<SEC-DOCUMENT>0001654954-20-002015.txt : 20200228
<SEC-HEADER>0001654954-20-002015.hdr.sgml : 20200228
<ACCEPTANCE-DATETIME>20200228082617
ACCESSION NUMBER:		0001654954-20-002015
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200228
FILED AS OF DATE:		20200228
DATE AS OF CHANGE:		20200228

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:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10409
		FILM NUMBER:		20665737

	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>a4727e.htm
<DESCRIPTION>ANNUAL FINANCIAL REPORT
<TEXT>
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<font style="font-family: Times New Roman; font-size: 13px">SECURITIES
AND EXCHANGE COMMISSION</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Washington
DC 20549</font></div>
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FORM 6-K</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
OF</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">THE
SECURITIES EXCHANGE ACT OF 1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">For&#xA0;<font style="font-weight: bold">28
February 2020</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 16px"><font style="font-weight: bold">
InterContinental Hotels Group PLC</font><font style="font-family: Times New Roman">&#x2028;</font></font></div>
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<font style="font-family: Times New Roman; font-size: 16px">(Registrant's
name)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Broadwater
Park, Denham, Buckinghamshire, UB9 5HJ, United Kingdom</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Form
20-F&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
Form 40-F</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Yes&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
&#xA0;No</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): Not
applicable</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">EXHIBIT
INDEX</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">99.1</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Annual
Financial Report dated 28 February 2020</font></div>
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<tr>
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<font style="font-family: Times New Roman; font-size: 13px">Exhibit
No: 99.1</font></div>
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&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; color: #000000">
&#xA0;</font><font style="color: #000000; font-size: 13px">28
February 2020</font></font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
InterContinental Hotels Group PLC</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Annual Financial Report 2019</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Company announces that the following documents have been made
available to shareholders:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
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<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">1.</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Annual
Report and Form 20-F 2019</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px; font-family: Times New Roman">2.</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">Chair's
Letter</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 144px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
In compliance with Listing Rule 9.6.1R a copy of each of these
documents has been submitted to the UK Listing Authority via the
National Storage Mechanism and will be available in due course for
inspection at&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">http://www.morningstar.co.uk/uk/nsm</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
InterContinental Hotels Group PLC has also filed the Annual Report
and Form 20-F for the year ended 31 December 2019 with the US
Securities and Exchange Commission.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
Documents referred to above are publicly available on the
InterContinental Hotels Group PLC website and the Annual Report
2019 can be found at:&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">https://www.ihgplc.com/investors/annual-report</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Shareholders may request a hard copy of the Annual Report and Form
20-F 2019 free of charge from the address below:</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Company Secretary's Office</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
InterContinental Hotels Group PLC</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Broadwater Park, Denham</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Buckinghamshire UB9 5HR</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
United Kingdom</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Disclosure Guidance and Transparency Rule 6.3.5R
Disclosure</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The disclosures set out in the Appendices below are made in
compliance with Disclosure Guidance and Transparency Rule
6.3.5R.&#xA0; The Appendices have been extracted from the Annual
Report and Form 20-F 2019 (Annual Report) in full unedited text,
and the page number references refer to page numbers in the Annual
Report.&#xA0; The information in the Appendices should be read in
conjunction with the Company's Preliminary Results announcement,
which together constitute the material required by DTR 6.3.5R to be
communicated to the media in full unedited text through a
regulatory information service and this material is not a
substitute for reading the full Annual Report.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Appendix A - Related Party Transactions</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Related party disclosures are set out in&#xA0;note 32&#xA0;to the
Group Financial Statements, on page&#xA0;197 to 198 of the Annual
Report:&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 70%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2019</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2017</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total compensation of key management
personnel&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Short-term
employment benefits</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
15.8</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18.2</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21.3</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Contributions
to defined contribution pension plans</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
0.5</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.5</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity
compensation benefits</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
12.1</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13.0</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.2</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Termination
benefits</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.9</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 70%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
28.4</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">31.7</font></div>
</td>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">34.0</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
There were no other transactions with key management personnel
during the years ended 31 December 2019, 2018 or 2017.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Key management personnel comprises the Board and Executive
Committee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Related party disclosures for associates and joint ventures are as
follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 24%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Associates</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 24%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Joint Ventures</font></div>
</td>
<td colspan="3" style="vertical-align: top; width: 24%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2019</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2017</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2019</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2017</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2019</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2017</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$m</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Revenue
from associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
10</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
amounts owed by associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
3</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 24%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amounts
owed to associates and joint ventures</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
(4)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
</td>
<td style="vertical-align: top; width: 8%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In addition, loans both to and from the Barclay associate of $237m
(2018: $237m) are offset in accordance with the provisions of IAS
32 and presented net in the Group statement of financial position.
