC for its most recent taxable year and does not expect to become a PFIC in the foreseeable future. However, because PFIC status depends upon the composition of a company&#146;s income and assets and the fair market
value of its assets from time to time, and the Company has not reviewed its status as a PFIC for all prior taxable years, there can be no assurance that the Company will not be, or was not, a PFIC for any taxable year. If the Company were treated as
a PFIC for any taxable year during which a US Holder held Ordinary Shares or ADSs, certain adverse US federal income tax consequences could apply to such US Holder upon a disposition of Ordinary Shares or ADSs or receipt of certain excess
distributions, including the Special Dividend. US Holders are urged to consult their own independent tax advisers concerning the US federal income tax consequences to them if the Company has been or becomes a PFIC for any taxable year. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL"><B>Information Reporting and Backup Withholding </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Payment of the Special
Dividend and sales proceeds made within the United States or through certain US-related financial intermediaries generally are subject to information reporting and backup withholding unless the US Holder is a corporation or other exempt recipient
or, in the case of backup withholding, the US Holder provides a correct taxpayer identification number and certifies that no loss of exemption from backup withholding has occurred. The amount of any backup withholding from a payment to a US Holder
will be allowed as a credit against the US Holder&#146;s US federal income tax liability and may entitle the US Holder to a refund, provided that the required information is furnished to the Internal Revenue Service on a timely basis. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Dealings and settlement </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Application will be made to the UK Listing Authority for the New Ordinary Shares
arising from the proposed consolidation of the Company&#146;s total issued share capital to be admitted to the premium segment of the Official List and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London
Stock Exchange&#146;s main market for listed securities. It is expected that dealings in the Existing Ordinary Shares will continue until 6.00pm on 6&nbsp;May 2016 and that Admission of the New Ordinary Shares will become effective and dealings for
normal settlement will commence at 8.00am on 9&nbsp;May 2016. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">New share certificates in respect of the New Ordinary Shares are expected to be posted at the risk
of Shareholders by 17 May 2016 to those Shareholders who hold their shares in Certificated Form. These will replace existing certificates which should then be destroyed. Pending the receipt of new certificates, transfers of New Ordinary Shares held
in Certificated Form will be certified against the Register. Shareholders who hold their entitlement to New Ordinary Shares in Uncertificated Form through CREST will have their CREST accounts adjusted to reflect their entitlement to New Ordinary
Shares on 9&nbsp;May 2016. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Holders of ADSs should refer to paragraph 6<B> </B>of this Appendix I for more details. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">19 </P>


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<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Consent </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Goldman Sachs International has given and not withdrawn its written consent to the inclusion in this
document of the references to its name in the form and context in which it appears. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Documents available for inspection </B></TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Copies of the following documents will be available for inspection during
normal business hours on any weekday (Saturdays, Sundays and public holidays excepted) at the offices of Freshfields Bruckhaus Deringer LLP of 65 Fleet Street, London EC4Y 1HS from the date of this document up to and including the date of the Annual
General Meeting and for the duration of the Annual General Meeting: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">this document; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">the consent letter referred to above. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">Dated: 4&nbsp;April 2016 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B><A NAME="txa132048_4"></A>Appendix III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL" ALIGN="center"><B>Definitions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:ARIAL">The following definitions apply throughout
this document and the accompanying Form of Proxy unless the context requires otherwise. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Admission </P></TD>
<TD>the admission of the New Ordinary Shares to the premium listing segment of the Official List and to trading on the London Stock Exchange&#146;s main market for listed securities </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">ADR </P></TD>
<TD>an American depositary receipt evidencing an ADS, issued by the ADR Depositary in accordance with the provisions of the ADR Deposit Agreement </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">ADR Deposit Agreement </P></TD>
<TD>the deposit agreement entered into between the Company, the ADR Depositary and ADR holders from time to time of ADRs issued under it </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">ADR Depositary </P></TD>
<TD>JPMorgan Chase Bank, N.A. in its capacity as the ADR depositary under the ADR Deposit Agreement </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">ADS </P></TD>
<TD>an American depositary share, representing one Ordinary Share in the Company </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Annual General Meeting or AGM </P></TD>