Interest payable and receivable under the loans is equivalent
(average interest rate of 2.1% in 2019 (2018: 2.7%)) and presented
net in the Group income statement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Appendix B - Principal risks and uncertainties</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
principal risks and uncertainties relating to the Group are set out
on pages 47 to 53 of the Annual Report.&#xA0;&#xA0;The principal
risks and uncertainties are supported by a broader description of
risk factors set out on pages&#xA0;<font style="color: #000000">226</font>&#xA0;to&#xA0;<font style="color: #000000">230</font>&#xA0;of the Annual Report.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
IHG's principal risks and uncertainties</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our risk profile is structurally similar to that of a year ago,
although the context within which we operate is highly dynamic
reflecting the cyclical nature of our industry and global
macroeconomic uncertainties.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our discussions of risk also take place within a context of
increasing scrutiny of the impact of our business on our
stakeholders, and our longer-term sustainability. We have therefore
split out our consideration of external factors to recognise both
the risks relating to political and economic headwinds on our
growth ambitions (for example disruption in key markets and trade
wars) and also the requirement to anticipate and respond
appropriately to the risks and opportunities relating to our
environmental and social responsibilities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We have also refreshed our crisis and incident management
procedures during 2019, with the Executive Committee and many
regional and functional leadership teams working through training
and tabletop crisis scenarios to review and practice ways of
working. The Risk and Assurance team provides support and
intelligence on emerging threats and will continue to provide
advice to management on procedures for risk identification and
mitigation and control. We are continuing to monitor the evolving
situation relating to Covid-19 and its impact on both our business
and the industry as a whole, and we are working closely with
relevant authorities. The Group's asset-light business model,
diverse brand portfolio and wide geographical spread contribute to
IHG's overall resilience to events that could affect specific
segmental or geographical areas.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our programme to realise savings for reinvestment has led to a
range of changes to organisation, accountabilities and processes,
and a wide portfolio of initiatives is in place to pursue growth
opportunities.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our approach to risk management has therefore also evolved as part
of our organisational focus on growth and how we take informed
decisions in a fast moving environment. The Risk and Assurance team
has continued to coordinate assessments of the principal risks
facing the Group, including those which would threaten its business
model, future performance, solvency or liquidity and reputation.
These risks are formally reviewed with the Group's Directors on a
bi-annual basis and considered in more detail through the
activities of the Board and committees, however risks are also
discussed as an integral part of decision making across the year.