<TD>The Annual General Meeting of the Company convened for 11.00am on Friday 6&nbsp;May 2016 (and any adjournment thereof) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Board </P></TD>
<TD>the board of Directors of the Company </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">in Certificated Form </P></TD>
<TD>not in Uncertificated Form </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Companies Act </P></TD>
<TD>the Companies Act 2006 (as amended) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Company or IHG </P></TD>
<TD>InterContinental Hotels Group PLC </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">CREST </P></TD>
<TD>the relevant system (as defined in the CREST Regulations) in respect of which CRESTCo Limited is the Operator (as defined in the CREST Regulations) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">CREST Manual </P></TD>
<TD>the rules governing the operation of CREST, consisting of the CREST Reference Manual, CREST International Manual, CREST Central Counterparty Service Manual, CREST Rules, Registrars Service Standards, Settlement Discipline Rules, CCSS Operations
Manual, Daily Timetable, CREST Application Procedure and CREST Glossary of Terms (all as defined in the CREST Glossary of Terms) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">CREST Regulations </P></TD>
<TD>the Uncertificated Securities Regulations 2001 (SI 2001 No.&nbsp;3755) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Directors </P></TD>
<TD>the directors of the Company </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Dividend Reinvestment Plan </P></TD>
<TD>the dividend reinvestment plan operated by the Company </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Effective Date </P></TD>
<TD>the date on which entitlement to the Special Dividend and Share Consolidation becomes effective </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Euroclear </P></TD>
<TD>Euroclear UK &amp; Ireland Limited </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Existing Ordinary Shares </P></TD>
<TD>the existing ordinary shares of 15<SUP STYLE="font-size:85%; vertical-align:top"> 265</SUP>/<SUB STYLE="font-size:85%; vertical-align:bottom">329</SUB> pence each in the capital of the Company </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">FCA </P></TD>
<TD>the Financial Conduct Authority of the United Kingdom (or any successor body in respect thereof) </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">21 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Final Dividend </P></TD>
<TD>the proposed final dividend for 2015 of US$0.575 which converts to 40.3<B> </B>pence, per Existing Ordinary Share or per ADS (as applicable) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Form of Proxy </P></TD>
<TD>the form of proxy for use by holders of Existing Ordinary Shares accompanying this document in connection with the AGM </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">fractional entitlement </P></TD>
<TD>an entitlement to a fractional New Ordinary Share or ADR </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Letter of Transmittal </P></TD>
<TD>an exchange form in respect of the ADSs to be sent by the exchange agent appointed by the Company to ADR holders </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">London Stock Exchange </P></TD>
<TD>London Stock Exchange plc </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">New Ordinary Shares </P></TD>
<TD>the proposed new ordinary shares of <B></B><B></B>18<SUP STYLE="vertical-align:top">&nbsp;318</SUP>&#8260;<SUB STYLE="vertical-align:bottom">329</SUB> pence each in the capital of the Company resulting from the Share Consolidation
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Official List </P></TD>
<TD>the official list maintained by the FCA </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Ordinary Shares </P></TD>
<TD>prior to the Share Consolidation, the Existing Ordinary Shares and, thereafter, the New Ordinary Shares </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">PRA </P></TD>
<TD>the Prudential Regulation Authority of the United Kingdom (or any successor body in respect thereof) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Record Date </P></TD>
<TD>6.00pm on 6&nbsp;May 2016 (or such other time and date as the Directors may determine) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Register </P></TD>
<TD>the register of members of the Company </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Registrar </P></TD>
<TD>Equiniti, or any other registrar appointed by the Company from time to time </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Resolutions </P></TD>
<TD>the resolutions set out in the notice convening the AGM which is set out at the beginning of this document </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">SEC </P></TD>
<TD>the United States Securities and Exchange Commission </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Share Consolidation </P></TD>
<TD>the proposed consolidation to be effected by consolidating every <B></B><B></B>6 Existing Ordinary Shares into <B></B><B></B>5 New Ordinary Shares </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Shareholders </P></TD>
<TD>holders of Ordinary Shares in the Company and, where the context so requires, holders of ADRs </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Share Plans </P></TD>
<TD>the InterContinental Hotels Group Long Term Incentive Plan, the InterContinental Hotels Group Annual Bonus Plan, the InterContinental Hotels Group Annual Performance Plan and the Britvic Share Incentive Plan </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">Special Dividend </P></TD>
<TD>the proposed special interim dividend of US$6.329 per Existing Ordinary Share or per ADS (as applicable) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">UK Listing Authority </P></TD>
<TD>the FCA acting in its capacity as the competent authority for the purposes of Part VI of the Financial Services and Markets Act 2000 (as amended) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">in Uncertificated Form </P></TD>
<TD>recorded on the Register as being held in uncertificated form in CREST and title to which, by virtue of the CREST Regulations, may be transferred by means of CREST </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">United Kingdom or UK </P></TD>
<TD>the United Kingdom of Great Britain and Northern Ireland </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">United States or US </P></TD>
<TD>the United States of America, its territories and possessions, any State of the United States of America and the District of Columbia </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10.5pt; font-family:ARIAL">US Securities Exchange Act </P></TD>
<TD>the US Securities Exchange Act of 1934 (as amended) </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The singular shall include the plural and <I>vice versa</I>, and words importing the masculine gender shall include the
feminine or neutral gender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Terms defined in the CREST Manual shall, unless the context otherwise requires, bear the same meanings where used in this document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">References to &#147;&pound;&#148;, &#147;sterling&#148;, &#147;pounds sterling&#148;, &#147;penny&#148; and &#147;pence&#148; are to the lawful currency of the United
Kingdom. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">References to &#147;$&#148;, &#147;US dollars&#148; and &#147;US$&#148; are to the lawful currency of the United States. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The &pound;:US$ exchange rate to be applied in respect of the Special Dividend will be calculated on 12&nbsp;May 2016, based on the average of the market exchange rates
on the three dealing days commencing 9&nbsp;May 2016, using the WM/Reuters closing mid-point spot rate as at 4:00pm. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">23 </P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d173525dex992.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4&nbsp;April 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>InterContinental Hotels
Group PLC (&#147;IHG&#148; or the &#147;Company&#148;) </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Publication of Circular: Notice of Annual General Meeting and details of
Special Dividend and Share Consolidation </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On 23&nbsp;February 2016, the Board of IHG announced its intention to return US$1.5 billion to Shareholders
via a Special Dividend with a Share Consolidation. The Board of IHG today announces it is publishing a circular (the &#147;Circular&#148;) which contains notice of its Annual General Meeting and provides further details of the proposed Special
Dividend and Share Consolidation. The Annual General Meeting is to be held on 6&nbsp;May 2016 at 11.00am at the InterContinental London Park Lane, One Hamilton Place, Park Lane, London, W1J 7QY. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Dividend </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The amount of the Special Dividend is
US$6.329 per Existing Ordinary Share. The Board is proposing to pay the Special Dividend to Shareholders on the Register at 6.00pm (London time) on 6&nbsp;May 2016 in Pounds Sterling and to ADR holders on the ADR register as at 4.00pm (New York
time) on 6&nbsp;May 2016 (being the close of business on the day before the ADR effective date) in US Dollars, in each case as an interim dividend in respect of the financial year ending 31&nbsp;December 2016. The Pounds Sterling amount to be paid
will be calculated on 12&nbsp;May 2016, based on the average of the market exchange rates on the three dealing days commencing 9&nbsp;May 2016, using the WM/Reuters closing mid-point spot rate as at 4:00pm (London time). The Special Dividend is
expected to be paid to Shareholders and to holders of ADRs on 23&nbsp;May 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Share Consolidation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is proposed that the payment of the Special Dividend be accompanied by a consolidation of the Company&#146;s ordinary share capital. A resolution to effect
the Share Consolidation will be proposed at the Annual General Meeting, details of which are set out in the Circular. The Share Consolidation proposes to replace IHG&#146;s 237,020,856 Existing Ordinary Shares of 15 <SUP
STYLE="font-size:85%; vertical-align:top">265</SUP><SUP STYLE="font-size:85%; vertical-align:top">/</SUP><SUP STYLE="font-size:85%; vertical-align:top">329</SUP> pence each with 197,517,380 New Ordinary Shares in IHG of 18 <SUP
STYLE="font-size:85%; vertical-align:top">318</SUP><SUP STYLE="font-size:85%; vertical-align:top">/</SUP><SUP STYLE="font-size:85%; vertical-align:top">329</SUP> pence each. Fractional entitlements arising from the Share Consolidation will be
aggregated and sold in the market on behalf of the relevant Shareholders. The proceeds of the sale are expected to be sent to the relevant Shareholders on 17&nbsp;May 2016. The value of any Shareholder&#146;s fractional entitlement will not exceed
the value of one New Ordinary Share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As at 30&nbsp;March 2016 the total amount of the Special Dividend was equivalent to approximately 16 per cent of the
market capitalisation of the Company. The effect of the Share Consolidation will be to reduce the number of Ordinary Shares in issue by approximately the same percentage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As all ordinary shareholdings in the Company will be consolidated, Shareholders&#146; percentage holdings in the issued share capital of the Company will
(save in respect of fractional entitlements and shareholders participating in the Dividend Reinvestment Plan for the Special Dividend) remain unchanged. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Expected timetable for the Special Dividend and Share Consolidation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If any of the below times and / or dates change, the revised times and / or dates will be notified to Shareholders by announcement through a Regulatory