In addition, focus on the behaviours necessary to drive growth has
included cross-business participation in virtual learning summits,
including how to make decisions at pace with the right governance
and structure to maintain control.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Our strategy requires us to work increasingly with partners,
intermediaries and other third parties, and access expertise and
services which enable us to anticipate and respond to the needs of
our owners, guests and colleagues, and to work efficiently and at
scale. Many of our risks therefore reflect the changing nature of
our extended enterprise and our responsibilities to our
stakeholders. Some of these responsibilities, particularly in
relation to our stewardship of data, are subject to significant
changes in law and therefore highlighted as dynamic and demanding
regular attention by senior management and the Board.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
We continue to conclude that the potential impact of Brexit on IHG
is not likely to have a material impact on our overall strategy or
operations although, as with other external factors, this is
considered as part of operational risk management and resilience
planning, and a standing group reviews our preparedness for
operational disruption. The impact of a potential movement in the
value of sterling is articulated in note 24 of the Group Financial
Statements, see pages 182 to 185.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Risk description</font></div>
</td>
<td colspan="2" style="vertical-align: top; width: 65%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;Initiatives to manage these risks</font></div>
</td>
</tr><tr>
<td rowspan="7" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Inherent
threats to cybersecurity and information governance remain
significant and dynamic. We are aware of our responsibilities in
relation to a range of high-value assets (critical systems &amp;
guest, employee and other sensitive data) which may be targeted by
various threat 'actors' (including organised criminals, third
parties and 'threat actor-employees'), and rapid evolution in
societal, regulatory and media scrutiny of privacy arrangements
mean that the potential impact of data loss to IHG financially,
reputationally or operationally remains a dynamic risk
factor.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Effective
and appropriate leveraging of data that we have a right to use is a
key aspect of the interface between our marketing and our
commercial and technology activity. We take account of regulatory
and ethical factors as part of the decision-making processes in
relation to marketing and technological initiatives, and we also
rely on appropriate governance and control arrangements to mitigate
risks that the validity of data that we use is undermined by
cyber-attacks or operational failures.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
2019 focus has been on progressing a Board-endorsed roadmap of the
highest priority and highest-value initiatives to build and
maintain core elements of our cybersecurity posture.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the year our Chief Information Security Officer has worked with
teams across IHG to increase sophistication in how we identify,
protect, detect, respond and recover in relation to cyber risks.
This has involved developments in our security governance and risk
tracking, including discussion and assessment of an approach to
high-value assets with the Executive Committee.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We have
continued to drive awareness of cybersecurity risk, including an
anti-phishing campaign which tested corporate employees on phishing
attacks. We also developed a cybersecurity incident response
playbook which is aligned with wider IHG resilience and incident
preparation protocols.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
nature of our operating model means that significant amounts of
IHG's confidential information assets are also held by or shared
with third-party suppliers and owners, and we review those risks as
part of our broader supply chain risk management
arrangements.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
information security programme is supported and reviewed by
internal and external assurance activities, including our Internal
Audit and SOX teams and PCI assessments.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
2019 we have reported regularly to the Board and the Executive
Committee on the information security roadmap using key risk
indicators to track trends in risk and mitigation initiatives. We
also continue to work closely with our insurers to review the
adequacy of protection for our risks and have assessed potential
cyber incident scenarios, including quantification of value at
risk, to better aid in risk-based discussions on remediation
investment against risk acceptance and available risk transfer
opportunities.</font></div>
</td>
</tr><tr>
<td rowspan="4" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Failure
to deliver preferred brands and loyalty could impact our
competitive positioning, our growth ambitions and our reputation
with guests and owners. Competitor and intermediation activity
creates inherent risks and opportunities for the hospitality
industry and is relevant to the longer-term value of IHG's
franchised/managed proposition and our ability to deliver returns
to current and potential owners of our various brands.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To
enable our growth ambitions, we need to continuously strengthen our
portfolio of brands to build an industry-leading offer which
delivers leading-edge guest preference, and competitive owner
returns. For a description of our brands and brand initiatives see
pages 14 to 17, and page 23.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We are
building the underlying capabilities to achieve our vision by:
strengthening our new brand development; enhancing our marketing
capability; refining our brand portfolio strategy; building
improved data analytics capabilities; and scaling the production