Information Service. Unless otherwise stated, all references to times given below are to London time. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="25%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>2016</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt ;margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Latest time and date for receipt of Forms of Proxy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.00am&nbsp;on&nbsp;4&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt ;margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Latest time and date for receipt by the ADR Depositary of completed Voting Instruction cards from
holders of ADRs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12.00pm (New York time) on 4&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt ;margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Annual General Meeting</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11.00am on 6&nbsp;May</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Record date for participation in the Dividend Reinvestment Plan for the Special Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.00pm&nbsp;on&nbsp;6&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shareholder record date for the Special Dividend and for the Share Consolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.00pm on 6&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commencement of dealings in New Ordinary Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.00am on 9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ordinary Shares (but not ADSs) marked ex-Special Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CREST accounts credited with New Ordinary Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ADR effective date for the Special Dividend and for the Share Consolidation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.30am&nbsp;(New&nbsp;York&nbsp;time)&nbsp;on&nbsp;9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commencement of dealings in new ADSs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.30am&nbsp;(New&nbsp;York&nbsp;time)&nbsp;on&nbsp;9&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Translation date for calculation of the Pounds Sterling amount to be paid in respect of the Special Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Despatch of cheques for fractional entitlements and certificates for New Ordinary Shares; CREST accounts credited with the value of
fractional entitlements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of the Special Dividend to Shareholders and to holders of ADRs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23&nbsp;May</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Purchase of New Ordinary Shares for participants in the Dividend Reinvestment Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23&nbsp;May</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Circular will be posted or otherwise made available to Shareholders today. The Circular will be available on the IHG website at <U>www.ihgplc.com/investors</U> under financial library and, in compliance with Listing Rule 9.6.1, copies of both the
Circular and the form of proxy for use in connection with the Annual General Meeting will shortly be available for inspection at <U>www.hemscott.com/nsm.do</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All definitions used in the Circular to Shareholders dated 4&nbsp;April 2016 have the same meaning when used in this announcement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For further information </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investor Relations (Catherine Dolton, Adam Smith):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">+44&nbsp;(0)1895&nbsp;512176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">+44&nbsp;(0)7808&nbsp;098724</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Media Relations (Yasmin Diamond, Zoe Bird):</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">+44&nbsp;(0)1895&nbsp;512008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">+44&nbsp;(0)7736&nbsp;746167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Notes for editors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>IHG<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> (InterContinental Hotels Group)</U> [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including <U>InterContinental<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Hotels &amp; Resorts</U>, <U>Kimpton<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Hotels &amp; Restaurants</U>, <U>HUALUXE&#153; Hotels and Resorts</U>, <U>Crowne Plaza<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Hotels &amp; Resorts</U>, <U>Hotel Indigo<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></U>, <U>EVEN<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Hotels</U>, <U>Holiday
Inn<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Hotels &amp; Resorts</U>, <U>Holiday Inn Express<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></U>, <U>Staybridge
Suites<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></U> and <U>Candlewood Suites<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IHG franchises, leases, manages or owns more than 5,000 hotels and 744,000 guest rooms in nearly 100 countries, with more than 1,300 hotels in its development
pipeline. IHG also manages <U>IHG<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Rewards Club</U>, the world&#146;s first and largest hotel loyalty programme with more than 92 million members worldwide.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>InterContinental Hotels Group PLC</U> is the Group&#146;s holding company and is incorporated in Great Britain and registered in England and Wales. More
than 350,000 people work across IHG&#146;s hotels and corporate offices globally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Visit <U>www.ihg.com</U> for hotel information and reservations and
<U>www.ihgrewardsclub.com</U> for more on IHG Rewards Club. For our latest news, visit: <U>www.ihg.com/media</U> and follow us on social media at: <U>www.twitter.com/ihg</U>, <U>www.facebook.com/ihg</U> and <U>www.youtube.com/ihgplc</U>. </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