and efficiency of our global marketing assets.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
2019, our Global Marketing team has continued to evolve an
operating framework to provide additional clarity and alignment on
prioritisation and focus areas. We have also implemented changes to
several ways of working between our global functions and regional
operations teams to drive commercial performance, supported by
learning events and engagement sessions.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We are
also executing a loyalty roadmap that includes tactical
improvements to drive short-term performance and foundational
levers to enable a longer-term step change to improve member
benefits, owner economics and programme technology. See page 20 for
more details on our 2019 initiatives.</font></div>
</td>
</tr><tr>
<td rowspan="5" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In a
fast growth environment, it is essential that we attract, develop
and retain leadership and talent and failure to do this could
impact our ability to achieve growth ambitions and execute
effectively. Our people are essential to delivering our objectives,
and our ability to develop talent is a key way we can deliver value
to our existing and potential owners of both managed and franchised
hotels. It is also essential that we retain key executive talent,
both at the corporate and hotel levels, in the face of attractive
roles and competitive rewards available in the global markets where
we operate and compete.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
approach to managing our people is outlined in detail on pages 28
to 31 and our annual business planning process includes a review of
workforce risks. We consider workforce risks when designing
business initiatives and we regularly review talent and succession
across the organisation. Our Human Resources team partners across
IHG, and performs regular reviews including in relation to the
diversity of our talent and competitiveness of our compensation and
benefits plan.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IHG has
the ability to manage the risk directly in relation to IHG
employees but relies on owners and third-party suppliers to manage
the risk in related activities. Our Procurement, Legal and Risk
teams also consider more indirect workforce risks relating to our
third-party relationships.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
2019, we have continued to refine and streamline our performance
management systems and embed a common set of leadership behaviours
across IHG through employee participation in various virtual
learning summits.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Several
policies supporting our Code of Conduct (for example our Human
Rights Policy which is reviewed annually) relate to the management
of our people, describing our intolerance for inappropriate
behaviours, and appropriate adherence to those helps manage our
risk.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As our
business expands through mergers and acquisition, we also undertake
due diligence prior to transactions, and as part of integration
activities, to evaluate and adapt relevant people
practices.</font></div>
</td>
</tr><tr>
<td rowspan="6" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
global business regulatory and contractual environment and societal
expectations continue to evolve. Failure to ensure legal,
regulatory and ethical compliance would impact IHG operationally
and reputationally. Regulators are moving to impose significant
fines for non-compliance, most notably in relation to privacy
obligations and data security, and there is increasing attention on
environmental, social and governance matters (for example relating
to consumer protection, human rights including modern slavery,
human trafficking and labour laws, and financial crime) from a
range of external stakeholders such as corporate sales clients,
investors and NGOs. With trading headwinds in some markets,
increased pressure can be placed on compliance programmes, and a
heightened risk of liabilities relating to our franchise model both
in relation to brand reputation issues as well as
litigation.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
global Ethics and Compliance team (E&amp;C team) are focused on
ensuring IHG has a globally coordinated approach to material
ethical and compliance risks, taking into account the regulatory
environment, stakeholder expectations and IHG's commitment to a
culture of responsible business.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
overarching framework for Ethics and Compliance is the IHG Code of
Conduct (Code), (see pages 26 and 27). In addition to the Code, the
E&amp;C team manage the global compliance programmes for
Anti-Bribery and Corruption, Antitrust/Competition Law, Sanctions
and Human Rights.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
number of processes and initiatives are used by the E&amp;C team to
manage ethical and compliance risks. For example, IHG is a member
of Transparency International UK's Business Integrity Forum and
participates in its annual Corporate Anti-Corruption Benchmark. The
findings from the Benchmark assessment are utilised predominantly
by the E&amp;C team to identify improvements to the design of the
IHG Anti-Bribery and Corruption programme.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
E&amp;C team are also responsible for, and have oversight of, the
owner legal due diligence process. This is designed to ensure that
risk-based due diligence is carried out on third-parties with whom
IHG enters into hotel relationships. This includes sanctions
monitoring, third-party screening and internal communications - for
example, an annual update is communicated to the Legal, Development
and Strategy teams and other relevant colleagues providing a
reminder of 'No Go' countries and sanctions issues that may
restrict IHG.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
E&amp;C team currently monitor training completions, gifts &amp;
entertainment reporting and owner due diligence escalations. These
areas help demonstrate whether the design of the Ethics &amp;
Compliance framework and core processes of the underlying
programmes are operating effectively. The E&amp;C team monitor
activity of the Confidential Disclosure Channel and have regular
discussions with regional Legal teams to help identify emerging
issues. In addition, the E&amp;C team receive informal
queries/escalation of issues via an Ethics and Compliance email
channel, which is publicised in training and awareness materials,
and directly from employees, for example in face-to-face training
sessions.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board receives regular reports on the Confidential Reporting
Channel and matters directly related to our responsible business
agenda.</font></div>
</td>
</tr><tr>
<td rowspan="4" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Failure
to capitalise on innovation in booking technology and to maintain
and enhance the functionality and resilience of our channel
management and technology platforms (including those of
third-parties on which we rely directly or indirectly), and to
respond to changing guest and owner needs remains a dynamic risk to
IHG's revenues and growth ambitions. The pace of change in the
hospitality industry continues to accelerate and IHG must evolve to
effectively grow and compete in the marketplace. Technology is
crucial to our strategy as we face increasing competition from both
existing and new players in the travel space.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
comprehensive channels strategy is a key driver and enabler of
accelerated growth. We continue to seek opportunities to align and
innovate our channels and technology platforms (see page 21). Our
IHG Concerto&#x2122; platform is operating at all IHG hotels, and we
are continuing to add more capabilities to the platform to enhance
revenue delivery.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Guest Reservation System (GRS) is hosted by a third-party vendor,
Amadeus, in the cloud and supported by infrastructure which serves
to decrease the likelihood of downtime. Availability of GRS and
other key systems continues to be monitored on a 24/7 basis by the
Network Operations Centre. Metrics are regularly reported to
Commercial and Technology leaders so they can monitor
performance.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As our
industry evolves, and with our acquisition of new brands, we have
continued to review the capabilities of our systems in relation to
market trends and expectations.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
2019, we also introduced regional revenue forums to focus on
forecasting future business and determining integrated commercial
plans to address challenges.</font></div>
</td>
</tr><tr>
<td rowspan="6" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IHG's
continuing agenda to accelerate growth gives rise to inherent
risks, for example as we transition systems, operating models and
processes. The potential exists to impact commercial performance
and financial loss, and undermine stakeholder confidence. As we
move towards larger, more strategic outsourcing relationships for
business-critical services, inherent risk levels are also
raised.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
progress of our Group-wide efficiency programme has been tracked by
the Board and Executive Committee, and the majority of our
centrally driven transformation activity has now transitioned to
Senior Leaders.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Following
the changes to our organisational structure in 2018, in 2019 we
conducted corporate-wide virtual learning summits and we maintain a
central digital hub for process and learning materials to enable
our employees to find details about processes, learning content and
key process owners.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
focus on accelerating growth has included review of risks relating
to offshoring and outsourcing by Senior Leaders and the Board. Our
Strategic Supplier Management Office has been established to manage
existing critical supplier relationships as well as new outsourcing
and/or business-critical relationships driving our strategic
objectives. Our legal teams review contracts and provide advice on
litigation, where required, and our insurance programme also
provides a degree of protection in the event of supplier
failure.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Oversight
teams, including our finance experts, have evolved governance and
control frameworks and we also regularly review delegated approval
authorities and processes to enable decisions on investments to be
made quickly and efficiently with consideration of the risks
involved. HR Business Partners continue to work with Senior Leaders
to identify and retain key individuals across the business, and
succession planning practices are in place to ensure continuity of
key initiatives and business operations.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
2019 we reviewed our financial governance and controls relating to
the integration of our acquisitions. For example, the integration
of Six Senses into IHG's financial control environment has been
overseen by a dedicated governance committee.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We have
an established approach to System Development Lifecycle, and
specific risks to delivery of the Global Reservations System have
been managed throughout the programme of implementation (including
those relating to technical delivery, business process testing and
operation readiness testing).</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Macro
external factors such as political and economic disruption, the
emerging risk of infectious diseases, actual or threatened acts of
terrorism or war, natural or man-made disasters could have an
impact on our ability to perform and grow. Heightening of
macro-economic tensions could lead to a downturn impacting our
ability to grow.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">While
these factors are mostly outside our direct control, we track
uncertainties which may impact the hospitality industry and which
need to be considered in our strategic and financial planning.
These types of risks are addressed in strategic review, including
our market participation choices, particularly in emerging and key
growth markets.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
2019, many leadership teams have used formal and informal scenario
planning to anticipate the potential impact of these risks. The
Board and Executive Committee receive regular updates on these
types of factors from both operational and subject matter experts
so that possible implications for IHG can be
considered.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
in-house threat intelligence capability, supplemented by
third-party expertise and methodology, supports development, hotel
operations and customer-facing sales teams with planning and
response to macro factors, for example concerns relating to
terrorism, extreme weather events, or infectious diseases such as
Covid-19. We are also increasingly able to complement more
traditional sources with digital intelligence to anticipate
potential impacts on IHG's interests.</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As a
global business, we are conscious of greater focus from a wider
range of stakeholders on environmental and social mega-trends.
These include regulators and investor groups (such as the Task
Force on Climate-related Financial Disclosures (TCFD), and emerging
risks presented by climate change which have the potential to
impact performance and growth in key markets.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
2019, our Corporate Responsibility team worked collaboratively with
teams across IHG (including Human Resources, Business Reputation
and Responsibility and Procurement) to consider the broader
environmental and social risks associated with our business. These
risks and opportunities are considered as an integral part of Board
strategy discussions in relation to our commitment to responsible
business. In 2019, this culminated with the approval of a
science-based target relating to carbon reduction.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As part
of our responsible business strategy refresh work, we are also
working with third-party experts to develop our responsible
business targets for post 2020 and have made a formal commitment to
implement the recommendations of the TCFD. In 2020 we will be
developing a disclosure roadmap for the coming years. More broadly
we recognise that continued collaboration across the wider industry
is required to collectively combat climate change. We are taking an
active role in this via our membership and active participation in
several industry bodies, including the International Tourism
Partnership (ITP) and the World Travel and Tourism Council
(WTTC).</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
values and behaviours, underpinned by our Code of Conduct, inform
our decision-making at all levels. For example, specific elements
of our Code of Conduct define expectations for IHG employees in
relation to human rights and the environment. Our Supplier Code of
Conduct and Human Rights Policy have been updated during 2019 and
our Procurement, Legal and Risk teams monitor supply chain and
human rights risks, see pages 26 and 27.</font></div>
</td>
</tr><tr>
<td rowspan="6" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Failure
to maintain an effective safety and security system and to respond
appropriately in the event of disruption or incidents affecting our
operations more broadly could result in an adverse impact to IHG,
such as reputational and/or financial damage and undermining
confidence from our colleagues, guests, major sales accounts and
wider stakeholders. This risk relates both to our direct operations
in hotels and other locations where we have management
responsibility, and also to outsourced activities and others with
whom we collaborate and trade, including the owners of our
franchised hotels which operate as independent
businesses.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
environment in which IHG develops and operates hotels continues to
evolve and impacts the safety and security risks faced by IHG.
These risks are assessed as stable overall, but our approach is
reviewed continuously to ensure that it remains fit for purpose,
and able to anticipate and respond to the risk of an incident
damaging the Group's reputation.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
design and engineering, hotel opening and operations teams work
together with our risk management experts to evaluate standards and
develop capability to respond to an incident via training,
intelligence tracking and standard operating procedures, and also
deploy crisis management procedures where required for less
predictable events.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
example, the risks of epidemics such as Covid-19, earthquakes and
extreme weather events continue to pose a threat to IHG's
operations, and are managed through refresher training, advanced
monitoring and warning and standard operating
procedures.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
relation to geopolitical and terrorism risks, we deploy external
industry benchmarking to allocate all pipeline and operational
hotels a threat category. The category definitions are designed to
guide hotels to make their own risk-based decisions on how to
mitigate local security threats. Categories are reviewed regularly
to adjust to the dynamic threat environment in which IHG develops
and operates hotels.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
continue to monitor UK Government and Local Authority
investigations into the Grenfell tragedy. We will review our own
fire and safety requirements once any changes and/or
recommendations to building regulations and best practice are
published, and will work with owners and operators of IHG branded
hotels to provide appropriate support and guidance.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">IHG has
also created a toolkit and resources for hotels to use to provide
guests with menu allergen information, making it easier for them to
identify ingredients they need to avoid.</font></div>
</td>
</tr><tr>
<td rowspan="4" style="vertical-align: top; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
material breakdown in financial management and control systems
would lead to increased public scrutiny, regulatory investigation
and litigation. This risk includes our ongoing (and stable)
operational risks relating to our financial management and control
systems; the continuing expectations of IHG's management decision
making and financial judgements, in response to evolving accounting
standards, which have added complexity to our control
responsibilities; and our own business model and
transactions.</font></div>
</td>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">We
continue to operate an established set of processes across our
financial control systems, which is verified through testing
relating to our Sarbanes-Oxley compliance responsibilities. See
pages 73 and 160 to 163 for details of our approach to taxation,
page 73 for details of our approach to internal financial control,
and pages 182 to 185 for specific details on financial risk
management policies. These processes and our financial planning
continue to evolve to reflect the changes in our management
structure and business targets.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To
mitigate risks from adoption of the new accounting standard, IFRS
16 'Leases', existing controls were modified and new controls
added. Controls are revisited at least once a year for modification
or addition.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As our
hotel estate evolves and grows, we also adapt our approach to
financial control. Given the differences in the culture and ways of
working across our regions, we apply globally and/or regionally
consistent policies and procedures to manage the risks, such as
fraud and reporting risks, wherever possible.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 1%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 13px">&#x25CF;</font></div>
</td>
<td style="vertical-align: top; width: 64%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
Group insurance programmes are also maintained to support financial
stability.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Appendix C - Going concern</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The following statement is extracted in full from page 224 of the
Annual Report:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
An overview of the business activities of IHG, including a review
of the key business risks that the Group faces, is given in the
Strategic Report on pages 2 to 75 and in the Group information on
pages 225 to 236. Information on the Group's treasury management
policies can be found in note 24 to the Group Financial Statements
on pages 182 to 185.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
At the end of 2019, the Group was trading significantly within its
banking covenants and debt facilities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Group's fee-based model and wide geographic spread mean that it
is well placed to manage through uncertain times, and our forecasts
and sensitivity projections, based on a range of reasonably
possible changes in trading performance, show that the Group should
be able to operate within the level of its current
facilities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
After making enquiries, the Directors have a reasonable expectation
that the Company and the Group have adequate resources to continue
in operational existence for the foreseeable future and,
accordingly, they continue to adopt the going concern basis in
preparing the Consolidated Financial Statements.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Please see page 54 for the Directors' assessment of the viability
of the Group.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
By order of the Board,</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Nicolette Henfrey</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Company Secretary</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
InterContinental Hotels Group PLC</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Registered in England and Wales, Company number
5134420</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
17 February 2020</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Appendix D - Directors responsibility statement</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The following statement is extracted in full from page 120 of the
Annual Report and relates solely to the Group's Annual Report and
Form 20-F 2019 and is not connected to this announcement or the
Preliminary Results:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The Board confirms that to the best of its knowledge:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Financial Statements have been prepared in accordance with IFRS as
issued by the IASB and IFRS as adopted by the EU, and give a true
and fair view of the assets, liabilities, financial position and
profit or loss of the Group taken as a whole; and</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Times New Roman; font-size: 13px">The
Annual Report, including the Strategic Report, includes a fair
review of the development and performance of the business and the
position of the Group taken as a whole, together with a description
of the principal risks and uncertainties that it
faces.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
For and on behalf of the Board</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Keith Barr</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Chief Executive Officer 17 February 2020</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Paul Edgecliffe-Johnson</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Chief Financial Officer 17 February 2020</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Enquiries:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Investor Relations</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Investor Relations (Sonya Ghobrial, Matthew
Kay)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0; &#xA0; &#xA0;
&#xA0;&#xA0; :</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+44 (0)1895 512 176</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+44(0)7527 419 431&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Media Relations</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 52%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Media Relations (Yasmin Diamond; Mark
Debenham)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
:</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+44 (0)1895 512 097</font></div>
</td>
<td style="vertical-align: top; width: 24%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
+44(0)7527 424 046&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Notes to Editors:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline; color: #0000FF; font-size: 13px">
IHG</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;(InterContinental
Hotels Group)</font><font style="color: #000000; font-size: 13px">&#xA0;[LON:IHG, NYSE:IHG (ADRs)]
is a global organisation with a broad portfolio of hotel brands,
including&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Six
Senses Hotels Resorts Spas</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Regent
Hotels &amp; Resorts</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">InterContinental</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;Hotels
&amp; Resorts</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Kimpton</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;Hotels
&amp; Restaurants</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Hotel
Indigo</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">EVEN</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;Hotels</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">HUALUXE</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;Hotels
and Resorts</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Crowne
Plaza</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;Hotels
&amp; Resorts</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">voco&#x2122;</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Holiday
Inn</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;Hotels
&amp; Resorts</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #000000">&#xA0;</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Holiday
Inn Express</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Holiday
Inn Club Vacations</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">avid&#x2122;
hotels</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Staybridge
Suites</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Atwell
Suites&#x2122;</font><font style="color: #000000; font-size: 13px">,
and&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">Candlewood
Suites</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="color: #000000; font-size: 13px">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
IHG franchises, leases, manages or owns more than 5,900 hotels and
approximately 884,000 guest rooms in more than 100 countries, with
over 1,900 hotels in its development pipeline. IHG also
manages&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">IHG</font><font style="font-size: 70%; vertical-align: top; text-decoration: underline; color: #0000FF">&#xAE;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">&#xA0;Rewards
Club</font><font style="color: #000000; font-size: 13px">, our
global loyalty programme, which has more than 100 million enrolled
members.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline; color: #0000FF; font-size: 13px">
InterContinental Hotels Group PLC</font><font style="color: #000000; font-size: 13px">&#xA0;is the Group's holding
company and is incorporated in Great Britain and registered in
England and Wales. More than 400,000 people work across IHG's
hotels and corporate offices globally.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000; font-size: 13px">
Visit&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">www.ihg.com</font><font style="color: #000000; font-size: 13px">&#xA0;for
hotel information and reservations and&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">www.ihgrewardsclub.com</font><font style="color: #000000; font-size: 13px">&#xA0;for
more on IHG Rewards Club. For our latest news,
visit:&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">https://www.ihgplc.com/en/news-and-media</font><font style="color: #000000; font-size: 13px">&#xA0;and
follow us on social media at:&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">https://twitter.com/ihgcorporate</font><font style="color: #000000; font-size: 13px">,&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">www.facebook.com/ihgcorporate</font><font style="color: #000000; font-size: 13px">&#xA0;and&#xA0;</font><font style="text-decoration: underline; color: #0000FF; font-size: 13px">www.linkedin.com/company/intercontinental-hotels-group</font><font style="color: #000000; font-size: 13px">.</font></font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">SIGNATURES</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</td>
<td style="vertical-align: bottom; width: 67%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
InterContinental Hotels Group PLC</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Registrant)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">By:</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">/s/ F.
Cuttell</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Name:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">F.
CUTTELL</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Title:</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">ASSISTANT
COMPANY SECRETARY</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date:</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
28 February 2020</font></div>
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